UPDATE 1-Swann's SSP prices London float at lower end of revised range -Telegraph

SSP Group has priced its London float at 210 pence per share, the bottom of its revised range, giving the owner of Upper Crust and Caffe Ritazza a market valuation of just under 1 billion pounds ($1.7 billion), the Telegraph reported on Wednesday.

The price range for SSP's IPO-SSPG.L initial public listing was narrowed twice, with the final refined range between 210 to 215 pence per share, the daily said, without naming sources. (bit.ly/1zpIKWK.)

The company is headed by retail veteran Kate Swann.

The paper had earlier on Tuesday reported that the food and beverage company's price range had been narrowed to between 210 pence per share and 230 pence per share, from between 200 pence per share and 240 pence per share.

A spokesman for the company declined to comment.

SSP operates food and drink outlets in airports and railway stations in 29 countries. ($1 = 0.5877 British Pounds) (Reporting by Esha Vaish in Bangalore, editing by Louise Heavens and Cynthia Osterman)

KKR plans bid with Australia's PEP for SAI Global - media

Global investment company Kohlberg Kravis Roberts & Co LP has joined with Pacific Equity Partners (PEP) to ready a joint bid for compliance company SAI Global, Australian media reported on Thursday.


The two companies are said to be preparing an offer for the standards, assurance and information business, with a bid expected by the July 15 deadline, the Australian Financial Review said.

PEP launched a A$1.1 billion ($1.0 billion) non-binding proposal for SAI in May, but the compliance company said other potential buyers had contacted it and decided to publish information about its business for all those interested.

Reuters reported in late June that at least two other parties were interested in acquiring PEP.

KKR has earmarked expansion in Australia, although a A$2.90 billion takeover offer for Treasury Wine Estates rejected in May.

($1 = 1.0629 Australian Dollars) (Reporting by Colin Packham; Editing by Richard Pullin)

Paris-based Teleperformance to buy tech firm Aegis USA for $610 mln

India's Essar Global Fund Ltd is selling the U.S. operations of Aegis, its outsourcing and technology portfolio unit, to Paris-based rival Teleperformance SA for $610 million as the European company looks to boost its presence in the United States.


The sale includes Aegis' U.S. operations, the Philippines and Costa Rica. Aegis will retain its BPO business across India, Sri Lanka, Malaysia, Australia, South Africa, Peru, Argentina, Saudi Arabia and the UK, according to a statement by Essar.

The business to be acquired represents total annual revenue of $400 million and more than 19,000 full-time employees across 16 centres in the three countries, Teleperformance said in a statement.

Buying Aegis U.S. will significantly strengthen the Paris-based company's presence in the healthcare, financial services, travel and hospitality verticals in the United States, the company said.

The transaction is expected to close in the third quarter. (Reporting by Nivedita Bhattacharjee in Mumbai; Editing by Gopakumar Warrier)

Both candidates in Indonesia election claim victory; Jokowi ahead in more counts

Both candidates claimed victory in Indonesia's presidential election on Wednesday, suggesting there could be a drawn out constitutional battle to decide who will next lead the world's third-largest democracy.

Just a few hours after voting closed, Jakarta governor Joko "Jokowi" Widodo said he had won, based on quick counts of more than 90 percent of the votes. A victory for him would be seen as a triumph for a new breed of politician that has emerged in Southeast Asia's biggest economy, and increase the promise of desperately needed reform in government.

But ex-general Prabowo Subianto, the rival candidate viewed as representative of the old guard that flourished under decades of autocratic rule, said other, unnamed, quick counts of votes favoured him.

Jokowi, on other hand, named tallies by six pollsters, most regarded as reliable and independent. The included three respected, non-partisan agencies - CSIS, Kompas and Saifulmujani - which provided accurate tallies in the April parliamentary election.

The quick counts are conducted by private agencies which collate actual vote tallies as they come out of each district. The results however are unofficial: the Election Commission will take about two weeks to make an official announcement and the new president is not due to take office until Oct. 1.

"There are many quick counts from various survey agencies. But...the one that will be valid according to law in the end will be the verdict of the KPU (Election Commission)," Prabowo told a talk-show on a television channel.

A senior aide to Jokowi said the party would not take any action like naming a cabinet until the official result is announced on or around July 22. "We've waited months. We can wait another 2 to 3 weeks for the (Election Commission's) final verdict," Luhut Panjaitan told Reuters.

The standoff is unprecedented in Indonesia, a member of the G-20 group of nations that is holding only its third direct presidential election. In both the previous elections, Susilo Bambang Yudhoyono, now the outgoing president, won by a clear margin. There have been concerns of violence once the result is known, a worry alluded to by Yudhoyono's administration.

