WSJ : FCC Advances New Broadband Rules

FCC Advances New Broadband Rules Proposed Rules Would Allow Paid Deals Between Broadband Providers, Content Companies

The Federal Communications Commission advanced new Internet rules that would ban broadband providers from blocking or slowing down websites, but allow them to strike deals with content companies for preferential treatment.

The commission voted 3-2 along party lines to advance the proposal, the creation of Chairman Tom Wheeler, which also invites input from all parties on a host of issues, including whether broadband should be reclassified as a public utility, which would subject it to far greater regulation.

Democratic commissioners Jessica Rosenworcel and Mignon Clyburn joined Mr. Wheeler in voting to advance the notice of proposed rule-making, which will now be open to public comment for 60 days, followed by another 60 days for replies.

Mr. Wheeler emphasized his view that the rules are the fastest way to ensure that the Internet remains open and also address legal issues raised by courts that have struck down two past FCC attempts to write the regulations.

"There is one Internet. It must be fast, it must be robust, and it must be open," he said. "The prospect of a gatekeeper choosing winners and losers on the Internet is unacceptable."

Reclassifying broadband is the route preferred by many advocates of net neutrality, the concept that all Internet traffic should be treated equally. Net neutrality proponents are unlikely to be satisfied with Mr. Wheeler's approach, and will do their best in the coming months to convince him to ban broadband providers from charging tolls for their fastest lanes.

The commission voted in front of a packed meeting room, including four protesters who were carried out by security after loudly interrupting the meeting to advocate for reclassification. Ms. Rosenworcel voted to advance the proposal, but noted her opinion can still change and that she wasn't happy with the rush to vote.

"So I support network neutrality, but believe the process that got us to that point is flawed," she said.

Mr. Wheeler's hope is to complete a set of rules for a vote by the end of the year. Mr. Wheeler has indicated that he is still open to changing his plan, especially if the public backlash against it continues.

Republicans and the broadband providers have promised to wage a fierce war against broadband reclassification all summer. The broadband providers have signaled that they can live with Mr. Wheeler's approach as drafted, while congressional Republicans are firmly against any net neutrality rules.

Republican Commissioner Michael O'Rielly said reclassifying broadband would be a serious mistake and argued that paid prioritization deals are inevitable and shouldn't be banned.

"Prioritization is not a bad word. It is a necessary component of reasonable network management," Mr. O'Rielly said.

Democrats are largely in favor of net neutrality but still divided on the best approach, with a few favoring reclassification and others still on the fence. Mr. Wheeler's approach also has found favor with some Democrats who worry reclassification would kill investment in broadband deployment.

Observers expect unprecedented engagement during the comment period, but it remains to be seen how much the final proposal shifts from what Mr. Wheeler has already proposed. While Ms. Rosenworcel supported the proposal, she will be watched closely throughout the process.

Mr. Wheeler's proposal assumes a strong FCC would aggressively police deals between providers and content companies, but it has drawn a great deal of pushback from advocates of pure net neutrality, some of whom showed up at the beginning of Thursday's meeting and were escorted out of the building by security guards.

Bouygues 1Q Rev. EU6.84b vs Est. EU6.56b

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

Bouygues 1Q Rev. EU6.84b vs Est. EU6.56b 2014-05-15 15:53:58.522 GMT

By Sam Chambers May 15 (Bloomberg) -- 1Q Ebitda EU136m vs est. EU226m. * 1Q net EU285m vs restated loss EU42m y/y * This yr’s 1Q net includes EU240m net capital gain on sale by Colas of stake in Cofiroute; excluding exceptional items, co. would have had 1Q net loss EU56m, Bouygues says * Conf. call 6:30pm CET, +44-203-367-9456 * Statement

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

To contact the reporter on this story: Sam Chambers in London at +44-20-7673-2021 or schambers7@bloomberg.net To contact the editors responsible for this story: James Ludden at +44-20-7673-2645 or jludden@bloomberg.net Jim Silver

RTR- Sweden's finance minister says ready to hear Pfizer out on Astra bid

Sweden's finance minister says ready to hear Pfizer out on Astra bid

May 15 (Reuters) - Swedish Finance Minister Anders Borg said on Thursday he was ready to meet management of U.S. drug firm Pfizer about its bid to buy British rival AstraZeneca, which has sizable operations in Sweden.

Borg, as well as Prime Minister Fredrik Reinfeldt and opposition leader Stefan Lofven fear the $106 billion bid would lead to job losses in Sweden. Astra, which has rejected the bid, employs some 5,900 people in Sweden.

