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Launch of a rating agency for businesses "Luxury"

{http://bit.ly/1c44yvG}

Luxury companies will have their "Moody's" and will be assessed by a new rating agency, DE Luxe Rating.

A global rating agency dedicated to luxury companies, luxury Rating, was born Monday, November 25 with the aim to measure for the first time as extra-financial financial criteria such as creativity, know-how and image of luxury brands. Billed as a global first, the agency established jointly by the consulting firm Centre luxury and creative and advertising agency Grey Paris (from Grey Worldwide network, owned by the giant WPP communication) must be completely independently. "Until now, there was no tool to assess and enhance the luxury companies based on all the relevant criteria for this sector," he told AFP Jacques Carles, President Centre of luxury and creativity. "The luxury industry is indeed well known and has no global visibility" and only financial analysts estimate so far of luxury companies, "focusing especially those traded" Has he added.

But beyond heavyweights such as Louis Vuitton (LVMH), Gucci, Prada, Cartier ... the sector is composed of a multitude of small structures. And "the need for visibility and evaluation is not just about the financial health of companies," notes Jacques Carles. The agency DE Luxe Rating measure five areas: creativity (originality, innovation ...), know-how (rarity, specificity, manufacturing processes ...), financial performance (profitability, lending, policy investment ...), governance (decision-making chain, work organization, management outsourcing, communication strategy ...) and image (reputation, brand value, customer attachment .. .) Companies wishing to be recorded obtain an overall score, as "AAA", "AA", "A", "BBB" ... a scoring system based on that of the major credit rating agencies. It is unclear whether the sausage luxury "AAAAA" can be assessed by the scoring system. The rating agency Rating DE Luxe is launched at the 12th Summit of Luxury, organized in Paris on Monday.

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ONE 11/25 07:00 Sevan Drilling ASA: Q3 Results 2013 BN 11/25 07:05 *SEVAN DRILLING SEES RIG NO 4 DELIVERY 2Q 2014 BN 11/25 07:04 *SEVAN DRILLING SEES SEVAN LOUISIANA ARRIVING IN GOM LATE 1Q '14 BN 11/25 07:02 *SEVAN DRILLING 3Q SEVAN BRASIL COMMERCIAL UPTIME 93.8% BN 11/25 07:02 *SEVAN DRILLING 3Q SEVAN DRILLER COMMERCIAL UPTIME 92.8% BN 11/25 07:01 *SEVAN DRILLING 3Q EBITDA $18.5M VS $23.4M YR AGO BN 11/25 07:01 *SEVAN DRILLING 3Q OPG REV $66.2M

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Sevan Drilling 3Q Ebitda Misses Estimates, Reports Net Loss 2013-11-25 07:16:18.980 GMT

By Stephen Treloar Nov. 25 (Bloomberg) -- 3Q Ebitda $18.5m vs est. $28m; net loss $68.6m vs net income $2.4m yr ago. * Sees Sevan Louisiana arriving US GOM late 1Q * Says ultra-deepwater rig mkt remains strong Link to Statement:{NSN MWT4T53PWT1D <GO>} Link to Company News:{SEVDR NO <Equity> CN <GO>}

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To contact the editor responsible for this story: Stephen Treloar at +47-22-00-8211 or streloar1@bloomberg.net

PSA and Renault should benefit the most from lifting sanctions against Iran. Iran is an important country for both French OEMs, mostly in volumes since their profit contribution is limited. At peak in 2011 PSA sold 460k CKDs to Iran and generated an operating income of approx Euro 100m when last year Renault sold 100k Logan to Iran and booked in H1 13 a high Euro 512m of provisions on their Iranian exposure (restated in our 2013 EPS).

