>>> Blinkx the subject of bid speculation

Blinkx the subject of bid speculation

Blinkx, a listed UK-based internet video search company, was the subject of bid chatter, according to a Daily Telegraph market report. The newspaper did not cite a source for the speculation.

Blinkx shares gained 3p to close at 33.75p on Friday, 4 July, after having fallen sharply this week after the company admitted that profits would be lower than previously expected. The company’s market capitalisation stood at GBP 135m (EUR 170m) at the close of trading in London on Friday.

Source Daily Telegraph

FT : Abu Bakr al-Baghdadi, Isis leader

Abu Bakr al-Baghdadi, Isis leader

The Iraqi jihadi is using savagery and social media to extend his influence

He crowned himself caliph of the Muslim nation, successor to the Prophet Mohammed, and chose a religiously charged day – the start of the holy month of Ramadan – to deliver a landmark speech to his subjects.
The calm voice of Abu Bakr al-Baghdadi echoed grandly in the audio file released this week as he implored the world’s Muslims to rush to his newly created caliphate across Syria and Iraq. He would, he pledged, return to them “dignity, might, rights and leadership”.

Mr Baghdadi touched on practical considerations, too, calling for doctors, engineers, judges and experts in Islamic jurisprudence to join him. His intended audience extended beyond the Arab world: within minutes, translations into multiple languages, including English, French and German, had appeared on jihadi websites.
But the man better known until now as chief terrorist of the Islamic State of Iraq and the Levant, or Isis, failed to impress the wider Muslim community. “An illusion and a mirage” is how one prominent Sunni Muslim scholar described the declaration of a caliphate.
This seems to matter little to Mr Baghdadi, whose delusions of grandeur were inflated when his fighters advanced rapidly through northern Iraq last month, adding swaths of territory to areas under his control in Syria. Even if his offensive appears to have stalled north of Baghdad, it has inflicted possibly fatal damage on the unity of Iraq and shaken the ground under other Middle Eastern nations.
To some extent, Mr Baghdadi has already achieved his ambition: he has risen from obscurity to leading star of the Sunni jihadi movement and established himself as the world’s number one terrorist.
His longstanding mission to inherit the legacy of Osama bin Laden has been bolstered by a disciplined force of local and foreign fighters, and a remarkably slick social media campaign.
The drive to rival the al-Qaeda of bin Laden has defined Mr Baghdadi’s career since he joined the organisation in Iraq after the 2003 US-led invasion. He was schooled in the ruthless jihadi movement of Abu Musab al-Zarqawi, the Jordanian-born leader of the Iraqi branch of al-Qaeda. Zarqawi had considered himself a competitor to bin Laden, ignoring warnings from the leadership to refrain from excessive brutality towards fellow Sunni.

Zarqawi was killed by American forces in 2006 as Sunni tribes began to turn against his militants and liberated much of Iraq’s Sunni region from al-Qaeda. Abu Omar al-Baghdadi, his successor, died in a US air strike raid in 2010.
Mr Baghdadi took over just as US troops were preparing to withdraw from Iraq. It is to avoid the fate of his predecessors – and perhaps to foster his cult of personality – that he has remained a mystery, rarely if ever seen or heard. Some of his followers say he appears among them only in disguise. Unlike other jihadi leaders, he avoids releasing videos, preferring to bombard social media with co-ordinated propaganda. The one picture available is a grainy mugshot released by the US, with a $10m reward for information leading to his capture.

