(BFW) Russian Natgas Flows to EU From Ukraine Are Normal: Slovak Grid

Russian Natgas Flows to EU From Ukraine Are Normal: Slovak Grid
2014-08-13 07:43:18.554 GMT


By Elena Mazneva
Aug. 13 (Bloomberg) -- No reductions in pressure or volumes
of gas flows from east, Slovakian pipeline operator Eustream
says on website.
* Ukraine transported 153.7mcm of Russian gas to Europe on
Aug. 11 vs 152.1mcm day earlier, data from website of natl
pipeline operator UkrTransGas show
* Shipments to Slovakia’s border were 81.1mcm vs 84.8mcm
* Ukraine has 15.2bcm of natgas in underground storage as of
Aug. 11: UkrTransGas
* NOTE: June 16, Gazprom cut off deliveries to Ukraine citing
debt; transit to EU uninterrupted so far
* NOTE: Yday: Russia May Disrupt European Gas in Repeat of
2009, Naftogaz Says NSN NA71D06JIJV2<GO>


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To contact the reporter on this story:
Elena Mazneva in Moscow at +7-495-771-7729 or
emazneva@bloomberg.net
To contact the editors responsible for this story:
Will Kennedy at +44-20-7073-3603 or
wkennedy3@bloomberg.net

(BFW) Bank of Portugal Confirms Novo Banco Has Access to ECB Financing

Bank of Portugal Confirms Novo Banco Has Access to ECB Financing
2014-08-13 07:44:58.52 GMT


By Anabela Reis
Aug. 13 (Bloomberg) -- Novo Banco is “adequately
capitalized, having counterparty status for monetary policy
operations and, therefore, access to Eurosystem liquidity in
normal conditions like other national banks,” central bank
says.
* ECB credit to Banco Espirito Santo was transferred to Novo
Banco, Bank of Portugal says
* Bank of Portugal comments in e-mailed response to questions
* NOTE: ECB’s Governing Council on Aug. 1 decided to suspend
Banco Espirito Santo SA’s status as counterparty from Aug.
4, according to documents posted on Bank of Portugal’s
website
* NOTE: Aug. 4, Portugal Announces $6.6 Billion Banco Espirito
Santo Rescue NSN N9RYRJ6S972R <GO>


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Anabela Reis in lisbon at +351-21-340-4650 or
areis1@bloomberg.net

(GS) Tax inversion reform could cause a splash, but unlikely to sink M&A recover

Tax inversion reform could cause a splash, but unlikely to sink M&A recovery

Inversions – unlikely to derail M&A
Tax inversion deals continue to gather a lot of press, with investors now questioning the
implications of potential reform on global M&A volumes and fees. While inversions accounted for 9% of announced M&A value in 2014, excluding inversion activity announced M&A value is still up 31% yoy. With fundamentals for a robust M&A cycle still firmly in place, we believe potential reform is unlikely to alter our positive outlook on the space. LAZ (CL-Buy) seems most insulated in case of a slowdown in inversion activity.

How big of a deal are inversion deals?
Inversion M&A volume has accelerated ($207bn announced ytd), accounting for 9% of total ytd announced volume and 10% of industry fee backlog amid widening global corp. tax spreads and growing overseas cash balances. While the headline figures look large, the deal flow has been very concentrated, with just 14 deals announced in ytd, almost entirely in Healthcare (3 deals account for 76% of all inversion deal value ytd). Given this concentration, the number of advisors impacted is limited.

Who is impacted?
Within our coverage, exposure to pending inversion deals has been limited. EVR (Neutral) seems to be the only one with meaningful exposure (14% of its total fee backlog per Dealogic) or roughly 5% of 2014 EPS. Overall, independent advisory firms have not had much exposure to recent inversion deals, as larger banks tend to dominate with a 76% market share of announced inversion deal fees in 2014. While there are lots of uncertainties with respect to reform outcome, given amount of cash outside the US, Healthcare and TMT could be the sectors most impacted if rules around inversions are changed. LAZ historically had lower exposure to both of these sectors, given the firm’s diversified Advisory base.

