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Swedish Match
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Выбор редакции
28 ноября 2014, 23:43

Deals of the day- Mergers and acquisitions

(Adds Vodafone, P&G, BCE Inc, Airbus, Portugal Telecom, Fresenius, Altice, TPG, Swedish Match, Group, Danone,)    

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21 ноября 2014, 12:00

Swedish Match Evokes World Without Cigarettes in 3Q Results

Swedish Match Evokes World Without Cigarettes in 3Q Results

20 августа 2014, 06:25

Европа: быки нанесли ответный удар

Европа: быки нанесли ответный удар     В понедельник, 18 августа, ключевые фондовые индексы Европы завершили торги в положительной области на фоне сообщений о четырехсторонней встрече в Берлине, в которой приняли участие министры иностранных дел России и Украины, а также Германии и Франции, что было позитивно воспринято участниками рынка. Из макроэкономической статистики стоит отметить лишь профицит торгового баланса еврозоны за июнь. Так, показатель составил 16,8 млрд евро против 15,4 млрд евро месяцем ранее и прогноза в 15 млрд евро. По итогам торговой сессии французский CAC 40 вырос на 1,35%, итальянский FTSE MIB увеличился на 0,82%, немецкий DAX прибавил 1,68%, а ключевой индекс Великобритании FTSE 100 подрос на 0,78%. Региональный индикатор STXE 600, в свою очередь, "позеленел" на 1,2% и закрылся на отметке 333,6 пункта. Котировки акций немецкого кредитора Commerzbank выросли на 1,5% после заявления его члена совета директоров Густава Холткемпера (Gustav Holtkemper) о том, что маржа прибыли подразделения по обслуживанию состоятельных клиентов будет расти. Бумаги немецкого провайдера телефонных и Интернет-услуг United Internet прибавили 3,8% после того, как компания приобрела 10,7%-ную долю в конкуренте Rocket Internet за 435 млн евро. Неплохо выглядели акции производителей автомобильных комплектующих. Так, бумаги финского производителя шин Nokian Renkaat выросли на 3,1%, а акции Continental увеличились на 3,3%. Рыночная капитализация производителя табачной продукции Swedish Match выросла на 1% после того, как стало известно, что Scandinavian Tobacco Group Assens рассматривает возможность первичного публичного размещения. Отметим, что Swedish Match владеет 49% акций в данной компании. Котировки акций норвежской нефтесервисной компании Aker Solutions упали на 1,6% ввиду того, что она намерена сократить 225 рабочих мест. ИндексСтранаЗакрытие (пункты)Изменение за день (пункты)Изменение за день (%)Изменение с начала года ATX Австрия 2 281,96 11,66 0,51% -10,39% BEL20 Index Бельгия 3 146,67 40,22 1,29% 7,62% FTSE 100 Великобритания 6 741,25 52,17 0,78% -0,12% DAX Index Германия 9 245,33 152,73 1,68% -3,21% IBEX 35 INDEX Испания 10 353,40 131,2 1,28% 4,40% FTSE MIB Италия 19 639,90 158,94 0,82% 3,54% AEX Нидерланды 399,91 4,56 1,15% -0,47% OMX Nordic 40 Скандинавия 1 324,55 16,57 1,26% 4,25% CAC 40 Франция 4 230,65 56,29 1,35% -1,52% SMI Швейцария 8 453,59 86,86 1,04% 3,06%     Сысоев Вадим аналитик отдела анализа мировых рынков (ИК "ФИНАМ")

11 марта 2014, 17:13

Шведские нарицательные: семья, стол, стенка, спичка, ключ.