Time Warner Cable, the second-largest US cable operator, could be carved up like a Thanksgiving turkey. Comcast, run by Brian Roberts, and Charter Communications, have reportedly both discussed a possible combination with Time Warner Cable in recent moths. Though the talks are no longer active, Time Warner Cable reached out to Comcast about a merger, sources told The Post. Time Warner Cable’s move was likely aimed at warding off a potential bid from smaller rival Charter, backed by John Malone’s Liberty Media. Comcast’s possible involvement emerged Friday after the Wall Street Journal reported that Charter was close to an agreement with banks about arranging debt financing for a Time Warner Cable bid. Malone, who rode the first wave of cable mergers in the 1980s and ’90s, has been pushing for further consolidation in the industry. Meanwhile, Comcast has also held talks with Charter, the fourth-largest cable operator, about partnering on a possible bid for Time Warner Cable, sources said. “A joint bid would be complex, but it’s doable,” said Gabelli money manager Chris Marangi. The companies all declined to comment. The two could split up the Time Warner assets, which include cable systems in New York, Los Angeles, Texas and portions of the Midwest. “Comcast desperately wants to own the New York metro area,” said one source. Comcast, based in Philadelphia, also owns the New York-headquartered NBCUniversal. While sources close to Comcast played down any regulatory issues, a breakup of Time Warner Cable would allow Comcast to pick up smaller pieces. Comcast and Time Warner Cable have a history. Comcast owned a 21 percent stake in Time Warner Cable before the two agreed to swap assets as part of a complicated deal to acquire bankrupt Adelphia in 2005. The architect of that deal on the Time Warner Cable side was Rob Marcus, who is poised to take over the company as CEO after Glenn Britt retires in a few weeks.

US MArket continue its bullisg trend on Friday, registring new records, FED Lockhart helped the sentiment talking of long period of accommodation policy...only laggards sectors were utilities Telco & tech, volumes were low @ 607mil shares...on the week Dow +0.65%,S&P +0.37% NAsdaq +0.14%, Nikkei +1.46%, Eurostoxx +0.05%...VIX @ 12.26 -3.16%...Asian Market continue to follow the US with Nikkei +1.46%...shanghai -0.45%...more political tensions between Chinese and japonese on Senkaku islands...Iran decision on Nuclear welcomed in Asia

Eur$ 1.3540 S&P Fut +0.28% European Fut +0.43%

Keep an eye on : - ABE SM : Abertis, Aena Hire BBVA to Seek Buyer for GAP, Expansion Reports - ACS SM : ACS Buys 44% of MPG From Manuel Jove for ~EU160M, Expansion Says - ADS GY : Adidas and BASF agree on strategic partnership  - AAPL US : Apple Buys 3D Sensor Startup PrimeSense: AllThingsD - ARYN SW : Aryzta 1Q Sales Miss Estimates, Confirms Forecast - AGL IM : Benetton Seeking Partner for WDF, Autogrill Units: Repubblica - BAB LN : Babcock in Advanced Talks to Takeover Avincis, Sunday Times Says - EN FP : Bouygues Gets EU360M Luxury-Hotel Contract in Macao - EAD FP : EADS Plans to Close Cassidian Plant in Munich, Sueddeutsche Says - ENRC LN : ENRC May Sell African Mining Division, Sunday Times Says - F IM : *CHRYSLER IPO PRICE RANGE MAY TARGET RAISING $1.5B TO $2B: WSJ - ABI BB : AB InBev in Talks to Buy Back Oriental Brewery, Maeil Reports - NESN VX : Nestle CEO Bulcke Sees Growth as Emerging Markets Slow: Times - UG FP : Peugeot Said to Discuss Hiring Tavares to Succeed Varin Next Yr - RNO FP : Tavares out ? Decision on Iran could bring extra cash at Renault - SAN FP : Sanofi’s Viehbacher Says Growth Resumed in Sept: Le Figaro - SGL GY : SGL Carbon Will Join MDAX - SLHN VX : Swiss Life Sold CHF500m in Senior Unsecured Covertibles - UHR VX : Swatch Takes Control of Rivoli Stores in Middle East - TEVA IT : Teva ‘Disappointed’ Potentially Misleading Info. Made Public - UNF SM : Union Fenosa to Seek Arbitration on Egypt Gas Shortages: Al Mal - VIB3 GY : Villeroy Will Enter SDAX

Up

*EASYJET RAISED TO BUY VS HOLD AT JEFFERIES *FRESNILLO RAISED TO NEUTRAL VS SELL AT GOLDMAN *NAMPAK RAISED TO NEUTRAL VS UNDERPERFORM AT BOFAML *NAMPAK RAISED TO NEUTRAL VS SELL AT UBS *SABMILLER RAISED TO OVERWEIGHT VS EQUALWEIGHT AT MORGAN STANLEY *SMITH & NEPHEW RAISED TO OUTPERFORM AT BERNSTEIN *TALKTALK RAISED TO NEUTRAL VS SELL AT CITI *UNILEVER RAISED TO OUTPERFORM VS NEUTRAL AT EXANE

