>>> OECD FEB LEADING INDICATORS: 100.7 V 100.7 PRIOR


OECD FEB LEADING INDICATORS: 100.7 V 100.7 PRIOR
- Indicators point to weakening growth in major emerging economies, with the exception of China, where the CLI points to growth remaining around trend. CLIs point to growth below trend in Brazil and India, and to growth losing momentum in Russia.
- For the OECD as a whole, and for the United States and Canada, CLIs point to growth remaining around trend. CLIs point to growth returning to trend in Japan and tentatively losing momentum while remaining above trend in the United Kingdom.
- In the Euro Area as a whole, and in Italy, CLIs continue to indicate a positive change in momentum. In Germany, the CLI points to growth above trend, and for France the CLI points to stable growth momentum.

>>> Flight MH 370 In Pakistan? Report Says Missing Malaysia Airlines Plane in Ka

{http://www.theepochtimes.com/n3/597750-flight-mh-370-in-pakistan-missing-malaysia-airlines-plane-kandahar-theory-emerges-on-russian-website/}
A Russian media website is claiming that Malaysia Airlines Flight MH 370 was “located” near Kandahar, Pakistan.

A source told the website MK.ru that the plane is located on a “rural” road with a broken wing. It also claimed that “all passengers [are] alive and were divided to stay in “mud huts.”

MK.ru is considered a mainstream media outlet in Russia, but has a pro-Vladimir Putin stance.

It cited “special services” for its report. The article didn’t elaborate too much further on the matter.

The report also said that “some experts” doubt the claims made by security services about the missing jet.

However, this report differs dramatically from what Malaysian officials have said about the plane. They said last week that the plane was in the southern Indian Ocean.

Crews are scouring the ocean to find any possible clues for the missing plane, which vanished March 8 as it was heading from Kuala Lumpur to Beijing. The flight had 239 people on board.

On March 16, the Independent newspaper in the U.K. said that “Malaysian airlines flight MH370 may have been deliberately flown under the radar to Taliban-controlled bases on the border of Afghanistan” in Pakistan, but that was before Malaysian officials said it was in the Indian Ocean.

“Eight days after the Boeing 777 vanished, The Independent has learnt that Malaysian authorities are seeking diplomatic permission to investigate a theory that the plane was flown to one of a number of Taliban strongholds on the Afghan border in North West Pakistan,” the paper added. The report was published just eight days after the plane went missing.

According to The Associated Press, Malaysian officials said on Wednesday that the plane might never be found.

“Investigations may go on and on and on. We have to clear every little thing,” Inspector General Khalid Abu Bakar told reporters, AP reported. “At the end of the investigations, we may not even know the real cause. We may not even know the reason for this incident.”

NYT : U.S. Gas Tantalizes Europe, but It’s Not a Quick Fix

HOUSTON — As congressional pressure builds on the Obama administration to quicken gas exports to Europe to reduce its dependence on Russia, it may be tempting to gaze upon a marshy, alligator-infested Louisiana inlet of the Gulf of Mexico.

There 3,000 workers are installing a huge set of turbines, pipelines and refrigeration units, building a terminal that will send American natural gas around the world by the end of next year. By 2017, the facility built by Houston-based Cheniere Energy could handle roughly a sixth the amount of gas that flows from Russia to Europe every day.

The Cheniere plant will be part of a new surge of liquefied natural gas supplies coming from not only the United States but also Australia, Africa and the Middle East. That surge, perhaps along with increased production in Europe itself, promises to keep the Continent flush with non-Russian natural gas at the end of the decade.

But for the short term, the United States can offer little hope for Europeans eager to diversify their gas sources as Russia occupies Crimea and may threaten other parts of eastern Ukraine.For all the discussion in Washington about gas exports to Europe, the Cheniere plant is the only terminal among the dozens proposed to have completed the maze of regulatory approvals to export liquefied natural gas, better known as L.N.G. And half of the gas that will leave Cheniere’s facility has already been contracted by India and South Korea. The other half will go to British and Spanish companies that can sell the gas wherever they find the highest price.

“This is not an immediate-term solution,” said Paul Bledsoe, a senior climate and energy fellow at the German Marshall Fund, a policy research group. “It’s not even an intermediate-term solution.”