Скромная по размерам Швеция увековечена в русском языке рекордным количеством нарицательных имен. За примерами далеко ходить не надо: словосочетания «шведский стол», «шведская семья», «шведская стенка» и «шведские спички» используются у нас довольно активно. А вот самим шведам эти понятия, за исключением разве что последнего, не знакомы. Своим национальным изобретением они считают лишь шведские спички. Начиная с середины 1970-х годов для стран бывшего СССР понятие «шведская семья», пожалуй, было главным синонимом Швеции. Мы все считали, что в этой североевропейской стране сожительство двух и более супружеских пар является самым обычным делом.   «Шведская семья» – пожалуй, никто точно не знает, как родилось это словосочетание,– говорит Константин Иванов, сотрудник посольства Швеции в РФ, автор книги ‘Девять мифов о Швеции’.– Можно предположить, что его возникновение связано с докатившимися до СССР на волне сексуальной революции историями о представителях левой шведской молодежи, совместно проживающих в так называемых коммунах (по-шведски ‘коллективах’). В эти же годы по Москве и Ленинграду пошли гулять шведские журналы и фильмы весьма вольного содержания, породившие в народе мнение об особой раскрепощенности шведов». От себя добавим: тогда же на экранах телевизоров очень кстати появилась восхитительная ABBA – две супружеские пары, певшие сладкими голосами о деньгах и о любви и один раз таки поменявшиеся партнерами. «История этого понятия напоминает мне бородатый анекдот: ‘Что такое групповой секс? Это то, чем занимаются шведы, о чем поляки снимают фильмы, которые смотрят в СССР’,– рассказывает переводчица шведской литературы Александра Афиногенова.– Бесспорно одно: понятие ‘шведская семья’ обязано своим рождением сексуальной революции. Самое интересное, что не только у нас Швеция считалась родиной раскрепощенности и вседозволенности. В Великобритании, например, существует понятие ‘шведский грех’, что по смыслу означает почти то же самое, что и ‘шведская семья’ для нас». Конечно, шведов, получающих обязательное сексуальное образование в школах с 1955 года (дольше всех остальных народов на планете!), вряд ли можно назвать консерваторами в области сексуальных отношений. Но вместе с тем было бы большим преувеличением утверждать, что они сильно отличаются в этой сфере от других европейцев. Что же касается настоящей шведской семьи, то она традиционно состоит из мамы, папы и пары ребятишек. В случае развода оба родителя продолжают нести ответственность за своих детей. Даже после образования новой семьи дети от прежнего брака регулярно приезжают погостить то к папе, то к маме. Разведенные шведы чаще всего стараются поддерживать нормальные отношения друг с другом. «Новые» и «старые» семьи нередко проводят свободное время вместе, совсем не подозревая о том, что своим «безответственным» поведением способствуют дальнейшему укреплению мифа о «шведской семье» в России. Есть правда одна интересная особенность:  большинство мужчин и женщин в Швеции живут в незарегистрированном браке, это так называемые «самбу». (Дословный перевод – «совместнопроживающие»). Почему? Во-первых, права и обязанности у «самбу» точно такие же, как и у законных мужа и жены. Во-вторых, официальный развод (его процедура) стоит довольно дорого и затягивается, как правило, надолго, если в семье есть совместные дети. А так – никаких проблем! Дело решается быстро и без нервных затрат. В большинстве семей заведено так: супруги имеют свои, отдельные, счета в банке. Питание, телефон, электроэнергия оплачиваются совместно. Что касается всего прочего (одежды, косметики и другого), то каждый снимает деньги со своего счета. Вполне нормальным явлением считается, например, когда в ресторане муж и жена получают отдельные счета от официанта и расплачиваются каждый из своего кошелька.     Шведском столу в смысле правдоподобия повезло куда больше. Так называемый smorgasbord – «закусочный стол» – действительно был придуман в Швеции. Правда, скромные от природы скандинавы не называют его шведским. Его история уходит корнями в далекое прошлое. Столетия назад скандинавы делали заготовки впрок из продуктов длительного хранения – соленой рыбы, корнеплодов и овощей, копченого мяса. Когда приезжали гости, вся еда подавалась сразу, в больших мисках. Тем самым хозяева избавляли себя от лишних церемоний, высвобождая время для общения. В XX веке этот демократичный способ трапезы взял на вооружение весь мир. «По-французски это называется ‘буфет’, но у нас действительно больше прижилось название ‘шведский стол’,– говорит известный ресторанный критик Сергей Чернов.– На определенном этапе развития российского ресторанного бизнеса модель шведского стола была весьма успешной. Можно вспомнить такие заведения, как «Царская охота», «Елки-палки», «Дрова», «Рис и рыба». Многие из них и сегодня очень популярны у москвичей, хотя появляется все больше гурманов, считающих, что смешивать в желудке десятки блюд – это, мягко говоря, не совсем эстетично». Если вернуться к предмету нашего разговора — «шведскому столу», то одним из первых наших соотечественников, представивших его вниманию русского читателя, был К.Скальковский. В изданных в 1880 году в Санкт-Петербурге заметках «Путевые впечатления. У скандинавов и фламандцев» он так описывал это заморское чудо: «Каждый требует того и другого, горничные едва успевают откупоривать бутылки. Никакого учета потребляемого тут нет; на столе лежит книга, к ней на розовой ленточке привязан карандаш и каждый сам обязан вписать, что он съел и выпил, в книгу. При отъезде он так же сам сводит итог своего счета. Понятно, что все ошибки остаются на совести пассажира, но шведы предпочитают лучше потерять что-нибудь, нежели подвергать путешественника унизительному контролю». Нельзя не заметить, что с тех пор, как писались процитированные строки, модель «шведского стола» была усовершенствована и упрощена, но его благородный дух сохранился. Спустя почти треть века публицист и ученый С.Меч тоже по достоинству оценил «шведский стол», с которым он познакомился в железнодорожном буфете: «Вы входите в буфет — прислуги никакой. Буфетчик или буфетчица не обращают на вас никакого внимания. На столе стоят кушанья, стоят тарелки и лежат вилки, ножи и ложки. Вы сами берете себе чего хотите — все равно обед стоит 2 франка. Когда Вы насытитесь, Вы отдаете 2 франка и уходите». Особенно живописную картину запечатлел замечательный писатель Александр Куприн, лечившийся в 1909 году в Финляндии: «Длинный стол был уставлен горячими кушаньями и холодными закусками. Все это было необычайно чисто, аппетитно и нарядно. Тут была свежая лососина, жареная форель, холодный ростбиф, какая-то дичь, маленькие, очень вкусные биточки и тому подобное. Каждый подходил, выбирал, что ему нравилось, закусывал, сколько ему хотелось, затем подходил к буфету и по собственной доброй воле платил за ужин ровно одну марку тридцать семь копеек. Никакого надзора, никакого недоверия. Наши русские сердца, так глубоко привыкшие к паспорту, участку, принудительному попечению старшего дворника, ко всеобщему мошенничеству и подозрительности, были совершенно подавлены этой широкой взаимной верой». Увы, эти идиллические впечатления несколько затуманились, когда писатель вернулся в вагон, где его случайные попутчики оживленно обсуждали новинку, с которой они только что познакомились. «Когда мы возвратились в вагон, — пишет Куприн, — то нас ждала прелестная картина в истинно русском жанре. Дело в том, что с нами ехали два подрядчика по каменным работам. Всем известен этот тип кулака из Мещовского уезда, Калужской губернии: широкая лоснящаяся скуластая красная морда, рыжие волосы, вьющиеся из-под картуза, реденькая бороденка, плутоватый взгляд, набожность на пятиалтынный, горячий патриотизм, и презрение ко всему нерусскому — словом, хорошо знакомое истинно русское лицо. Надо было послушать, как они издевались над бедными финнами. «Вот дурачье, так дурачье. Ведь этакие болваны, черт их знает! Да ведь я, ежели подсчитать, на три рубля на семь гривен съел у них, у подлецов… Эх, сволочь! Мало их бьют, сукиных сынов. Одно слово — чухонцы». А другой подхватил, давясь от смеха: «А я… нарочно стакан кокнул, а потом взял в рыбину и плюнул». — «Так их и надо сволочей!, — подхватил его визави. — Распустили анафем! Их надо во как держать!». С гневом и презрением цитируя эти вульгарные высказывания, автор «Гранатового браслета» тем не менее заключает: «И тем более приятно подтвердить, что в этой милой, широкой, полусвободной стране (имеется в виду Финляндия. — Прим. ред.), уже начинают понимать, что не вся Россия состоит из подрядчиков Мещовского уезда, Калужской губернии». Пусть читателя не смущает упоминание Финляндии. Будучи до начала XIX столетия «под Швецией», эта страна впитала в себя многие шведские традиции, в том числе и традиции «шведского стола».     Шведскую стенку – пожалуй, наиболее универсальный спортивный снаряд в мире,– действительно придумали в Швеции. Правда, там ее именуют en ribbstol, что дословно означает «рама с перекладинами». Это изобретение стало основой для системы гимнастики, разработанной Пером Хенриком Лингом (1776-1839). Поэт, драматург и учитель фехтования, Линг стремился создать такую систему физической подготовки, которая содействовала бы воспитанию гармоничной личности. Будучи убежденным патриотом, Линг надеялся на то, что его система поможет шведам обрести силу и волю предков, дабы вернуть стране былую воинскую славу. В 1813 году по соизволению его королевского величества Линг основал в Стокгольме Центральный гимнастический институт, первое высшее учебное заведение Швеции, специализирующееся на подготовке учителей физкультуры для армии и школы. После смерти Пера Хенрика дело отца продолжил его сын Яльмар, благодаря которому шведская гимнастика и ее знаменитые атрибуты шведская стенка, гимнастическое бревно и скамейка получили распространение во всем мире, в том числе и в России. В Швеции же в 1857 году были изобретены и первые тренажеры для бодибилдинга. Одним из первых импортеров «физкультурных аппаратов» стала Россия: их заказала себе царская семья и представители высшего света. Что же касается шведской стенки, то она и сейчас считается наиболее функциональным тренажером и потому так часто используется в качестве основы для домашнего мини-спортзала. Физиологи убеждены: шведская стенка должна сопровождать человека всю жизнь. А занятия на этом снаряде в первые три года жизни укрепляют не только тело и иммунитет ребенка, но и дух, а также способствуют раннему интеллектуальному развитию.     И наконец, знаменитая шведская спичка пришла в Россию, как и в другие страны мира, во второй половине XIX века. В самой Швеции она называется также безопасной спичкой. Изобретатель Густав Эрик Паш (1788-1862) запатентовал ее в 1844 году. Ноу-хау этого профессора химии состояло в том, что в качестве горючего материала он решил использовать не ядовитый желтый фосфор, а безопасный красный, а затем соскоблил его со спичечных головок и перенес на боковую грань коробка. На саму же спичку Паш предложил наносить слабо воспламеняющийся материал, единственное назначение которого – создавать достаточное трение и поддерживать стабильное горение (до этого спички загорались, как только ими чиркали обо что попало). «История покорения мира шведской спичкой похожа на детектив,– рассказывает Константин Иванов.– Сначала чудо-спички стали производить в Стокгольме, но очень скоро производство свернули из-за чрезвычайной дороговизны красного фосфора. И тут в дело вмешался еще один шведский гений – Юхан Эдвард Лундстрем, который внес ряд тайных запатентованных изменений в химический состав горючего материала и принялся монопольно производить новые спички – безопасные и дешевые. В 1855 году они были удостоены медали на Всемирной выставке в Париже. Еще девять лет спустя на арену спичечного производства вышел Александр Лагерман, сконструировавший первый в мире автомат для изготовления спичек». В конце XIX века спичечный бизнес превратился в настоящий шведский Клондайк: в стране был открыт 121 завод по производству спичек, и с тех пор вот уже 100 с лишним лет мир использует только а swedish match, сделанные не только с умом, но и истинно шведской практичностью.   А вот еще не менее интересный вопрос, почему гаечный ключ называется «шведским» и более того — ГАЗОВЫМ ?   Всё началось на закате средневековья, если говорить точно, в 15-ом веке. Именно в это столетие можно было встретить первые упоминания об инструментах, называемых гаечными ключами. Хотя те времена не предполагали широкого распространения данных приспособлений, тем не менее, первые шаги на дорожку прогресса и инноваций были сделаны. Так, в Европе, под крылом компании Маузер зародилось первое производство гаечных ключей. Затем, уже в годы промышленной революции, в 19 веке, ключи нашли своего потребителя, в результате чего стали достаточно популярными, чтобы задать необходимый толчок в развитии этого направления инструментов. Стоит отметить, что по сей день не удалось установить, кто является автором оригинального устройства. Здесь можно лишь вспомнить имена Эдвина Берда Баддинга, изобретателя разводного ключа с подвижными губками, и создателя “французского” раздвижного ключаЛе Руа Трибо. Заслуги в дополнительной модификации разводного ключа червячным передаточным механизмом приписываются другому имени – Петтеру Йохансону. Более 50-ти лет потребовалось миру промышленности, чтобы разводной ключ эволюционировал до своего “шведского” потомка! За массовое распространение “шведских” трубных ключей берется компания “B. A. Hjort & Company”, заклеймив новоиспеченные орудия труда маркой “Bahco”. Такого успеха ожидать не мог никто! На сегодняшний день марка Bahco продолжает процветать, выпускаются новые инструменты, а на счету компании сейчас более 100 млн реализованных трубных ключей. Великие умы же, как это водится, на месте стоять не желают. Так и Йоханссон, недолго думая, передает своё дело сыну, а все наработки — фирме “B. A. Hjort & Company”. Избавившись от “лишнего груза” Петтер ударяется в эксперименты с электрическими устройствами, а добившись видимых результатов, открывает в 1919 году предприятие«Triplex», занимающееся производством электрических маятников и других механизмов. Но мы отвлеклись. Тогда как один за другим появляется несметное множество “шведских” ключей запатентованных конструкций, всевозможных типов и размеров, в этой непрерывной суматохе не удается установить единую их классификацию. К счастью, ближе к началу 20-го века, произошло глобальное деление на дюймовую и метрическую систему. В этот же период появляется специальный и крайне необычный ключ с губками без зубьев. Большим прорывом также стало предложение некого Стиллсона, пароходного пожарного, снабдить трубный ключ сменными губками.     Что же мы имеем в итоге? - Газовые ключи изобрели в Швеции, отсюда произошло оригинальное название - “шведский” ключ. - Газовыми “шведские” ключи стали называть сравнительно недавно, но никто не ручается сказать, когда точно. - Сейчас газовый ключ – это многофункциональный инструмент, который используется не только для монтажа газовых трубопроводов, как это было раньше, но и во всех областях, подразумевающих работу с трубами водопроводных и отопительных систем. - Особенно широко распространены такие ключи среди сантехников. - Многие, в дань старому названию, продолжают называть их просто – шведки. - Кстати, раньше было намного больше причин использовать эпитет “газовый” в обозначении этих ключей, ведь в Европе до появления электричества газ использовался, в том числе и для освещения. - Все газовые ключи представлены в красных тонах, чтобы при срочной необходимости перекрыть газовый кран, можно было легко их отыскать. - Классической формой газового ключа является форма с прямыми губками и с фиксацией детали в двух точках. Инструмент с S-образными губками позволяет фиксировать деталь в трёх точках.   Те, кто отрицает незаменимость газового ключа, как правило, плохо знакомы с особенностями устройства его механизма, а заодно и большими преимуществами, связанными с ними. Ведь идея использовать рожковый ключ вместо шведки не будет столь успешной – не хватает рычага, а разводным ключом не приложить необходимое усилие – не выдержит. Всё это, а также тот факт, что газовый ключ обжимает деталь при работе, делает его уникальным инструментом для профессионалов.   [источники]источники http://www.worlds.ru http://otvety.google.ru http://norse.ru http://www.pravda.ru http://xn—b1afblufcdrdkmek.xn—p1ai/poleznye_stati/istoriya_gazovogo_klyucha/  А вот недавно мы наблюдали, как суровые шведские уборщицы угоняют поезда ! А еще посмотрите Как шведы руль меняли и на интересный Спиральный небоскреб (Turning Torso)  Оригинал статьи находится на сайте ИнфоГлаз.рф Ссылка на статью, с которой сделана эта копия - http://infoglaz.ru/?p=44604

