Fed's Kocherlakota says employment, inflation below Fed goals; may need to keep rates low for years; ; sees asset returns as highly volatile; says real interest rates too high
{DBK GY Equity GIP<GO>}
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MP minister Babulal Gaur says rape "sometimes right, sometimes wrong"
(Reuters) - Madhya Pradesh Home Minister Babulal Gaur has described rape as a social crime, saying "sometimes it's right, sometimes it's wrong", in the latest controversial remarks by an Indian politician about rape.
Akhilesh Yadav, chief minister of Uttar Pradesh, where two cousins aged 12 and 14 were raped and hanged last week, has faced criticism for failing to visit the scene and for accusing the media of hyping the story.
Gaur, who is from Prime Minister Narendra Modi's Bharatiya Janata Party (BJP), said on Thursday that the crime of rape can only be considered to have been committed if it is reported to police.
"This is a social crime which depends on men and women. Sometimes it's right, sometimes it's wrong," said Gaur, the home minister responsible for law and order in BJP-run Madhya Pradesh.
"Until there's a complaint, nothing can happen," Gaur told reporters.
Gaur also expressed sympathy with Mulayam Singh Yadav, head of the regional Samajwadi Party. In the recent election, Mulayam criticised legal changes that foresee the death penalty for gang rape, saying: "Boys commit mistakes: Will they be hanged for rape?"
The BJP dismissed Gaur's comments as an expression of his personal views, and not the party's.
Modi, who was sworn in as prime minister last week after a landslide election victory, has so far remained silent over the double killing in the village of Katra Shahadatganj, around half a day's drive east of New Delhi.
The father and uncle of one of the victims said they tried to report the crime to local police but had been turned away. Three men have been arrested over the killings. Two policemen were held on suspicion of trying to cover up the crime.
Although a rape is reported in India every 21 minutes on average, law enforcement failures mean that such crimes - a symptom of pervasive sexual and caste oppression - are often not reported or properly investigated, human rights groups say.
More sex crimes have come to light in recent days. A woman in a nearby district of Uttar Pradesh was gang-raped, forced to drink acid and strangled to death. Another was shot dead in northeast India while resisting attackers, media reports said.
U.N. Secretary General Ban Ki-moon has said he was "especially appalled" by the rape and murder of the two girls.
"We say no to the dismissive, destructive attitude of, 'Boys will be boys'," he said in a statement this week that made clear his contempt for the language used by Mulayam Singh Yadav.
A delegation from Societe Generale recently met with representatives from the German government to talk about Berlin's 17 percent stake in Commerzbank, the report said, without specifying its sources.
Commerzbank, which was bailed out by the government in the financial crisis and has seen its share price plunge more than 90 percent since 2007, has repeatedly been mentioned in the media as a potential takeover target.
The German government currently has no plans to sell its stake, a finance ministry spokeswoman said.
Commerzbank, Societe Generale and Santander declined to comment.
German magazine Der Spiegel reported last month that the government wants to stay invested in Commerzbank until at least 2016 and that finance minister Wolfgang Schaeuble had already rebuffed several potential suitors.
Other banks mentioned as potential Commerzbank stake buyers - including UniCredit, UBS and BNP Paribas - have said publicly that they were not interested.
The German government has indicated repeatedly that it wants to wait for the Commerzbank share price to recover before it sells its stake.
Chief Executive Martin Blessing said this year that according to some calculations the government could sell its Commerzbank investment without booking a loss if gets a price of 18-19 euros a share.
The shares were up 2.7 percent at 11.72 euros on Thursday at 1218 GMT, outperforming a sector index up 1 percent.
Berlin acquired the Commerzbank stake, which it holds through bank bailout fund Soffin, as part of an 18-billion-euro ($24.5 billion) government bailout in the financial crisis.
Medtronic Investor Day {http://phx.corporate-ir.net/phoenix.zhtml?p=irol-eventDetails&c=76126&eventID=5151354}
all materials on the website
Smith & Nephew: Thoughts on recent M&A speculation
Opco notes that MDT & SNN shares were higher yesterday following a Bloomberg article indicating that MDT is evaluating a takeover bid for UK-based orthopedic company SNN. This comes one week after reports that SYK was considering a SNN bid. Firm thinks that an MDT/SNN deal would have fewer potential "dis-synergies" and less scrutiny from anti-trust regulators than SYK/SNN; also, MDT/SNN would provide MDT bundling opportunities with its spine business and more flexibility for future use of MDT's large outside-US cash balance. However, the transaction would not provide obvious significant cost synergies. With SNN trading above the level of the pending ZMH/Biomet deal, the ultimate tax benefits would be key. Firm expects the topic to be discussed at today's MDT Analyst Day in NYC, particularly if MDT does not comment ahead.