The West could do little as the Russian company Gazprom increased the price for gas paid by Ukraine by 80 percent last week, increasing economic pressure and tensions between Moscow and Kiev.

While Ernest J. Moniz, the energy secretary, recently suggested that his department was likely to take foreign policy interests more seriously in its deliberations on future terminal approvals, only one new facility has received provisional approval since Russia moved to annex Crimea. And that one, in Coos Bay, Ore., is aimed at exporting to Asia and will require roughly five years to complete the regulatory process, acquire financing and be constructed.

“L.N.G. exports are not about snapping your fingers and making them happen,” said Marvin E. Odum, president of the Shell Oil Company, which has partnered with Kinder Morgan in a proposed export terminal in Georgia that is awaiting regulatory approval. “These are large business development projects that take several years of construction and several years of business development and engineering design.”

About a half dozen bills have been introduced in Congress to speed gas exports. But it can still cost $7 billion or more to build a terminal. Just the exploratory process to find a suitable site can take a year and cost $100 million. Financing usually can be secured only after long-term purchase agreements are reached with foreign buyers.

Of the seven terminals that have received Energy Department approval, only Cheniere’s has also received approval from the Federal Energy Regulatory Commission, or FERC. That commission’s approvals for siting, construction and operations are normally as independent from White House influence as Federal Reserve Board decisions, and they can take months or years.

The other six terminals also await state regulatory approval and in some cases face opposition from environmentalists.

More than 20 additional proposed export facilities await initial Energy Department approval for export to countries without free trade agreements with the United States. They are also seeking approval from FERC.

Mr. Bledsoe, who worked in the Clinton White House as an energy adviser, said the Obama administration can be expected to take action soon. He said it could direct the Energy Department to expedite import applications from European countries that want to buy United States gas, suggest to FERC that it expedite permitting for national security reasons, and encourage Europe to build more pipelines and produce more gas from its own shale fields.

Russia may struggle in the years ahead to maintain its grip on 30 percent of Europe’s gas demand.

That demand has gradually slid three years in a row, and many countries have built up their storage facilities to protect against sudden surges in demand or declines of supply. While Eastern and Southern European countries like Ukraine, Bulgaria, Greece, Hungary, Serbia and Bosnia and Herzegovina remain highly dependent on Russia for gas, the European Union is working to improve pipeline connections to better serve many of those countries.

Additionally, the reopening of Japanese nuclear reactors, expected over the next three years, should free some gas. There will also be the completion and expansion of liquefied natural gas export terminals in Australia, Africa and Qatar, as well as the United States, which may double global liquefied natural gas supplies by 2020, according to a new Citi Research report.

Six European L.N.G. import terminals are under construction, including two scheduled for completion in the next few months, that will supplement the 22 existing terminals, enabling Europe to import a vast amount of new gas. Those new supplies should lower gas prices for European consumers.

“For Russia, which depends heavily on hydrocarbon exports, particularly gas to Europe, such a reduction in price and volume would lower total export and tax revenues,” according to the Citi Research report. “These all challenge Russia’s long-term finances.” Energy experts say Russia may be forced to ship more of its gas to China as a result.

Cheniere’s Louisiana terminal may not be Europe’s immediate rescuer, but it does exemplify a revolution in the global gas market that promises to help Europe. Charif Souki, Cheniere Energy’s chief executive, got a jump on his competitors because he originally planned the terminal to import gas, not knowing that technological advances in extracting hydrocarbons from shale would suddenly make the United States an exporter.

Had the shale boom never happened, the United States would currently import more than 10 billion cubic feet of natural gas a day, tightening world supplies. Now the country is poised to export that much as liquefied natural gas by 2020.

“The U.S. is already making a difference,” Mr. Souki said.

