UN Human Rights Chief Calls for Investigation

GENEVA – The UN human rights chief called on Iran on Wednesday to rein in security forces to avoid further violence and respect the right of protesters to freedoms of expression and peaceful assembly. Zeid Ra’ad al-Hussein, UN High Commissioner for Human Rights, said in a statement that more than 20 had been killed and hundreds arrested across Iran in the past week and he urged "thorough, independent and impartial investigations of all acts of violence that have taken place." Protesters "have a right to be heard," he said. There must be "a concerted effort by the authorities to ensure that all security forces respond in a manner that is proportionate and strictly necessary, and fully in line with international law."

Owens Illinois ( $OI ) Presentation to shareholders:

Bank of America Merrill Lynch 2015 Paper, Packaging and Builders Conference Owens-Illinois, Inc. December 10, 2015



Safe harbor comments Regulation G The information presented here regarding adjusted net earnings and adjusted EPS relates to net earnings from continuing operations attributable to the Company exclusive of items management considers not representative of ongoing operations and does not conform to U.S. generally accepted accounting principles (GAAP). In addition, the information presented here regarding EBITDA is not a defined term under GAAP. Non-GAAP measures should not be construed as an alternative to the reported results determined in accordance with GAAP. Management has included this non-GAAP information to assist in understanding the comparability of results of ongoing operations. Further, the information presented here regarding free cash flow does not conform to GAAP. Management defines free cash flow as cash provided by continuing operating activities less capital spending (both as determined in accordance with GAAP) and has included this non-GAAP information to assist in understanding the comparability of cash flows. Management uses non-GAAP information principally for internal reporting, forecasting, budgeting and calculating compensation payments. Management believes that the non-GAAP presentation allows the board of directors, management, investors and analysts to better understand the Company’s financial performance in relationship to core operating results and the business outlook. Forward Looking Statements This document contains "forward-looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934 and Section 27A of the Securities Act of 1933. Forward-looking statements reflect the Company’s current expectations and projections about future events at the time, and thus involve uncertainty and risk. The words "believe," "expect," "anticipate," "will," "could," "would," "should," "may," "plan," "estimate," "intend," "predict," "potential," "continue," and the negatives of these words and other similar expressions generally identify forward looking statements. It is possible the Company’s future financial performance may differ from expectations due to a variety of factors including, but not limited to the following: (1) the Company’s ability to integrate the Vitro Business in a timely and cost effective manner, to maintain on existing terms the permits, licenses and other approvals required for the Vitro Business to operate as currently operated, and to realize the expected synergies from the Vitro Acquisition, (2) risks related to the impact of integration of the Vitro Acquisition on earnings and cash flow, (3) risks associated with the significant transaction costs and additional indebtedness that the Company expects to incur in financing the Vitro Acquisition, (4) the Company’s ability to realize expected growth opportunities and cost savings from the Vitro Acquisition, (5) foreign currency fluctuations relative to the U.S. dollar, specifically the Euro, Brazilian real, Mexican peso, Colombian peso and Australian dollar, (6) changes in capital availability or cost, including interest rate fluctuations and the ability of the Company to refinance debt at favorable terms, (7) the general political, economic and competitive conditions in markets and countries where the Company has operations, including uncertainties related to economic and social conditions, disruptions in capital markets, disruptions in the supply chain, competitive pricing pressures, inflation or deflation, and changes in tax rates and laws, (8) consumer preferences for alternative forms of packaging, (9) cost and availability of raw materials, labor, energy and transportation, (10) the Company’s ability to manage its cost structure, including its success in implementing restructuring plans and achieving cost savings, (11) consolidation among competitors and customers, (12) the ability of the Company to acquire businesses and expand plants, integrate operations of acquired businesses and achieve expected synergies, (13) unanticipated expenditures with respect to environmental, safety and health laws, (14) the Company’s ability to further develop its sales, marketing and product development capabilities, and (15) the timing and occurrence of events which are beyond the control of the Company, including any expropriation of the Company’s operations, floods and other natural disasters, events related to asbestos-related claims, and the other risk factors discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 and any subsequently filed Quarterly Report on Form 10-Q. It is not possible to foresee or identify all such factors. Any forward-looking statements in this document are based on certain assumptions and analyses made by the Company in light of its experience and perception of historical trends, current conditions, expected future developments, and other factors it believes are appropriate in the circumstances. Forward-looking statements are not a guarantee of future performance and actual results or developments may differ materially from expectations. While the Company continually reviews trends and uncertainties affecting the Company’s results of operations and financial condition, the Company does not assume any obligation to update or supplement any particular forward-looking statements contained in this document. Presentation Note Unless otherwise noted, the information presented in this presentation reflects continuing operations only. 1