Still lots of runway for M&A
Despite a solid start to the year (up 36% yoy), M&A volumes are still 20% below prior peak and below historical average both as a percentage of market cap and GDP. As deal completions accelerate (days to close are down 9% in 2014 vs. 2013), we expect velocity to pick up further. Financial Sponsors and EU are still the biggest areas for further upside.

(BFW) Berkshire Hathaway Hires Two Senior Executives From AIG: WSJ

Berkshire Hathaway Hires Two Senior Executives From AIG: WSJ
2014-08-13 06:42:31.909 GMT


By Christopher Kingdon
Aug. 13 (Bloomberg) -- Berkshire hires Marc Breuil,
previously head of AIG’s country operations in Hong Kong,
Taiwan, and Marcus Portbury, who was regional head of casualty
for Asia Pacific at AIG, WSJ reports, citing unidentified people
familiar.
* Berkshire Hathaway Specialty Insurance is applying for
licenses to regulators in Sydney, Hong Kong, Singapore,
Europe: WSJ cites one unidentified person familiar
* Hires are part of strategy to move beyond core reinsurance
operations to writing commercial insurance in Asia: WSJ
cites one unidentified person familiar

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ckingdon@bloomberg.net
To contact the editor responsible for this story:
Clyde Eltzroth at +1-212-617-1879 or
celtzroth1@bloomberg.net

>>> Brokers Upgrades & Downgrades

>>> Up
*JENOPTIK RAISED TO OVERWEIGHT VS NEUTRAL AT HSBC
*NOBEL BIOCARE RAISED TO OUTPERFORM VS NEUTRAL AT CREDIT SUISSE
*TELENET RAISED TO BUY VS NEUTRAL AT UBS

>>> Down
*ANGLOGOLD ASHANTI CUT TO NEUTRAL VS OVERWEIGHT AT HSBC
*CATLIN CUT TO UNDERPERFORM VS NEUTRAL AT CREDIT SUISSE
*CSR CUT TO HOLD VS BUY AT JEFFERIES
*GAZPROM REMOVED FROM UBS LEAST PREFERRED LIST
*FORD OTOSAN CUT TO EQUALWEIGHT VS OVERWEIGHT AT BARCLAYS
*KING DIGITAL CUT TO SECTOR PERFORM AT RBC CAPITAL
*NOKIAN RENKAAT CUT TO NEUTRAL VS BUY AT UBS
*PRADA CUT TO UNDERWEIGHT VS NEUTRAL AT HSBC
*NOVATEK REMOVED FROM UBS MOST PREFERRED LIST, BASHNEFT ADDED

>>> PT Change
*ARSEUS PT RAISED TO EU51 FROM EU47 AT ING

>>> Call
*EURONEXT RATED NEW MARKET PERFORM AT BMO CAPITAL, PT EUR21
*FINCANTIERI RATED NEW BUY AT CITI; PT EU0.85
*FINCANTIERI RATED NEW OUTPERFORM AT MEDIOBANCA; PT EU0.82
*FINCANTIERI RATED NEW OVERWEIGHT AT MORGAN STANLEY
*MOBILEYE RATED NEW OUTPERFORM AT RBC CAPITAL
*MOBISTAR RATED NEW NEUTRAL AT UBS; PT EU15
*NN GROUP RATED NEW NEUTRAL AT EXANE; PT EU22.4

>>> Telecom Italia CEO to meet today with Vivendi chairman to negotiate on possi

Telecom Italia CEO to meet today with Vivendi chairman to negotiate on possible Telecom Brasil/GVT merger - report
Marco Patuano, CEO of Telecom Italia (TI) is to meet Vincent Bollore, chairman of Vivendi today, 13 August, to discuss a merger with TI's Tim Brasil and Vivendi’s GVT, Italian-language daily Il Messaggero reported. The report cited unspecified rumours said that Patuano and Bollore would examine the synergies and advantages that a merger between the two Brazilian telcos could bring.

The report said that a draft of the merger proposal is now ready.


Source Il Sole 24 Ore

>>> What to look at today - 13/08/2014 -...with a view...

