(BFW) SocGen Made Improper Payments to Qaddafi Associate, LIA Says

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SocGen Made Improper Payments to Qaddafi Associate, LIA Says 2014-03-31 07:34:30.103 GMT

By Kit Chellel March 31 (Bloomberg) -- The Libyan Investment Authority said Societe Generale paid bribes of about $58 million to a family friend of the country’s former ruler in relation to investments at the center of the sovereign wealth fund’s $1.5 billion U.K. lawsuit against the French lender. * LIA today released further details and court documents from lawsuit filed in London Mar. 7 NSN N234V76TTDS9 <GO> * SocGen paid Panama-based co. controlled by Walid Giahmi, a friend of Muammar Qaddafi’s son Saif, for advisory services that weren’t needed, LIA said in statement * LIA seeking to have loss-making investments made between 2007 and 2009 declared void because of “acts of bribery and corruption,” according to statement * LIA chairman AbdulMagid Breish: “This claim, together with the one against Goldman Sachs that was initiated in January 2014, reflects the desire of the LIA’s new board of directors to redress previous wrongs and seek the recovery of these substantial funds as it seeks to invest and generate wealth for the people of Libya.” * Three spokesmen for SocGen in France didn’t immediately respond to an e-mail seeking comment. * NOTE: Libya Fund Says Goldman Made $350 Million on ‘Worthless’ Trades NSN N07TX26K50ZE <GO>

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To contact the reporter on this story: Kit Chellel in London at +44-20-7392-0668 or cchellel@bloomberg.net To contact the editor responsible for this story: Anthony Aarons at +44-20-7673-2227 or aaarons@bloomberg.net

(BFW) European Chemicals 1H Outlook ‘Cautious’ on FX, EMs, Nomura Says

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European Chemicals 1H Outlook ‘Cautious’ on FX, EMs, Nomura Says 2014-03-31 06:52:19.231 GMT

By Chiara Remondini March 31 (Bloomberg) -- European chemicals cos. seeing similar trends in 1Q vs 4Q incl. improving volumes, worsening FX, Nomura says in note after its March 27-28 chemicals conference. * Nomura says cos. generally “cautious” on start of yr; key issues: FX, weather, stabilizing EU, EMs slowdown * Europe at low but steady level, China slowing but strong, U.S. “well oriented” * Akzo Nobel confirmed European deco has improved vs easy comparables, mild winter helping deco business * Arkema sees better automotive demand, no improvement in construction, still weak demand in coatings * Animal nutrition demand in EU better vs last yr on lower grain prices * FX headwinds “clearly” worsened in 1Q, Russia crisis not seen as risk yet * Most cos. under coverage have small rev. exposure (1%-2% of sales) to Russia; BASF has higher risk as 25% of its oil production, 62% of gas production was in Russia last yr * Cos. noted impact of cold weather in North America, mild winter in Europe * North America delays offset by strong start in EU * K+S “clearly positive” on potash after early start to season in Europe, price increases for MOP; Yara sees similar pickup in prices for nitrates * Syngenta: 1Q weather impact will probably be minimal, early Europe planting season offsetting cold weather in North America

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To contact the reporter on this story: Chiara Remondini in Milan at +39-02-8064-4241 or cremondini@bloomberg.net To contact the editors responsible for this story: James Ludden at +44-20-7673-2645 or jludden@bloomberg.net Jurjen van de Pol

(Challenges) Stratobus the incredible airship drone mid-mid-satellite

Link to Google Translation : {http://bit.ly/1kfGgRy}
Link to French/ Original Article : { http://bit.ly/1hqotI0}

Stratobus the incredible airship drone mid-mid-satellite

Thales and Finmeccanica have teamed up to develop this machine capable of flying at 20 km altitude. It could be launched in 2020.