2 O-I: The only truly global glass container franchise Recent strategic expansion in Mexico #1 position in Europe, North America, Australia, New Zealand Mature markets Emerging markets #1 position in Latin America Leading position within Southeast Asia Foothold in China Acquisition Very strong performance to date Expect EPS accretion of ~$0.30 in 2016 and ~$0.50 in 2018 Expect FCF contribution of > $100M by 2018



Diversified portfolio provides opportunity Trends are supportive of glass 3 Glass continues to be relevant in rigid packaging Premiumization trends favor glass Returnable glass containers are most economic package in emerging and growing economies Growing focus on healthier lifestyles and organic foods well served by glass packaging Globally, glass container market continues to grow O-I volume O-I positioning Beer 38% Focus on faster growing craft, premium, returnables and North America mid-tier imports Wine 23% Capitalize on best footprint in Europe; Leverage NA O-I Packaging Solutions Food 15% Harness premiumization trends NAB 14% Returnables in emerging mkts; Premium products in NA and EU Spirits 10% Growth of craft products Total 100% Focus on flexibility benefits all categories; Focus on premium



Partnering with blue chip companies 4 Long history of collaboration Business under long-term contract Limited geographical overlap ABI packaging benefits glass Premium products and innovation Returnables in emerging mkts ABI to divest MillerCoors ABI and SABMiller each < 5% of O-I sales ABI acquisition of SABM



Craft spirits Single vineyard wine Craft and imported beer Specialty juices Iced coffee and teas Craft soda Still and sparkling water Premium and specialty foods Private brands for premium products Emerging trends provide opportunity for glass packaging 5



Consistent end-market demand trends 6 Europe Stable end markets Exports outperform domestic demand Selective growth opportunities Asia Pacific Overall demand stabilization in mature markets, with uptick in wine exports Mid single-digit growth in China & SEA North America Growth in wine, spirits, premium food and non-alcoholic beverages Strategic participation in fast growing mid-tier imported and craft beer Latin America Returnables: strategic packaging choice Attractive growth in Mexico and Andean region; uncertainty in Brazil Source: Euromonitor and Company estimates



Executing on our strategy 7 Demonstrating stability Reducing asset disruptions Stabilizing supply chain in all four regions Recent actions Strengthened asset advancement program Added Mexico to footprint Established new strategy and integration organization Completed redesign of global leadership team



8 Higher adj. EPS and FCF expected in 2016 Operational tailwinds more than offset non-operational headwinds 1Q16 adjusted EPS likely to be modestly higher than PY in constant currency Tailwinds: Operational Accretive investments (O-I Mexico, JV with CBI) Improved business performance End to end supply chain Discretionary spending controls, driven by enterprise priorities Modest increase in demand Headwinds: Non-operational External: Strong USD impact of $0.20 – $0.25, primarily in 1H16 vs. PY Forward libor curve implies higher interest rates Internal: Higher effective tax rate (~27%); corporate expense of ~$90M



Capital structure Deleveraging is a key priority 9 Managing debt structure Early repayment of 7.375% notes due in 2016 Acquisition-related debt at ~4.2% blended rate Capital allocation priorities Continue to invest in organic growth Deleverage Expected and temporary uptick in leverage ratio Covenant allows for 4.5x for four quarters following acquisition Target ~3 times net debt to EBITDA by 2018



Enhancing shareholder value 10 Competitive Advantage Stable End Markets Global presence Unparalleled expertise Steady glass demand Consumer preference for glass Strategic Imperatives Consistent Financial Performance Balanced Capital Allocation End to end supply chain performance Successful integration of acquisitions New business development & brand-building innovation Long-term investments in R&D and technology Adjusted earnings Free cash flow Return on invested capital Prudently invest in the business Deleverage Return value to shareholders Long-term Shareholder Value



