>>> Uralkali Belarus may renew potash cooperation - US financial press

Uralkali Belarus may renew potash cooperation - US financial press
- Cites Russia's ambassador to Belarus.
- Says believes that joint work should resume.

**Note: On Dec 23rd, the company named a new CEO.
- Also, in late July, the company stopped sales of potash through its Belarus Potash Company (BPC) consortium and this development had a negative impact on global prices.

WSJ : Twitter Rally Picks Up Steam

Twitter Inc. TWTR +4.79% shares have nearly tripled since their initial public offering last month, including an almost 5% gain on Thursday, making the microblogging site's IPO one of the best performing this year.

Investors like Reuben Kressel, 66 years old, of Rego Park, in the New York borough of Queens, are helping to fuel the rise. He bought 500 shares earlier this month when the stock was priced at $52. Mr. Kressel, who doesn't use the site, said he was initially intrigued because many analysts and investors weren't enthusiastic about the stock's prospects, and he wanted to go against the grain.

"Everybody was against it, and every day it was going up," said Mr. Kressel, who follows markets on a daily basis.
Twitter's stock has risen 76% this month and has surged 182% since the San Francisco company's IPO in early November. On Thursday, the shares closed at $73.31, notching another 4.8% rise and a fifth consecutive day of gains.
The company now sports a $39.9 billion market capitalization, ahead of Target Corp.'sTGT +1.25% $39.5 billion market value and Time Warner Cable Inc. TWC -0.53% 's $37.6 billion market cap, according to FactSet. While Target reported third-quarter earnings of $341 million and Time Warner posted a $532 million quarterly profit, Twitter lost money. If it were in the S&P 500 stock index, Twitter would land in the top 20% of biggest companies.
Twitter, which people use to communicate about matters from entertainment to news to their personal lives, hasn't had any big announcements since its Nov. 6 IPO that would necessarily drive trading. The run-up in Twitter's stock has coincided with changes in its products, including a face-lift of its mobile app and the inclusion of photos and videos on a user's main news feed. For advertisers, Twitter has been adding more tools to target specific users and ways to track an ad's effectiveness.
Investors' excitement comes despite a drumbeat of skepticism from stock analysts. Nineteen of the 26 Wall Street analysts that cover Twitter have the equivalent of "hold" or "sell" ratings on it, according to Thomson Reuters.
Analysts have attributed the stock's rise partly to "momentum"—or people buying a stock just because they think others will do the same—and partly to faith in Twitter's future.
"It appears valuation metrics are irrelevant," Blake Harper, an equity-research analyst at Wunderlich Securities Inc. in Baltimore, wrote in a note to clients earlier this week, referring to the stock's price versus measures such as profits, which Twitter lacks, and revenues.
"There's a certain mystique surrounding a company like Twitter, a name recognition that is giving it a boost, or a premium valuation," Mr. Harper said in an interview. "If there's enough people that believe this company is such a great media and tech platform of the future, they're going to buy into it."
A Twitter spokesman declined to comment.
Twitter isn't the only social-media company whose stock is booming. Shares of FacebookInc. have risen 4.7% since the company joined the S&P 500 late Friday. The social network has gained 23% this month and 117% for the year. The Global X Social Media Index, which tracks social-media stocks, is up 65% this year and hit a new high on Thursday.
Twitter is the top-performing U.S.-listed IPO for 2013 among deals that raised more than $100 million, according to data provider Dealogic.
Twitter's rally caps a banner year for IPOs, which had outperformed the S&P 500 through mid-December. On average, companies that went public in the U.S. this year have risen 32% from their IPO price and jumped 17% on their first day of trading, according to Renaissance Capital data through Dec. 13. That makes 2013 the best year for IPO returns since 2004, according to Renaissance data.
Brokers attribute the zest for Twitter both to individual and institutional investors, such as hedge funds and mutual funds.
Frank Davis, director of sales and trading at Lek Securities Corp., credits some of Twitter's recent rise to year-end buying by professionals. "Twitter now is a name people know and has been doing so well that when institutions are reviewing their year-end portfolios they want to be able to go to investors and say they've been in it," he said.
Trading volume in Twitter shares—a sign of interest in the stock—has surged in recent days, with more than 82 million shares changing hands on Thursday. That amounted to more than five times the stock's 30-day average trading volume, according to FactSet. By comparison, overall market volumes have been broadly lower amid the holidays. Thursday, U.S. stock-trading volume hit a low for the year, not counting abbreviated trading sessions.
Rachel Shasha, a self-taught trader in New York who has been trading for the past several years, said she wasn't ready to buy Twitter at the IPO, but once people started becoming more downcast on the stock several weeks ago, she decided it was time to buy.
"Everyone was so bearish, but people use Twitter like there's no tomorrow," said Ms. Shasha, who bought the stock when it traded around $40 a share.
"My original target was $60. I've been slowly exiting since then, but I still have some of my position," she said. "Everyone is starting to chase the stock. I'd rather keep my gains and miss out on some if I have to."
Mr. Kressel, of Queens, said he doesn't expect to own the stock for the long term. Once it drops a few bucks, he says he is going to sell.
"I have my hands on the sell button," he said. "If it goes down, I'm out of here."