The little that is known about his early life is derived from a one-page biography circulating on jihadi sites that cannot be independently verified. Reported to be in his 40s, Mr Baghdadi is said to have been born Ibrahim Awad Ibrahim al-Badri to a family of preachers from the town of Samarra in the Sunni heartland north of Baghdad. He earned a doctorate at the Islamic University of Baghdad before taking up a preacher’s position at a mosque in Samarra. His biography stresses that he rose through the ranks of al-Qaeda in Iraq, taking part in military operations before being appointed to the ruling council.
His jihadi career was interrupted in 2006, when he was captured by US troops. In Camp Bucca, then the largest US detention centre in Iraq, he kept a low profile, returning after his release in 2009 to the western province of Anbar to pick up where he had left off. “He was a bad dude but he wasn’t the worst of the worst,” Colonel Kenneth King, then Camp Bucca’s commanding officer, told the Daily Beast. Even his parting comment did not register as a credible threat: “I’ll see you guys in New York.”
Isis’s militants are taught that the basic objective is to erase the borders between Syria and Iraq. They are told that al-Qaeda has become irrelevant after the death of bin Laden
Yet within a year, Mr Baghdadi had been elevated to the leadership of the group now known as Isis. His break came when he sent extremist fighters to join a largely Sunni rebellion against the regime in Syria. The war next door to Iraq attracted foreign jihadis and allowed him to develop an independent source of financing in racketeering and oil smuggling. Most importantly, it offered him the first concrete chance to put his vision of an Islamic state into practice, blurring the frontiers between Arab states.
It is in Syria, and precisely over this transnational vision, that Mr Baghdadi officially broke ranks with al-Qaeda, sparring with Ayman al-Zawahiri, successor to bin Laden. Mr Baghdadi has never recognised Mr Zawahiri’s authority and rejected his attempts to maintain a separation between the Syrian and Iraqi jihadi fronts.
“Isis’s militants are taught that the basic objective is to erase the borders between Syria and Iraq,” says a person who has spent time with the jihadis. “They are told that al-Qaeda has become irrelevant after the death of bin Laden.”
While he may have demonstrated his military might, at least for now, it is in Mr Baghdadi’s rush to capitalise on the battlefield gains that he is overreaching. With dubious religious credentials, his declaration of a caliphate has won more ridicule than respect. “The core strength of his organisation is military not religious authority,” says Jessica Lewis, a former US army intelligence officer now research director at the Institute for the Study of War in the US. Mr Baghdadi might be celebrated by aspiring jihadis for his audacity but he is likely to be felled by his arrogance.

FT : Mexico senate approves telecom reform

Mexico senate approves telecom reform

After a marathon all-night debate, Mexico’s Senate approved a bill establishing the legal framework for a sweeping reform of the telecoms and broadcast sector aimed at curbing the dominance of phone mogul Carlos Slim and TV giant Televisa.
The bill, finally endorsed by 85 votes to 12 after a string of objections stretched the debate to 17 hours, now passes to the lower house where it is expected to be approved early next week.

That would bring to an end months of delays to one of the main planks of the reform agenda by President Enrique Peña Nieto.
The telecoms overhaul – the bill will enact a constitutional reform passed last year – has sparked the ire of Mr Slim but is designed to boost competition in a high-profile sector that has long escaped reform efforts.
The curbs to Mr Slim’s América Móvil telecoms empire – comprising both fixed-line operator Telmex and the Telcel cellphone service which have some 80 and 70 per cent of their respective markets – are clear: he will have to allow interconnection services to other phone companies for free, something his company has thundered is “confiscatory”.
Much of the debate in recent days however has revolved around whether the limits on Televisa, whose media machine is widely considered to have favoured the re-election of the ruling Institutional Revolutionary Party, are in fact tough enough.
Earlier this year, the telecoms regulator, IFT, declared both Mr Slim’s companies and Televisa dominant players in the telecoms and broadcast sectors. But some senators had wanted to narrow the definition to “services” rather than “sectors”, arguing that Televisa could otherwise boost its market share in the pay-TV sector without facing curbs.
Televisa has more than 60 per cent of the free-to-air TV market and, if its cable and satellite businesses are counted together, is also the biggest pay TV player. However, it was not declared dominant in the pay-TV niche by the regulator. In the end, the definition by sector was maintained in the bill.

There was no immediate reaction from either Mr Slim’s camp or from Televisa, controlled by mogul Emilio Azcárraga to approval of the bill, which has been delayed in Congress by more than six months.
The government says the reform, which, for example, eliminates long-distance phone charges from 2015, will save consumers nearly 20bn pesos ($1.5bn) a year.
The delay in passing the telecoms secondary legislation has had a knock-on effect on approval of laws to regulate the energy sector, the centrepiece of Mexico’s reform agenda. Those measures are now not expected to be passed until early August.