07 января 2014, 16:10

Deep Freeze Day Market Summary

Markets may be open but the prevailing topic of conversation everywhere across the US will be the weather on what is said to be the coldest day in 20 years. So for those walking in and eager to catch up on what they may have missed overnight, here is a brief summary of key events. Heading into the North American open, stocks in Europe are seen broadly higher, with peripheral EU stock indices outperforming after Ireland successfully returned to capital markets with its 10y syndication that attracted over EUR 10bln. Financials benefited the most from the consequent credit and bond yield spreads tightening, with smaller Italian and Spanish banks gaining around 4%. Following the successful placement, IR/GE 10y bond yield spread was seen at its tightest level since April 2010, while PO/GE 10y spread also tightened in reaction to premarket reports by Diario Economico citing sources that Portuguese govt and debt agency IGCP consider that the current level of yields already allows Portugal to go ahead with a bond sale. Looking elsewhere, the release of better than expected macroeconomic data from Germany, together with an in line Eurozone CPI, supported EUR which gradually moved into positive territory. In addition to that, smaller MRO allotment by the ECB resulted in bear steepening of the Euribor curve and also buoyed EONIA 1y1y rates. The Spanish and Italian markets are the best-performing larger bourses, Swedish the worst. The euro is stronger against the dollar. Japanese 10yr bond yields fall; Spanish yields decline. Commodities gain, with wheat, silver underperforming and Brent crude outperforming. U.S. trade balance data released later. On today's US even docket, market participants will get to digest the release of the latest US Trade Balance data expected at a $40 billion deficit, weekly API report and also the US Treasury will sell USD 30bln in 3y note. Fed presidents Rosengren and Williams will speak later today as well. Finally, today's POMO will be a sizable $2.25 - $3.00 billion of bond purchases in the 02/15/2021 - 11/15/2023 bucket. S&P 500 futures up 0.4% to 1827.7 Stoxx 600 up 0.5% to 328.5 US 10Yr yield up 0bps to 2.96% German 10Yr yield down 1bps to 1.9% MSCI Asia Pacific down 0.5% to 138.6 Gold spot up 0.2% to $1239.9/oz Overnight news bulletin from Bloomberg and RanSquawk: European stocks higher and peripheral bond yield spreads are tighter after Ireland successfully returned to capital markets with their 10y syndication which attracted EUR 14bln in bids Better than expected data from Germany and an in line Eurozone CPI data prompted market participants to unwind dovish EU positions ahead of this week's ECB policy meeting Treasuries steady, 10Y yield holding below 3% before week’s $64b auctions begin with $30b 3Y notes; yield 0.806% in WI trading; stopout yield at that level would be highest since Sept. Janet Yellen’s confirmation as chairman of the Federal Reserve with the least Senate support on record shows that the central bank still faces intense political scrutiny six years after the financial crisis German unemployment declined for the first time in five months in Dec. while business confidence as measured by the Ifo institute rose to the highest in 20 months China’s Cabinet imposed new controls on the multi-trillion-dollar shadow-banking industry with an order that targets off-the-books loans and shores up enforcement of current rules, three people familiar with the matter said Wall Street’s biggest banks say the slump in EM assets that left equities trailing advanced-nation shares by the most since 1998 last year will prove more than a fleeting selloff The frigid cold that set records across the Midwest, stopping trains and planes and driving up energy use, may deliver the coldest day across the U.S. in almost 20 years by a measure of heating demand Sovereign yields decline; EU peripheral spreads tighten. Nikkei falls 0.7%, Shanghai little changed. European stocks gain, U.S. equity-index futures higher.  WTI crude and gold higher, copper steady EU & UK Headlines Eurozone CPI Estimate (Dec) Y/Y 0.8% vs. Exp. 0.8% (Prev. 0.9%) Eurozone Core CPI (Dec A) Y/Y 0.7% vs. Exp. 0.8% (Prev. 0.9%) German Unemployment Change (000's) (Dec) M/M -15K vs. Exp. -1K (Prev. 10K, Rev. 9K); first decline in five months German Unemployment Rate (Dec) M/M 6.9% vs. Exp. 6.9% (Prev. 6.9%) German Retail Sales (Nov) Y/Y 1.6% (Prev. -0.2%, Rev. -0.1%) German Retail Sales (Nov) M/M 1.5% (Prev. -0.8%, Rev. -0.8%) Goldman Sachs upbeat on the UK economic recovery but says BOE will not tighten this year. Goldman Sachs says that the UK recovery will be sustained in 2014, productivity growth picks up, inflation remains contained, rates stay on hold for this year but expect unemployment to fall to the BoE's 7% threshold in mid-2014. They think the MPC will not begin to raise interest rates until mid-2015. Bank lending to euro-area businesses will grow by 1.6% in 2014 but will be dampened by the ECB's Asset Quality Review, according to Ernst & Young. The British Chambers of Commerce reported strong growth and rising confidence in Q4 of 2013, suggesting the country's economic recovery will pick up speed, with the UK Q4 services employment and export balances hitting record highs. The ECB alloted EUR 112.458bln in 7-Day MRO, 92 bidders - The ECB last allotted EUR 168.662bln in 9-day MRO to 181 bidders. According to Diario Economico citing sources, Portuguese govt and debt agency IGCP consider that the current level of yields already allows Portugal to go ahead with a bond sale. 14 out of 19 Stoxx 600 sectors rise; bank, real estate outperform, personal & household, tech underperform 57% of Stoxx 600 members gain, 41.5% decline German Dec. unemployment -15k vs -1k est. U.K. Dec. new car registrations +23.8% Top Stoxx 600 gainers: Banco Espirito Santo SA  +7.7%, Vestas Wind Systems A/S  +5.9%, Banco Popular Espanol SA +5.3%, Banca Popolare di Milano Scarl  +5.1%, Banca Popolare dell’Emilia Rom  +5%, Bankinter SA  +4.4%, Telekom Austria AG  +4.4%, CaixaBank SA  +4.2%, Credit Agricole SA  +4%, Banco Bilbao Vizcaya Argentari  +3.8% Top Stoxx 600 decliners: Swedish Match AB -5.3%, Eurazeo SA -3.6%, Software AG -2.8%, Swatch Group AG/The -2.7%, BBA Aviation PLC -2.7%, Solvay SA -2.6%, Komercni Banka AS -2.5%, Chr Hansen Holding A/S -2.3%, Metro AG -2.4%, STMicroelectronics NV -2.3% Asian Headlines  China will draft a comprehensive plan with detailed rules for foreign exchange reform this year, according to the PBoC deputy governor. Asian stocks fall  with the Kospi outperforming and the Nikkei underperforming. MSCI Asia Pacific down 0.5% to 138.6 Nikkei 225 down 0.6%, Hang Seng up 0.1%, Kospi up 0.3%, Shanghai Composite up 0.1%, ASX down 0.1%, Sensex down 0.5% 2 out of 10 sectors rise with telcos, consumer outperforming and materials, utilities underperforming Gainers: Li & Fung Ltd  +9.6%, SK Networks Co Ltd  +7.4%, Celltrion Inc  +6.9%, PTT PCL  +6.4%, Airports of Thailand PCL  +6.3%, Epistar Corp  +6.1%, Hyundai Mipo Dockyard +5.8%, Hyundai Merchant Marine Co Ltd  +5.7%, Galaxy Entertainment Group Ltd  +5.7% Decliners: Sinopec Shanghai Petrochemical -6.3%, Adaro Energy Tbk PT -5.4%, CITIC Securities Co Ltd -5%, Fortescue Metals Group Ltd -4.7%, Energy Development Corp -4.3%, Guangzhou Automobile Group Co -4.2%, Tsumura & Co -4.1%, Adani Enterprises Ltd -4%, MS&AD Insurance Group Holdings -3.9%, Indo Tambangraya Megah Tbk PT -3.8% US Headlines Fed's Janet Yellen was confirmed by the US Senate by 56-26 votes to become the next US Fed chairperson, alongside expectations. Temperatures in eastern states are forecast to be the coldest since the mid-1990s. In New York they are set to drop to minus 14C from a high of 13C on Monday, as the effects of the chill extend as far south as Florida Equities European stocks are trading higher with financials benefiting the most from the consequent credit and bond yield spreads tightening, with smaller Italian and Spanish banks gaining around 4%. In terms of stock specific news Vestas is among the best performing stocks in Europe after late yesterday the company upgraded free cash flow (FCF) views for 2013 to approx. EUR 1bln vs. EUR 500- 700mln. Whilst Swedish Match shares are the worst performing stock in Europe after after analysts at Citi downgraded the co. to sell. FX The release of better than expected macroeconomic data from Germany, together with an inline Eurozone inflation data saw EUR/USD comes off overnight lows and move into positive territory. The momentum gained further traction after the ECB allotted smaller than expected amount in its regular MRO ops, which also lifted EONIA 1y1y rates. Consequent USD weakness which saw the USD index move to unchanged on the session also ensured that in spite of absence of any positive news flows, GBP/USD moved into positive territory. Deutsche Bank forecasts USD/JPY at 115.00 by end-2014, at 120.00 by end-2015 and predicts the BoJ will expand QE in April to include purchases of JPY 6trl in ETFs. Commodities According to analysts, the severe cold weather sweeping across the central United States is threatening to curtail some oil production, if only briefly, as it disrupts traffic, strands wells and interrupts drilling and fracking operations. Chinese imports of copper and iron ore likely fell in December from the month before due to a cash crunch and as growth momentum slowed. Holdings in the SPDR Gold Trust, the biggest bullion-backed exchange-traded product, held at 794.62 tons yesterday, the lowest level since 2009, according to data on the fund's website. A total of 552.6 tons was withdrawn last year. UBS sees gold demand of 1.49mln oz this week due to the rebalancing of the DJ-UBS Commodity Index * * * We conclude with the event recap from DB's Jim Reid It seems that markets are also struggling to climb this year as well. Most major DM equity markets saw their 3rd successive day of losses yesterday with EM equities broadly at 4-month lows after a weak start to 2014. Is it a delayed reaction to the fear of the removal of the QE staircase, is it the weaker data in China so far this week or is it just a bit of consolidation after an epic run? Given that I've only been back at work for a few minutes in 2014 I'll give that some thought before I answer. Asia hasn’t provided much inspiration for markets in the New Year with underperformance in both equities and credit relative to their European and US counterparts. As discussed above, part of the reason has been the concerns over a Chinese deceleration following the recent official and private sector PMIs. DM Asia has also been dragged lower by the recent aversion to EM with a number of EM bourses such as the Shanghai Composite and Thai SE indices are sitting at multi-month lows. Risk appetite is a little firmer overnight after major stock indices pared opening losses, but the moves have been fairly tentative with many happy to take a wait-and-see approach ahead of the week’s major risk events such as the FOMC minutes (tomorrow), the ECB (Thursday) and US payrolls (Friday). A Q4 earnings estimate provided by Samsung Electronics hasn’t helped overnight sentiment (Q4 operating profit of KRW8.3tn vs KRW10tn expected) but Samsung Electronic’s stock and the KOSPI have recovered from the opening lows. Samsung also posted its first earnings decline in nine quarters while additionally missing revenue forecasts (KRW59tn vs KRW62tn). This has stoked fears that global consumer demand may be waning, but the appreciating Korean Won may have also dragged on earnings. As we type, the Hang Seng (+0.1%) and KOSPI (+0.3%) are trading up but the Nikkei (-0.5%) continues to lag. Amidst the gloom surrounding EM at the moment, our EM debt strategists point out that 2014 could be the first year that we see negative net issuance since 2008 (new issuance less debt redemptions). They argue that principal repayments are set to double in 2014 from the previous year, a flow-through from a large spike in issuance volumes in 2003-05, whose average maturity was close to 10 years. These result in a more than 40% increase in total redemptions in 2014 (USD 91bn) from the last five-year average. Given the large increase in repayments and an expectation of almost unchanged issuance volume from 2013 to 2014 (USD91bn in 2013 vs. USD92bn expected in 2014), the 2014 net issuance could be slightly negative. In addition, the total interest payments of USD50bn in 2014 will also be the highest annual interest payments by EM hard currency debt issuers historically. This technical factor may help to offset the retail fund outflows which continue to pose a downside risk in 2014. 2013 saw the largest outflows from EMD funds seen since 2008, according to EPFR (-11% AUM for EM hard currency funds for the whole year). A bright spot so far this year has been fixed income with Government bonds and credit generally performing well. The uninspiring data flow in the first few days of 2014 have kept a lid on US treasury yields and yesterday’s nonmanufacturing ISM (53.0 vs 53.9 previous and 54.7 estimated) was simply a continuation of that theme. The weaker-than-expected data helped 10yr yields rally 4bp to 2.958%, and they remain around this level as we type. The decline in the headline ISM was predominantly due to a deterioration in the new orders component (49.4 vs. 56.4 previous) but the employment sub-index rose (55.8 vs. 52.5 previous). DB’s Joe Lavorgna writes that the deterioration in the new orders component is troubling—because it tends to be a leading indicator of general business conditions. It fell to a post-recession low yesterday. However, since this series includes many weather-sensitive sectors, such as construction, retail, transportation, recreation/entertainment and agriculture, the drop in new orders may have been exacerbated by inclement weather in December. US factory orders rose 1.8% MoM in November (vs 1.7% expected) which partly offset the disappointment over the ISM. Taking a quick look at some of the other headlines, the US Senate officially approved Janet Yellen to become the first female chair of the Federal Reserve. Yellen was approved in a 56-26 vote. News wires are suggesting that some who had opposed her confirmation were unable to get to DC for the vote because of winter-storm flight delays (Financial Times), but that would not have made a difference as Yellen only needed a simple majority (51 votes of support). According to the Financial Times, Bernanke was appointed to another term in 2010 by a smaller margin than any predecessor (70 Yes vs 30 No) so the last two appointments show the political divide in the US at the moment. Talking of which, the other development making headlines in DC is the outcome of negotiations to extend long-term unemployment benefits. The Senate is expected to hold a procedural vote today on a 3-month extension of the program. Democrats are believed to have 56 votes in favour which is just short of the procedural hurdle. In the House, Republican leaders have said they would only consider another extension if its cost — about $25-billion a year — is made up through spending cuts elsewhere. A number of forecasters, including DB’s US economist, have predicted that the expiration of these benefits could reduce the labour participation rate, and ultimately reduce the unemployment rate. Looking ahead, with the ECB governing council meeting later this week, there will be a lot of focus on the December Euroarea CPI report due this morning. The headline October and November CPI readings were +0.7% YoY and 0.9% YoY respectively, the former being the lowest headline reading since 2009. The consensus expectation for today is a similarly low +0.8% YoY in the headline and the core. Looking at the rest of the day ahead, aside from the Euroarea CPI we also have the German unemployment report for December and the US trade report for November. The Fedspeak docket includes Rosengren and Williams who will speak at 1:30pm and 7pm London time respectively. The US treasury will also auction 3 year notes. Good luck to all our US readers coping with mad swings in the temperature. Apparently NYC saw a balmy 50 degrees F yesterday which will be replaced by 10 degrees F today. If you're reading this under a duvet in Manhattan I'd probably stay there (please note this isn't the official house view!). As a contrast, my local town Guildford has spent much of the last 2 and a half weeks constantly battling extreme flooding. Is it just freak seasonal weather or global warming? Again after an hour back with my thinking cap on in 2014 I'll defer that question until my brain cells have engaged - don't hold your breath.        

