WSJ : Bang & Olufsen Sounds Profit Warning

Bang & Olufsen Sounds Profit Warning
Danish Group Cites Supply-Chain Problems for Profit Squeeze

STOCKHOLM— Bang & Olufsen A/S, the Danish high-end consumer electronics company, Monday cut its earnings guidance for the current fiscal year, citing production ramp-up and supply-chain issues.

While the company said demand for its newly-launched products continued to be strong in the fiscal second quarter, delays in the rollout of new products have had an impact on costs and profit margins.

Bang & Olufsen, best-known for its upmarket televisions and home entertainment systems, said it now expects to make an operating loss in the 2014 to 2015 fiscal year, having previously expected an improvement in earnings before interest and taxes.

Bang & Olufsen said it expects revenue to decline by approximately 8% in the second quarter compared with the same quarter last year. The loss before interest and tax for the quarter is expected to come in at 90 million to 100 million Danish kroner ($14.80 million to $16.5 million), the company said.

The company repeated, however, that it expects high single-digit percentage growth in revenue for the full year.

Bang & Olufsen said management is undertaking a review of the business to identify “strategic and structural options to increase scale and further reduce complexity.”

The company is scheduled to report second-quarter earnings on Jan. 20.

WSJ : China Investigates Possible Stock-Price Manipulation

China Investigates Possible Stock-Price Manipulation
Move Follows Recent Surge in Chinese Stock Market

BEIJING—China’s top securities regulator is investigating possible stock-price manipulation amid the recent run-up in the country’s equity market, according to two officials with direct knowledge of the matter.

The probe centers on a practice that involves groups of investors pumping up prices of certain targeted stocks.

The practice, which was common in China’s previous market boom, “is making a comeback,” one of the officials said.

(BFW) Circle Oil Announces ‘Significant’ Gas Discovery in Morocco

BN 12/22 07:00 *CIRCLE OIL COP OP UPDATE MOROCCO
Circle Oil Announces ‘Significant’ Gas Discovery in Morocco
2014-12-22 07:08:57.913 GMT


By James Ludden
(Bloomberg) -- Net gas pay 19.5 metres in main target Intra
Hoot sands, 1 metre in Upper Hoot.
* New rig can’t be delivered to exact site because of heavy
rains
* May need further changes to drilling sequence because of
weather

Link to Statement:Link
Link to Company News:{COP LN <Equity> CN <GO>}

For Related News and Information:
First Word scrolling panel: {FIRST<GO>}
First Word newswire: {NH BFW<GO>}

To contact the editor responsible for this story:
James Ludden at +44-20-7673-2645 or
jludden@bloomberg.net

>>> What to look at today - 22nd of December 2014

US Market spedn of Fiday session near the flat line but manage to rally by the close, cling 0.46% higher, energy sector (+3.1%) finished in the lead and extended its weekly gain to 9.7%, which put the growth-sensitive group well ahead of the remaining sectors. Crude oil contributed to today's rally as the energy component settled higher by 5.4% at $57.10/bbl and continued its advance into the $58.00/bbl area in electronic trade...Excepte Energy & Matetials, industrials (+0.5%) were the only sector to close ahead of market...Volume were way of ahead of average on Friday because of Quadruple witching with 2.1bil shares...VIX @ 16.49 -1.9%...In Asia, South Korea Finance Ministry cut its 2014 GDP forecast to 3.4% from 3.7%, 2015 GDP to 3.8% from 4.0%, and 2015 CPI target from 2.3% to 2.0%...OPEC officials at an Energy Conference in Abu Dhabi were steadfast in the recent decision to maintain their oil production levels in spite of the steep price decline. UAE Energy Minister said the major reason for the price slump is "irresponsible" output levels outside of OPEC, Saudi Arabia Min reiterated his country will not cut, but certainly Saudi Arabia is not cutting output, and Qatar Min added the price does not reflect the fundamentals. WTI crude prices fell about a dollar in early electronic trade in the wake of those comments before stabilizing later in the day...Further comments out of non-Bundesbank ECB officials reflected continued worries over low inflation in the Eurozone. ECB's Constancio said he expects to see a deflation in the coming months in part due to falling oil prices, and ECB's Coene expressed he would support sovereign bond purchases as an effective measure of stimulating economic activity and fighting downward price pressure...Nikkei +0.08%...Hang Seng +1.34%...Shanghai +0.51%...

RUB $57.95 Crude WTI $57.78 +1.14% Crude Brent $62.16 +1.27%

Eur$ 1.2255 S&P +0.07% EuroStoxx +0.51% Dax +0.33% SMI+0.31%

Macro :
- Ukraine Cut to CCC- From CCC by S&P, Outlook to Negative
- Italy Govt Favors Public Solution for Ilva Steelmaker: Giornale
- Wenning Says German Industry Faces Difficult Year: Frankfurter
- ECB's Coene (Belgium): Would support the ECB govt bond purchases - Belgium press 
- China Willing to Aid Russia if Needed: Phoenix TV (Yday)
- EU May Tax Indian Ductile Cast Iron Pipes, Silico-Manganese

