TheChek News Flow

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BFW 11/24 20:11 *PEUGEOT SAID TO DISCUSS HIRING TAVARES TO SUCCEED VARIN NEXT YR BN 11/24 20:11 *PEUGEOT SAID TO DISCUSS HIRING TAVARES TO SUCCEED VARIN NEXT YR

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Peugeot Said to Discuss Hiring Tavares to Succeed Varin Next Yr 2013-11-24 20:12:30.568 GMT

By Andrea Snyder Nov. 24 (Bloomberg) -- * NOTE: Earlier, Peugeot Said to Seek Senior Executive to Prepare CEO Succession {NSN MWRP8G6S972C <go>} * NOTE: Nov. 23, Peugeot Seeks No. 2 Executive, Tavares May Be Candidate, Figaro Says {NSN MWOVY26S972N <go>} Link to Company News:{UG FP <Equity> CN <GO>}

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To contact the editor responsible for this story: Andrea Snyder at +1-202-624-1831 or asnyder5@bloomberg.net

Banks warn Fed they could charge customers

Leading US banks have warned that they could start charging companies and consumers for deposits if the US Federal Reserve cuts the interest it pays on bank reserves. Depositors already have to cope with near-zero interest rates, but paying just to leave money in the bank would be highly unusual and unwelcome for companies and households. The warning by bank executives highlights the dangers of one strategy the Fed could use to offset an eventual "tapering" of the $85bn-a-month in asset purchases that have fuelled global financial markets for the last year. Minutes of the Fed’s October meeting published last week showed it was heading towards a taper in the coming months – perhaps as soon as December – but wants to find a different way to add stimulus at the same time. "Most" officials thought a cut in the interest on bank reserves was an option worth considering. Executives at two of the top five US banks said a cut in the 0.25 per cent rate of interest on the $2.4tn in reserves they hold at the Fed would lead them to pass on the cost to depositors. Banks say they may have to charge because taking in deposits is not free: they have to pay premiums of a few basis points to a US government insurance programme. "Right now you can at least break even from a revenue perspective," said one executive, adding that a rate cut by the Fed "would turn it into negative revenue – banks would be disincentivised to take deposits and potentially charge for them". Other bankers said that a move to negative rates would not only trim margins but could backfire for banks and the system as a whole, as it would incentivise treasury managers to find higher-yielding, riskier assets. "It’s not as if we are suddenly going to start lending to [small and medium-sized enterprises]," said one. "There really isn’t the level of demand, so the danger is that banks are pushed into riskier assets to find yield." The danger of negative rates has deterred the Fed from cutting interest on bank reserves in the past. If it were to do so now, it would most probably expand a new facility that lets banks and money market funds deposit cash at a small, positive interest rate. That should avoid any need for banks to charge depositors. About half of the reserves come from non-US banks that do not have to pay the deposit insurance fee. Their favourite manoeuvre is to take deposits from money market funds and park them overnight at the Fed, earning millions of dollars risk-free. Cutting the interest on reserves would stop that. Lowering interest on reserves would also affect money market funds, said Alex Roever, head of US interest rate strategy at JPMorgan. "[It] would decrease the incentive for those banks to borrow in the money markets, which in turn could leave money market funds short of certain investments and force them to bid up the price of their next best options," he said. Richard Gilhooly, strategist at TD Securities, highlighted some benefits to the Fed from the possible cut: "[It] would not only anchor short-term rates near zero, it also stands to boost the profits for the Fed as they pay less interest to banks," he said. Additional reporting by Michael Mackenzie in New York and Patrick Jenkins in London

A smiling Hassan Rouhani stepped on to the spiral staircase of the presidential palace to announce to an anxious nation the first nuclear deal reached with world powers in a decade – a major achievement that capped his first 100 days in office. Departing from the austere conference hall press events of his predecessors, and opting instead for a White House Rose Garden-style appearance, he declared that the Islamic Republic had won global powers’ recognition of Iran’s right to enrich uranium. While the US and its partners were putting the emphasis on how Iran had bowed to international demands, agreeing in the six-month interim Geneva deal announced on Sunday morning to significant curbs on its nuclear programme, the pressing task of Iran’s new president was to sell the deal at home, where hardliners are waiting to pounce on any hint of weakness.

