(MEA) Missing Malaysia Airlines plane: plea to US to release Pine Gap data


Missing Malaysia Airlines plane: plea to US to release Pine Gap data
2014-03-19 08:47:00.497 GMT


By Lindsay Murdoch and Michael Bachelard
     March 19 (The Age) -- Kuala Lumpur: Malaysia believes data 
from US spy satellites monitored in Australia could help find 
missing Malaysia Airlines flight MH370 but the information is 
being withheld. 
     The country's Defence Minister Hishammuddin Hussein has 
specifically asked the US to share information obtained from 
the Pine Gap base near Alice Springs, according to the 
government-controlled New Straits Times newspaper. 
     Authorities in Kuala Lumpur believe that finding the plane 
now depends on the willingness of a number of countries to 
share potentially sensitive radar and satellite data.  
     They want to use the information to calibrate with data 
they have already obtained to narrow the search areas from a 
massive 2.4 million square nautical miles stretching from 
Central Asia to the vast expanses of the Indian Ocean. 
     Thailand’s military said on Tuesday that its radar 
detected a plane that may have been MH370 just minutes after 
the plane’s communications went down, and that it didn’t share 
the information with Malaysia earlier because it wasn’t 
specifically asked for it. 
     Indonesia's Rear Marshall Hadi Tjahjanto said his country 
had nothing to add to the information gathered by radar 
facilities across the world, because Indonesia’s facilities had 
not caught sight of the ill-fated flight. “The radar we have 
which face Malaysia directly are in Sabang in Aceh and in 
Medan, but the radar data provided no information on MH370.” 
     For three days, Mr Hishammuddin has reiterated publicly 
that Malaysia had asked countries to provide sensitive data 
from their satellites, specifically naming the US, France and 
China. 
     “Our focus is on four tasks: gathering information from 
satellite surveillance, analysis of surveillance radar data, 
increasing air and surface assets and increasing the number of 
technical and subject matter experts,” Mr Hishammuddin said on 
Tuesday night. 
     “On satellite surveillance, I cannot disclose who has what 
capability but I can confirm we have contacted every relevant 
country that has access to satellite data,” he said. 
     Mr Hishammuddin concedes information obtained from 
military-use satellites is regarded as privileged on national 
security grounds and usually not shared among nations. 
     But he said Malaysia had “put our search effort above our 
national security” by disclosing raw military data which had 
allowed experts to identify areas where the plane could have 
flown after it lost communications and turned back from its 
scheduled flight path from Kuala Lumpur to Beijing on March 8. 
     Asked if countries had been forthcoming with information, 
Mr Hishammuddin replied: “the only one [country] that is 
basically out in the open is Malaysia.” 
     After speaking by telephone with US Defence Secretary 
Chuck Hagel on Tuesday, Mr Hishammuddin said the US has 
“possibly the best ability” to help locate the plane. US ships 
and planes are involved in a 25-country search. 
     Mr Hishammuddin confirmed he also asked Mr Hagel about US 
support from US satellite and radar systems. Mr Hagel has not 
commented directly on Malaysia’s request for access to US 
satellite data. 
     The New Straits Times newspaper on Wednesday led its 
coverage of the missing plane with a story referring to Pine 
Gap as a “super-secret” installation in the barren Australian 
heartland that could solve the puzzle of the mystery 
disappearance. 
     The newspaper quoted Mr Hishammuddin as saying Malaysia 
would “appreciate” if the US could provide investigators with 
data from its facilities in Australia. 
     “Although he did not mention the two facilities by name, 
the New Straits Times believes he was alluding to the Pine Gap 
and Jindalee facilities,” the newspaper said. 
     The Jindalee Operational Radar Network, known as JORN, is 
Australia’s powerful military radar system that has an official 
range of 3000 kilometres but experts say it’s 
over-the-horizon-radar system can detect movements across 
37,000 square kilometres. 
     Australia’s Foreign Minister Julie Bishop told Parliament 
on Monday that all of Australia’s defence intelligence relating 
to the plane “has been and will continue to be passed on to 
Malaysian authorities”. Australia releases only limited 
information about the JORN system which has enormous antenna 
installations spaced across the outback. 
     John Blaxland of the Australian National University’s 
strategic and defence studies centre said the JORN system would 
probably have to have been programmed to look for MH370 in 
advance. 
     But he said experts are certain to be scrutinising data 
from the system that is seen as a key part of Australia’s 
defence. 
     “I hope they find something but I think there would be a 
remote chance they would pick up the plane,” he said. 
     Under a so-called “Five Eyes” program, the intelligence 
services of the US, Britain, Australia, New Zealand and Canada 
share intelligence information among themselves. There is no 
history of a general sharing of intelligence data with Malaysia 
or China whose nationals account for most of the passengers on 
the missing plane. Usually information is shared only on a 
bilateral basis for specific reasons. 
     Chinese officials in Kuala Lumpur have told Chinese 
journalists that “nothing is being hidden” by Beijing in the 
search for the plane.  
     MH370 was confirmed as emitting a signal at 8.11 am on 
March 8 by satellite data provided by London-based Inmarsat, 
more than seven hours after it turned back from its scheduled 
flight path while over the South China Sea. 
     Australia is leading a search for the plane in 600,000 
square kilometres of the southern Indian Ocean, an area the 
size of France. “A needle in a haystack remains a good 
analogy,” said John Young of the Australian Maritime Safety 
Authority which is co-ordinating the search in the Indian 
Ocean. 
     Rear Marshall Hadi said the Indonesian navy had been 
searching in the Malacca Strait since the day after the plane 
went missing. Now that the search area had been expanded into 
the Indian Ocean, he said the airforce was willing to join the 
search, but it had not yet been given instructions about the 
specific area to look in. 
     “We have our airforce liaison officer now in Malaysia to 
help to coordinate us … on the search,” Rear Marshall Hadi 
said. “With the recent information now that search area is 
expanded to the Indian Ocean we are waiting to hear the search 
coverage in Indian Ocean that Malaysia would like us to help 
searching.  
     “We are still waiting for information from Malaysia … 
However we have already started searching on areas in the 
western part of Sumatra. It coincides with annual training we 
are doing now in Medan for a week. We are using six F16 
aircrafts in the training so we are doing training and 
searching at the same time.”

