(BFW) Dijsselbloem Sees Too Much Pressure on ECB to Solve Problems

 BN 06/05 10:17 *FINANCIAL SERVICES SHOULD BE INCLUDED IN TTIP: DIJSSELBLOEM
BFW 06/05 10:11 *DIJSSELBLOEM SEES TOO MUCH PRESSURE ON ECB TO SOLVE PROBLEMS
 BN 06/05 10:11 *DIJSSELBLOEM SEES TOO MUCH PRESSURE ON ECB TO SOLVE PROBLEMS
 BN 06/05 10:09 *DIJSSELBLOEM SAYS SHADOW BANKING TO BE AN ISSUE IN COMING YEARS
BFW 06/05 10:08 *DIJSSELBLOEM SAYS BANKING UNION IMPLEMENTATION MAY BE TOUGH
 BN 06/05 10:08 *DIJSSELBLOEM SAYS BANKING UNION IMPLEMENTATION MAY BE TOUGH
BFW 06/05 10:07 *EUROPE NEEDS TO WORK ON DEPOSIT-GUARANTEE SYSTEM: DIJSSELBLOEM
 BN 06/05 10:07 *EUROPE NEEDS TO WORK ON DEPOSIT-GUARANTEE SYSTEM: DIJSSELBLOEM
Dijsselbloem Sees Too Much Pressure on ECB to Solve Problems
2014-06-05 10:47:18.705 GMT


By Corina Ruhe
     June 5 (Bloomberg) -- Dutch Finance Minister Jeroen
Dijsselbloem says he sees excessive expectations of the European
Central Bank before today’s rate announcement.
  * “If you read some of the comments in today’s newspapers, or
    the last couple of days, yes the expectations have risen
    very high, and I don’t think that is a healthy thing to
    expect so much from central bankers, and to expect so much
    from monetary policy,” Dijsselbloem says at an event in
    London
  * “Some of the measures they can take will help, but let’s
    not get the expectations up too high”: Dijsselbloem
  * Dijsselbloem: “And certainly it cannot take away the
    responsiblity that we politicians at national and European
    level have to do what we should do: deal with the right
    policies, deal with the reforms that are necessary. A lot of
    work still has to be done, and I’m always a little nervous
    when politicians start looking at the central bankers too
    much thinking, ‘you can solve my problems.’”
  * Asked if the ECB is under too much pressure to solve
    problems that are structural in nature, Dijsselbloem says:
    “Exactly. I think that the ECB has played an important
    role, and will continue to do so, and Mario Draghi is doing
    a fantastic job. But it cannot take away the responsibility
    that we the politicians, the ministers of finance in Europe
    have to get our economies back on the road.”

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To contact the reporter on this story:
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Patrick Henry at +32-2-237-4328 or
phenry8@bloomberg.net

>>> Buy BNP - All bad news have already hit the tapes

It looks like that there is a "union" around BNP and taht everybody stating that the fine is excessive...Obama in Europe will meet Hollande tonight, for sure they will talk of that and Obama will say soemthing even if justice is independant in the US...I strongly believe that downside look limtied here...and any news that will hit the tape in the next few days will give some relief to the stock - 53.15 is my short term target to play a quick rebound.

Laurent

NY Post : Citigroup doesn’t have to admit wrongdoing

Guilty, not guilty — who cares?
Citigroup doesn’t have to worry about being forced to admit wrongdoing in a three-year-old regulatory settlement after a federal appeals court on Wednesday ruled it didn’t matter.
The Securities and Exchange Commission has wide latitude to settle cases and allow defendants to sidestep the issue of guilt, the appeals court ruled.
“Trials are primarily about the truth,” the court ruled in a much-anticipated 28-page ruling. “Consent decrees are primarily about pragmatism.”
The appeals court ruling overturns a decision by trial court judge Jed Rakoff — who refused to rubber-stamp Citi’s $285 million settlement with the SEC because, without addressing guilt, he couldn’t know if the penalty fit the crime.
The appeal court ordered the case back to Rakoff — who is now expected to approve the settlement.
The case, brought by former SEC boss Mary Schapiro, involved accusations that Citi misled investors into buying securities that contributed to the 2008 housing crisis.
“We are pleased with today’s ruling by the Second Circuit Court of Appeals reaffirming the significant deference accorded to the SEC in determining whether to settle with parties and on what terms,” Andrew Cereseny, director of the SEC’s enforcement decision, said in a statement.
“While the SEC has and will continue to seek admissions in appropriate cases, settlements without admissions also enable regulatory agencies to serve the public interest by returning money to harmed investors more quickly, without the uncertainty and delay from litigation and without the need to expend additional agency resources.”
Rakoff declined to comment through a spokesman.
“The decision is clearly a win for the SEC,” said Thomas Gorman, a former lawyer at the SEC’s enforcement division who now practices at Dorsey Whitney.
“The Circuit Court said, look, the SEC can make the choice of how it wants to bring the case,” he added.
While the Rakoff decision was overturned, new SEC boss Mary Jo White, vowing a stronger stance on such cases, has won guilty pleas from defendants.