"It's up to them if they want to get in touch with us. We don't want to lend legitimacy to their bid," Borg told reporters. "But if they contact us, we would of course see them and hear what they have to say."

Enterprise Minister Annie Loof told Swedish television that she would have met Pfizer Chief Executive Ian Read on Thursday in Sweden but that he had cancelled the meeting.

Pfizer management had declined an invitation from the Social Democratic party to participate in a hearing in Sweden's parliament on its plans for Astra's production and research in Sweden, Mikael Damberg, a Social Democratic lawmaker, told news agency TT.

Earlier this week Pfizer's CEO faced two days of parliamentary questioning in Britain, where the firm has promised to keep a fifth of its combined research staff for five years if the deal goes through.

Pfizer has made no such commitments regarding staff in Sweden.

>>> Hayman Capital - 13F - EXXI, AEO, VZ, GM, NRG

Hayman Capital (Kyle Bass) discloses updated portfolio positions in 13F filing: New 2.7 mln share position in EXXI, new 2.6 mln share position in AEO

Highlights from 2014 Q1 filing as compared to 2013 Q4 filing:
  • New positions in: EXXI (~2.7 mln shares), AEO (~2.6 mln), VZ (~2.1 mln)
  • Increased positions in: GM (to ~7.2 mln shares from ~4.7 mln shares)
  • Closed positions in: NRG (~3.0 mln shares)

WSJ : Israeli Startup Touts a Credit-Card-Hack Warning System

With credit-card fraud and financial-data theft rising alarmingly around the world, an Israeli fraud-watchdog startup says it can tell you when your credit-card details have been stolen by hackers—pretty much in real time.

BillGuard, a company that makes a monitoring app that surfaces erroneous or disputed merchant charges on consumers’ credit cards, is adding a hacker-breach notification system to its offering.

British police this month said that seven out of 10 fraud cases in the U.K. are now classified as cyber crime.

Established in August 2010 in Israel by army veterans, BillGuard analyzes millions of credit-card transactions conducted by its 500,000 users.

The analysis takes place on the company’s read-only analytics engine, and is fed by data from users’ accounts. The accounts are linked to online credit-card statements and bank accounts from thousands of financial institutions in the U.S. and Canada. The idea is that when enough people flag or complain about a particular charge from a specific vendor, that data is surfaced and an alert is sent out to the users and to the vendor.

The company has had success in flagging these “gray charges”—small amounts of money siphoned off credit cards by merchants for deceptive, hidden or fraudulent sales and billing practices, like ghost renewal of subscriptions and cost creep.

The app’s user interface works a bit like dating app Tinder: swipe right for an approved charge, swipe left to disapprove of a charge. Like another Israeli crowdsourced app, the navigation engine Waze, BillGuard’s information is more accurate the more users are on its system.

The company is now adding a hacker-breach layer to the existing system. The breach-notification system will work in much the same way as the gray-charges system. Working in tandem with its app, the company scours a huge merchant database for sentiment analysis and complaints about gray charges.

But when it comes to cyber breaches of credit cards, there is another level of complexity at play: Many companies either don’t know they’ve been breached or, if they do know, don’t want to report it quickly, opting to minimize their data loss while managing their reputations. This can leave consumers high and dry as criminals resell their credit-card data to others.

Hackers who want to sell credit-card information to criminals usually charge their victim’ credit cards with a small amount to show buyers that the stolen cards are valid.

BillGuard thinks that if it can detect signals of those charges, which could indicate a hacker breach, before a compromised vendor even knows it has been breached.

Usually, BillGuard informs vendors when users flag their charges, and waits for the vendor’s response.

The company’s founder and chief technology officer, Raphael Ouzan, says that when it comes to hacker breaches, BillGuard will give merchants “an acceptable length of time, say under one week” to disclose the breach before notifying the authorities.

Ouzan started the company on the day he was discharged from the Israeli army. Its investors include the founders and CEOs of Google, PayPal, Verisign and Sun Microsystems. The company is now expanding globally, launching in Canada in April, and is scheduled to launch in Australia and the U.K. next. Its data-aggregation partner is Yodlee, which provides services for major U.S. and Canadian banks.

(Challenges) Luxury real estate explodes and goes everywhere ... even in Paris

Luxury real estate explodes and goes everywhere ... even in Paris

Link to Translation : {http://bit.ly/1lu5TNF}
Link to French Original Article : {http://bit.ly/QMPM5c}

A study by Daniel Féau network, rich snapped again apartments to more than one million in the most listed cities.

The luxury goods market has exploded in number and prices in major big cities, with the exception of Paris and Hong Kong, says the study by the international network of luxury real estate Daniel Féau with Christie's International Real Estate.