Appendix 11



4Q15 guidance update Full year adjusted EPS of ~$2.00 and FCF of ~$200 million unchanged 12 4Q14 Adjusted EPS $0.46 Currency Impact ($0.15) Assumptions:1 EUR = 1.06; BRL = 3.85; COP = 3,104; AUD = 0.72; MXN = 16.6 4Q14 Adjusted EPS – Constant Currency $0.31 Europe Carryover pricing pressure; volume pressure in France in Dec.2 North America Strong gains from production volume and cost improvement Latin America O-I Mexico results; lower production volume in Brazil Asia Pacific Sales and production volume gains Segment Operating Profit Corporate and Other Costs Corporate flat as pension benefits lap prior year Acquisition increases interest expense and tax rate 4Q15 Adjusted EPS3 ~$0.40 1 Prior year translated at November 30, 2015, exchange rates 2 Changed since 3Q15 earnings teleconference 3 Pending final purchase accounting adjustments related to Vitro Food and Beverage acquisition On a constant currency basis1 2015 Free Cash Flow of ~$200 million Similar level of FCF generated as in 2014 in local currency terms Downward pressure: FX, acquisition-related outflows; energy credit removed



Favorable trends in asbestos payments Outstanding cases down ~80% since 2008 Average age of claimant is >80 years old Payments in 2015 expected to be one-third lower than 2008 13 $100 $120 $140 $160 $180 $200 $220 2008 2009 2010 2011 2012 2013 2014 2015e ($ millions)



Pension expense headwind since 2008 Current pension headwinds sharply contrast with pre-recession era Sustained non cash pension expense1 substantially lowers reported Company financial performance 1 Related to the “amortization of actuarial loss” component of pension expense. 2 Adjusted earnings refers to earnings from continuing operations attributable to the Company, excluding items management does not consider representative of ongoing operations. ~$60M delta $0.50 impact 14 2 2 Adj EPS Adj EPS, excl. "amortization of actuarial loss" 2015 Adjusted EPS



Estimated impact from currency rate changes 15 Translation impact on EPS from a 10% change compared with the U.S. dollar EU (primarily Euro): ~$0.10 SA (primarily Brazilian Real and Colombian Peso): ~$0.09 AP (primarily Australian Dollar and New Zealand Dollar): ~$0.05




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European Stocks Poised For Higher Open

Stock futures point to a higher open on Friday, a day after the European Central Bank (ECB) unveiled its asset purchase program that exceeded market expectations. There is some consensus among market participants that the launch of QE program has been fast-tracked because of the market volatility caused by the Swiss National Bank’s decision to abandon its euro peg a week ago.

The focus now will be on Greece ahead of Sunday’s snap election in the country after the Parliament failed in late December to agree on a new head of state. According to opinion polls, anti-austerity party Syriza, or the Coalition of the Radical Left, is heading for a comfortable victory. There are fears that hard-left Syriza coalition may renegotiate a chunk of Greek debt and end austerity measures if it is voted into power.

The Asian markets rallied, with the MSCI Asia Pacific Index heading for an eight-week high, after the European Central Bank announced a bigger-than-expected program of asset purchases to stimulate the region’s sagging economy. It is believed that the ECB’s program to buy euro-zone government bonds will boost global liquidity at a time when the U.S. Federal Reserve is on track to raise short-term interest rates.

Chinese stocks, however, seem to be losing ground after a buoyant start. Stocks rose sharply earlier in the day after the People’s Bank of China injected about $8 billion into the banking system and a report showed that China’s manufacturing PMI rose slightly at the start of the year, although activity shrank for a second straight month.

Commodities are mostly lower, with copper prices coming under significant selling pressure on concerns over excess supply and a cooling global economy. Oil prices, meanwhile climbed nearly 2 percent in Asian deals on news of the death of King Abdullah bin Abdulaziz Saud of Saudi Arabia, one of the biggest oil producer of the world. Investors are anxious over whether Saudi will change crude output during the succession.

In economic releases, expectations for house price growth in London increased in January, but the pace of growth was the weakest in 14 months, a survey of British households carried out by Markit Economics and Knight Frank showed. The house price sentiment index fell to 58.2 from 59.1 in the previous month.

Investors await manufacturing and service PMI reports from major European economies, U.K. retail sales figures for December as well as U.S. data on existing home sales and leading indicators later in the day for further clues on the global economic outlook.