Barrons : At Yara, Expect a Bumper Crop of Gains

At Yara, Expect a Bumper Crop of Gains
A bumper crop of dividends awaits investors, too.

Yara International investors can expect to harvest total returns of 20% in the next year as the Norwegian fertilizer company reaps the rewards of expansion. Yara also is benefiting from growing sales of value-added products, which has helped it offset the effects of lower commodity prices.

Yara (ticker: YAR.Norway) is the world's leading producer of ammonia, nitrates, NPK (a combination of nitrogen, phosphorous, and potash), and specialty fertilizers. It is also engaged in the distribution and sale of nitrogen chemicals. Half its profit derives from its marketing and distribution network, and the sale of chemicals with environmental and civil-explosives applications.

Misconceptions surrounding Yara run deep. "People misprice the stock because they see the company as a commodity urea producer," says Bernard Horn, president and portfolio manager at Polaris Capital in Boston, which owns the shares. Urea sales accounted for less than 20% of Yara's 2013 revenue of 85.05 billion Norwegian kroner ($13.79 billion).

Yara closed Thursday at NOK307.10, giving the company a market value of more than NOK84 billion. The stock has climbed 17% since Jan. 1, outperforming the Oslo bourse's 16% gain in the same period. Oslo has been the best-performing major market in Europe this year.

Yet, Yara remains relatively inexpensive. The stock trades for about 12 times forecast 2014 and 2015 earnings, in line with CF Industries Holdings (CF) but below the price/earnings multiples accorded Potash Corp. of Saskatchewan (POT.Canada) and Syngenta (SYNN.Switzerland).

Yara also has American depository receipts that trade in New York under the ticker YARIY.

Analysts generally are unenthusiastic about Yara's prospects. Two-thirds of those who follow the stock rate it Hold or Underweight. That is understandable given the complexities of the industry. Last year's falling prices for energy, a critical ingredient in the manufacture of nitrogen fertilizers, exacerbated an oversupply of products in the marketplace, driving down prices.

Yara is a low-cost producer, making its fertilizers from natural gas, but its advantage was diminished. Its net income fell by almost half in 2013, to NOK5.75 billion, despite a slight increase in revenue. Higher-margin fertilizers like nitrates and NPK mitigated some of the negative impact.

The outlook is brighter, however, in 2014. Earnings per share, which fell to NOK20.63 in 2013 from NOK37.48 in 2012, are forecast to climb to NOK24.30, according to a consensus of analysts' projections.

Yara, which was spun out of aluminum producer Norsk Hydro (NHY.Norway) in 2004, could get some relief as China toughens its environmental regulations. Chinese fertilizer producers, which ramped up exports last year, are adding capacity for coal-based urea, but tougher environmental-protection laws could trip up some. Much depends on how strictly the new rules are enforced.

YARA ISN'T WAITING FOR the market to turn in its favor. Last year it spent more than $1 billion expanding its footprint in South America. It is the No. 1 supplier of fertilizers in Brazil, the world's third-largest food exporter. The Americas now account for more than one-third of sales.

Management maintains a healthy balance sheet to make acquisitions and to pay dividends. At the end of 2013, the company had NOK3.38 billion of debt compared with NOK6.82 billion in cash, and undrawn bank facilities of NOK14.61 billion.

Yara pays out between 40% and 45% of net income to shareholders. The stock currently offers a dividend yield of 3.3%. Horn reckons Yara could be worth NOK360 to NOK375 per share, more than 18% above Thursday's close. With a generous dividend, the overall return is tempting.

BNP PARIBAS (BNP.France) paid a high price for violating U.S. sanctions, but the settlement removes a major uncertainty and clears the way for its shares to advance.

Penalties of $9 billion were toward the top end of expectations. Yet, the French bank will be able to pay up without needing to raise capital; its Basel III Core Tier One capital ratio will dip to 10% from 10.6% at the end of the first quarter. BNP even pledged to pay shareholders a 2014 dividend of 1.50 euros ($2.05) per share, the same as last year. A temporary suspension of some dollar clearing activities doesn't look too onerous.