This exponential growth is found everywhere, says the specialist, including the United States, where the general trend is very strong.

San Francisco arrived in 2013 and the head with a boom above the million sales by 62% (to achieve this international study, the figure of a million was used to define the high-end market). As the prices of apartments and mansions of international standard in the Californian city, they climb 17.2%.

"This surprising increase is explained by the development of the local economy due in particular to the Silicon Valley as well as the very rapid rise in the number of buyers 'Generation Y', enriched by the development of high-tech enterprises" says the study. Using the term 'Generation Y', the study implies that buyers of luxury property have more than 35 years!

Los Angeles in the second position

Los Angeles is second in the ranking of highest increases with 40% for the number of sales. On the evolution of prices over 12 months up by the city against the first place.

Sydney is located on the third place for both the number of products sold (= 29%) and price increases (+13%).

Followed by Miami (27%), New York (22%), London (20%) and Toronto (4%). The two cities are Paris, which fell (-7.5%) and Hong Kong (-15%). Paris also recorded a decline in prices of 9.8% while Hong Kong climbed 9.7%. (Lower prices of the French capital relates to property whose value exceeds € 2 million).

(APW) Putin Says Ukraine Must Pay Cash for Gas in June


Putin Says Ukraine Must Pay Cash for Gas in June
2014-05-15 14:53:22.219 GMT


By VLADIMIR ISACHENKOV
     Moscow (AP) -- Russia has ratcheted up pressure on Ukraine,
with President Vladimir Putin saying in a letter released
Thursday that it only will deliver gas to its struggling
neighbor next month if it pays in advance.
     Putin first warned of the move in April in a letter to
European leaders whose nations are customers of Russian state-
controlled Gazprom natural gas giant. He said that Moscow would
switch to pre-paid deliveries if Ukraine, which serves as a
major conduit for Russian gas supplies to Europe, failed to
start settling its mounting gas debt.
     In the second letter released by the Kremlin Thursday,
Putin said that a meeting involving Russian, Ukrainian and the
European Union officials has failed to settle the issue. He said
that Ukraine's gas debt to Russia has kept rising and reached
$3.5 billion, even though Ukraine has received $3.2 billion
bailout from the International Monetary Fund.
     "Given the circumstances, the Russian company has issued an
advance invoice for gas deliveries to Ukraine, which is
completely in accordance with the contract, and after June 1 gas
deliveries will be limited to the amount prepaid by the
Ukrainian company," Putin said in the letter.
     The move is part of Russia's efforts to retain control over
its struggling neighbor, which has been teetering on the verge
of financial collapse and facing a mutiny in the east, where
pro-Russian separatists seized administrative buildings, fought
government troops and declared two regions independent following
Sunday's referendum.
     In his letter, Putin sought to cast the move as a purely
economic decision, saying that Russia is "still open to continue
consultations and work together with European countries in order
to normalize the situation."
     "We also hope that the European Commission will more
actively engage in the dialogue in order to work out specific
and fair solutions that will help stabilize the Ukrainian
economy," he added.
     Ukraine has said it could start paying off the debt if
Moscow restores the gas discounts canceled following the ouster
of pro-Russian President Viktor Yanukovych. He fled to Russia in
February after months of protests, triggered by his decision to
dump a pact with the EU in favor of closer ties with Moscow.
     Gazprom has scrapped a discount granted to Yanukovych in
December and then another rebate linked to a 2010 deal on
Russian navy presence in Ukraine's Crimea, which Moscow annexed
in March. Canceling the discounts raised the price by 80
percent, which has quickly swelled the Ukrainian debt.
     A possible halt in gas supplies could affect European
customers as it did during previous pricing disputes, when
Ukraine siphoned Russian gas intended for Europe. However, the
threat of a halt in supplies comes in the summer, and the impact
would likely be far less severe than a January 2009 shutdown
that left European customers freezing amid a harsh winter.
Gazprom also has built a new pipeline bypassing Ukraine and
increased the capacity of existing ones.