Down

*BILFINGER CUT TO HOLD VS BUY AT KEPLER CHEUVREUX *ING BANK SLASKI CUT TO NEUTRAL VS BUY AT CITI *INVESTOR AB CUT TO NEUTRAL VS BUY AT GOLDMAN *UC RUSAL CUT TO UNDERWEIGHT VS NEUTRAL AT JPMORGAN

PT Change

*AtoS PT Raised 7% to EU75 at Barclays; Kept at Overweight *LUXOTTICA PT CUT TO EU37.3 VS EU38.3 AT GOLDMAN; KEPT AT SELL *Pirelli PT Raised to EU12 vs EU11.5 at Goldman; Kept at Neutral *SAFILO PT RAISED TO EU19.5 VS EU16.5 AT BERENBERG; KEPT AT BUY *J SAINSBURY PT RAISED TO 391P VS 381P AT CANTOR; KEPT AT HOLD

Initiation

*LENZING RATED NEW HOLD AT BERENBERG; PT EU47 *LINDT & SPRUNGLI ASSUMED NEUTRAL AT CREDIT SUISSE, PT SFR46,000

Country Sector Stock Call

*SocGen Weighs Cost of a Clean-Up at Italian Banks, Trims PTs {NSN MWT4FS6S973F <go>} *MAN GROUP REMOVED AS A LEAST PREFERRED STOCK AT CITI *SCHRODERS REMOVED AS A MOST PREFERRED STOCK AT CITI

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SocGen Weighs Cost of a Clean-Up at Italian Banks, Trims PTs 2013-11-25 06:52:40.840 GMT

By Francesca Cinelli Nov. 25 (Bloomberg) -- Calculates EU44b extra-provision needed to normalize bad loans inventory level. * Excluding collateral coverage, SocGen sensitivity analysis of bad loans portfolio indicates that 40% markdown would reduce bad loans inventory ratio to 77% from ~120% almost in line with eurozone avg; but it would also bring a EU19b capital shortfall * Says such extremely harsh scenario could be manageable as, on SocGen calculations, banks may have total capital buffer of nearly EU8b stemming from shortfall of provisions to expected losses, already deducted from capital, and possibility of new LLP deductibility law being passed * Says using some of collateral to offset bad loans could further reduce bill * Keeps cautious view on Italy, keeping UniCredit as top pick * UniCredit PT cut to EU6.1 vs EU6.2; kept at buy * Intesa PT cut to EU1.8 vs EU1.85; kept at hold * Monte Paschi PT kept at EU0.14; sell rating unchanged * UBI PT cut to EU5.05 vs EU5.1; kept at hold * Banco Popolare PT cut to EU1.2 vs EU1.3; kept at sell * Pop. Milano PT kept at EU0.37; sell rating unchanged

Link to Company News:{UCG IM <Equity> CN <GO>}

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To contact the editor responsible for this story: Francesca Cinelli at +39-02-80644-252 or fcinelli@bloomberg.net

European telecoms revenue fall accelerates

The European telecoms industry has seen an accelerated decline in revenues this year, putting at risk spending on crucial next generation network equipment by the largest operators. Telecom service revenue will decrease by close to 3 per cent in 2013 among major European countries, according to Etno, the industry lobby group, reflecting a decline of €7.1bn. Across Europe as a whole Etno estimates that revenues will decrease by 3.7 per cent in 2013, twice the decline in 2012. The European telecoms industry has been hit by a combination of sluggish economic conditions in mature mobile markets and a regulated fall in traditional revenues streams such as roaming charges. As a result, most companies have been forced to cut or suspend dividends in 2013 while they harbour cash to cover balance sheets carrying too much debt. The much anticipated shift to higher speed and higher priced fibre and 4G networks has been slow to boost revenues. But Etno warned that there was a risk that companies would not be able to invest in the next generation of networks needed to carry high-speed internet services given the weak financial performance. In 2012, total capital expenditure across the industry reached €46bn, of which €26bn was invested in fixed networks and €20bn in mobile. The research, conducted by the telecom economics practice at Idate, shows that Europe is still lagging "behind in the investment race . . . with a negative capex growth, compared to strong growth in US and Japan". Etno said that regulation was a central driver of lower investments in Europe. The group is lobbying Brussels industry watchdogs for a more favourable regulatory regime, in particular to allow companies to merge within countries to strengthen their position. However, consumer groups warn that this could have a damaging effect on competition. The industry is waiting for the regulatory verdict on a proposed merger between O2 and E-Plus in Germany, which will be a test case for whether the European authorities will take a more broadly benign view on consolidation. One analyst said this week that the outcome of that decision would dictate the next year of share price movements in the sector. Luigi Gambardella, chairman of Etno, said that the report confirmed the conviction that unless the regulatory environment changes the EU telecoms sector will keep on losing revenue. "Regulation is a game changer when it comes to convincing investors that they should bet on EU telcos. We start seeing positive signals in Brussels and on the markets: the end of the tunnel might be close. It’s fundamental to continue sending the right signals in order to increase confidence in EU markets". The report says that overall service revenues have declined by about €18bn between 2008 and 2012 in the major countries covered by Etno, and by €21bn across the whole of Europe.