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14 октября 2013, 12:16

Европа: возможный компромисс Конгресса США задает настроение на биржах

Европа: возможный компромисс Конгресса США задает настроение на биржах     В пятницу, 11 октября, ключевые фондовые индексы Европы продемонстрировали положительную динамику вот уже второй день подряд на фоне того, что Конгресс США может согласиться на поднятие планки госдолга страны, уменьшив, тем самым, угрозу возможного дефолта. Стоит отметить, что переговоры политиков продолжатся, при этом республиканцы уже выдвинули предложения о временном увеличении потолка госдолга США. Между тем, президент страны Барак Обама на встрече с республиканцами сообщил о необходимости возобновления работы правительства и неотложном повышении потолка госдолга. Напомним, что в свете последних событий правительство США не работает с 1 октября, а тем временем, приближается 17 октября, когда будет необходимо принять решение и о повышении потолка госдолга страны. Из опубликованной накануне в регионе макроэкономической статистики можно отметить индекс потребительских цен Германии за сентябрь, который, как и ожидалось, не изменился. При этом по сравнению с данными аналогичного периода прошлого года рост показателя составил 1,4%, что совпало со средними прогнозами рынка. По итогам сессии ключевой индекс Великобритании FTSE 100 повысился на 0,88%, французский CAC 40 стал тяжелее на 0,04%, а немецкий DAX ушел в плюс на 0,45%. Региональный индикатор STXE 600, в свою очередь, увеличился на 0,4% и закрылся на отметке 311,61 пункта. Рыночная капитализация британской почтовой службы Royal Mail выросла на 38% после дебютных торгов в Лондоне. Котировки EMS-Chemie Holding поднялись на 3,1% ввиду того, что продажи за девять месяцев выросли на 7% и составили $1,58 млрд. Лучше рынка смотрелись бумаги ряда фармацевтических компаний. В частности, акции Actelion, Shire, Roche Holding и Genmab выросли на 4%, 2,7%, 1,8% и 2,3% соответственно. Стоимость акций производителя табачной продукции Swedish Match опустилась на 4,7% в связи с тем, что операционная прибыль в третьем квартале упала до $9,2 млн. Кроме того, бумаги финской нефтеперерабатывающей компании Neste Oil продемонстрировали снижение на 7,5% на фоне решения агентства по охране окружающей среды США свернуть ряд правовых требований относительно использования этанолового топлива в следующем году. Между тем, котировки швейцарского производителя сантехники Geberit упали на 1,6% в связи с решением аналитиков Goldman Sachs понизить рейтинг его акций до "продавать" ввиду неутешительных прогнозов относительно дальнейших перспектив. При этом в числе аутсайдеров торгов оказались компании EON и RWE, бумаги которых опустились на 3,6% и 2,1% соответственно. Перед открытием торгов фьючерсы на ключевые индексы Европы демонстрируют отрицательную динамику. К 10:50 МСК фьючерсы на британский FTSE 100 с поставкой в декабре дешевеют на 0,26%, фьючерсы на немецкий DAX с поставкой в декабре понижаются на 0,32%, а фьючерсы на французский CAC 40 с поставкой в декабре торгуются в минусе на 0,44%. ИндексСтранаЗакрытие (пункты)Изменение за день (пункты)Изменение за день (%)Изменение с начала года ATX Австрия 2 511,77 -2,35 -0,09% 4,60% BEL20 Index Бельгия 2 830,66 -12,58 -0,44% 14,33% FTSE 100 Великобритания 6 487,19 56,7 0,88% 9,99% DAX Index Германия 8 724,83 39,06 0,45% 14,61% IBEX 35 INDEX Испания 9 668,50 8 0,08% 18,38% FTSE MIB Италия 18 882,63 45,84 0,24% 16,03% AEX Нидерланды 376,11 2,2 0,59% 9,75% OMX Nordic 40 Скандинавия 1 204,88 5,9 0,49% 13,58% CAC 40 Франция 4 219,98 1,87 0,04% 15,90% SMI Швейцария 7 936,08 85 1,08% 16,32% Гладких Анастасия младший специалист отдела анализа мировых рынков (ИК "Финам")

Выбор редакции
11 октября 2013, 14:46

Swedish Match shares hit by U.S. cigars downturn

STOCKHOLM (Reuters) - Cigar and moist snuff maker Swedish Match AB warned on Friday a tougher market for U.S. cigars would impact its earnings this year, sending its shares to a near six-month...

15 июля 2013, 11:31

Европа: рынки не определились с направлением

Европа: рынки не определились с направлением     В пятницу, 12 июля, ключевые фондовые индексы европейского региона продемонстрировали смешанную динамику. С одной стороны, удешевление акций испанских энергетических компаний оказало давление на рынки, с другой стороны, известия из сферы M&A придали оптимизма инвесторам, находящимся в ожидании корпоративных отчетностей из США. Данные по промышленному производству в еврозоне, а также индексу потребительского доверия Университета Мичигана пришлись не по душе участникам торгов. Так, промышленное производство еврозоны снизилось в мае на 0,3% м/м, тогда как ожидалось падение показателя на 0,2% м/м после повышения на 0,5% м/м (пересмотренное) в апреле. При этом индекс потребительского доверия Университета Мичигана, согласно предварительным данным, составил в июле 83,9 пункта, что оказалось хуже прогнозов в 85,0 пункта и предыдущего значения в 84,1 пункта. По итогам сессии ключевой индекс Великобритании FTSE 100 продвинулся на 0,02%, французский CAC 40 стал легче на 0,36%, а немецкий DAX ушел в плюс на 0,66%. Региональный индикатор STXE 600, в свою очередь, уменьшился на 0,1% и закрылся на отметке 296,2 пункта. Рыночная капитализация британской компании Invensys выросла на 15% после того, как французский поставщик оборудования для энергетической отрасли Schneider Electric сообщил о своем намерении приобрести ее за 3,3 млрд фунтов стерлингов ($5 млрд). Между тем, британский страховщик жизни Phoenix добавил в свой актив 10% на фоне заявлений о том, что он находится на начальной стадии переговоров относительно объединения своего бизнеса с подразделением Admin Re, принадлежащим Swiss Re. Котировки Swiss Re, в свою очередь, поднялись на 0,6%. Лучше рынка смотрелись и бумаги компании Swedish Match, закрывшиеся в плюсе на 2,6% благодаря появившимся известиям о том, что Imperial Tobacco Group может выставить предложение по ее приобретению в размере 350 шведских крон ($52,51) за каждую акцию. Удачно сложилась сессия для производителя автомобилей Daimler, бумаги которого подорожали на 6,2% в связи с благоприятной квартальной отчетностью. Так, прибыль до уплаты процентов и налогов составила 5,2 млрд евро ($6,8 млрд), что оказалось лучше прогнозов в 3,31 млрд евро. В числе аутсайдеров торгов пребывали испанские представители энергетического сектора на фоне ожидаемого сокращения прибыли компаний сферы возобновляемых источников энергии, а также операторов электросетей в рамках усилий премьер-министра Мариано Рахоя по ликвидации прогнозируемого дефицита в размере 4,5 млрд евро. В частности, котировки Iberdrola, Endesa, Acciona и Red Electrica упали на 3,4%, 4,6%, 8,5% и 7,5% соответственно. Перед открытием торгов фьючерсы на ключевые индексы Европы демонстрируют положительную динамику благодаря утренней статистики из Китая. К 10:37 МСК фьючерсы на британский FTSE 100 с поставкой в сентябре дорожают на 0,28%, фьючерсы на немецкий DAX с поставкой в сентябре повышаются на 0,35%, а фьючерсы на французский CAC 40 с поставкой в июле торгуются в плюсе на 0,27%. Аседова Наталия ведущий специалист отдела анализа мировых рынков (ИК "Финам")