Click here to see the story as it appeared on The Age web site.

The Age 
Copyright © (2011)  Fairfax Media Publications Pty Limited. 
www.theage.com.au. Not available for re-distribution.

-0- Mar/19/2014 08:47 GMT

>>> Scania's minority shareholders wish to collaborate with Investor against Vol

Scania's minority shareholders wish to collaborate with Investor against Volkswagen

Scania’s minority shareholders wish to collaborate with the Swedish investment company Investor in opposition to German Volkswagen’s offer for the rest of the Swedish truck maker, according to Dagens Industri. The Swedish business daily reported, without citing any specific sources, that the shareholder group Scania’s Friends, which represents 4.6% of the shares in Scania, is planning to approach Investor which owns around 0.4% of the shares in Scania in hopes to collaborate against the offer.

The item noted that Scania’s independent committee announced yesterday that it recommended Scania’s shareholders to reject VW’s offer of SEK 200 (EUR 22.6) per share. The paper reported further that minority shareholders have to stop VW from reaching the 90% needed to succeed in the takeover.

The paper speculated that if VW’s offer ends up being rejected, it is very likely that the German auto giant will raise its offer to SEK 210-220 (EUR 23.7-24.9) per share. The paper wrote that a 10% raise, which corresponds to around SEK 6bn (EUR 678m), is a low figure in comparison to VW’s earlier investments in Scania and its German peer, MAN.

The paper also pointed out, however, that stopping the takeover could be very risky as Scania’s share price will likely drop to SEK 140 (EUR 15.83) if VW withdraws its offer and it seems highly unlikely that an alternative bidder will present itself.


Source Dagens Industri

FT : Och-Ziff warns over Libya probe by DoJ

Och-Ziff, the hedge fund group, warned that it could face a hit to its financial results from a Department of Justice investigation into alleged corruption in Libya before the fall of Muammer Gaddafi.
The company revealed in a regulatory filing on Tuesday that the DoJ and the Securities and Exchange Commission were examining its relationship with the Libyan Investment Authority, the country’s sovereign wealth fund, and its investments in companies doing business in Libya.