(BFW) *DEUTSCHE BANK FIXES SUBSCRIPTION PRICE FOR NEW SHRS AT EU22.50

 BN 06/05 09:46 *DEUTSCHE BANK ISSUE OF 299.8M NEW SHRS
BFW 06/05 09:45 *DEUTSCHE BANK FIXES SUBSCRIPTION PRICE FOR NEW SHRS AT EU22.50
 BN 06/05 09:45 *DEUTSCHE BANK SAYS SUBSCRIPTION RATIO OF 18 : 5
 BN 06/05 09:45 *DEUTSCHE BANK FIXES SUBSCRIPTION PRICE FOR NEW SHRS AT EU22.50
 BN 06/05 09:45 *DEUTSCHE BANK GROSS PROCEEDS OF EU8.5B
 BN 06/05 09:45 *DEUTSCHE BANK FIXES SUBSCRIPTION PRICE EU22.50/SHR
 BN 06/05 09:45 *DEUTSCHE BANK SUBSCRIPTION PRICE FOR NEW SHRS ATEU22.50/SHR
 BN 06/05 09:45 *DEUTSCHE BANK FIXES SUBSCRIPTION PRICE FOR NEW SHRS AT
 BN 06/05 09:45 * DEUTSCHE BANK FIXES SUBSCRIPTION PRICE FOR NEW SHRS AT
DGAP-Adhoc: Deutsche Bank AG fixes subscription price for new shares at EUR 22.50 per share
2014-06-05 09:45:10.547 GMT


DGAP-Adhoc: Deutsche Bank AG fixes subscription price for new shares at EUR 
22.50 per share

Deutsche Bank AG  / Key word(s): Capital Increase

05.06.2014 11:45

Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
by DGAP - a company of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

(BFW) *PIMCO HAS BOUGHT RUSSIAN STOCKS OVER PAST 3 MONTHS, GORDON SAYS

 BN 06/05 09:45 *GORDON: WEAK RUBLE HELPS EXPORTER COMPETITIVENESS, EARNINGS
 BN 06/05 09:45 *RUSSIA OUTLOOK HINGES ON `GRADUAL NORMALIZATION' OF TIES: PIMCO
 BN 06/05 09:45 *PIMCO'S HEAD OF EM EQUITIES MASHA GORDON SAYS IN E-MAIL
*PIMCO HAS BOUGHT RUSSIAN STOCKS OVER PAST 3 MONTHS, GORDON SAYS
2014-06-05 09:45:00.543 GMT

--WOJCIECH MOSKWA

-0- Jun/05/2014 09:45 GMT

(BFW) Ghana Won’t Block Tullow From Flaring Jubilee Gas to Boost Oil

 BN 06/05 08:58 *GHANA GAS PROCESSING PLANT TO BE READY IN OCTOBER: BUAH
 BN 06/05 08:58 *GHANA ENERGY MINISTER BUAH COMMENTS BY PHONE
 BN 06/05 08:58 *GHANA WON'T OBJECT TO FLARING JUBILEE GAS TO BOOST OIL OUTPUT
Ghana Won’t Block Tullow From Flaring Jubilee Gas to Boost Oil
2014-06-05 09:03:35.956 GMT


By Ekow Dontoh
     June 5 (Bloomberg) -- Flaring would last until Oct. when
gas processing plant onshore should be ready, Energy Minister
Emmanuel Armah-Kofi Buah says by phone.
  * Environmental Protection Agency must now rule to allow
    Tullow to flare gas
  * Reinjection of gas has reduced oil production levels
  * NOTE: Tullow to Lose $100 Million in Sales as Jubilee Gas
    Delayed {NSN MZGBNU6K50Z1 <GO>}

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Ekow Dontoh in Accra at +233-302-258-797 or
edontoh@bloomberg.net

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Andres R. Martinez at +233-302-258-794 or
amartinez28@bloomberg.net

WSJ : Former Rivals, Brothers Now Team to Shake Up M&A World



Former Rivals, Brothers Now Team to Shake Up M&A World

Zaoui & Co. Has Advised on Some of Europe's Biggest Deals This Year
Yoel, left, and Michael Zaoui at their London office. Their firm, Zaoui & Co., has advised on some of Europe's biggest deals this year. Daniella Zalcman for The Wall Street Journal
LONDON—Yoel and Michael Zaoui spent more than two decades as Wall Street investment-banking rivals, repeatedly facing off across the negotiating table as they advised dueling clients.

Today, frères Zaoui work side by side in a London office, and their eponymous firm, which they launched last fall, has shot to prominence. Zaoui & Co. has advised on some of Europe's biggest mergers and acquisitions this year, upstaging many blue-chip investment banks.