On the earnings front, General Electric, Honeywell and McDonald’s are among the prominent U.S. companies that will unveil their quarterly results before the U.S. opening bell.

In domestic corporate news, U.K-based building materials group CRH Plc confirmed media reports that it is in discussions with French cement giant Lafarge SA and Holcim regarding the potential acquisition of certain assets being disposed of by Lafarge and Holcim in advance of their proposed merger.

Spanish telecom operator Telefonica S.A. is nearing a deal to sell its U.K mobile business, Telefonica UK or O2, to Hong Kong billionaire Li Ka-shing’s Hutchison Whampoa for about 10 billion British pounds or $15 billion, the Financial Times reported.

Novo Nordisk A/S announced that it has received a positive opinion from the Committee for Medicinal Products for Human Use under the EuropeanMedicines Agency on the use of its drug Saxenda for the treatment of obesity.

European stocks rallied to hit a fresh seven-year high on Thursday after the ECB announced a full-scale bond buying program worth more than one trillion euros in a bid to stave off deflation and give a big fillip to growth. The German DAX rose 1.3 percent, France’s CAC 40 gained 1.5 percent and the U.K’s FTSE 100 index added a percent.

On Wall Street, stocks chalked up their four straight day of gains on Thursday, as regional banks and transportation companies posted better-than-expected earnings, data on jobless claims pointed to continued improvement in labor market conditions and the ECB announced a bigger-than-expected program of asset purchases to stimulate the region’s sagging economy. The Dow and the S&P 500 rallied about 1.5 percent each, while the tech-heavy Nasdaq soared 1.8 percent.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

USD/JPY Technical Analysis: Bounce Stalls Below 120.00

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Talking Points:

  • USD/JPY Technical Strategy: Flat
  • Support: 117.91, 115.48, 113.51
  • Resistance: 119.48, 120.82, 121.91

The US Dollar is consolidating gains against the Japanese Yen having advanced as expected after forming a Bullish Engulfing candlestick pattern. Near-term resistance is at 119.48, the 23.6%Fibonacci expansion, with a break above that on a daily closing basis exposing the December 23 high at 120.82. Alternatively, a reversal below the 23.6% Fib retracement at 117.91 opens the door for a test of the 38.2% threshold at 115.48.

Positioning is inconclusive at this point, with prices offering no clear-cut and actionable signal to initiate a long or short trade. We will continue to remain on the sidelines for the time being, waiting for a compelling opportunity to present itself.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

USD/JPY Technical Analysis: Bounce Stalls Below 120.00

Daily Chart – Created Using FXCM Marketscope

— Written by Ilya Spivak, Currency Strategist for DailyFX.com

provides forex news and technical analysis on the trends that influence the global currency markets.
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Google Is Giving UK Businesses £10 For Each Customer They Sign Up To Google Apps (GOOG)


Google has launched a scheme in the UK and Spain that pays businesses Cash for structured settlements
to get customers to sign up to its apps. 

The Google Apps Referral Programme is designed to reward businesses who successfully get new users into its online office suite. The company says those who sign up will “receive £10 for every user who signs up based on your recommendation”. 

After joining, it works like this: 

  • Users receive a unique referral link after registration
  • They fill in their details and send off some emails
  • They’re rewarded with £10 when customers sign up using the users’ referral link

Google announced the programme in the US and Canada in March last year. There, users can earn $15 a per customer. At the time, Google said around 5 million businesses were registered with Apps — using the likes of Gmail, Google Calendar, and Google Drive for their businesses. 

Now the Silicon Valley company is trying to get more involved in the UK and Spain. There is a huge race on in “enterprise” technology — the software that companies use to run their businesses. Traditionally, companies like Microsoft have dominated that industry. But relative newcomers like Google and Amazon are now providing all sorts of lucrative back-end support for businesses.

Google’s enterprise apps work a lot like its consumer apps, except on a mass scale. Google explains that no IT experience is required and there are no systems to manage, either. It’s all done magically, the cloud. The referrals work through email links and money is paid directly into bank accounts. 

A spokeswoman for Google tells Business Insider that it’s expanding the scheme internationally because it’s been “so successful in the US and Canada”. She says Google Apps allows more small businesses to be exposed to a better way of working in their respective communities. “We are seeing great growth for Google for Work. It’s simply another way to reward our users.” 