(BFW) Pescanova Banks May Take 75% Haircut, Chairman Tells Economista

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Pescanova Banks May Take 75% Haircut, Chairman Tells Economista 2013-12-27 08:13:21.974 GMT

By Manuel Baigorri Dec. 27 (Bloomberg) -- Pescanova creditor banks may have to accept >75% haircut on the company’s debt within 15 days, Chairman Juan Manuel Urgoiti tells El Economista. Urgoiti is also quoted as saying in interview: * If banks don’t accept such a high haircut, Pescanova will have to be liquidated * Rules out entrance of funds in co.’s capital as an alternative * Pescanova to name CEO after talks with banks end * Pescanova may have to restructure its staff, including incentivized layoffs or early retirements * Co. may have to reduce its fleet of 91 vessels * Co. to reach EU100m in Ebitda within 12 months after reaching agreement with banks; Ebitda to reach EU200m in 3-4 yrs; co. is profitable * Rules out sale of significant assets * Link to newspaper’s website: http://www.eleconomista.es

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

To contact the reporter on this story: Manuel Baigorri in Madrid at +34-91-7009647 or mbaigorri@bloomberg.net

To contact the editor responsible for this story: Kenneth Wong at +49-30-70010-6215 or kwong11@bloomberg.net

(BFW) Thales to Grow Security Business in Germany, Obermark Tells FAZ

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Thales to Grow Security Business in Germany, Obermark Tells FAZ 2013-12-27 07:51:34.955 GMT

By Claudia Rach Dec. 27 (Bloomberg) -- Thales recently brought out software for Android smart-phones, tablet computers in Germany that protect confidential information, Frankfurter Allgemeine Zeitung says, citing country head Peter Obermark. * Sales of security unit stand at EU15m vs EU10m in 2011; target is for ~EU200m at end of decade: FAZ * German Thales unit to post EU900m in 2013 sales, little changed from yr ago: FAZ * NOTE: NSA fallout in Europe buoys Google alternatives

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 editor responsible for this story: James Ludden at +44-20-7673-2645 or jludden@bloomberg.net

(BFW) *BOLLORE STAKE IN HAVAS RISES TO 36.67%, FRANCE’S AMF SAYS

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BN 12/27 07:54 *BOLLORE BOUGHT 450,000 HAVAS SHARES ON DEC 20 BN 12/27 07:54 *BOLLORE BOUGHT 200,000 HAVAS SHARES ON DEC 19 BN 12/27 07:53 *BOLLORE STAKE IN HAVAS RISES TO 36.67%, FRANCE'S AMF SAYS

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*BOLLORE STAKE IN HAVAS RISES TO 36.67%, FRANCE’S AMF SAYS 2013-12-27 07:57:06.998 GMT