Really an airship, not a satellite and definitely not a drone. The project Stratobus Thales Alenia Space, a joint venture between the French Thales and Italian Finmeccanica , is a challenge to all classifications. The concept, however, is quite simple: it sets airship 70-100 meters long and 20-30 meters in diameter, is thought to evolve about 20 km altitude, and conduct missions telecommunications, observation, weather, marine or industrial with its payload of 200 kg surveillance.

"The technical challenge is to keep it in position while the wind at this altitude reaches 90 km / h, says Jean-Philippe Chessel, Project Manager at Thales Alenia Space. Propulsion, which consists of an electric motor, s' adapt to the wind. "

"Stratobus is complementary to satellite"

Why Thales Alenia Space, a world leader in satellite, was it launched this project? The group ensures not fear cannibalization of its historic features. "Stratobus is complementary to the satellite, says Jean-Philippe Chessel. It allows cover 200km, when a satellite covers a continent. It also has the advantage of being able to disseminate information in real time on an area, while satellites LEO revolve around the earth and fly over the area intermittently. "

In fact, the two devices have nothing to do. At 20,000 feet above sea level, the airship above the air traffic, but well below the low-orbit satellites (300 km to 2,000 km) and further satellites in geostationary orbit (36,000 km). The ball goes up on its own to its final altitude without needing caster. When he takes € 250 million to launch a satellite between the construction, launch, insurance and segment-neck, Thales Alenia Space provides the investment to send an airship has "tens of millions of euros ". A substantial advantage even if the life of the machine is still shorter than that of the satellites (5 against 15 years).

Stratobus is also very different from drones, which involve a télépilotage by an operator, a takeoff and landing, and the permanence of area requires multiple copies. The airship can however be assigned to military missions, such as telecommunications, illumination of targets or monitoring theaters, to a much lesser that the drone or satellite cost. In case of severe storm, the ball will obviously come down to a calmer altitude and up when weather conditions are more favorable.

A design that lasted 2 ½ years

Thales Alenia Space and its partners Airbus Defence & Space, Zodiac Marine, CEA-Liten but CNES, ONERA or Air Liquide has completed the design study, which lasted two and a half years. Thales Alenia Space believes that the development of the platform will take about 5 years, which would launch the first machine series in 2020-2022 horizon. Technical barriers remain consistent: we must develop particular tissue envelope of the airship, carbon fiber.

The partners are also working to limit the size of photovoltaic panels to limit the weight of the machine five tons: Thales has filed a patent on a technology to amplify the sunlight, the reflection in the balloon, and the focus for the equivalent of three suns. "This is a technology course that we are the only ones to have crossed yet," says Jean-Philippe Chessel.

Industrial ensures that the business model is robust. The development of the machine requires between 300 and 500 million euros. The production line is adapted for assembling a platform month. "The market is hundreds of machines," said Jean-Philippe Chessel, which calculates the return on investment could be only two years.

The project reminds Loon Google program, developed by the secret laboratory Google X, which aims to offer internet access in the most remote areas of the planet with balloons 15 meters in diameter. But Thales emphasizes that these items are not fixed as Stratobus, and they are far from displaying the same autonomy. After Star Wars, war balloons?