Gapping down
In reaction to disappointing earnings/guidance/SSS: VRA -20.8%, RAD -7.1%, PVH -5.9%, UTIW -1.9%, TRLA -1.7%, SJM -0.7%, A -0.2%.
M&A news: SNN -4% (cont speculation surrounding M&A).
Other news: NVAX -9.1% ( announces $100 mln public offering of common stock), RCAP -6.2% (prices public offering of Class A Common Stock), TSL -3.7% (announced the offering of $150 mln convertible senior notes; commences concurrent offering of 8.8 mln ADSs), DB -1% (fixes subscription price for new shares at EUR 22.50 per share), ILMN -0.9% ( to Offer $900 Million Convertible Senior Notes, SPWR -0.8% (announces intention to Offer $400 mln of Senior Convertible Debentures), .
Analyst comments: Z -1.3% (downgraded to Neutral from Buy at Sun Trust Rbsn Humphrey), KOF -1.3% (downgraded to Neutral from Buy at Goldman)
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In reaction to disappointing earnings/guidance/SSS: VRA -20.8%, RAD -7.1%, PVH -5.9%, UTIW -1.9%, TRLA -1.7%, SJM -0.7%, A -0.2%.
M&A news: SNN -4% (cont speculation surrounding M&A).
Other news: NVAX -9.1% ( announces $100 mln public offering of common stock), RCAP -6.2% (prices public offering of Class A Common Stock), TSL -3.7% (announced the offering of $150 mln convertible senior notes; commences concurrent offering of 8.8 mln ADSs), DB -1% (fixes subscription price for new shares at EUR 22.50 per share), ILMN -0.9% ( to Offer $900 Million Convertible Senior Notes, SPWR -0.8% (announces intention to Offer $400 mln of Senior Convertible Debentures), .
Analyst comments: Z -1.3% (downgraded to Neutral from Buy at Sun Trust Rbsn Humphrey), KOF -1.3% (downgraded to Neutral from Buy at Goldman)
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*ECB CUTS 2014 GDP FORECAST, RAISES 2015 GDP FORECAST
Gapping up
In reaction to strong earnings/guidance: CIEN +12.7%, AXAS +10.1%, VRNT +8.9%, VRA +6.5%, XNY +4.2%, MIXT +4.1%, JOY +3.7%, FIVE +2.9%, BV +2.9%, ( to divest PowerReviews for $30 mln , RLD +2.6%, NAV +1.2%, .
M&A news: S +3.2% (Bloomberg story that Sprint (S) and T-Mobile (TMUS) are near an agreement on price at $40/share, capital structure, and termination fee in potential deal), TMUS +0.9%.
Select Biotechrelated names showing strength: PRAN +9.4%, CPRX +6.9%, ISIS +4.4%, CYTR +1.6%.
Select CIEN peers trading higher: INFN +4.5%, JDSU +2.4%, JNPR +1.3%.
Other news: NEWL +43.5% (announces granting of temporary restraining order against Ironridge Global IV), HALO +15.6% (Halozyme Therapeutics to resume PEGPH20 clinical program in pancreatic cancer; FDA removes clinical hold on Phase 2 trial (study 202), GBLX +14.2% (provides shareholder update; 'will not be selling our GrowBLOX cultivation chambers to the retail consumer'),AXAS +10.1% (raised FY14 production guidance to 5500-5700 Boepd from 5200-5300 Boepd), SSLT +6.3% (still checking), NQ +3.9% (cont strength), TWTR +2.4% (previously considered buying music related companies such as Pandora (P)/Spotify/Soundcloud, according to FT story out yesterday afternoon; also initiated with Outperform at PacCrest), MDCO +2.4% (ORBACTIVTM Phase 3 trial results published in New England Journal of Medicine), SPR +2.2% (announced public secondary offering of ~8.17 mln shares of Class A common stock by selling stockholder; co to repurchase 4 mln shares), CETV +2.2% (announces the appointment of David Sturgeon as CFO), STO +2% (still checking), ORAN +2% (won a global wide area network and embedded security services contract with Oetiker Group), OLED +1.8% (Board of directors approved $50 mln common stock repurchase program), MNTA +1.5% (receives Orphan Drug Designation for necuparanib in pancreatic cancer), ROK +1.3% (Board approved $1 bln common stock repurchase), SPEX +1.1% (has expanded its operations in Texas through the opening of a new office located in Longview, TX.).