--JAMES LUDDEN

-0- Dec/27/2013 07:57 GMT

>>> What to look at today

US MArket closed higher, fourth consecutive gain, Tech UP with Apple trading lower, volume were very low @ 410mil shares..TWTR was one of the heavy volume yesterday with 82.5mil, stock was up +4.8%...VIX @ 12.33 -1.2%...Asian markets closed bradly higher on good US perf, and overall upbeat data out of Asia, Nikkei opened higher and reverse move on profit taking (Japan inflation rose, Japan Retail sales better)...chinese indistrial profit increased 13.2% on the year...low valuation of Chinese MArket push investors to buy after profit taking on Tokyo

Eur$ 1.3760 S&P Fut -0.04% European Fut +0.95%

>>> Keep an eye on
- AZN LN : Confirms settlement with Shionogi related to Crestor
- BP/ LN : BP Appeals Order Victims Needn’t Prove Losses Tied to Spill
- DTE GY : Deutsche Telekom Hasn’t Decided If It Wants to Sell TMUS: CNBC
- EDEN FP : EDENRED Expects 2013 EBIT to be negatively impacted by new exchange rate in Venezuela, Expects EBIT to be hurt by €28M and now sees 2013 EBIT at €340-350M.
- FCC SM : FCC Gains Backing to Refinance EU5 Bln of Debt, Cinco Dias Says
- GETIB SS : Bennet Sees Getinge, Elanders Profits Rising in 2014, DI Says
- HPL GY : Hapag Wants CSAV Talks to Spur Hamburg Sued Interest: Abendblatt
- LUN DC : Lundbeck Aims to Reach $1b Revenue in U.S. in 5 Yrs, Borsen Says
- NDA SS : Nordea Sees No Housing Bubble in Sweden, Dagens Industri Reports
- NOK1V FH : Microsoft’s Nokia Deal Said to Face China Limits on Patent Fees
- POP SM : Popular to Offer Service For Higher Income Clients, Cinco Says
- RYA LN : Ryanair Move to Cut Charleroi Airport Revenue by 16%, Echo Says
- RWE GY : RWE AG Cuts capacity by 25.5% at Neurath Lignite power plant
- SAN SM : Santander to Get EU550 Mln For Sale of Altamira, Expansion Says
- SIE GY : Siemens to Start 3D Printing for Gas Turbine Parts, FT Says
- SPIE FP : Spie Shareholders Study Possible IPO, Les Echos Says
- STR AV : Strabag May Consider Entering Milano Serravalle Highway, MF Says
- FP FP : Qatar Petroleum Completes Purchase of 15% stake in Total E&P Congo Stake for $1.6bil
- UNI IM : Unipol to Decide on Ageas Offer for Assets by Mid Jan.: Sole

>>> Asian Update

Asian Market Update: Japan Nov inflation at 5-year highs; China market outperforms the region Fri, 27 Dec 2013 1:04 AM EST

***Observations/Insights*** - The Asian bourses were mainly trading in positive territory following another solid performance out of the US markets and overall upbeat data out of Asia. The Nikkei225 started the session higher while the yen tumbled against the USD and euro. A strong USD tested the 105 yen barrier, the highest since October 2008. Despite the strong USD and overall positive Japan economic data, the Nikkei225 reversed earlier gains on profit taking. - Japan inflation data for November rose for the sixth consecutive month to 1.2% beating expectations and brought Japan closer to the 2% target set by the BOJ. - Japan Nov retail sales came in at the fastest pace since Apr 2012 at 4.0% on the year comfortably beating expectations, while preliminary industrial production data came in at 0.1% less than the 0.4% expected. The government maintained its assessment of industrial output adding that it continues to show upward movement. - China reported industrial profits increased 13.2% on the year, a half percentage point slower than the pace in the prior reading. China stocks rose, along with the Hong Kong market, as low valuations attracted the interest of investors.