(BFW) Frederik Mohn to Challenge Mohn Sale to Alfa Laval, DN Reports

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

Frederik Mohn to Challenge Mohn Sale to Alfa Laval, DN Reports 2014-04-08 06:19:01.567 GMT

By Mikael Holter April 8 (Bloomberg) -- Frederik W. Mohn to take legal steps against Mohn-family business Wimoh’s decision to sell Frank Mohn to Alfa Laval, Dagens Naeringsliv reports, citing Chairman Tom A. Torkildsen of Mohn’s co. Perestroika. * Frederik W. Mohn, son of Frank Mohn Chairman Trond Mohn, considering rival bid for Frank Mohn, DN says, citing Torkildsen * Perestroika owns 32.2% of Wimoh, DN says * NOTE: Alfa Laval Buys Norwegian Pump Maker Mohn for $2.2b: See story: NSN N3NMEU6S972S <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: Mikael Holter in Oslo at +47-22-00-8209 or mholter2@bloomberg.net To contact the editors responsible for this story: Alastair Reed at +47-22-00-8212 or areed12@bloomberg.net

>>> What to look at today - 08/04/2014

US MArket Closed Lower, Again Russel & NAsdaq lead the retreat, VIX see some demand - VIX @ 15.57 +11.53%...Volume were above average @ 820mil shares...As widely expected, Bank of Japan elected to wait for more clarity on the
extent of headwind from higher sales tax before deciding on further policy adjustment. BOJ left its monetary base setting intact (increase of ¥60-70T annual pace) and also maintained economic assessment of "moderate recovery" in domestic economy for the 8th consecutive meeting...Samsung Electronics posted mixed preliminary Q1 figures - Op profit KRW8.40T v KRW8.3Te, Rev KRW53.0T v KRW54.6Te - with the full report to be made available at the end of the month. Shares initially traded down over 1% on revenue miss before recovering some ground...In notable Chinese press reports, property agency Centaline announced sales of second-hand homes in Beijing during March fell to a 6-year low for the month at 8.9K units. Separately, Securities Journal speculated the govt may announce fresh measures on investment, seeking to stabilize growth and expand consumption...Nikkei-1.16% HS+0.91% Shanghai +1.88%

Eur$1.3744 S&P Fut+0.16% European Fut -0.10%

Macro
- Germany Aims to Lower Debt/GDP Ratio to Below 60%: Handelsblatt
- Copper Demand Seen Picking up in Second Quarter by CRU

Keep an eye on :
- AF FP : Air France to Increase Latin America Capacity, Les Echos Says, KLM CEO Eurlings Seeks to Expand JVs in China, FD Reports
- BNP FP : French Regulator Fines BNP’s Cardif EU10M, Les Echos Says
- BP/ LN : BP Included in Spanish Probe of Possible Fuel Price-Fixing
- EN FP : Free is negociating the purchase of Bouygues Telecom
- CA FP : Motier (Holding Galreies Lafayette) Buys 6.1% Stake in Carrefour )~44mil shares 50d of volume with 1/3 vol if done recently price could be around 27.3 (My own calculation)
- OLE SM : Carlyle, Foreign Bidders Said to Submit Deoleo Offers: NYT Link
- HNR1 GY : Hannover Re Says Capital Allows Dividend Payouts, Acquisitions
- ISP IM : Intesa Proposing Strong Investment Case, Upgraded at Mediobanca
- NDA GY : Aurubis Agrees With China Copper Buyers to Annul Some Shipments
- NDA SS : Nordea Sees Future Dividend Ratio Similar to Swedbank’s 75%
- SAF FP : Safran Seeks Partner in Internet Security, Les Echos Says ( Sent Earlier )
- SAP FP : SAP Adds ‘Cloud’ Access to Business Suite Software: WSJ Link
- SGO FP : *GROUPAMA SELLS 1.8% SAINT-GOBAIN STAKE IN PRIVATE PLACEMENT
- SOP FP : Sopra, Steria to Merge in a 1 For 4 Offer
- SPD LN : Ashley Selling Sports Direct Shrs at 850p-870p Each: FT
- STCBF FH : Stockmann’s Lindex May Open Own China Stores After Partner Left

>>> Brokers Upgrades & Downgrades - 08/04/2014

>>> Up
*ARM RAISED TO MARKET PERFORM VS UNDERPERFORM AT BERNSTEIN
*EVRAZ RAISED TO OVERWEIGHT VS EQUALWEIGHT AT MORGAN STANLEY
*HOLCIM RAISED TO OVERWEIGHT AT JPMORGAN
*INTESA RAISED TO NEUTRAL VS UNDERPERFORM AT MEDIOBANCA
*ISBANK RAISED TO NEUTRAL VS UNDERPERFORM AT CREDIT SUISSE
*SIEMENS RAISED TO BUY VS NEUTRAL AT BOFAML
*TUI AG RAISED TO OVERWEIGHT VS EQUALWEIGHT AT MORGAN STANLEY