The investigations began in 2011 but were not judged serious enough to disclose until recently.
“Beginning in 2011, and from time to time thereafter, we have received subpoenas from the SEC and requests for information from the DoJ in connection with an investigation involving the Foreign Corrupt Practices Act (FCPA) and related laws,” the company said in a line in its annual report.
“The investigation concerns an investment by a foreign sovereign wealth fund in some of our funds in 2007 and investments by some of our funds, both directly and indirectly, in a number of companies in Africa. At this time, we are unable to determine how the investigation will be resolved and what impact, if any, it will have.”
The SEC has been looking into whether US financial firms made inappropriate payments to officials for access to the LIA, while the DoJ has joined the widening investigation to examine the use of “placement agents” to conduct deals in the country.
Federal agencies are also looking at Blackstone and Goldman Sachs, people familiar with the matter said. Blackstone did not ultimately take an investment from the LIA.
Goldman said in its most recent regulatory filing that it is co-operating with regulatory investigations and reviews including its compliance with the US FCPA. On Tuesday Goldman declined to comment.
Och-Ziff was an investor in a joint venture to construct a luxury hotel in Tripoli, which has come under scrutiny, according to people familiar with the investigation.
An Och-Ziff spokesman declined to elaborate on the annual report disclosures.
The US ended most of its sanctions on Libya in 2004, after Col Gaddafi gave up chemical weapons, and western financial firms raced to secure business in the country.
The FCPA outlaws the payment of bribes by US companies anywhere in the world.
Scrutiny over global financial dealings with former Libyan government officials accelerated after the ousting of Col Gaddafi in 2011.
Separately, in January, in a disputed claim, Libya’s sovereign wealth fund took formal legal action in London against Goldman over allegations that the investment bank “exploited” the fund’s limited financial experience, forcing it into risky and ultimately lossmaking investments.
The claim, made in legal papers submitted by the LIA, rests on disputed equity derivatives trades amounting to in excess of $1bn.
“We think the claims are without merit, and will defend them vigorously,” a spokesperson for Goldman Sachs said at the time.

FT : HK hedge funds tap ‘fake’ Alibaba shares ahead of IPO

Can’t face waiting for the Alibaba mega-listing? Don’t worry, investment bankers have got you covered.
Though the initial public offering of the Chinese ecommerce group – which promises to be one of the largest in history – is now in motion, some hedge funds in Hong Kong have already been loading up on synthetic shares, sold by investment banks as certificates.

The process involves taking one of Alibaba’s two biggest shareholders – Yahoo or SoftBank – evaluating their constituent parts, and then using short positions to remove everything that the company owns other than its Alibaba stake. Yahoo holds 24 per cent of Alibaba, while SoftBank owns 37 per cent.
SoftBank also has holdings in Sprint, Yahoo Japan, and lots of smaller listed companies such as Supercell, GungHo and Zynga. The rest of the business – most notably its core mobile phone business – can then be cancelled out by shorting the nearest economic equivalent, such as KDDI.
Those familiar with the process say that hedge funds began asking for some form of synthetic Alibaba shares about six months ago, partly as a way to capture the potential rise in valuation expectations as the company got closer to listing.
In future, the same structure could be used to hedge exposure to the Chinese ecommerce giant for investors wanting to lock in the valuation at listing, said one banker, although nobody has yet taken on that trade. Such strategies have been used in the past to gain exposure to a single part of a listed conglomerate.
One hedge fund manager said the process was simple, and questioned why investors would need a bank’s help. “You can do the whole thing yourself … a lot cheaper,” he said.
Some funds were able to buy into the company in previous financing rounds, or through Alibaba’s 2012 convertible bond issue. For those that missed out, these synthetic shares offer an alternative way in.
These certificates imply that Alibaba has a market capitalisation of $83bn. However, estimates keep rising – with some suggesting that the company could be worth as much at $200bn. Recent trades in the Alibaba convertible bonds imply a valuation in the region of $120bn.
Shares in both Yahoo and SoftBank have rallied over the past 12 months, partly thanks to fevered appetite for exposure to Alibaba ahead of the IPO. Yahoo is up 80 per cent, compared with a 33 per cent rise in the Nasdaq, while SoftBank has more than doubled.
The Alibaba listing could be the largest to date, with some people familiar with the process saying it may raise as much as $25bn, topping the $22bn record set by Agricultural Bank of China in Hong Kong in 2010.
Even though the company is likely to pay just 2 per cent fees for its IPO, the five investment banks managing the deal are still likely to divvy up more than $400m. The 2 per cent fee level is in line with the Hong Kong average, but just half the norm for a US listing.