(NYPost) Spotify faces challenge from Internet giants before IPO

Spotify faces challenge from Internet giants before IPO
Spotify has a target on its back.
With sales of music downloads slipping into decline, big guns like Google, Apple and Amazon are taking aim at the streaming music upstart as it eyes an initial public offering, possibly in the fall.
First up, Google’s YouTube is prepping a Spotify-style subscription music service this summer as part of a redesign of the popular online video hub, sources told The Post.
After several delays, YouTube’s relatively new boss, Susan Wojcicki, is poised to launch the service through its Music Pass app for Android mobile devices, according to sources.
The subscription service would be Google’s second grab at the all-you-can-eat music market. Google Play, its two-year-old online entertainment store, already offers an All Access offering that competes with Spotify, Pandora and other streaming services.
YouTube’s Music Pass will likely charge $10 a month for a commercial-free option — on par with Spotify’s paid service — and $5 a month for an ad-supported version, one source said.
The YouTube service will allow customers to keep playing music while they toggle between e-mail and other apps, according to the source.
Considering YouTube’s huge user base — more than 1 billion unique visitors a month — Spotify has reason to be nervous.
“We’re always working on new and better ways for people to enjoy YouTube content across all screens, and on giving partners more opportunities to reach their fans,” a YouTube spokeswoman said. “However, we have nothing to announce at this time.”
And Google isn’t the only one ramping up the competition with Spotify.
Apple is said to be in talks with record labels over launching a streaming subscription offering under its iTunes brand. The so-called Spotify killer would be in addition to its iTunes Radio service.
“Apple is further along than people are thinking,” said an industry source. “They have technology in place and can flip the switch at any time.”
Apple recognizes that the global music business is at a tipping point.
Digital download revenue fell 2.1 percent, to $3.9 billion, in 2013, while streaming sales jumped 51 percent, hitting $1 billion, according to the latest stats from music industry group IFPI.
“Downloads are declining,” Jeremy Silver, chairman of music and social measurement firm Musicmetric, told The Post. “Very much it’s an indication of the mobile music market and a customer who wants on demand music at a great price.”
Amazon is also reportedly in talks with music labels about a streaming service for its Prime subscribers.
The record labels are encouraging the proliferation of streaming music services. The roughly $120 a year that a consumer spends for a subscription is far more lucrative than the occasional album purchases most people make annually.
So it’s no surprise that Spotify is also fighting off land grabs from Jimmy Iovine’s Beats Music, which has spent millions on advertising and has signed up 28,000 new users in its first free month, according to Bloomberg News.
Anthony Bay, the CEO of Rdio, which has an alliance with Cumulus stations to help boost its subscription music service, told The Post: “It’s very early days for music streaming. There are over 1 billion mobile users and 30 million music subscribers in the world.”
Spotify declined to comment.

>>> Statoil acquires 25% equity in BM-ES-22A concession in Espírito Santo Basin

Statoil acquires 25% equity in BM-ES-22A concession in Espírito Santo Basin offshore Brazil from Vale SA

Statoil has received formal approval to enter the São Bernardo discovery in Espírito Santo. The discovery further strengthens Statoil's belief in the oil potential in the basin.

On 19th March, Agência Nacional do Petróleo, Gás Natural e Biocombustíveis (ANP) approved Statoil’s acquisition of Vale SA’s 25% equity in the BM-ES-22A concession in the Espírito Santo basin offshore Brazil.

The concession contains the São Bernardo oil discovery made in April 2013. The discovery strengthens Statoil’s position in the basin and the view of its prospectivity.

Two reservoir levels with 34 – 36 API oil were proven by the well. The discovery is currently being appraised by the drilling of the Montanhês well.

“The São Bernardo discovery demonstrates that the Espírito Santo basin has an exciting oil potential and further confirms the established and new geological play model in the basin,” says Tim Dodson, executive vice president for Exploration in Statoil.

The strategy to enter into the BM-ES-22A concession was based on the result of the adjacent Indra discovery made in 2010.

In 2012 the Arjuna well was drilled as an appraisal of the Indra discovery and proved that this accumulation extends into BM-ES-22A, from the adjacent block BM-ES-32.

The well found an oil column of 200 meters, and a production test confirmed presence of a good quality reservoir with 29 API oil.

“With these discoveries and the 11th licencing round awards last year, Statoil has further deepened its position in this emerging oil play as we indicated at our capital market update in February. We are very well positioned for the upside,” adds Dodson.

BM-ES-22A comprises the two Blocks ES-M-468 and ES-M-527. Petrobras is the operator with 75% equity and Statoil holds a 25% share. It is located in the outer Espírito Santo basin and is partially adjacent to the BM-ES-32 concession where Statoil is partner.

The transaction supports Statoil’s exploration strategy of deepening positions in the core exploration areas.