***Economic Data*** - (JP) JAPAN NOV PRELIM INDUSTRIAL PRODUCTION M/M: 0.1% V 0.4%E; Y/Y: 5.0% V 5.4%E - (JP) JAPAN NOV NATIONAL CPI Y/Y: 1.5% V 1.5%E; CPI EX FRESH FOOD Y/Y: 1.2% V 1.1%E (largest increase in 5 years; 6th consecutive increase) - (JP) JAPAN DEC TOKYO CPI Y/Y: 0.9% V 0.9%E; CPI EX FRESH FOOD Y/Y: 0.7% V 0.7%E - (JP) JAPAN DEC MARKIT/JMMA MANUFACTURING PMI: 55.2 V 55.1 PRIOR (10th straight month of expansion; highest reading since July 2006) - (JP) JAPAN NOV RETAIL TRADE M/M: 1.9% V 1.0%E; Y/Y: 4.0% V 3.0%E; LARGE RETAILERS' SALES Y/Y: 0.6% V 0.7%E - (JP) JAPAN NOV JOBLESS RATE: 4.0% V 3.9%E; JOB-TO-APPLICANT RATIO: 1.00 V 0.99E (highest reading since Oct 2007) - (JP) JAPAN NOV VEHICLE PRODUCTION Y/Y: 10.2% V 10.1% PRIOR - (JP) Japan investors sold net ¥680.6B in foreign bonds last week vs bought net ¥110.5B in prior week; Foreign Investors bought net ¥838.3B in Japan stocks v bought net ¥619.3B in prior week - (JP) JAPAN NOV OVERALL HOUSEHOLD SPENDING: 0.2% V 1.8%E (3rd consecutive increase) - (CN) CHINA NOV INDUSTRIAL PROFITS Y/Y: 9.7% V 15.1% PRIOR; YTD: 13.2% V 13.7% PRIOR - (JP) JAPAN NOV LABOR CASH EARNINGS Y/Y: 0.5% V 0.3%E - (KR) SOUTH KOREA JAN MANUFACTURING BUSINESS SURVEY: 79 V 78 PRIOR; NON-MANUFACTURING SURVEY: 70 V 72 PRIOR - (PH) PHILIPPINES OCT TRADE BALANCE: +$202M V -$700ME - (TH) THAILAND NOV MANUFATURING PRODUCTION INDEX ISIC Y/Y: -10.6% V -11.4%E - (US) Weekly Fed Balance Sheet Assets Week ending Dec 25th: $3.985T v $3.965T prior; M1: +$5.7B v +$3.7B prior; M2: +$5B v +$17.5B prior

***Fixed Income/Commodities/Currencies*** - USD/CNY: (CN) PBoC sets yuan mid-point at 6.1050 v 6.1156 prior setting (record high setting for yuan) - (JP) Bank of Japan (BOJ) offers to purchase ¥400B in 5-10yr JGB and ¥200B in JGB with maturity over 10-yr

***Speakers/Political/In the Papers*** - (JP) Japan civil service fund reduces JGB allocation - financial press - (JP) Japan steelmakers awarded 6% price cut for coking coal (lowest since Q3 2010) - Japanese press

- (CN) China Ministry of Commerce (MOFCOM) reiterates China 2013 retail sales to rise 13% y/y; sees industrial production up about 9.8% - Chinese press - (CN) China Human Resources: China urban registered jobless rate approx 4.1% by end of 2013 - Chinese press - (CN) China central SOEs Jan-Nov profit CNY1.2T, +7.5% y/y, Rev CNY21.8T, +9.5% y/y - People's Daily - (CN) China national audit office head: to monitor existing government debt risks and new government debt raising - Chinese press - (CN) China sets asset requirements for key shareholders of public funds - Chinese press

- (KR) South Korea releases 2014 policy report: Raises 2013 GDP forecast to 2.8% from 2.7% prior; Cuts 2014 GDP forecast to 3.9% from 4.0% prior - (KR) South Korea reportedly may allow banks to tap up to $10B from fx reserves - financial press - (IN) India PM Singh said to be not interested in a third term - financial press