13 февраля 2013, 16:35

Frontrunning: February 13

Obama Paints Wider Role for Government in Middle Class Revival (BBG) Obama to Seek a New Trade Deal With EU (WSJ)... or this is strawman why 2016 GDP will be higher Mobile phone sales fall for the first time since 2009 (Telegraph) Sequester Looms, No Deal in Sight (WSJ) Neither US party swallows a compromise (FT) Embattled Economies Cling to Euro (WSJ) For China, Spending Is Harder Than It Looks (WSJ) Bank of England's Sir Mervyn King says recovery in sight (BBC) - just a little more inflation first G7 fails to defuse currency tensions (FT) Japanese Leader Urges Firms to Boost Wages (WSJ) - so does the US one Fed Bank Chiefs Back Money-Fund Overhaul (WSJ), or force everyone out of MMFs and into stocks Comcast’s NBC Purchase Pushes Roberts Into Entertainment (BBG) Tesla CEO Clashes With New York Times Over Model S Review (BBG) Overnight Media Digest WSJ * U.S. President Barack Obama outlined an ambitious agenda in his State of the Union address Tuesday that included raising the minimum wage, increasing spending on infrastructure, attacking climate change and passing gun-control legislation. * Comcast Corp is buying General Electric Co's 49 percent stake in NBCUniversal for $16.7 billion, giving the cable operator full ownership of the film and television giant much sooner than expected. * Apple Inc Chief Executive Tim Cook fired back against hedge-fund mogul David Einhorn, defending the company's distribution of cash to its shareholders and calling a recent lawsuit filed by Einhorn's firm "a silly sideshow." * Dell Inc's second-largest outside investor T.Rowe Price Group Inc said it opposed the proposed $24.4 billion buyout saying the proposal undervalues Dell. * In the latest shake-up at UBS, onetime investment-bank chief Carsten Kengeter is expected to resign in favor of Samuel Molinaro, who spearheaded the push to sell Bear Stearns in one of the financial crisis's opening acts. * Intel Corp confirmed plans to offer a paid Internet video service and accompanying set-top box, an unusual gamble for a chip maker that has rarely marketed directly to consumers. * WellPoint Inc named Joseph Swedish as its new chief executive, unexpectedly turning to a hospital-industry veteran to lead the second-largest U.S. health insurer through the challenging implementation of the health-care overhaul.   FT Comcast Corp said it would buy General Electric's remaining 49 percent equity stake in their NBCUniversal joint venture for about $16.7 billion. Barclays' new chief executive pledged a fresh course for the British lender, axing at least 3,700 jobs and pruning its investment bank as he seeks to rebuild its reputation and boost profitability after a series of scandals. Carsten Kengeter, UBS's former investment bank chief executive, will leave in a management overhaul of the Swiss bank's newly formed non-core unit, according to an internal memo. Goldman Sachs is set to lose one of its veteran dealmakers with the retirement of Henry Cornell as vice-chairman of its merchant banking division, according to an internal memo. Italian police arrested the head of defence group Finmeccanica SpA on Tuesday on a warrant alleging that he paid bribes to win an Indian contract. Tim Cook, chief executive of Apple Inc, said the company was considering ways to return its $137 billion cash pile to investors. Cook dismissed the lawsuit filed by activist shareholder David Einhorn as a "silly sideshow". Dell Inc's third-largest shareholder, T. Rowe Price Group, joined a growing number of investors putting pressure on Michael Dell and his partner Silver Lake to sweeten their $24.4 billion buyout offer for the PC maker. U.S. regulators have approved the $15.1 billion takeover of Canadian oil and gas company Nexen Inc by China's state-owned CNOOC Ltd   NYT * U.S. President Barack Obama pledged to fight for a higher minimum wage, more government investment in schools and clean energy, and deficit reduction through spending cuts and tax increases, in his State of the Union address on Tuesday. * Comcast Corp agreed to pay $16.7 billion to acquire General Electric Co's remaining 49 percent stake in NBCUniversal. The deal accelerated a sales process that was expected to take several more years. * T.Rowe Price says it opposes the $24.4 billion takeover bid for Dell Inc as it currently stands, while Southeastern Asset Management has taken additional steps to fight the management buyout. Together they control nearly 13 percent of Dell's shares - the biggest holders of Dell stock outside of Michael Dell himself - and the move signals growing discontent with the transaction. * Carsten Kengeter, the former head of the investment bank of UBS, is resigning from the Swiss banking giant. * Nexen Inc said it received the last regulatory approval for its $15 billion sale to China's state-owned CNOOC Ltd, after the Obama administration declared the deal free from national security concerns. * Ryanair Holdings Plc, the discount European airline, said it planned to appeal should regulators block its bid for Aer Lingus Group. * WellPoint Inc, one of the nation's largest health insurers, said it had chosen an experienced hospital executive to lead it through sweeping changes created by the federal health care overhaul law.   Canada THE GLOBE AND MAIL * Ontario's opposition Progressive Conservatives have offered up a sweeping new road map for post-secondary education, advocating teaching-only professors, higher tuition fees for "elite programs," and a "colleges first" culture aimed at getting graduates jobs. * The chair of Toronto's public works committee has ordered a review after more than 100 "selfish" drivers delayed streetcars by parking in their paths after last week's snowfall. Reports in the business section: * It will take until at least 2017 before TransCanada Corp's much-vaunted plan to take oil across the country can take Alberta oil to Eastern Canada, a lengthy timeline that casts into question the role of that project in easing current pricing pain for the oil patch. * Mold-Masters Ltd, the innovative maker of injection moulding equipment for the plastics industry, has been sold to Ohio-based Milacron LLC for C$975 million. Mold-Masters was controlled by 3i Group PLC, a British private equity firm for the past five years. NATIONAL POST * Ontario Premier Kathleen Wynne says she's prepared to testify before a legislative committee about the controversial cancellation of two gas plants. She says it's important that the information about the cancellations - which will cost taxpayers at least C$230 million - be released. She also noted that she asked the auditor general to add the canceled gas plant in Oakville to his current probe of the Mississauga project, which was canceled during the 2011 election campaign. FINANCIAL POST * Financial leaders of the world's richest countries, including Canada, are talking tough to emerging nations, warning their efforts to shore up domestic economies could lead to a currency war and possibly derail a global recovery.   Fly On The Wall 7:00 AM Market Snapshot ANALYST RESEARCH  Upgrades AMN Healthcare (AHS) upgraded to Buy from Neutral at SunTrustAvon Products (AVP) upgraded to Neutral from Sell at UBSComcast (CMCSA) upgraded to Outperform from Neutral at Credit SuisseGroupon (GRPN) upgraded to Buy from Neutral at Sterne AgeeMolina Healthcare (MOH) upgraded to Buy from Neutral at BofA/MerrillNavios Acquisition (NNA) upgraded to Outperform from Market Perform at Wells FargoPhilip Morris (PM) upgraded to Neutral from Reduce at NomuraProtective Life (PL) upgraded to Neutral from Underperform at BofA/MerrillUTi Worldwide (UTIW) upgraded to Buy from Hold at JefferiesWestern Union (WU) upgraded to Underperform from Sell at CLSA Downgrades Bankrate (RATE) downgraded to Neutral from Buy at CitigroupClearwire (CLWR) downgraded to Underperform from Market Perform at Raymond JamesCliffs Natural (CLF) downgraded to Hold from Buy at Deutsche BankCliffs Natural (CLF) downgraded to Neutral from Buy at CitigroupFossil (FOSL) downgraded to Underperform from Market Perform at FBR CapitalGartner (IT) downgraded to Equal Weight from Overweight at BarclaysHeinz (HNZ) downgraded to Neutral from Buy at UBSInsperity (NSP) downgraded to Neutral from Buy at SunTrustMeredith (MDP) downgraded to Neutral from Buy at Roth CapitalPike Electric (PIKE) downgraded to Neutral from Buy at Janney CapitalRexnord (RXN) downgraded to Equal Weight from Overweight at BarclaysRuckus Wireless (RKUS) downgraded to Hold from Buy at NeedhamSapient (SAPE) downgraded to Equal Weight from Overweight at First AnalysisSapient (SAPE) downgraded to Market Perform from Outperform at William BlairSapient (SAPE) downgraded to Neutral from Buy at Citigroup Initiations Darden (DRI) initiated with an Underperform at CLSAFortune Brands (FBHS) initiated with an Overweight at BarclaysGreenHunter Energy (GRH) initiated with a Buy at WunderlichPiedmont Natural Gas (PNY) initiated with a Market Perform at Wells FargoPioneer Natural (PXD) initiated with an Outperform at Credit SuisseSandRidge Energy (SD) initiated with a Neutral at Credit SuisseTranS1 (TSON) initiated with an Outperform at JMP SecuritiesUSG (USG) initiated with an Overweight at Barclays HOT STOCKS Comcast (CMCSA) to acquire GE's (GE) 49% stake in NBCUniversal for $16.7B Comcast said it plans to repurchase $2B in stock in 2013GE raised share buyback plan to $35B, has $23B remainingeBay (EBAY) CEO Donahoe: U.S. consumer spending feels "stable," CNBC reportsJ. C. Penney (JCP) increased credit facility availability to $1.85BMoody's revised outlook on Citibank (C) to stable from negativeFMC Technologies (FTI) sees FY13 EPS $2.05-$2.25, consensus $2.36Cliffs Natural (CLF) sees healthy end markets for products in 2013Western Union (WU) sees FY13 constant currency revenue down low single digits Ball Corp. (BLL) to close Illinois plant, lay off 245 employees, take $21M chargeIbrutinib (JNJ, PCYC) received two oncology breakthrough therapy designations from FDAING Group (ING) to cut 2,400 employees by 2015 EARNINGS Companies that beat consensus earnings expectations last night and today include:Pioneer Energy (PES), Calpine (CPN), Valmont (VMI), Willis Group (WSH), Comcast (CMCSA), Higher One (ONE), Seattle Genetics (SGEN), Service Corp. (SCI), Western Union (WU), Netgear (NTGR) Companies that missed consensus earnings expectations include:Euronet (EEFT), Trulia (TRLA), Genesee & Wyoming (GWR), Blue Nile (NILE), Clearwire (CLWR), Buffalo Wild Wings (BWLD) Companies that matched consensus earnings expectations include:LivePerson (LPSN), TranSwitch (TXCC), Cornerstone OnDemand (CSOD) NEWSPAPERS/WEBSITES The most explosive rally in Japanese stocks in years is setting the stage for Japanese companies to cash in through more IPOs. Suntory Holdings Ltd. could lead this year’s list, raising up to $5B via a listing of its core food and beverage unit this summer, the Wall Street Journal reports The leaders of all 12 regional Federal Reserve banks are backing a move to overhaul the $2.7T money-market industry, an unusual joint action likely to fuel debate about a group of funds whose troubles threatened the stability of the financial system during the 2008 credit crisis, the Wall Street Journal reports The U.S. stock market is unlikely to take much direction from Obama’s State of the Union, although the president was less combative in his tone than some on Wall Street expected. The speech provided little in the way of guidance as to whether the White House and Congress will come to a deal to head off large spending cuts that are set to come into effect as of March, Reuters reports Sales of mobile phones worldwide declined in 2012 for the first time since 2009 as consumers shunned cheaper feature phones, says research firm Gartner (IT). Total worldwide mobile sales to end users was down 1.7% to 1.75B units. Samsung (SSNLF) and Apple (AAPL) continued to dominate the market, with Samsung selling 385M phones in 2012, of which 53.5% were smartphones, with Apple selling 130M smartphones, Reuters reports Deutsche Bank (DB) expects that Saudi Arabia will soon allow foreigners to invest directly in local company shares, joining hedge fund Passport Capital in predicting the market is set to open, Bloomberg reports The cheapest Apple (AAPL) shares in a dozen years are encouraging some of the world’s largest investors to bet that the stock will rebound after losing 33% of its value on concerns of slowing profit growth, Bloomberg reports SYNDICATE BioMed Realty (BMR) files to sell 11.5M shares of common stockCliffs Natural (CLF) files to sell 9M common sharesNet Element (NETE) files to sell 4.34M shares of common stock for holdersSensata (ST) announces offering of 15M ordinary shares by holderseGain (EGAN) files to sell common stock