(BFW) SAP May Move After Oracle Misses 3Q Sales, Profit Estimates

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

SAP May Move After Oracle Misses 3Q Sales, Profit Estimates 2014-03-19 07:22:51.293 GMT

By Claudia Rach March 19 (Bloomberg) -- Shares traded down in U.S. after- hours market. * NOTE: Oracle 3Q adj. EPS, rev. miss; sees 4Q rev. growth inline with ests. * Goldmann: Sees neutral read-across to SAP from Oracle’s 3Q results which demonstrated continued stable IT spending trends * Baader: Oracle’s 3Q results missed expectations in terms of of new software license and cloud software subscriptions growth, it underlines why SAP announced stronger move in the cloud * Says SAP current share price provides interesting entry point on the way to higher share of recurring rev. * NOTE: SAP down 10% YTD vs DAX down 3.2% vs SX8P down 2.5% * NOTE: 47 analyst ratings 60% buy, 28% hold, 13% sell; avg PT EU65: Bloomberg data

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

To contact the reporter on this story: Claudia Rach in Berlin at +49-30-70010-6219 or crach1@bloomberg.net To contact the editors responsible for this story: James Ludden at +44-20-7673-2645 or jludden@bloomberg.net Tim Barwell

>>> What to look at today - 19/03/2014

US MArket Closed higher, small caps led the move with Russell +1.5% vs S&P +0.5%, Market rallied after Putin said he doesn't want abreak-up of Ukraine, Tech was strong with MSFT +3.9% on news they will release office suite for iPad...VIX @ 14.52 -7.16%...Trading Volume was on the light side with only 574mil shares...today Janet Yellen first press conference as Fed Chair...Japan announced another trade deficit which was wider than expected but still smaller than the past 3 months on adjusted basis...the 2% inflation target of 2-years may be overambitious. Instead, Kiuchi warned that any additional effort to expand QE could have more side-effects than benefits...- Chinese yuan was once again set in the CNY6.13, before onshore markets pushed the level to mid-6.19. This marks the first time that Yuan traded by more than 1% relative to its fix since the PBoC widened the tradable band to 2% from 1% this weekend...Nikkei +0.36% HS -0.13% Shanghai -0.32%

Eur$ 1.3927 S&P Fut+0.03% European fut. -0.13%

Keep an eye on :
- ADS GY : Adidas Ests. Cut at Berenberg on `Punishing' FX
- AIR FP : China in Talks to Buy at Least 150 Airbus Planes: Reuters
- AGS BB : Ageas Embedded Value Total Insurance Was EU5.79b at End 2013
- BARC LN : Barclays Said to Plan Pursuing Sale of $400m Index Unit
- BIM FP : Biomerieux Targets 2014 Operating Income Ex Items EU220m-EU245m
- BMPS IM : Monte Paschi Shrs Offer Increased to 1.4b Shrs, Terms Show
- BMW GY : BMW Expands U.S. Factory to Increase Output, Handelsblatt Says
- BNR GY : Brenntag 2013 Sales Miss, Dividend Beats; Proposes Stock Split
- CDR SM : Codere Won’t Pay Coupon Payment on Dollar Bonds Due March 19
- EDF FP : EDF to Spend EU700m on Nuclear Site Security, Les Echos Says
- ERF FP : Eurofins Buys Agrofood, Non-Food Testing Activities of Applus
- HEI GY : HeidelbergCement Sees Sales, Profit Growth in 2014
- INGA NA : ING Group Offering 26.5m Shrs of ING U.S.
- ITX SM : Inditex 2013 Net EU2.38b; Est. EU2.39b, 2013 Rev., Gross Margin, Ebitda In Line With Ests.
- KRN GY : Krones 2013 Sales Rise 6%; Dividend Plan Beats BDVD Forecast
- MMB FP : Lagardere Has Two Bidders Left for Magazines, Echos Says
- MRW LN : Morrisons Downgraded to Baa2 by Moody’s; Outlook Negative
- NOVN VX : Novartis Drug Gets Orphan Status in Chronic Lymphocytic Leukemia
- PAH3 GY : Wolfgang Porsche May Rearrange Porsche, Volkswagen Assets: FAZ
- PEL IM : Popolare Vicenza to Make Binding Offer for Etruria by End Month
- RF FP : Eurazeo NAV Increases 31% to EU70.7 a Share at Dec 31
- RF FP : Desigual owner Meyer to sell 10% stake to Eurazeo via EUR 285m capital hike
- ROG VX : Roche’s Tamiflu Cut Death Rate in 2009-2010 Flu Outbreak: Study
- SAN FP : Sanofi Pasteur to Work With SK Chemical on Pneumococcal Vaccine
- VOLVB SS : Cevian Says Scania/VW Merger to Help Volvo Lift Profitability