US Market closed slightly lower, small cap leaded the move on the downside (Russel 2k -0,7%), US followed European market after disap data, Eurozone ZEW Economic Sentiment plunged to 23.7 from 48.1 (expected 41.3), while Germany's ZEW Economic Sentiment dropped to 8.6 from 27.1 (consensus 18.2). volume were low @ 531mil shares,even with weaker mrket we didn't see any rush on VIX, VIX @ 14,13 -0,7%...After Hours: COVR +12.9%, RWC +8.6%, OPWR +6.9%, LXFT -27.7%, KING -20.7% (Lower numbers), QNST -9.8%, FOSL -2.2% following earnings/guidance..Initial estimate of Japan Q2 GDP saw the economy contract by the biggest margin since the great earthquake over 3 years ago, but was still not as bad as expected despite JCER warning real-terms contraction would be bigger than estimated last month. BOJ released the minutes of mid-July meeting, stating it would examine risks and modify policies if necessary. China posted a surprising slump in July lending activity, prompting analyst speculation of a possible easing by the PBoC. Nikkei +0,20% Hang Seng -0,23% Shanghai -0,59%

Eur$ 1.3364 S&P +0,09% FTSE +0,20% EuroStoxx +0,53% Dax +0,53% SMI+0,15%

Macro
- Japan 2Q Annualized GDP Falls 6.8% Q/q; Est. -7%
- Weidmann Says Sticking More Or Less to German Economic Forecast
- China July Industrial Output Rises 9.0%, Est. 9.2%

Keep an eye on :
- ABG/P SM : Abengoa 1H Net Rises 2% on Yr to EU69m
- AIR FP : Airbus Unit Has Trouble Making Airplane Doors: Handelsblatt
- NDA GY : Aurubis Says Resumed Positive Development in 3Q, Repeats Outlook
- BBY LN : Carillion is in no position to launch a hostile takeover for Balfour Beatty, CEO
- BES PL : Eurofin May Have Been Key in Espirito Santo Demise: WSJ Link
- CWI AV : Conwert Sees EU22m-EU24m 1H Loss Due to One-Time Charges
- CON SW : Conzzeta 1H Revenue, Profit Rises; Sees Similar 2H Results
- CRBN NA : Corbion 2Q Ebitda Ex-Items Drops 2.9%; Sees Similar Markets 2H
- ANN GY : Deutsche Annington May Want to Form Bank, CEO Tells Handelsblatt
- DB1 GY : Deutsche Boerse Outlook to Stable From Negative by S&P
- DEQ GY : Deutsche Euroshop 1H Consolidated Profit Up 23% to EU46.3M
- EOAN GY : EON 1H Underyling Net Income Beats Ests.; Confirms 2014 Outlook, Sees Generation Unit Yr Ebitda Up Significantly Y/y
- FLUX BB : Fluxys Seeks Bigger Stake in Dunkirk LNG Terminal, De Tijd Says
- GFK GY : GFK 1H Cons. Total Income Declines 19%, Sales Down 4%
- GFJ GY : Gagfah 1H Recurring FFO Up 95%; Lifts 2014 Div. Target, Outlook
- HDD GY : Heidelberger Druck Narrows 1Q Loss, Confirms Forecast
- MC FP : LVMH’s PE Unit May Invest in YG Entertainment of S. Korea: Maeil
- MGN GY : Mologen Confirms 2014 Outlook
- OMV AV : OMV CEO Seeks to Break Up Gas Division, Fire Floren, Presse Says
- PRADA (1913 HK) : Prada Downgraded as Innovation From Zara-Like Model Wanes: HSBC
- RWE GY : RWE to Sell And Lease Back Essen Headquarters, Handelsblatt Says
- SCHP VX : Schindler 1H Net CHF371M as Sales, Orders Gain
- SN/ LN : could be a target for stryker, 20% premium would make sens
- STCBV FH : Stockmann Posts Surprise 2Q Loss on Weak Russia, Finland Markets
- STMN SW : Straumann Buys About 12% of RODO Medical's Shares
- SLHN VX : Swiss Life 1H Net Beats; Buys Corpus Sireo For EU210m
- SZG GY : Salzgitter Posts 2Q Pretax Profit, Confirms 2014 Forecasts
- TLM CN : Talisman Energy to begin sale of Kurdish assets
- TKA AV : Telekom Austria 2Q Ebitda Misses Ests., Cuts Revenue Forecast
- WDI GY : Wirecard Sees Business to Develop `Strongly` in 2H, Whole 2014