Analyst comments: CLVS +3.2% (upgraded to Buy at Stifel), HCLP +2.5% (initiated with a Buy at Jefferies), RATE +1.9% (upgraded to Outperform at RBC Capital Mkts), VGR +1.7% (initiated with a Outperform at Oppenheimer), CATM +1.4% (initiated with a Outperform at Wells Fargo), NBG +1.1% (upgraded to Buy from Hold at Deutsche Bank), ALLT +1% (poistive commentary at OPCO ),MSFT +0.8% (upgraded to Outperform at FBR Capital)
In reaction to strong earnings/guidance: CIEN +12.7%, AXAS +10.1%, VRNT +8.9%, VRA +6.5%, XNY +4.2%, MIXT +4.1%, JOY +3.7%, FIVE +2.9%, BV +2.9%, ( to divest PowerReviews for $30 mln , RLD +2.6%, NAV +1.2%, .
M&A news: S +3.2% (Bloomberg story that Sprint (S) and T-Mobile (TMUS) are near an agreement on price at $40/share, capital structure, and termination fee in potential deal), TMUS +0.9%.
Select Biotechrelated names showing strength: PRAN +9.4%, CPRX +6.9%, ISIS +4.4%, CYTR +1.6%.
Select CIEN peers trading higher: INFN +4.5%, JDSU +2.4%, JNPR +1.3%.
Other news: NEWL +43.5% (announces granting of temporary restraining order against Ironridge Global IV), HALO +15.6% (Halozyme Therapeutics to resume PEGPH20 clinical program in pancreatic cancer; FDA removes clinical hold on Phase 2 trial (study 202), GBLX +14.2% (provides shareholder update; 'will not be selling our GrowBLOX cultivation chambers to the retail consumer'),AXAS +10.1% (raised FY14 production guidance to 5500-5700 Boepd from 5200-5300 Boepd), SSLT +6.3% (still checking), NQ +3.9% (cont strength), TWTR +2.4% (previously considered buying music related companies such as Pandora (P)/Spotify/Soundcloud, according to FT story out yesterday afternoon; also initiated with Outperform at PacCrest), MDCO +2.4% (ORBACTIVTM Phase 3 trial results published in New England Journal of Medicine), SPR +2.2% (announced public secondary offering of ~8.17 mln shares of Class A common stock by selling stockholder; co to repurchase 4 mln shares), CETV +2.2% (announces the appointment of David Sturgeon as CFO), STO +2% (still checking), ORAN +2% (won a global wide area network and embedded security services contract with Oetiker Group), OLED +1.8% (Board of directors approved $50 mln common stock repurchase program), MNTA +1.5% (receives Orphan Drug Designation for necuparanib in pancreatic cancer), ROK +1.3% (Board approved $1 bln common stock repurchase), SPEX +1.1% (has expanded its operations in Texas through the opening of a new office located in Longview, TX.).
Analyst comments: CLVS +3.2% (upgraded to Buy at Stifel), HCLP +2.5% (initiated with a Buy at Jefferies), RATE +1.9% (upgraded to Outperform at RBC Capital Mkts), VGR +1.7% (initiated with a Outperform at Oppenheimer), CATM +1.4% (initiated with a Outperform at Wells Fargo), NBG +1.1% (upgraded to Buy from Hold at Deutsche Bank), ALLT +1% (poistive commentary at OPCO ),MSFT +0.8% (upgraded to Outperform at FBR Capital)
*** ECB Watch: ECB Cuts Rates Less than Expected. What Else? ***
For the benefit of everyone, some additional colour
First, on the reduction in marginal lending rate by 35 bp. This is mainly relevant for banks in stress. Only for banks that are stuck emergency liquidity assistance (ELA) which is priced off the marginal lending rate will benefit from the larger cut in the top rate. On Greece and Cyprus still have meaningful amounts of ELA. page 18 of the LDT linked below. Everyone else pays the refi rate or will get charged at the depo rate for depositing money at the ECB. The marginal lending rate also provides the upper limit for EONIA.
Second on the additional info to be released by the ECB at 14.30 Ldn time. The President of the ECB will comment on the considerations underlying these decisions at a press conference starting at 2.30 p.m. CET today. Further monetary policy measures to enhance the functioning of the monetary policy transmission mechanism will be communicated in a press release to be published at 3.30 p.m. CET today. This means that at the end of the press conference, there will be an additional press release detailing these measures. As I said, the devil is in the detail, esp. for credit easing. In my view, the reason they are mentioning this is that they know 10 bp will be at the lower end of what the mkt was looking for.