“The new licence is another building block for further value creation. We look forward to working closely together with the operator in the appraisal and further development of the asset," says André Leite, acting country manager for Statoil Brazil.

An appraisal plan for the São Bernardo discovery was approved by the ANP in January 2014. Statoil is also currently preparing for the acquisition of 3D seismic data, which is estimated to start during the second quarter of 2014 on the blocks awarded in the 11th Round.

In addition to a diverse exploration portfolio in Brazil, Statoil operates the Peregrino field in the Campos basin, which came on stream in April 2011.

Statoil is currently the largest international operator in the country. Statoil is also operator of some of the world's largest oil and gas discoveries over the last couple of years and has a strong safety and environmental record.


Source Company Press Release

FT : Private equity bonanza fails to materialise

Private equity bonanza fails to materialise

The holy trinity of abundant credit, buoyant stock markets and mounting cash piles in buyout funds has not yet translated into a bonanza of private equity deals.
Volumes of private equity transactions shrank 11 per cent, to $82bn, in the first quarter, compared with the same period a year earlier, according to data compiled by Mergermarket.

In the US, deal volumes fell 37 per cent against the first quarter of 2013, when activity was boosted by the $20bn leveraged buyout of Dell and the acquisition of Heinz. In Europe, volumes were down 5.7 per cent from an already low level a year earlier.
“Even though a lot of private equity groups are focused on putting money to work, there’s been fewer primary deals than people had hoped for,” says Harry Hampson, head of financial sponsors at JPMorgan in Europe. “That said, corporates are doing more acquisitions that will likely in turn lead to disposals and that should present opportunities for buyout funds.”
Ironically, by rushing to take advantage of high valuations on the stock markets to list companies and return cash to investors, the private equity industry has deprived itself of deal flow from so-called secondary buyouts – especially in Europe. For example, Carlyle is leaning towards a partial exit of Spanish certification company Applus through an initial public offering in Madrid, despite receiving an offer from BC Partners for 100 per cent of its shares.
The two largest private equity deals in the first quarter were not led by traditional buyout fund managers. Singapore’s investment agency Temasek bought a $5.7bn direct stake in AS Watson, while Starr Investment, a unit of Hank Greenberg’s insurance group, and Swiss-based fund manager Partners Group, acquired Multiplan from BC Partners, in a $4.4bn transaction.
But the pipeline of new deals is growing, says Alasdair Warren, head of European financial sponsors group at Goldman Sachs.
“As corporates look to deploy capital, we also expect they will start rationalising their own asset portfolios,” he argues. “There’s a lag effect of probably 6 months, but then the number of opportunities for private equity should improve.”

FT : SocGen accused over Libya deals

SocGen accused over Libya deals

The Libyan Investment Authority has accused Société Générale of helping to funnel bribes worth tens of millions of dollars to close associates of Saif al-Islam, the son of former Libyan leader Muammer Gaddafi.
The claim was made in a $1.5bn lawsuit filed against the French bank in London’s High Court.