"For both groups of supporters related with the split quick count results, we request they do not mobilise their supporters excessively," said Djoko Suyanto, coordinating minister for legal, political and security affairs.

There were no reports of any major violence. Around 250,000 police officers were on standby across Indonesia, authorities said.


It has been the dirtiest and most confrontational campaign in memory in a country which traditionally holds up the value of consensus politics.

Ahead of the vote, the two candidates had been neck and neck in opinion polls as Jokowi lost a huge early lead in the face of smear campaigns and a far more focused, and expensive, race for the presidency by his rival.

"Today the people have decided a new direction for Indonesia ... This is a new chapter for Indonesia," Jokowi told hundreds of supporters at Proclamation Square, where the country's first president Sukarno declared independence in 1945.

At the same time, Jokowi offered conciliatory words to his rival, Prabowo, saying he was a patriot and contributed to a better democracy.


Prabowo countered with his own declaration of victory.


"(The quick counts) show that we, Prabowo-Hatta, have received the support and mandate from the people of Indonesia," he told a rally in the capital, referring to his running mate Hatta Rajasa.


After the official result is declared, candidates can challenge the results in the Constitutional Court, the final arbiter over contested polls.


The Court's reputation has been badly tarnished after its chief was sentenced to jail for life this month for corruption.


"There have always been challenges...So we could end up with delayed certainty for a few weeks," Douglas Ramage, a Jakarta-based political analyst told Reuters.


The government declared Wednesday a public holiday and markets were closed although the rupiah currency hit a seven-week high against the dollar in offshore markets on Jokowi's victory claim.


His clean image is seen likely to bring in more foreign investment as he seeks to correct Indonesia's reputation of widespread corruption.


But any euphoria in the market could quickly evaporate if the stalemate over the result is not quickly resolved or if there is violence.


"Whether the market goes up or down tomorrow will mostly depend on the security. For me, maintaining security is very important at this point," said Isbono Putro, a director at BNI Asset Management, who helps manage about 8 trillion rupiah ($688.47 million) in assets.




(Additional reporting by Jakarta bureau, and Lewa Pardomuan in Tasikmalaya, Writing by Jonathan Thatcher and Randy Fabi; Editing by Raju Gopalakrishnan)


Emirates finalizes $56 billion order for 150 Boeing 777X planes

Dubai airline Emirates [EMIRA.UL] finalized a $56 billion order to buy 150 Boeing ( id="symbol_BA.N_0">BA.N) 777X jets on Wednesday, firming up a commitment made last year, just weeks after scrapping an order with rival planemaker Airbus ( id="symbol_AIR.PAAIR.PA).


The deal includes purchase rights for an additional 50 airplanes which, if exercised, could increase the value to about $75 billion at list prices, Boeing said in a statement.


"With the order for 150 777Xs, Emirates now has 208 Boeing 777s pending delivery, creating and securing jobs across the supply chain," Emirates president Tim Clark said.

The agreement comes days before the Farnborough International Airshow, traditionally an event at which billions of dollars of new plane orders are announced.

It follows the surprise cancellation in June of a $16-billion order by Emirates to buy 70 of Airbus' A350 aircraft, which delivered a blow to the European planemaker's newest aircraft and hit its share price.

Airbus ended the first half of the year behind its U.S. rival in orders and deliveries, but is widely expected to unveil hundreds of new orders at the Farnborough show next week.

The Emirates' order was part of the 777X launch at the Dubai Air Show in November last year, one of the largest product launches in commercial jetliner history. Along with Emirates, Gulf carriers Etihad Airways and Qatar Airways also announced deals for the plane, totaling $100 billion at list prices.

Emirates, which is the world's largest operator of the Boeing 777 jet, was close to finalizing the order, Reuters reported last week.

Emirates and Qatar Airways, which also ordered 50 777X jets, had jointly negotiated the deal at the Dubai Air Show. However, it was not clear whether the Doha airline had finalised its order yet.

Qatar Airways could not be immediately reached for a comment.

Emirates and Qatar Airways are part of a trio of Gulf carriers, alongside Abu Dhabi's Etihad, that have secured large fleets of widebody jets to support the growth of new hubs.

The 777X is the latest version of Boeing's best-selling widebody jet, a so-called mini-jumbo, which carries a list price of up to $320 million.

The current versions are capable of seating up to 550 passengers in a single-class configuration, according to Boeing. In a more typical three-class configuration, the jet family seats up to 386 passengers and has a range of up to 9,395 nautical miles.