The bank's reputation might be tarnished, but it looks like business as usual. At Thursday's close of €51.25, BNP Paribas traded for only 9.4 times projected 2015 earnings and 0.7 times book value. The post-settlement relief rally could continue, lifting the shares 15% to 20% in the next 12 months.

>>> Air France-KLM to put cargo division, including Martinair, up for sale

Air France-KLM to put cargo division, including Martinair, up for sale

Air France KLM is set to put its full freighter cargo division, which includes Martinair, up for sale, Dutch financial daily De Financieele Telegraaf reported, citing well informed industry sources. KLM has not confirmed the matter yet, but said a decision will be taken this month.

According to the report, Goldman Sachs has been appointed to find a buyer. It is also expected that the whole cargo division would have to move to France, the report said.

Air France KLM's passenger flights in Europe, which includes Transavia, are also a cause of concern for the airline, as its results continue to be negative.

Abu Dhabi's Etihad had previously expressed interest in buying parts of KLM, including Martinair, but could not confirm the matter when the paper got in touch yesterday, the item said.



Source De Financieele Telegraaf

(BFW) Ecclestone Preps Bid for Formula 1 as CVC Looks to Sell: Express


Ecclestone Preps Bid for Formula 1 as CVC Looks to Sell: Express
2014-07-05 12:57:14.454 GMT


By Gavin Finch
     July 5 (Bloomberg) -- CVC Capital Partners Ltd., a U.K.-
based buyout firm, is looking to sell its controlling stake in
Formula One, the Daily Express reports, citing an interview with
Chief Executive Officer Bernie Ecclestone.
  * Former owner Ecclestone is preparing a bid, as are other
    companies: Express
  * Ecclestone held talks with CVC head Donald Mackenzie:
    Express
  * CVC has made a GBP5b return on its GBP1.5b investment:
    Express


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

To contact the reporter on this story:
Gavin Finch in London at +44-20-3525-3627 or
gfinch@bloomberg.net
To contact the editors responsible for this story:
Heather Smith at +44-20-3525-2724 or
hsmith26@bloomberg.net
Zoe Schneeweiss

France’s Phone Company Orange to Test German Market Entry: WiWo

+------------------------------------------------------------------------------+

France’s Phone Company Orange to Test German Market Entry: WiWo 2014-07-05 12:10:47.732 GMT

By Sheenagh Matthews July 5 (Bloomberg) -- A unit called Orange Horizons is developing business ideas for countries where French company doesn’t have own mobile infrastructure, WirtschaftsWoche reports, citing unidentified people from Orange. WiWo also says: * Orange plans to offer Germans holidaying in France a SIM card without surcharges * NOTE: Richard says Orange ready to participate in French consolidation: NSN N88H2R6S9728<GO>

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

To contact the reporter on this story: Sheenagh Matthews in Frankfurt at +49-69-92041-217 or smatthews6@bloomberg.net To contact the editors responsible for this story: Simon Thiel at +44-20-7673-2814 or sthiel1@bloomberg.net Zoe Schneeweiss

Richard Says Orange Ready to Participate in French Consolidation

+------------------------------------------------------------------------------+

Richard Says Orange Ready to Participate in French Consolidation 2014-07-05 09:59:15.28 GMT

By Francois de Beaupuy and Caroline Connan July 5 (Bloomberg) -- Orange CEO Stephane Richard sees need for consolidation in French telecoms * Orange CEO Richard makes comments in Bloomberg TV interview * Richard says Orange doesn’t want lead role in French merger * Richard sees no more room for price cuts in French mobile market * Richard says Orange eyeing consolidation in Spain, Romania, Poland and Belgium.

Link to Company News:{EN FP <Equity> CN <GO>} Link to Company News:{ILD FP <Equity> CN <GO>} Link to Company News:{NUM FP <Equity> CN <GO>} Link to Company News:{ORA FP <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: Vidya Root at +33-1-5365-5018 or vroot@bloomberg.net

>>> Clay Paky in final talks with Osram

Clay Paky in final talks with Osram

Clay Paky, a private Italian lighting company, is in the final stage of discussions with German LED lamp manufacturer Osram, three sources with knowledge of the situation said.

The group receives advice from KPMG, as previously reported by this news service. Information memoranda were dispatched in March.