12 февраля 2013, 16:32

Frontrunning: February 12

The Man Who Killed Osama bin Laden... Is Screwed (Esquire) G7 fires currency warning shot, Japan sanguine (Reuters) North Korea Confirms It Conducted 3rd Nuclear Test (NYT) Italian Police Arrest Finmeccanica CEO (WSJ) Legacy, political calendar frame Obama's State of the Union address (Reuters) China joins U.S., Japan, EU in condemning North Korea nuclear test (Reuters) Wall Street Fading as Emerging-Market Banks Gain Share (BBG) Berlin Conference 2.0: Drugmakers eye Africa's middle classes as next growth market (Reuters) Barclays to Cut 3,700 Jobs After Full-Year Loss (BBG) US Treasury comment triggers fall in yen (FT) ECB Ready to Offset Banks’ Accelerated LTRO Payback (BBG) Fed's Yellen Supports Stimulus to Spur Jobs (WSJ) Libor Scrutiny Turns to Middlemen (WSJ) Samsung Girds for Life After Apple in Disruption Devotion (BBG)   Overnight Media Digest WSJ * North Korea appeared to have exploded a nuclear device Tuesday, its third experimental detonation in a long effort to build weapons of mass destruction that the U.S. and other countries consider a serious threat. * Pope Benedict XVI will become the first pontiff in six centuries to resign, marking the end of a transitional papacy that focused more on theological and internal renewal and less on the broader challenges that face the Roman Catholic church at the start of its 21st century of existence. * U.S. regulators are widening their probe of global interest-rate-rigging by scrutinizing what they claim is a pivotal role of two U.K. brokerage firms in the scandal, people close to the investigation say. * The regulator that oversees the professional conduct of Britain's accountants has launched a probe into the past financial reports of Autonomy Corp, the U.K. software company that Hewlett-Packard Co purchased for $11 billion in 2011 and later accused of having made outright financial misrepresentations ahead of the deal. * Hedge-fund manager David Einhorn has proposed that Apple Inc issue a special class of stock that would carry a high dividend yield. * Nasdaq OMX Group Inc, long on the hunt for a partner, has ramped up its conversations about strategic options ranging from joint ventures to a sale, according to people familiar with the talks, as rival NYSE Euronext moves ahead with a merger that will form an even-bigger competitor. * U.S. regulators told the world's biggest maker of insulin, Denmark's Novo Nordisk, that they couldn't approve a potential blockbuster diabetes drug, delaying its U.S. introduction and sending the company's shares tumbling. * Hostess Brands Inc won permission to place a selection of its cake and bread assets, including the Twinkie brand, on the auction block as the baking company continues to sell off its business piece by piece.   FT EDF Energy is seeking state support to guarantee the new nuclear reactors it plans to build in the UK. EDF is asking the government to underwrite some of the project's financing. Nasdaq OMX Group was in talks with private equity firm Carlyle Group about taking the trans-Atlantic exchange operator private, but the talks broke down because of disagreements over valuation. Britain's accountancy regulator said it was investigating the financial reports of British software firm Autonomy before it was bought by Hewlett-Packard, a deal that was later subject to accusations of fraud. Goldman Sachs has promoted Gregg Lemkau to jointly head its global mergers and acquisitions (M&A) team. Telefonica has put off plans to list its Latin American business. BlackRock sold a large stake in oil services group Saipem - a unit of Italy's Eni, in deal that is under the scrutiny of Italian and British regulators. Lion Capital, a big investor in Findus - the UK-based frozen food company engulfed in the horse meat scandal, has called on management to explain how the adulteration took place. Dutch retailer Ahold sold its 60 percent stake in its Nordic joint venture - ICA - to co-owner Hakon Invest for 2.5 billion euros ($3.34 billion) in cash.   NYT * British accounting regulators said on Monday that they would investigate the financial reporting at the British software maker Autonomy before its $11.1 billion acquisition by Hewlett-Packard Co in 2011. * Concern over the euro moved to the forefront Monday as finance ministers of the countries using the currency held their monthly meeting. But this time, with the European Union's recession continuing, the topic was the strength of the euro rather than its many weaknesses. * The Swedish investment company Hakon Invest agreed on Monday to buy the remaining stake in the Nordic retailer ICA it did not already own for $3.1 billion. * A new 24-hour news and entertainment channel, Fusion, has powerful backers in Univision and ABC News, a unit of the Walt Disney Co, and underscores the growing influence of the burgeoning Hispanic audience. * Mary Jo White, who has been nominated to run the U.S. Securities and Exchange Commission, has also disclosed that her husband would relinquish his partnership at Cravath, Swaine & Moore, converting his interest in the firm from an equity to non-equity status. * Pope Benedict XVI's surprise announcement on Monday that he will resign on Feb. 28 sets the stage for a succession battle that is likely to determine the future course of a church troubled by scandal and declining faith in its traditional strongholds around the world. * It will be four years on Tuesday since the last fatal crash in the United States, a record unmatched since propeller planes gave way to the jet age more than half a century ago. Globally, last year was the safest since 1945, with 23 deadly accidents and 475 fatalities, according to the Aviation Safety Network, an accident researcher.   Canada THE GLOBE AND MAIL * The Harper government will not resurrect its controversial Internet surveillance bill, and will not introduce new legislation to monitor the activities of people on the web. * Former school trustee Liz Sandals inherited one of Ontario's most difficult files Monday, taking on the post of Education Minister and the ambitious task of resolving a dispute with Ontario's teachers and restoring sports teams, clubs and other after-school activities. Reports in the business section: * Genivar Inc, one of Quebec's biggest engineering firms, uncovered "inappropriate conduct" after investigating the company's role in financing political parties and bidding on municipal contracts, another sign of corruption in the province's engineering and construction industry. NATIONAL POST * A federal report on military procurement to be released Tuesday will recommend bidders be required to explicitly outline how they will spur innovation and long-term economic growth in Canada, a source familiar with the file told the National Post. FINANCIAL POST * WestJet Airlines Ltd will launch its new regional carrier Encore in Western Canada this summer starting on June 24, the company said Monday. * Following the grilling in London last week, outgoing Bank of Canada governor Mark Carney may be in for a second round of tough questioning Tuesday, this time from Canadian Ministers of Parliament.   Fly On The Wall 7:00 AM Market Snapshot ANALYST RESEARCH Upgrades Alexandria Real Estate (ARE) upgraded to Overweight from Equal Weight at EvercoreBoston Properties (BXP) upgraded to Outperform from Sector Perform at RBC CapitalDCT Industrial (DCT) upgraded to Market Perform from Underperform at Wells FargoDigital Realty (DLR) upgraded to Overweight from Equal Weight at EvercoreGold Fields (GFI) upgraded to Neutral from Sell at CitigroupJ.M. Smucker (SJM) upgraded to Outperform from Market Perform at BernsteinNortel NetApp (NTAP) upgraded to Buy from Hold at Brean CapitalNovo Nordisk (NVO) upgraded to Buy from Neutral at NomuraRoyal Gold (RGLD) upgraded to Buy from Neutral at UBSSuburban Propane (SPH) upgraded to Buy from Neutral at BofA/MerrillWalgreen (WAG) upgraded to Buy from Neutral at Mizuho Downgrades Boyd Gaming (BYD) downgraded to Sell from Neutral at GoldmanCapstead Mortgage (CMO) downgraded to Market Perform from Outperform at JMP SecuritiesCorporate Office (OFC) downgraded to Equal Weight from Overweight at EvercoreCubic (CUB) downgraded to Hold from Buy at Benchmark Co.Facebook (FB) downgraded to Market Perform from Outperform at BernsteinGeneral Growth (GGP) downgraded to Underperform from Sector Perform at RBC CapitalMacerich (MAC) downgraded to Sector Perform from Outperform at RBC CapitalPiedmont Office (PDM) downgraded to Underperform from Outperform at RBC CapitalQualcomm (QCOM) downgraded to Neutral from Overweight at JPMorganQuestar (STR) downgraded to Neutral from Buy at UBS Initiations Cincinnati Bell (CBB) initiated with a Hold at Deutsche BankCyrusOne (CONE) initiated with a Buy at Deutsche BankCyrusOne (CONE) initiated with a Neutral at BofA/MerrillIdenix (IDIX) initiated with a Neutral at RW BairdLegacy Reserves (LGCY) initiated with an Overweight at BarclaysManchester United (MANU) initiated with an Outperform at Raymond JamesNavios Maritime Partners (NMM) initiated with a Buy at CitigroupTheravance (THRX) initiated with an Outperform at RW Baird HOT STOCKS Barclays (BCS) to reduce headcount by at least 3,700 this yearRexnord (RXN) hired Goldman Sachs (GS) to explore possible saleJANA Partners rejected Agrium's (AGU) settlement offer, director appointmentsArris (ARRS), Google (GOOG) received second DOJ request for more information about Arris' proposed acquisition of Motorola Home business from GoogleAmerican Express (AXP), Twitter signed online purchasing agreementProcter & Gamble (PG), Verix Business initiated strategic partnershipVMware (VMW) acquired Virsto, terms not disclosedGroupon (GRPN) acquired MashLogic, terms not disclosedLaclede Group (LG) announced sale of New England Gas Co. (SUG) to Algonquin PowerMasco (MAS) sees “repair and remodel” to grow modestly in FY13Titan International (TWI) announced offer for Wheels of India Nielsen (NLSN) initiated dividend policy, declared 16c per share dividend EARNINGS Companies that beat consensus earnings expectations last night and today include:Otter Tail (OTTR), American Financial Group (AFG), Masco (MAS), Nielsen (NLSN), Tesoro Logistics (TLLP), Lionsgate (LGF) Companies that missed consensus earnings expectations include:Owens & Minor (OMI), Dun & Bradstreet (DNB), Rexnord (RXN), Danaos (DAC), tw telecom (TWTC), Cubic (CUB) Companies that matched consensus earnings expectations include:DynaVox (DVOX) NEWSPAPERS/WEBSITES Fed Vice-Chairwoman Janet Yellen offered a vigorous defense of the central bank's easy-money policies, suggesting she favors continuing them amid a slow economic recovery and disappointing job market, the Wall Street Journal reports Behind David Einhorn's protestations on Apple (AAPL) is a novel way to return cash to shareholders. Einhorn, of hedge fund Greenlight Capital, proposed that Apple issue a special class of stock, which he called "perpetual preferred," that would carry a high dividend yield. But with some investors feeling more confident about the future, shareholder pressure is growing to put that cash to work, the Wall Street Journal reports The NTSB is investigating whether tiny fiber-like formations, known as dendrites, inside lithium-ion batteries could have played a role in battery failures on two Boeing (BA) 787 Dreamliners last month, Reuters reports The shifting nature of Africa’s disease burden is luring Big Pharma (SNY, GSK) as new opportunities open up for treating chronic diseases afflicting the middle classes, rather than just fire-fighting infection.European companies, in particular, hope to reap rewards by investing early in a region where many of them already have historic commercial ties, Reuters reports Global investment banks based in Europe and the U.S., facing regulatory and cost-cutting pressures at home, are losing market share (CS, MS, C) in emerging economies to smaller domestic competitors, Bloomberg reports In 2007, Wal-Mart Stores (WMT) planned to open as many as 2,000 in-house medical clinics by mid-2012. Today, they have fewer than 130 clinics and is closing locations faster than it’s opening them. CVS Caremark (CVS) has about 630 MinuteClinics and aims to have 1,500 within four years, Bloomberg reports SYNDICATE ARCA Biopharma (ABIO) files to sell 3.48M shares of common stock for holdersAmerican Capital Mortgage (MTGE) to offer 18M shares of common stockConnectOne Bancorp (CNOB) 1.6M share IPO priced at $28.00DryShips (DRYS) announces offering of 5M common shares of Ocean Rig UDWGulfport Energy (GPOR) 7.75M share Secondary priced at $38.00HCA Holdings (HCA) files to sell 50M shares of common stock for holdersKosmos (KOS) commences offering of 30M shares of common stockMotricity (MOTR) requests withdrawal of registration statementNewcastle Investment (NCT) files to sell 20M shares of common stockTeam Health (TMH) files to sell 9.63M shares of common stock for holdersWarburg Pincus agrees to sell 2.5M shares of Primerica (PRI)