-0- May/15/2014 14:53 GMT

(BN) Barclays Trading Error Is Said to Have Spurred U.S. Stock Swings


Barclays Trading Error Is Said to Have Spurred U.S. Stock Swings
2014-05-15 14:54:07.973 GMT


By Sam Mamudi
     May 15 (Bloomberg) -- A trading error at Barclays Plc this
week caused split-second swings in dozens of U.S. stocks
including AOL Inc. and Caterpillar Inc., according to people
familiar with the matter.
     Barclays moved the prices of some shares on May 13 after
orders tied to the close of trading were incorrectly entered,
causing the transactions to be executed immediately, the people
said. Barclays clients weren’t affected financially by the
error, according to one person, who asked to not be identified
because the details haven’t been made public.
     Kerrie Cohen, a spokeswoman for London-based Barclays,
declined to comment.
     The mistake whipsawed companies such as AOL, Caterpillar,
Nabors Industries Ltd. and Nasdaq OMX Group Inc. According to
Winnetka, Illinois-based Nanex LLC, which tracks trading
disruptions, at least 28 stocks were affected, with AOL moving
the most: a decline of 11 percent. Within a second, prices
largely returned to where they’d been before the error.
     After reviewing the situation, stock exchanges canceled
some AOL transactions. All other trades were left intact.
     Erroneous equity orders and their impact on markets have
received heightened scrutiny since Knight Capital Group Inc. was
pushed to the brink of bankruptcy when a computer program went
haywire and bombarded exchanges with orders in August 2012. Last
year, U.S. Securities and Exchange Commission Chairman Mary Jo
White told U.S. market operators to review their rules for
canceling transactions.
     Caterpillar, which had been trading around $107.12, jumped
to an intraday high of $108.21 within a second at 3:49 p.m. New
York time on May 13, before sinking back to where it had been.
More than $11 million worth of shares changed hands at the
elevated levels, according to data compiled by Bloomberg. AOL
sank to $32.77, a new low for the day, from around $36.85 at
about the same time as about $10 million of shares changed
hands. Prices also quickly snapped back.
     Other companies with noticeable moves at the same time
include Western Union Co., Marathon Petroleum Corp., Canadian
Natural Resources Ltd., Avery Dennison Corp. and Lorillard Inc.

For Related News and Information:
Split-Second Lurches Affect Stocks From AOL to Caterpillar
NSN N5JBJ16K50YJ<GO>
Stock Markets Had a Rough Second at 3:49 Yesterday: Matt Levine
NSN N5KZUA6JIJVQ<GO>
U.S. Robots Make Speedy Trades With Speedy Mistakes: QuickTake
NSN N41ADR43C0HW<GO>
News on market structure: NI MKST <GO>
Market volume snapshot: MVS <GO>
Market fragmentation analysis: FRAG <GO>

To contact the reporter on this story:
Sam Mamudi in New York at +1-212-617-1761 or
smamudi@bloomberg.net
To contact the editors responsible for this story:
Nick Baker at +1-312-443-5942 or
nbaker7@bloomberg.net
Chris Nagi

(BFW) Orange, Bouygues Telecom Unions Call for Merger in Joint Letter...


Orange, Bouygues Telecom Unions Call for Merger in Joint Letter
2014-05-15 14:39:02.72 GMT


By Marie Mawad
     May 15 (Bloomberg) -- Representatives of union CFE-CGC at
Orange and Bouygues Telecom say carriers should merge to save
jobs, in joint letter to French Prime Minister Manuel Valls.
  * Orange-Bouygues Telecom combination “would make sense,”
    generate “industrial synergies”: unions
  * Letter published in e-mailed statement from unions at the
    two companies
  * ADEAS, an association for employees who are shareholders,
    also signed letter
  * NOTE: France Seeks More Phone Mergers at Home, Alliances in
    Europe NXTW NSN N3T0AE6S9734 <GO>
  * NOTE: Bouygues Telecom/Iliad Merger Now a Real Possibility,
    JPM Says NXTW NSN N4XPM56JTSE9 <GO>
  * NOTE: Bouygues Telecom May Cut Up to 2,000 Jobs: Figaro
NXTW NSN N5FH6E6K50Y7 <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:
Marie Mawad in Paris at +33-1-5530-6290 or
mmawad1@bloomberg.net
To contact the editor responsible for this story:
Kenneth Wong at +49-30-70010-6215 or
kwong11@bloomberg.net

>>> Tremblant Capital - 13F - SPLS, LGF, RHT, PG, FTNT, S, ADT, KMI

Tremblant Capital disclosed updated portfolio positions in 13F filing earlier today: New 5.1 mln share position in SPLS, closed 4.9 mln share position in Sprint (S)

Highlights from 2014 Q1 filing as compared to 2013 Q4 filing:
  • New positions in: SPLS (~5.1 mln shares), LGF (~1.4 mln)
  • Increased positions in: RHT (to ~2.4 mln shares from ~1.3 mln shares)
  • Decreased positions in: PG (to ~3.5 mln shares form ~7.8 mln shares), KMI (to ~255k from ~2.1 mln), FTNT (to ~3.0 mln from ~4.5 mln)
  • Closed positions in: S (from ~4.9 mln), ADT (from ~1.8 mln)