SocGen said it planned to contest the legal claim against it, which it considered “groundless and without substance”.
The LIA alleges that SocGen paid at least $58m to Leinada, a Panamanian-registered company for advisory services related to $2.1bn of derivative trades that the Libyan sovereign wealth fund entered into with SocGen between late 2007 and 2009.
According to the LIA’s legal filing – seen by the Financial Times – it claims that Leinada did not have the expertise in advising or structuring such deals. A spokesman on behalf of Leinada told the FT: “The case is without merit.”
The suit comes as the US Securities and Exchange Commission has been looking into whether US financial institutions made inappropriate payments to officials for access to the LIA. The DoJ has joined the widening investigation to examine the use of “placement agents” to conduct deals in the North African country.
Earlier this month, Och-Ziff, the US hedge fund, warned that it could face a hit to its financial results from a DoJ investigation into alleged corruption in Libya before the fall of Col Gaddafi.
In the years leading up to the Libyan revolution, SocGen, along with other leading financial groups did big business with Col Gaddafi’s Libya in deals that rarely benefited the North African state’s lumbering $60bn sovereign wealth fund, but generated lucrative fees for the banks.
The LIA claims to have suffered heavy losses in the deals with SocGen and is seeking to have the trades voided, to recoup the money allegedly paid to Leinada and to be awarded damages for the alleged fraud.
In January, the LIA filed a lawsuit against Goldman Sachs in London’s High Court over allegations that the investment bank “exploited” the fund’s limited financial experience, forcing it into risky and ultimately lossmaking investments. A Goldman Sachs spokesperson in January told the FT that the company thought the claims were without merit and would defend them vigorously.
The LIA is attempting to rebuild its reputation and to recoup some of the huge sums it lost on investments made through western financial institutions. It is now pledging greater accountability and transparency for the Libyan people.
AbdulMagid Breish, chairman of the LIA since June 2013, said: “This claim, together with the one against Goldman Sachs that was initiated in January 2014, reflects the desire of the LIA’s new board of directors to redress previous wrongs and seek the recovery of these substantial funds as it seeks to invest and generate wealth for the people of Libya.”
He added: “The former Libyan regime left behind many challenges in its wake. The LIA is resolved to address these challenges, and to develop a new strategy for the future. The board has embarked on a short to medium term transformation programme to strengthen the LIA and to enhance its corporate governance in accordance with best practices, enabling the institution to invest wisely for the future.”

>>> What to look at today (& this week end) - 31/03/2014

US Market closed Higher, Biotech remained volatile...Volume were on the light side @ 620mil shares...VIX @14,41 -1,44%...
Telco (+1,81%), Utilities(+1,69%), Oil&GAs(+1,59%) were best performers this week Technology(-2,66%) Consumers Services(-2,52%), Healthcare(-2,32%) & Financials (-1,50%)were worst...With anticipated drop-off in consumption going into the start of higher sales tax this week, Japan manufacturing is already slowing. Markit PMI fell for the 2nd consecutive month with a 0.6pt decline, while the Output component was down over 4pts at 54.2. Separately, industrial production for Feb fell sharply as well - 2.3% drop was the biggest decline in 8 months....All of China's top 5 banks have now reported FY13 results and the results are seen as somewhat alarming. China Construction Bank and Bank of Communications both saw an increase in y/y net profits, however impairment losses for both rose and ROEs fell. A separate report summarized that China's top 5 banks saw a 127% increase in bad debts to CNY59B....Nikkei +0.67%...HS +0.21%...Shanghai -0.22%

Eur$1.3748 S&P Fut +0.35% European Fut +0.32%

Macro :
- Putin Calls Obama to Discuss Diplomatic Resolution to Ukraine
- Merkel Pressed by Industry-Labor on German Energy Tax, WiWo Says
- ECB's Weidmann: ECB should only react to low inflation in the event of 2nd round effects; ECB should not overreact to a fall off in inflation which is largely due to cyclical factors
- ECB Rate Increase Seen by German Finance Ministry, Spiegel Says {NSN N38TO36S972C <go>}
- *COAL PRICES ARE CURRENTLY UNSUSTAINABLE, SAYS GOLDMAN SACHS