More than 10,000 people have signed up for the Google Apps Referral Programme since it launched in the US and Canada. 

On its business blog, Google adds:

For those of us who use Google Apps, the ability to access all of our documents from anywhere on any device and being able to seamlessly collaborate with colleagues or customers across the world, are impressive moments. To help continue the momentum, we’re launching the Google Apps Referral Programme in the UK and Spain. It allows users to recommend Google Apps to people and companies they know and receive £10 for every user from a company that signs up. As an added incentive, we will also provide coupons that save 20% on the price of Google Apps.

Join the conversation about this story »

Beyond the “Spotlight”

This weekly feature examines chart formations, along with technical indicators, of two to three commodity markets. Breakouts of these formations may lead to trading…

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Open the doors $ES_F 1862 x 1891

Featured Breadth Chart of the DayNyah-Nyah


New highs are not there, we only did 81.  I think we continue to bleed out momentum to what is already a sluggish market that is biased to drift higher.   We think some lower level testing might make more sense from here.

Quote of the Day:
There is no cure for birth and death save to enjoy the interval.
–George Santayana

Comments and Levels for the Front (S&P 500 – E-mini futures) contract:

Short: 1891
Long:  1862


Here’s my deal.  The super trading range is 1913 x 1841… I expect us to stay in that box for a while.   For today, 1891 looks to be a reasonable spot to look for a drop. I don’t really have a long spot, maybe 1880.  The breadth and A/D line are flailing and bull markets need leadership and leadership is usually revealed at lower prices.  We still favor the downside.

On the MiM:


Nothing on the MiM as we had a decently volatile close, but the MiM was all over the place and never really triggered one way or another and it left me sidelined watching the give and take.

If you have streaming issues, please let me know.  info@mrtopstep.com

Date Of Signal Direction x:00 Entry/Close x:20 Entry/Close x:30 Entry/Close
5/6/2014 Long 1.88 (xx:20)
5/8/2014 Long 3.11 (xx:40) 1.24 (xx:40)
5/9/2014 Long 2.72 2.50
5/13/2014 Long   0.26 0.20
Total   4.99 4.22 2.70


If you want to join the meter readers you can go to: Join the MiM

Comments about TLT (Twenty year Bond ETF):


Wrong way TLT…  Looing for 114 now on the upside.. One of these markets (either equities or bonds) is not going to sustain.

Follow me on Twitter  @redliontrader <<<<<

Breadth Charts in Full:   Zweig Breadth Thrust


This kind of action almost always resolves lower.


Cumulative Volume Index:


No new high here.

Number of NYSE issues trading ABOVE their 40 day moving average (40DPI):


Lackluster follow through.

New Highs / New Lows ratio chart:



That ain’t the 90s.

Trenders Short Term Trender –  McClellan Summation Index:



Long Term Trender –  Cumulative 4-week Highs – Lows (the fat lady)Nyah-Nyah:



Parting Shot: 


So come on in and let me know if it works.

go to http://chat.fortunesrocks.me and click on” Sign Up”.  That should get you in and give you a password.  There is still work to do but any shakedown you can provide will be appreciated.

I am sharing my charts and also the MiM this afternoon at 3pm so you can see that in action, too.

Hope to see you in the room (remember – Chrome or FireFox only!).


As always, we want your feedback!  marlin@redliontrader.com

Thank you for Reading – Marlin aka RedlionTrader @redliontrader

DISCLAIMER: The information and data in the following report(s) were obtained from sources considered reliable. Opinions, market data, and recommendations are subject to change at any time. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any commodities or securities. RedlionTrader.com, its  officers, directors and its contributors may in the normal course of business, have position(s), which may or may not agree with the opinions expressed in this report. RedlionTrader.com, its officers, and directors are not agents, representatives, or affiliates of the CME Group or any trading entity. Trading Futures, Options, and retail off-exchange foreign currency transactions involves substantial risk of loss and is not suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. Any decision to purchase or sell as a result of the opinions expressed in these report(s) will be the full responsibility of the person(s) authorizing such transaction(s). BE ADVISED TO ALWAYS USE PROTECTIVE STOP LOSSES AND ALLOW FOR SLIPPAGE TO MANAGE YOUR TRADE(S) AS AN INVESTOR COULD LOSE ALL OR MORE THAN THEIR INITIAL INVESTMENT. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.