Asian Market Update: China escalates tensions around disputed islands just as Iran reaches nuclear agreement to ease sanctions

***Observations/Insights*** - Significant geopolitical developments spanning from the Middle East to the East China Sea were in the spotlight over the weekend, influencing the morning trading session in Asia. Beijing amplified nationalist sentiment, declaring an East China Sea area that includes the disputed Senkaku islands as the "air defense identification zone". Under the guidelines issued by the Defense Ministry, all planes entering the area must follow identification rules or risk intervention by the military jets. Japan's foreign ministry quickly responded, denouncing the measures with a formal protest to the minister at the Chinese Embassy in Japan. US Defense Dept and State Dept officials were also vocally opposed to China's move, vowing to protect its regional security partners. China defense stocks are trading higher, with some focus also falling on Japanese exporters potentially suffering from escalated trade tensions. - Iran foreign ministry and P5+1 reached a nuclear deal late on Saturday. As part of the agreement, Iran would receive $4.2B in foreign exchange and face less onerous sanctions on gold, petrochemicals and auto industries. In exchange, Tehran has to halt uranium enrichment above 5% and also cease installing any additional centrifuges or risk more sanctions. Ministers involved in brokering the deal cheered the breakthrough accord for its far-reaching regional security, while Israel called it a "historic mistake" and declared that it would not be bound by its provisions. US Pres Obama reached out to Israeli PM Netanyahu, just as WTI crude oil prices fell over $1 below $93.80/brl.

***Economic Data*** - (VN) Vietnam Nov Consumer Price Index (CPI) M/M: Y/Y: 5.8% v 5.9% prior (lowest since Aug 2012) - (SG) SINGAPORE OCT CPI M/M: 0.2% V 0.3%E; Y/Y: 2.0% V 2.2%E

***Fixed Income/Commodities/Currencies*** - (JP) BOJ offers to buy ¥250B in 1-3yr JGBs, ¥300B in 3-5yr JGBs, and ¥400B in 5-10yr JGBs - (KR) South Korea MOF sells 20-yr govt bonds, avg yield 3.865%

- SLV: iShares Silver Trust ETF daily holdings rise to 10,360 tonnes (lowest level since 10,284 on Jul 23rd) from 10,404 tonnes - GLD: SPDR Gold Trust ETF daily holdings fall 4.5 tonnes to 852.2 tonnes (lowest since Feb 2009)

- AUD and JPY are being aggressively sold against the greenback, with the respective technical breakdowns to multi-month lows accelerating the response to recent fundamentals of jawboning by the RBA and continued dovish stance at the BOJ. AUD/USD is down nearly 50pips below $0.9150 - lowest levels since early Sept. USD/JPY is at its highest level since late May, rising above ¥101.80. Despite the weakness in the Aussie, NZD/USD is marginally higher, rising about 30pips above $0.8210

***Speakers/Political/In the Papers*** - (CN) Beijing announces China military is setting up an "air defence identification zone" over East China Sea area that includes the disputed Senkaku islands - financial press - (CN) According to International Finance survey, 17 cities out of 32 in China have temporarily halted mortgage loans - financial press - (CN) China Hebei Province cut iron and steel overcapacity by more than 11Mt on a single day - Chinese press - (CN) China may include Guangdong, Tianjin in free trade zone (FTZ) trial - Chinese press

- (JP) Japan Dep Chief Cabinet Sec Kato: Japan will firmly, calmly defend its territory - financial press - (JP) Japan PM Abe: China's recent airspace declaration is dangerous, expresses concern - addressing parliament - (JP) S&P: Japan long-term credit quality continues to weaken; Tax hike and stimulus are near-term positive - (JP) Japan Vice Fin Min Furusawa: Japan deflation is coming to an end