Keep an eye on :
- ABE SM : Abertis Interested in Brescia-Padua Toll Road, Il Sole Reports
- ADS GY : Adidas Says Sales of German Soccer Team Jerseys Surge: Focus
- AIR FP : Airbus CEO Says Oil Price Drop Allows Airlines to Invest: Echos
- ALO FP : Alstom in Talks With U.S. Authorities on Bribery Fine: Kron
- ALO FP : Brazil Court Frees Alstom’s BRL$148m Tied to Train Cartel: Folha
- SPR GY : Axel Springer Seeks to Buy Telekom Online Unit: Handelsblatt
- AZN LN : AstraZeneca CEO Says New Pfizer Takeover Bid ‘Unlikely’: DI
- AZN LN : AstraZeneca Says Full Lynparza Approval Will Require More Data
- BES PL : Portugal Regulator Doesn’t Oppose Fosun’s Purchase of ES Saude
- BMPS IM : Monte Paschi Seeks Partner, Capital, Profumo Tells Der Standard
- GBF GY : Bilfinger Sells Construction Division to Implenia
- BSY LN : Vodafone May Bid for Sky in 2015, Sunday Express Reports
- BUZ IM : Buzzi Targets Ebitda Break-Even in 2016 in Italy, Sole Reports
- CBK GY : Commerzbank Winning Consumer Clients From Competitors: dpa-AFX
- 4519 JP : (Chugai) -4.4% Chugai Drops After Roche Breast Cancer Drug Trial Disappoints
- DAI GY : Daimler May Raise 2014 Dividend, CFO Tells Boersen-Zeitung
- DL NA : Delta Lloyd Fined EU22.8m by Dutch Central Bank
- DBK GY : Deutsche Bank Sees European Consumer Banking Consolidation: Welt
- DTE GY : Deutsche Telekom Weighing T-Online Sale to Axel Springer: Wiwo
- FER SM : Ferrovial Said to Plan Higher Transfield Bid of A$2-A$2.05/Shr (this Week end )
- FER SM : Ferrovial Suspends Talks With Transfield (today)
- FCA IM : Chrysler Expands Air-Bag Recall Nationwide, Adding 2.9 Mln Cars
- FNC IM : Finmeccanica to Decide on Breda, STS Sale Next Year: Messaggero
- HIK LN : Drugmaker Hikma on lookout for acquisitions - FT
- IBE SM : Iberdrola Awards Contract For EU620 Mln to Areva, El Pais Says
- IDR SM : Hernandez Seeks to Buy Indra Stake For Hanson, El Mundo Says
- MOR GY : Morphosys Gets Milestone Payment on Phase 1 of HuCAL Antibody
- NES1V FH : Neste Oil Revises Operating Profit for 2014 to Exceed EU550m
- OCS FP : Oberthur Makes Bank Card With Changing Code, Aujourd’hui Says
- UG FP : Peugeot Family Shareholders Told to Leave Headquarters: Echos
- UG FP : Peugeot May Seek to Make More Cars in Africa, CEO Tells Tribune
- RNO FP : Renault India Raises Prices by 2.5% Citing Higher Input Costs
- ROG VX : Roche Drug Avastin Approved in Switzerland for Cancer
- SAN FP : Sanofi Sues Fresenius to Block Generic Jevtana Cancer Drug
- SBRY LN : CEO: Will take as long as 2 years to recover from the "extremely challenging" conditions in grocery market
- SIE GY : Siemens CEO Expects Return to Growth in 2016: Wirtschaftswoche
- SIE GY : CEO: No plans to float health-care unit in 2015; Looking to grow the business through acquisitions
- SIK VX : Sika CEO Says Can’t Implement Saint-Gobain’s Goals: NZZaS
- SOI FP : Soitec Cuts Targets as Sale of San Diego Contracts Fails
- HO FP : Thales to Name Proglio as Chairman, Caine as CEO, AFP Reports
- TIT IM : Telecom Italia Mgmt to Meet With Oi After Jan. 12, Sole Reports

>>> Why Germany Objects To ECB QE (In 1 Crazy Chart)

Why Germany Objects To ECB QE (In 1 Crazy Chart)

While "lowflation" continues to stun central bankers around the world, Zee Germans remain stoic on the sidelines (courtesy of Jens 'nein nein nein' Weidmann's last voice of reason left in the world) in their derision of the ECB's sovereign QE efforts. If you wondered why they are so vehemntly opposed to the printing of money... perhaps the following chart will help explain - just how quickly a nation can swing from 'zee stabilitee' to 'zee hyperinflation'.
Source: Goldman Sachs

>>> Nord Gold EGM on 30 January to consider capital reduction via share cancella

Nord Gold EGM on 30 January to consider capital reduction via share cancellation; could conduct 5% share buyback

Nord Gold N.V. (“Nordgold” or the “Company”, LSE: NORD), the internationally diversified, low-cost gold producer, announces that it will hold an Extraordinary General Meeting ("EGM") of the Company’s Shareholders at Strawinskylaan 10, 1077 XZ Amsterdam, Netherlands on Friday January 30, 2015, at 10.00 am CET.

The purpose of the meeting is to delegate to the Board of the authority to acquire shares and depositary receipts thereof in the capital of the Company and to consider a proposal to reduce the capital of the Company by the cancellation of up to 19,000,000 of its shares held in treasury.

Notice of EGM and related documents (including proxy forms) are now available on the Company's website at www.nordgold.com.

Nordgold has submitted the Notice of EGM and Proxy Forms to the UK National Storage Mechanismpany.

According to Russian daily Vedomosti, which reported on this development today, next year Nord Gold could buy back 5% shares and cancel them.

A company spokesperson has not revealed whether Nord Gold’s main shareholder, Alexey Mordashov, will participate in the share buyback, Vedomosti reported.

As on 30 September, the company had USD 336m in cash and equivalents on its accounts, the article reported.

The paper also cited experts, and reported that the idea to reduce the company's liquidity may be for the purpose of subsequently delisting Nord Gold. One expert suggested that in the future, the main shareholder may sell part of the company, adding that Chinese investors are interested in buying the African assets of Nord Gold.

Nord Gold, where Mordashov owns 86.3%, has a market capitalization of USD 548.3m, the item reported.