>>> Down
*GARANTI CUT TO UNDERPERFORM VS NEUTRAL AT CREDIT SUISSE
*HIKMA PHARMA CUT TO NEUTRAL VS BUY AT UBS
*INFINEON CUT TO UNDERPERFORM VS NEUTRAL AT BOFAML
*PRELIOS CUT TO UNDERPERFORM VS NEUTRAL AT MEDIOBANCA
*RESOLUTION CUT TO UNDERPERFORM VS NEUTRAL AT BOFAML
*SES CUT TO NEUTRAL VS BUY AT GOLDMAN
*STATOIL CUT TO HOLD VS BUY AT SOCGEN
*SYNTHOMER CUT TO UNDERWEIGHT VS NEUTRAL AT JPMORGAN

>>> PT changes
*Total PT Raised to EU52 vs EU49 at Raymond James
*Yoox PT Cut to EU38.5 vs EU41.5 at Goldman

>>> Initiation
*FCC REINITIATED AT REDUCE AT KEPLER CHEUVREUX; PT EU17.1
*NORTHGATE RATED NEW BUY AT BERENBERG; PT 650P
*OXFORD INSTRUMENTS RATED NEW BUY AT BERENBERG; PT 1,720P

>>> Call
>> Stock
*YANDEX ADDED TO CITI FOCUS LIST CEEMEA, REPLACES MAIL.RU
>> Sector
*GLOBAL HEALTHCARE CUT TO NEUTRAL BY CITI’S BUCKLAND
*GLOBAL INDUSTRIES, MATERIALS RAISED TO OVERWEIGHT AT CITI

(Le PArisien) Free négocie l'achat de Bouygues Télécom

Free negotiating the purchase of Bouygues Telecom

Telephony. After losing the duel against Numericable for redemption SFR , Bouygues plans to sell its subsidiary. He sought € 8 billion , while Free does not want to go beyond 5 billion € .

Daniel Rosenweg | Published on 04/08/2014 , 7:54

 
Issy -les- Moulineaux (Hauts -de- Seine ) . The consolidation in the phone continues with the battle for the purchase of Bouygues Telecom. This worries the employees, but also Orange who fears being alone against two behemoths . | (LP / Olivier Arandel . )


THEY HAVE NEVER STOPPED to talk for a month. While in the spotlight, Martin Bouygues multiplied - in vain - overbidding with billions of euros to convince Vivendi to sell SFR, behind the scenes, two men were discussing another redemption, the Bouygues by Free . A maneuver in the Shadows: The Rothschild bank as arbitrator, Maxime Lombardini , CEO of Iliad , representing Free and Roussat Olivier , CEO of Bouygues Telecom


Free négocie l'achat de Bouygues Télécom

Téléphonie. Après avoir perdu le duel contre Numericable pour le rachat de SFR, Bouygues envisage de vendre sa filiale. Il souhaite obtenir 8 Mds€, tandis que Free ne souhaite pas aller au-delà de 5 Mds€.

Daniel Rosenweg | Publié le 08.04.2014, 07h54

Issy-les-Moulineaux (Hauts-de-Seine). Le mouvement de concentration dans la téléphonie se poursuit avec la bataille pour l’achat de Bouygues Télécom. Cela inquiète les salariés, mais aussi Orange qui craint de se retrouver seul face à deux mastodontes. | (LP/Olivier Arandel.)


ILS N'ONT JAMAIS CESSÉ de se parler depuis un mois. Alors que sous les projecteurs, Martin Bouygues multipliait -- en vain -- les surenchères à coups de milliards d'euros pour convaincre Vivendi de lui vendre SFR, dans la coulisse, deux hommes discutaient d'un autre rachat, celui de Bouygues par Free. A la manoeuvre, dans l'ombre : la banque Rothschild comme arbitre, Maxime Lombardini, directeur général d'Iliad, représentant Free, et Olivier Roussat, PDG de Bouygues Télécom