- (KR) South Korea Ministry of Knowledge Economy: Oct industrial electricity sales rose 8% y/y to 22.4B kwh - Korean press - (KR) Bank of Korea (BOK): Q3 corporate lending rose by KRW13.1T q/q to KRW825.7T; Biggest increase in 3 years - Korean press - (KR) Moody's: South Korea's rising household debt is credit negative for financial system - (KR) South Korea Fin Min Hyun: South Korea economy is at a critical junction; Momentum for recovery is gaining - financial press

- (NZ) ANZ Bank economist: RBNZ may raise benchmark interest rates as early as January - (NZ) Westpac: Sees New Zealand Q3 GDP around 1.4%, up from 1.2% prior forecast - financial press

- (EU) Germany Fin Min Schaeuble: There are no longer any risks of contagion in the eurozone - German press - (EU) ECB Pres Draghi has returned a proposal to alter sovereign debt risk-weighting to advisers for more work - German press - (EU) ECB's Coeure (France): Recent ECB rate cut not due to any indications of deflation developing in the euro zone - financial press - (EU) ECB's Asmussen (Germany): ECB prepared to take further action if conditions demand it - German press - (GR) IMF's Greece envoy Thomsen: Greece needs to find further savings for 2014-16 but may avoid across-the-board cuts - financial press

***Equities*** Market Snapshot (as of 04:30 GMT): - Nikkei225 +1.3%, S&P/ASX +0.4%, Kospi +0.8%, Shanghai Composite +0.3%, Hang Seng +0.2%, Dec S&P500 +0.3% at 1,806, Feb gold -0.4% at $1,240, Jan crude oil -0.9% at $94.03/brl

US markets: - JNY: Sycamore said to be in advanced discussions to acquire Jones for less than $16/shr - financial press - BA: Said to have selected possible US sites for the production of the 777x - financial press

Notable movers by sector: - Consumer discretionary: Fast Retailing Co Ltd 9983.JP +2.3% (to list in Hong Kong); Ningbo Construction Co Ltd 601789.CN +10.0%, Ningbo Marine Co Ltd +10.0%, Ningbo Fuda Co Ltd 600724.CN +10.1% (Zhoushan free trade zone trial); Neway Group Holdings Ltd 55.HK +8.3% (H1 results) - Consumer staples: Warrnambool Cheese & Butter WCB.AU +2.4% (Saputo increases offer) - Industrials: Lend Lease Corp LLC.AU +1.4% (to start a China-focused property fund); Tianjin Port Development Holdings 3382.HK +3.5%, Tianjin Songjiang Co Ltd 600225.CN +10.0%, Tianjin Jinbin Development Co 000897.CN +4.5% (Tianjin free trade zone trial); James Hardie Industries NV JHX.AU +3.6% (shares repurchase plans); Jiangxin Hongdu Aviation 600316.CN +7.6%, China Spacesat 600118.CN +4.3%, China Avic Electronics Co Ltd 600372.CN +7.6% (on China airspace declaration) - Energy: Sinopec 386.HK -2.3% (pipeline explosion); Enviro Energy International Holdings 1102.HK +8.8% (distribution agreement) - Utilities: Yaskawa Electric 6506.JP +1.4% (China expansion plans)

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BFW 11/24 22:18 *AB INBEV IN TALKS TO BUY BACK ORIENTAL BREWERY, MAEIL REPORTS BN 11/24 22:17 *AB INBEV IN TALKS TO BUY BACK ORIENTAL BREWERY, MAEIL REPORTS

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AB InBev in Talks to Buy Back Oriental Brewery, Maeil Reports 2013-11-24 22:22:22.566 GMT

By Sam Kim Nov. 25 (Bloomberg) -- Anheuser-Busch InBev NV recently started talks with KKR and AEP to buy back Oriental Brewery, Maeil Business Newspaper reports, citing unidentified industry sources. * NOTE: Anheuser Busch InBev has rights, but not obligation, to re-acquire Oriental Brewery within five years of 2009 sale, according May 7, 2009 statement: http://bit.ly/VtkZey * NOTE: KKR acquired Oriental Brewery from Anheuser-Busch InBev in 2009 for $1.8b

Link to Company News:{ABI BB <Equity> CN <GO>} Link to Company News:{KKR US <Equity> CN <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: Sam Kim in Seoul at +82-2-3702-1673 or skim609@bloomberg.net

To contact the editor responsible for this story: Marco Lui at +81-3-3201-8963 or mlui11@bloomberg.net