08 февраля 2013, 00:00

Jake Bugg: 'Mumford and Sons look like posh farmers with banjos'

His gritty vocals and claims to hate fame have seen him hailed as the antidote to manufactured pop. But is the 18-year-old for real?If you were of a more cynical disposition, you would assume the record label had paid her."You're here for Jake Bugg?" asks the hotel receptionist on arrival in Lincoln. "I'm going to the show tonight, too. I can't wait! It's his voice – it's just so different to all that pop and R&B that's out there, isn't it?"Her enthusiasm tells you a lot about Bugg's success. He may not have been courted by the press but his meteoric rise over the past year shows that you don't always need that. While some may find Bugg's influences – the Beatles, Buddy Holly, Johnny Cash – derivative, what his fans see in him is an antidote to "manufactured" plastic pop music: boybands, EDM, anything connected with The X Factor. Bugg's background – he grew up on a council estate in Clifton, Nottingham – combined with his fondness for singing about popping pills (I've Seen It All) and evading the police (Two Fingers), also mark him out as a grittier guitar slinger than the raft of public school bands out there who all seem to be made up of future members of the Tory cabinet.Plenty of people are (sorry) catching this Bugg. Still only 18, he's had a No1 album, supported Noel Gallagher and the Stone Roses and been nominated in the British breakthrough category at this month's Brit awards. Not that he's getting carried away."I'm just a guy playing a few songs," he answers, when pressed on whether or not he's a true man-of-the-people songwriter. It's a similar answer to the one he gives when asked whether he is fazed by his sudden success, or whether he really is bringing "authenticity" back to music. In fact, you get the feeling you could question Bugg on anything – from the state of the Swedish economy to whether he likes pouring custard down his pants – and he'd still stare through you in that trademark stoned daze of his and say: "I'm just a guy playing a few songs." He claims to hate fame and wishes he could just make a steady income from songwriting – he might well be telling the truth, too.Bugg's journey began, strangely enough, with The Simpsons. Or, more to the point, the Don McLean song Vincent that he heard on an episode of The Simpsons. At around the same time, his uncle happened to pass on a guitar to him, which he taught himself to play. You don't always get that much peace and quiet on an estate, so Bugg would drown out the sound of his neighbours rowing by singing."I'd play the Beatles to learn the highs, because some of Paul's harmonies are ridiculous. Then I'd try Johnny Cash to get the lows …"From here he dabbled for a few weeks on a music tech course ("Did I learn anything? Yeah. I learnt not to go there.") before concentrating on the things that mattered more: finding venues who would let him play despite the fact he wasn't old enough to order a beer from the bar."The scariest gig I ever did, though, was at school," he notes. "I got put in isolation, and the only way I could get out was if I did the school concert. You're stood up in front of people you're gonna see every day for the next two or three years. Whenever I get nervous before a show, I think: 'Well, it can't be as bad as that!'"Was it more nerve racking than supporting the Stone Roses at Heaton Park? "That was actually quite a mad show," he accepts. "But once I got up there I just played my tunes. No point dwelling on it, is there?"Bugg gives the impression of being equally relaxed about his debut album going straight in at No1 ("I just write songs. If people like it, then great"). Yet while he insists there was no extra sweetness to be taken from a working-class lad displacing Mumford and Sons from the top spot, he's not particularly convincing with it: "They just look like posh farmers with banjos to me … but I don't have anything against anyone's background."Does he think rock'n'roll has lost touch with the working class?"Yeah, it's a shame, because times are hard. My mum was a single mum on the dole … a couple of years ago I was trying to get enough together for a pack of fags. It's hard to rely on being a musician right now, but you have to do what it takes."In the past Bugg has spoken about keeping "X Factor shit" out of the charts and railed against "manufactured" pop. But given that all pop is, to some extent, manufactured, it makes him an easy target for critics. Some have jumped on the fact he uses co-writers – such as Iain Archer, formerly of Snow Patrol – on his songs. ("Sometimes Lennon needed McCartney and sometimes Simon needed Garfunkel," Bugg reasons. "You'd go mad doing everything on your own.") Others have noted that his claims to hate fame don't square well with him being papped at parties, such as the Burberry one he played last week."I hate that shit, though," he says. "Does. My. Head. In. I don't really know what they're after by papping me anyway. I'm just some lad who writes a few tunes, you know what I mean?"By this point I do kind of get the idea. We talk about the final song on Bugg's album, a short, crackly reggae number called Fire. Recorded on his iPhone, the label thought the fancy studio versions couldn't match it so they went with the rough demo instead. The decision to add old gramophone crackles during mastering, however, surely makes it as "manufactured" as any pop song with added vocoder or air sirens, albeit to a different audience?"I don't think so, no."Why not?"It's the same as having an FX pedal, messing around with sound, experimenting," he says, before making a somewhat OTT comparison. "That's why Jimi Hendrix is my favourite guitarist … because he was doing something new, trying stuff out."Perhaps the greatest irony of the whole authenticity debate surrounding Bugg is that his best songs are the ones that sound the least like an 18-year-old has ever touched them. Skiffle-tinged singles such as Lightning Bolt are far less deft than the understated likes of Simple As This or Broken, which show signs of the classic songwriter he could grow into. These gentler songs don't even seem to put off the more raucous element of his fanbase. According to his manager, Jason, it all kicked off last night in Sheffield: "About three of them started fighting when he played Country Song," he says.Country Song? It's so hushed and inoffensive, the idea it could have incited a scrap seems impossible. But later that night at Lincoln's Engine Shed, we witness the rowdy atmosphere Bugg's music inspires. His restrained opening rendition of Fire isn't even over before one guy is marched outside with two security personnel restraining him. Realising that his night is finished, the guy does what any other sane person would do under the circumstances – lamps a complete stranger in the face on his way out.Maybe it has something to do with the fact the venue sells beer in two-pint pots, but the atmosphere is electric, and not solely in a violent way: there are joyous singalongs and group hugs throughout, the dancing only stopping when someone has to dodge an airborne drinking receptacle or two. Amid the chaos, Bugg and his gentle folk music almost disappears into the background. But maybe that's how he genuinely prefers it – just a guy onstage, playing a few songs.Jake BuggPop and rockBrit awardsMumford & SonsTim Jonzeguardian.co.uk © 2013 Guardian News and Media Limited or its affiliated companies. All rights reserved. | Use of this content is subject to our Terms & Conditions | More Feeds

