BRIEF-National Grid says headline FY results to show higher favourable timing in UK,U.S. businesses
April 12 National Grid Plc:
* Update on timing impacts for fiscal year 2016/17
* Updates its 2016/17 technical guidance for timing impacts ahead of entering closed period on 18 april 2017.
* Group expects headline full-year results to reflect higher favourable timing in both its uk and us businesses
* Over-Recoveries primarily relate to out-turn electricity and gas volumes being different to anticipated volumes (e.g. Due to weather)
* Additionally, us over-recoveries also benefit from mandated state level collections.
* Net benefit to earnings per share in 2016/17 from timing is now expected to be approximately 5p higher than previously estimated
* Timing has no impact on long-term performance and this incremental benefit will be returned to customers in future years. Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +91 80 6749 1136)
UPDATE 5-Brazil defends beef after 'system-wide problem' prompts U.S. ban
CHICAGO/BRASILIA, June 23 Brazil scrambled to shore up its beef industry's reputation on Friday after the United States blocked shipments of fresh cuts, saying it found abscesses in the meat and signs of systemic failure of inspections in the world's largest beef exporter.