Keep an eye on :
- ARL GY : Aareal Bank CFO: Improvement in bank's capital ratios may result in payment of a special dividend - G. press
- AGFB BB : Agfa CEO Reinaudo Says Company’s Prospects Improving: De Tijd
- ALO FP : Alstom Signs EU55m Turnkey Contract With Petkim for Wind Project
- AAPL US : Apple seeks $2bn from Samsung in fresh patent battle - FT
- EN FP : Bouygues Seeks Funds From Qatar to Raise Offer for SFR, JDD Says {NSN N38R4C6TTDS0 <go>}
- CNA LN : Belgium’s Ardo and Dujardin Foods Agree to Merge, Companies Say
- DAI GY : Daimler’s Mercedes-Benz Idles Brazil Truck Unit: Estado Link
- DELB BB : Delhaize to Prioritize Four Countries(US, Belgium, Greece, Serbia), discount retail in belgium was a mistake, CEO Muller Says: L’Echo
- DRI GY : Drillisch Mulls Special Dividend or Share Buyback, Welt Says
- ENI IM : Knight Vinke sells Eni stake (1%) due to uncertainty over next CEO
- GSK LN : Glaxo Plans to Build as Many as 5 Factories in Africa: Telegraph
- HOF LN : Sanpower in advanced discussions regarding takeover bid for House of Fraser - Sunday Mail
- INGA NA : ING Plans To Resume Dividend Payments Over Financial Year 2015
- LHA GY : Lufthansa Insists Pilot Benefits Must Be Cut, Der Spiegel Says
- LKOD LI : Lukoil Begins commercial production in Iraq's West Qurna-2 site, Sees the site as the world's second-largest untapped oil deposit - Report noting West Qurna-2 is eventually expected to reach 1.2M bpd from initial 120K bpd.
- MAB LN : Mitchells & Butlers and Greene King (GNK LN) the subject of merger rumour
- MMB FP : Lagardere to Sell Magazines to Reworld Media, Rossel, Echos Says
- MS IM : Mediaset May Get Partner for Pay-TV After Creating New Co.: Sole {NSN N38W8X6K50Y2 <go>}
- MRK GY : Amgen Drug Cuts More Cholesterol Than Merck’s Zetia in 2 Studies {NSN N35PI66TTE0B <go>}
- MC FP : Taramax (switch swatch maker) acquired by Fendi -amount not disclosed
- MONC IM : Moncler Sees ‘Growth Scenario’ in 2014, Proposes EU0.10/Shr Div.
- NEO FP : Neopost Sees 15-20% Margins on Communication, Shipping: Investir
- NOVN VX : Novartis may spin-off company unit (poorly performing one - no details), animal health, vaccines and over-the-counter medicines mentionned by CEO Jimenez in the press earlier - Tagesanzeiger
- NOVN VX : Novartis Says Primary Endpoint Met in LCZ696 Trial
- PARP FP : Partouche Reaches Accord With Creditors, Le Figaro Says
- RCS IM : RCS to Convert Savings Shrs, Reserve Board Seats for Minority
- RDSA NA : Talevera and Aiteo, two Nigerian oil companies, have tabled the highest bid, worth USD 2.85bn, for assets owned by Shell in Nigeria
- RSA LN : RSA Insurance break-up talk follows Cevian Capital's disclosure of 7.3% stake - FT
- RWE GY : RWE, LetterOne Sign Purchase Agreement for DEA Unit, entreprise value E5.1b, Germany Won’t Halt RWE Oil-Unit Sale to LetterOne, Spiegel Says
- SAN FP : *SANOFI NAMES ANNE C. BEAL CHIEF PATIENT OFFICER
- SAN SM : Santander CEO Marin Gets 94.5% Backing at AGM For Board Post
- SIE GY : Siemens CEO’s Russia Trip Criticized by Merkel Deputy, ARD Says
- SN/ LN : Break-up talk pushes S&N higher, according to investec, Co would be worth around 15 per cent more if it were split into three.
- SNG GY : Singulus 2013 Net Loss Narrows, Sees Positive Ebit for 2014
- GLE FP : SocGen Accused Over Deals by Libya Investment Authority: FT
- TRN IM : Terna May Consider Acquisitions, Interested in Greek Asset: Sole
- UCG IM : UniCredit May Raise More Than EU1b From Selling Unit: Messaggero
- UCG IM : ICBC mulling bid for Pioneer Investment Management
- UHR VX : Swatch CEO Hayek Seeks to Expand to 1,700 Stores, NZZ Reports
- VIV FP : Canal+ Loses Bid to Halt French Soccer TV Rights Sale: Echos