21 января 2013, 19:58

Pacific Group Latest Hedge Fund Buying Physical Gold - Converting 1/3 Assets To Gold

Today’s AM fix was USD 1,688.00, EUR 1,269.08, and GBP 1063.58 per ounce.Friday’s AM fix was USD 1,690.00, EUR 1,265.82and GBP 1,060.49 per ounce. Gold was up 1.26% for the week and silver was up 4.60%. Gold fell $2.80 or 0.17% in New York on Friday and closed at $1,684.10/oz. Silver surged to a high of $32.11 before it also edged off, but it still finished with a gain of 0.47%. Gold inched up on Monday on concerns about currency debasement and an even looser monetary  policies to be announced from the Bank of Japan. BOJ is examining an open-ended pledge to buy assets until a 2% inflation target is near which is pushing the yen to a 2 ½ year low. Gold bullion on the TOCOM soared to match a multi year record of 4,911 yen a gram before giving up gains. Physical gold demand is also ramping up in Asia with the upcoming Lunar New Year festivities just around the corner on February 10th. This week’s economic highlights include Existing Home Sales on Tuesday, the FHFA Housing Price Index on Wednesday, Initial Jobless Claims and Leading Economic Indicators on Thursday, and New Home Sales on Friday. Next week investor will closely listen to the U.S. Federal Reserve's policy meeting is on the 29th and 30th. Sweden’s central bank hasn’t carried out any physical checks of its gold reserves deposited with central banks abroad and relies on the respective authorities to do so, Dagens Industri reported, citing the Riksbank.  Central banks internationally, from Ireland to Germany and now in Sweden, are being forced to answer legitimate questions about their gold reserves by concerned citizens. Swedish gold reserves are 126 metric tonnes  and are valued at almost 45 billion Swedish krone. The Riksbank confirmed that the majority of Swedish gold reserves are located abroad. Another respected hedge fund, the Pacific Group, has decided to convert one third of its hedge-fund assets into physical gold. The Pacific Group Ltd., which manages assets of over $100 million, believes that gold will continue to rise as governments print more money to pay off debt according to Bloomberg. Thus, continues the trend of some of the smartest money in the world diversifying some of their holdings into physical gold. Respected hedge fund managers and investors such as George Soros, John Paulson, Bill Gross, David Einhorn and Kyle Bass have diversified into gold - the latter two opting for the safety of allocated physical gold bars. The Hong Kong-based asset manager plans to take delivery of $35 million worth of gold bars that can be traded on the London Bullion Market Association and other international markets, William Kaye, its founder and chief investment officer, said in a telephone interview on January 18. It has secured vault space at Hong Kong International Airport to store the gold, he said. Investors disillusioned with government money printing to service “insurmountable” public debt may seek alternatives to fiat currencies, Kaye said. Fiat currencies have no tangible backing, such as gold or silver, except governments’ good faith and can become worthless due to hyperinflation or loss of public faith. Central banks have so far been able to manipulate interest rates to allow governments to service their debt at low costs, averting market seizures, Kaye said. Still, the next big rally in precious-metal prices may be 18 months to two years away, triggered by a “financial catastrophe,” he added. Ownership of gold through financial instruments based on it, such as Comex futures contracts, now represents more than 100 times the physical gold that exists above ground worldwide, Kaye said, citing the Pacific Group’s own analysis. “Gold, the way we look at it, is anywhere from being undervalued to being seriously undervalued,” Kaye said. “We’re in the early stages, in our judgment, of what would likely be the world’s largest short squeeze in any instrument.” The likelihood of a massive short squeeze has been predicted for some years by GATA, the Gold Anti Trust Action Committee and by financial journalist, Max Keiser and many others, including GoldCore. The idea appears to be becoming accepted in the wider investment world. “All you actually need for a major upward revaluation of gold is for a small fraction of people to physically reclaim from major central banks or other depositories that are holding your gold and using it for their purposes,” he added. The Pacific Group has just converted the first tranche of such investments, buying gold bars from local refineries, Kaye said without giving the exact value of the delivery. For breaking news and commentary on financial markets and gold, follow U.S. on Twitter

16 января 2013, 21:48

Anthony Silard: Leadership Movie of the Month

The Swedish film Ondskan (Evil) was nominated for Best Foreign Film after it was released in 2003. It's the story of a young man who is physically abused by his stepfather and then -- as is the case with many people who suffer abuse -- transfers that abuse to others. This all changes when he is expelled from his school and, at the boarding school he is sent to by his mother, meets his match when subjected to intense and abusive hazing by the aristocratic upperclassmen. Andreas Wilson stars in his debut film. I have no other way to describe him then as a Swedish version of James Dean. He has the hallmark characteristic of all great actors: a refusal to over-act. I am highly recommending Ondskan as a leadership film because it is in truth a reflection on the appropriate use of violence in self-defense. I think it is a good complement to the U.S. film Bully, which focuses on civic and legal action to prevent bullying and the rights of children and youth not to be bullied at school or elsewhere. There is no question that these rights must be protected. Yet while political and civic groups are lobbying for better protection of our children and youth, if you are being bullied -- and this holds for adults also -- Ondskan will help you consider how to avoid being bullied, and when, if at all, to fight back. Leadership is about steering your relationships with the people around you toward a common purpose. When someone is invading your physical, emotional or psychological space, you can use your leadership skills to help you set necessary boundaries that enable you to continue, healthily and unhindered, on your path. An important question is whether violence -- or the threat of violence -- is ever morally acceptable when used in self-defense to set these boundaries. If you believe that the answer to this question is yes, an ancillary question is at what point is violence acceptable when you are being continually subjected to physical abuse by another person? This question -- which hinges on the ability to identify the moment when other forms of communication have been exhausted -- like all important leadership questions, has no easy answer. Ondskan is worth seeing not only because it's a riveting movie that's impossible to stop watching (don't make the mistake my wife and I made and start it late, thinking you'll only watch part of it -- not going to happen) but also because it will help you meditate on these important questions. Anthony Silard is the President of The Global Leadership Institute and the author of The Connection: Link Your Deepest Passion, Purpose, and Actions to Make a Difference in the World

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09 января 2013, 01:15

Technology › Fingerprint Cards opens office in Japan

Swedish company Fingerprint Cards (FPC) has opened its first sales & support office in Tokyo to support and enable customers to implement its capacitive fingerprint authentication technology in their mobiles and tablets. FPC markets, develops and produces biometric components and technologies that through the analysis and matching of an individual’s…

22 октября 2012, 22:13

Экс-комиссару ЕС Дали оставили половину зарплаты

http://ru.euronews.com/ Стали известны детали и последствия коррупционного скандала, из-за которого Джон Далли лишился поста еврокомиссара по здравоохранению и защите прав потребителей . Как сообщила шведская пресса, за встречи с ним некий мальтийский посредник требовал с табачной компании Swedish Match 60 млн евро. Следствие установило, что еврокомиссар не участвовал в сделке, но знал о ней и дважды встречался с лоббистами компании. Отставной чиновник до ухода на пенсию будет еще три года получать 45 проц своей зарплаты. А она составляет около 20 тыс евро в месяц. "Полномочия позволяют председателю Еврокомиссии просить комиссара подать в отставку, - сказал представитель Жозе Мануэля Баррозу. - Во вторник на прошлой неделе председатель предложил уйти в отставку господину Джону Далли, который, учитывая выводы расследования, решил так и поступить". Всего еврокомиссаров 27 - по одному от каждой страны Союза. Они не имеют права лоббировать национальные интересы. Правительство Мальты решило, что своего соотечественника заменит в Комиссии мальтийский вице-премьер и министр иностранных дел Тонио Борч. Ñ�оциальные Ñ�ети : YouTube: http://bit.ly/zqVL10 Facebook: http://www.facebook.com/euronewsru Twitter: http://twitter.com/euronewsru

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16 октября 2012, 22:35

Отставка комиссара ЕС из-за табачного лобби

http://ru.euronews.com/ Европейская комиссия объявила, что с поста Комиссара по вопросам здравоохранения и потребительской политики ушел Джон Далли. Он подал в отставку сразу после того, как стали известны результаты антикоррупционного расследования. В мае этого года в Европейское бюро по борьбе с мошенничеством поступила жалоба от фирмы Swedish Match, которая производит жевательный табак снюс. В ней утверждалось, что один мальтийский предприниматель, используя свои контакты с еврокомиссаром, пытался повлиять на предложение о запрете на экспорт снюса внутри ЕС. За это он рассчитывал получить от фирмы вознаграждение. Джон Далли занимавший ранее на Мальте посты министров иностранных дел и финансов, настаивает на своей непричастности к этой афере. Он однако решил уйти, чтобы защищать свою репутацию. До сих пор в Еврокомиссии не было отставок ее членов по причинам неподобающего поведения. социальные сети : YouTube: http://bit.ly/zqVL10 Facebook: http://www.facebook.com/euronewsru Twitter: http://twitter.com/euronewsru

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16 октября 2012, 21:11

Еврокомиссара по здравоохранению покинул пост, чтобы спасти репутацию

Еврокомиссар по вопросам здравоохранения и защиты прав потребителей мальтиец Джон Далли во вторник подал в отставку из-за подозрений в мошенничестве и причастности к вымогательству. Далли ушел со своего поста после того, как европейское бюро по борьбе с мошенничеством (OLAF) начало проверку в отношении чиновника из-за жалобы на него шведского производителя табачной продукции Swedish Match.