***Equities*** Market Snapshot (as of 04:30 GMT): - Nikkei225 -0.6%, S&P/ASX -0.1%, Kospi +0.1%, Shanghai Composite +0.9%, Hang Seng +0.3%, Mar S&P500 -0.1% at 1,835, Feb gold -0.1% at $1211, Feb crude oil -0.1% at $99.47/brl

US markets: - TXT: To acquire Beechcraft for $1.4B in cash; +2.2% afterhours

Notable movers by sector: - Materials: Bluescope Steel BSL.AU +1.8% (expansion plans); Kobe Steel; 5406.JP +1.7% (price adjustments) - Healthcare: Takeda Pharmaceutical 4502.JP -5.0% (terminates development for fasiglifam); Beijing Tiantan Biological Products 600161.CN -3.6% (Hepatitis B Vaccine issue) - Technology: Telling Telecommunications 000829.CN +4.7% (awarded license); China Spacesat Co 600118.CN +2.0% (forecasted satellite coverage) - Industrials: China International Marine Containers Group 2039.HK +14.0% (H-share issuance); Dongfeng Motor: 489.HK -3.5% (bond sale delay); China CSSC Holdings 600150.CN +6.6%

FT : Japan investors to use UK-style code

Japan investors to use UK-style code

Investors in Japan will soon be bound by the country’s first code of conduct covering engagement with companies, which should encourage shareholders to challenge executives on thorny matters such as low dividend payouts and a lack of independent directors. From May, any investor owning or managing Japanese stocks will be expected to follow a new seven-point code. The framework borrows heavily from the UK’s Stewardship Code, which was drawn up in 2010 with the aim of stopping directors sanctioning the deals and excessive pay awards that were blamed for fuelling the financial crisis and which has served as a template for similar codes in Canada, South Africa and the Netherlands. Adherence to the new Japanese code – which, as in the UK, will be run on a "comply or explain" basis – should "spur collaboration among domestic investors regarding shareholders’ common interests", said Naoki Kamiyama, chief equity strategist at Bank of America Merrill Lynch in Tokyo. The effort is part of a broad sweep of measures under the so-called third arrow of the government’s ambitious growth programme, which aims to improve the country’s long-term competitiveness through a series of reforms. Related initiatives include an overhaul of the public pension system – under which giant institutions such as the Government Pension Investment Fund have been directed to manage their bond-heavy portfolios more aggressively – and the launch of a new stock index designed to squeeze out unprofitable companies with weak standards of corporate governance. The overarching aim is to haul investors out of the deflationary mindset in which it was "rational" to hold cash and bonds and to accept feeble returns from equities, said Tomoyuki Furusawa, director of the policy and legal division at the FSA. Excitement over the programme, which also includes radical monetary and fiscal stimulus, has drawn a record $142bn of foreign investment into Japanese stocks this year, helping the benchmark Nikkei 225 stock average beat every other developed market this year in local currency terms. "We are trying to jump from one equilibrium to another, so the whole financial system needs to prepare," said Mr Furusawa. The first draft of the new Japanese code – published for comments by the FSA on Thursday – differs from the UK code in a couple of respects. Principle five of the UK code, requiring investors to be willing to take part in collective actions "where appropriate", is likely to be replaced in Japan by a milder principle requiring investors to engage with each company based on a "deep understanding", exchanging views with other investors if necessary. There is also no definition of the "major items" on which investors will be expected to disclose the way they voted. Still, Toshiaki Oguchi, executive director of Go Japan, an activist group, and one of 13 members on the FSA’s advisory council, said the Japanese version was remarkable because it started from the assumption that stronger corporate governance could lead to a more vigorous economy. For Japan, where many companies routinely put the interests of shareholders behind those of lenders, customers and suppliers, this is a big departure, he added. "Japan has a history of recognising activists as ‘bad guys’. But constructive engagement is a good thing, for both investors and companies and society as a whole. This is a positive change of mind."