The firm was hired by the U.K.'s GlaxoSmithKline GSK.LN -0.25% PLC to work on a deal valued at more than $20 billion with Novartis AG. France's Lafarge SA LG.FR +0.28% retained the firm for its $50 billion merger with Holcim Ltd. HOLN.VX +0.50% And Michael's longtime relationship with the Bettencourt-Meyers family, heirs of the French cosmetic group L'Oréal SA, OR.FR +0.43% paid off when they turned to the Zaouis to represent them when L'Oréal bought 8% of its own shares held by Switzerland's Nestlé SA NESN.VX +0.07% .

Most recently, the brothers were hired by Gerard Mestrallet, chief executive of GDF Suez SA, GSZ.FR +0.19% who has worked with Michael since 1995. Mr. Mestrallet said in an interview that he has retained the Zaouis to work on an "important potential deal" for the French power company. He declined to give specifics. A spokesman said the company has publicly stated that it is only interested in small and medium-size deals.

The brothers have a long history in European investment banking. Michael, 57 years old, was the vice chairman of Morgan Stanley's MS +1.13% institutional securities group and of European mergers and acquisitions. Yoel Zaoui, four years his junior, was the co-head of global M&A at Goldman Sachs Group Inc. GS +0.36%

The recent success of their fledgling firm, which employs 10 people, speaks to the popularity of boutique investment banks, founded and staffed by refugees of Wall Street firms.

"With us, all the decisions are made between me and Michael," Yoel said.

The trend is due in part to corporate clients' cravings for personalized service and the problems with large banks following the financial crisis. For investment bankers, working for a small shop can be lucrative. Boutiques can often command the same multimillion-dollar advisory fees that big Wall Street banks get, but the payouts are divvied up among fewer employees.

What helps set Zaoui & Co. apart is that it is a family enterprise. "Two brothers finally…creating their own boutique together," Mr. Mestrallet said. "That's a very amazing story."

The brothers' careers have moved in tandem. Their father was a United Nations civil servant, and the family moved from Morocco to Rome when the brothers were young.

Michael wanted to become an orchestra conductor, Yoel a doctor. When those dreams didn't work out, both went to business school, Michael at Harvard and Yoel at Stanford.

Michael joined Morgan Stanley's investment-banking department in New York in 1986, just as a major M&A boom was getting under way. Yoel joined Goldman two years later on Wall Street.

Following "Big Bang," the deregulation that shook up the insular City of London in 1986, U.S. investment banks expanded their trans-Atlantic reach. Yoel was sent to London in 1989. Michael followed the next year as one of about 10 bankers setting up Morgan Stanley's European M&A operation. For a year, the brothers shared an apartment in London.

One or both advised on many of Europe's largest transactions, including Credit Lyonnais SA's $20 billion sale to Credit Agricole SA in 2003 (Yoel), the $18 billion merger of Guinness PLC and Grand Metropolitan PLC to form Diageo PLC in 1997 (Michael), and Sanofi-Synthelabo SA's nearly $70 billion hostile bid in 2004 for Aventis SA (Yoel and Michael).

The brash styles they cultivated during their years in the U.S. proved effective with some would-be clients.

In 2006, Michael said he flew to Luxembourg on behalf of Morgan Stanley to try to win steelmaker Arcelor as a client after a hostile bid by rival India's Mittal Steel. While trying to persuade the chairman, Joseph Kinsch, to hire Morgan Stanley as sole adviser, Michael suggested the company pay a dividend to shareholders equal to the Mittal bid as a defense tactic. Mr. Kinsch responded: "It's easy for a banker to say. It's not your money."

"With all due respect, Mr. Chairman, it's not yours either," Michael said he shot back. Efforts to reach Mr. Kinsch were unsuccessful.

Michael left the meeting worrying he had gone too far. But Morgan Stanley ultimately won the assignment. At Goldman, Yoel worked for Mittal. The brothers promised their clients that they wouldn't discuss the situation while it was a hostile deal.

Michael departed Morgan Stanley in 2008. Yoel left Goldman Sachs in 2012. They decided to work together for the first time. In the winter of 2012, they started visiting longtime clients. Their pitch boiled down to their financial acumen and the one-on-one attention clients would receive from the brothers, who would personally handle the work.

When PSA Peugeot Citroën was about to undergo a restructuring in February, Robert Peugeot, whose family controls the French auto maker, called Yoel for help. The company already had hired investment bankers, but when it came to the family's stake, Mr. Peugeot said he wanted one person to look after the family's interests.

The company initially planned to raise €4 billion ($5.44 billion) in private capital that would have diluted the family's stake to less than 10%. Yoel pushed instead to turn to the public markets for a portion of the funds and carve off a smaller slice for private investments, a change made halfway through the process that allowed the Peugeot family to maintain a 14% stake. "It was very helpful [for Yoel] to have an open mind," Mr. Peugeot said.

Energized by their recent success, the brothers said they now are looking to return to their investment-banking roots and have started to woo U.S. corporate clients.

"We go well with American CEOs," Michael said.