(Reporting by Supriya Kurane in Bangalore; Writing by Praveen Menon; Editing by Jason Neely and Mark Potter)

FTSE 100 slips to 2-month lows, Admiral slumps

Britain's top share index fell for a third straight session to a two-month low on Wednesday, with car insurer Admiral sinking after a downbeat trading update.

Admiral slumped 5.3 percent, making it the top decliner on the blue-chip FTSE 100 index, after saying revenues fell in the first half of the year and there was no firm evidence of a return to growth in UK car insurance premiums.

The company said it planned to launch its first ever bond of up to 200 million pounds ($340 million) to diversify its capital base and help prepare to meet Solvency II regulations in 2016.

Oriel Securities repeated its "sell" rating on the stock, while Berenberg said a likely fall in margins was not reflected in current consensus earnings forecasts.

"The market will be surprised that Admiral sees a need to raise debt. With the company forecasting falling margins and showing falling turnover, we believe these earnings forecasts will have to come down," Berenberg analyst Peter Eliot said.

Admiral's trading volume was more than three times of its 90-day daily average, while trading on the FTSE 100 index was about half its 90-day average in late afternoon trading.

Aviva was another big casualty, off 2.9 percent. It aims to double the amount of excess cash it generates during the next stage of a turnaround plan, but its shares fell on worries the plan did not go far enough.

The FTSE 100 index was down 0.4 percent at 6,714.03 points by 1419 GMT, having suffered its biggest one-day percentage fall since March on Tuesday, when it fell 1.25 percent.

"It feels like there's really negative sentiment; people are worried about earnings ... I think we'll see a couple of days of selling," Joe Rundle, head of trading at ETX Capital, said.

However, airlines, which slid on Tuesday following a profit warning from Air France-KLM, recovered some ground as traders deemed the weakness to be overdone.

EasyJet climbed 2.9 percent to top the FTSE 100 leader board, while British Airways owner International Consolidated Airlines Group rose 1.3 percent.

Investors' focus has shifted to the second-quarter earnings season for hints about the market's direction in the near term.

While U.S. aluminium giant Alcoa kicked off the reporting season with quarterly results that beat analysts' expectations, investors were doubtful that would be enough to give a big fillip to the FTSE, hovering around multi-year highs.


"The stock market has become vulnerable to more corrections, particularly ahead of the reporting season and at a time when volumes are going to be thin due to summer holidays," Peter Dixon, equity strategist at Commerzbank, said.

"You don't want to be too exposed in that kind of environment."

Also weighing on the FTSE 100 were stocks trading without the attraction of their latest dividend, namely Coca-Cola HBC AG and Next. They knocked 1.06 points off the index. (Reporting by Atul Prakash; Editing by Robin Pomeroy)

American, Southwest signal solid demand ahead of earnings

American Airlines Group Inc and Southwest Airlines Co forecast growth in an important revenue measure for the second quarter, signaling that demand for air travel is solid during the summer.

Unit revenue, also known as passenger revenue per available seat mile, is expected to grow between 5.5 percent and 6.5 percent in the second quarter at American, while Southwest forecast a rise of more than 8 percent. Unit revenue is a gauge of how full planes are and of pricing power.

Demand "is as strong as ever," said Bob McAdoo, an airline analyst with investment bank Imperial Capital, who said American gave a stronger-than-expected outlook and that Southwest revenue results were up "meaningfully."

Recent profit warnings from European airlines such as Air France-KLM and Lufthansa had raised concern about demand trends, pummeling share prices.

Last week, Delta Air Lines said unit revenue for June grew less than it had forecast, citing lower business demand for travel to Latin America during the World Cup soccer tournament and capacity increases that hurt ticket prices. Delta forecast a rise of 6 percent in its second quarter unit revenue.

McAdoo said the European carriers faced issues that did not affect U.S. airlines as much, such as heavier competition from low-cost rivals.

The second quarter is typically a strong period for airlines because it includes some vacation travel.

American Airlines, formed in the December 2013 merger of AMR Corp and US Airways Group, said it could take charges of up to $630 million in the period. It cited a charge of about $330 million tied to the sale of its portfolio of fuel-hedge contracts and an added $250 million to $300 million in charges related to its merger and other items.

Shares of U.S. airlines were mostly higher in morning trading, with American Airlines up 1.9 percent at $41.01 and Southwest up 2.1 percent at $27.26. Delta was up 1.5 percent at $36.98, and United Continental was off 0.1 percent at $39.50. (Reporting by Karen Jacobs in Atlanta; Editing by Bernadette Baum and Jonathan Oatis)