Founded in 1976, the group is wholly held by Italian entrepreneur Pasquale Quadri. In 2013 the group generated turnover of EUR 70m with no debt.

Clay Paky's valuation should be around EUR 170m on the basis of the value of the company's products, know-how, and market position.

Clay Paky provides lighting for entertainment industries, primarily for television production, concerts and theatres.

Clay Paky and KPMG declined to comment.

FT : Spy agencies fear export of jihadi terror

Spy agencies fear export of jihadi terror In the Syrian city of Raqqa, the nominal “capital” of the caliphate proclaimed last weekend by the militant Islamist group Isis, a picture recently surfaced of a young French jihadi sitting behind a sturdy desk, like a clerk of terror. Tacked to the wall behind him was a doodle of the Eiffel Tower, its top snapped off by a bomb blast – a perverse reminder of a far away home in lieu of the usual family snapshot.

The image illustrates the fear gripping European, Russian and US intelligence agencies. The prospect of their own citizens returning from Syria to conduct terror attacks against them is universally shared. In recent days, these concerns appear to have become all the more acute. US counter-terrorism authorities have now requested airports in Europe and the Middle East significantly to heighten their scrutiny of passengers. The ostensible cause, according to security officials, is evidence that al-Qaeda’s most virulent offshoot, al-Qaeda in the Arabian Peninsula (AQAP), has begun to share its bomb-making knowledge with Syrian groups. Such a combination could prove lethal. AQAP has long been the repository of al-Qaeda’s bombmaking knowhow. The plots of Ibrahim al-Assiri, the 32 year old AQAP chemist behind the 2009 underpants bomb plot and 2010 printer cartridge bomb plot, have until now been held in check by near constant US drone attacks in the terror group’s Yemen heartlands. For AQAP to spread its influence to Syria, where more than 3,000 European fighters are waging war in a complex milieux of jihadi groups whose activities western intelligence agencies are only able to partially monitor, would be a disaster. Foreign fighters in Syria have already proved willing to blow themselves up in the name of Islam. “They are obedient and they are willing,” says Peter Neumann, director of the International Centre for the Study of Radicalisation at King’s College London. “They are like child soldiers. They do what they are told to.”

The picture, however, is complex. The threat to Europe and the US is far from immediate or certain. According to security officials on both sides of the Atlantic no concrete plot controlled and guided by a Syria-based group has yet been uncovered, with or without input from AQAP. AQAP’s engagement in Syria has also been specific. The group has been in contact with Jabhat al-Nusra, the official al-Qaeda affiliate in Syria, American intelligence suggests. The two groups have been in contact for months, most notably in discussing how al-Qaeda should deal with the challenge to its authority posed by Isis. Compared with Isis, Jabhat al-Nusra has so far played a quieter, more focused and moderate game in waging jihad in Syria. But with Isis’s declaration last week of a caliphate – and with it a direct challenge to the authority of al-Qaeda’s chief Ayman al-Zawahiri – the stakes have been raised. Both groups, in struggling for leadership of the global jihadi movement, may now look to lay stake to their claims by staging spectacular terror attacks on their traditional foes. I am very afraid the next step might be a terror attack in Europe – America is too far - Jean Pierre Filiu, Sciences Po Isis has already indicated it may look to do so – particularly if the US intervenes in the Iraqi conflict further. In a Twitter campaign last week, Isis’s accounts kicked off a threatening campaign under the hashtag “#CalamitywillbefallUS”, featuring images of 9/11 and dead American soldiers. “I am very afraid the next step might be a terror attack in Europe – America is too far,” says Jean Pierre Filiu, professor of Middle East studies at Sciences Po in Paris. “As Caliph, [Abu Bakr al Baghdadi, Isis’s leader] can proclaim offensive jihad. Militarily, he is now overstretched so to try to gain momentum he needs terror to strike global targets.” It is a concern echoed by one senior Israeli intelligence officer: “It’s a dynamic that is a definite danger to European and US security,” he says. “Either Isis or Nusra may want to do a huge terror attack. Someone needs to be the new bin Laden.” Map :{http://www.ft.com/ig/sites/2014/isis-map/}