>>> Brokers Upgrades & Downgrades - 19/03/2014

>>> Up
*AURUBIS RAISED TO CONVICTION BUY VS NEUTRAL AT GOLDMAN
*IMAGINATION TECHNOLOGIES RAISED TO BUY VS NEUTRAL AT UBS
*MARR RAISED TO OUTPERFORM VS NEUTRAL AT MEDIOBANCA
*PERSIMMON RAISED TO BUY VS NEUTRAL AT UBS
*RAIFFEISEN BANK RAISED TO NEUTRAL VS SELL AT CITI
*ROLLS-ROYCE RAISED TO BUY VS SELL AT UBS
*SEVERSTAL RAISED TO OVERWEIGHT VS EQUALWEIGHT AT MORGAN STANLEY
*TEVA RAISED TO NEUTRAL VS SELL AT GOLDMAN
*WACKER CHEMIE RAISED TO NEUTRAL VS UNDERPERFORM: CREDIT SUISSE
*WACKER CHEMIE RATED BUY AT BOFAML VS EXTENDED REVIEW

>>> Down
*AER LINGUS CUT TO NEUTRAL VS BUY AT GOLDMAN
*ANTOFAGASTA CUT TO UNDERPERFORM VS NEUTRAL AT CREDIT SUISSE
*ANTOFAGASTA CUT TO SELL VS HOLD AT DEUTSCHE BANK
*ASOS CUT TO SELL VS HOLD AT SOCGEN
*AVIVA CUT TO UNDERPERFORM VS NEUTRAL AT EXANE
*HSBC CUT TO UNDERPERFORM VS OUTPERFORM AT CREDIT SUISSE
*RICHEMONT CUT TO NEUTRAL VS OUTPERFORM AT EXANE
*SAINSBURY CUT TO UNDERWEIGHT VS NEUTRAL AT HSBC

>>> PT Change
*A2A PT RAISED TO EU0.85 VS EU0.79 AT GOLDMAN; KEPT AT SELL
*CAMPARI PT CUT TO EU5.4 VS EU5.6 AT SOCGEN; KEPT AT SELL
*ENEL PT RAISED TO EU3.5 VS EU3.3 AT GOLDMAN; KEPT AT SELL
*ENEL PT RAISED TO EU4.2 VS EU3.2 AT DEUTSCHE BANK; KEPT AT HOLD
*Generali PT Cut to EU17.5 at Credit Suisse; Kept at Underperform
*KUONI PT RAISED TO CHF470 VS CHF410 AT DEUTSCHE BANK, KEEPS BUY
*SAINSBURY PT CUT TO 320P VS 370P AT NOMURA, KEEPS NEUTRAL
*SNAM PT RAISED TO EU4.05 VS EU4 AT GOLDMAN; KEPT AT SELL
*TERNA PT RAISED TO EU3.65 VS EU3.6 AT GOLDMAN; KEPT AT SELL

>>> Initiation
*FASTNET OIL & GAS RATED NEW BUY AT CANTOR; PT 28P

>>> Call