Although the right to enrich was not explicitly stated in the deal, the fact that the accord allowed Iran to continue enriching at low levels was enough for Mr Rouhani, and appeared to keep intact the red lines set by Ayatollah Ali Khamenei, the supreme leader and ultimate decision maker in Iran. “World powers have recognised the nuclear rights of Iran,” declared Mr Rouhani. “The confirmation from the great powers is of huge value.” Billing it as a turning point for Iran – both internationally and at home – the centrist president, elected on the hope of ending Iran’s isolation and fixing a collapsing economy, made the most of the little sanctions relief offered by the Geneva agreement. Putting his own spin on the deal – and along the way directly contradicting American officials’ assertions – Mr Rouhani said the sanctions regime “had been broken” by the agreement, “whether others like it or not”. With the passage of time, he predicted, the cracks “will widen”. Peppering his words with the necessary references to pride and dignity for Iranians, for whom the nuclear programme is above all a testament to the technological prowess that the country has achieved, he pledged that the Islamic Republic would not seek nuclear weapons. He remained adamant, however, that no one could stop Iran from pursuing nuclear technology for peaceful purposes. In another sign of his media savvy as president, Mr Rouhani produced relatives and children of four scientists killed since 2010, part of a covert war against the nuclear programme. Each family was presented with a roll of honour. Interactive

Iran’s nuclear sites Iran nuclear sites Profiles of seven of the key nuclear sites around the country Mr Rouhani reserved some of his final words for the supreme leader, declaring his appreciation for the Ayatollah’s guidance and stressing that negotiators had worked within these guidelines. To be sure, the nuclear deal would not have been possible without the supreme leader’s consent, and his backing of what he has called “heroic flexibility”. It is this approval – he hailed the deal as a “success” on Sunday and had previously referred to negotiators as “the revolution’s children” – which has, until now at least, kept hardliners’ attacks on the nuclear negotiations in check. Iran’s state television, which reflects views of fundamentalists opposed to Mr Rouhani, echoed the supreme leader’s words, portraying the agreement as an achievement without referring to Iran’s concessions. But so crucial is the supreme leader to the negotiations, and so mysterious his views on how much more Iran is willing to concede, that many Iranians are cautious about what will happen in six months’ time, and whether a comprehensive agreement can be successfully negotiated. Mr Rouhani also called on Iran’s beleaguered business community, crippled by sanctions as much as the mismanagement of the previous administration of Mahmoud Ahmadi-Nejad, to see the agreement as a stepping stone, encouraging them to help revive the economy. “From now on it is your turn,” he said. “We prepared the ground.”

Iran Foreign Min: Nuclear deal with P5+1 has been reached

- Iran to receive $4.2B in foreign exchange as part of an agreement in exchange for limited sanctions relief on gold, petrochemicals and autos as part of an agreement. - As part of agreement, Iran agrees to halt uranium enrichment above 5% and will not install any additional centrifuges. - France Foreign Min: "The mechanism foresees the strict control of the engagements taken and vigilance will be needed to ensure they are implemented." - Pres Obama: If Iran does not meet its commitments during 6-month period, US will increase the pressure and turn off sanctions relief. - US State Sec Kerry: Agreement between Iran and major powers would make it harder for Iran to build a nuclear weapon and would make Israel and other U.S. allies safer. - Israel PM Netanyahu cabinet official: This is a "bad deal." - Israel Econ Min Bennett: "Israel does not see itself as bound by this bad, this very bad agreement that has been signed." - PM Netanyahu: "What was achieved last night in Geneva is not a historic agreement, it was a historic mistake... Today the world has become a much more dangerous place because the most dangerous regime in the world took a significant step towards obtaining the world's most dangerous weapon." - Key US senator said to be expecting Senate to mull legislation allowing 6-month window before new sanctions imposed on Iran.

Barron's Saturday Summary: Positive on SIRI, QCOM, CCJ, BBBY, HD, M; Cautious on AVP, INTC

- Cover story: Positive on SIRI: After recovering from a near-bankruptcy, satellite radio company has nearly 26M subscribers and annual sales approaching $4B, giving it a market value in line with DISH and topping NFLX, yet investors still underestimate the companys potential and its effective monopoly in satellite radio; with strong free cash flow, it could buy back 40% of shares outstanding in the next five years, and stock could jump 50%. - Tech Trader: Cautious on INTC: Return to its roots as chipmaker could boost stock, but investors should hold off buying until company provides answers to some nagging questions after the new year; in addition, there is no guarantee that having the best chips at a reasonable price will win Intel business in tablets and smartphones. - Trader: Cautious on AVP: After years of strategic and operational mistakes, company is returning to basics under new CEO Sherilyn McCoy, and barring strong rebound remains a potential acquisition target; Americas public stock market has faced a de-equitization, with far fewer U.S. publicly traded stocks available for purchase today than there were in the late 1990s, partly due to buybacks and partly due to the rise in assets under management by private equity.

- Follow-Up: A poll of bullish money managers finds market is heading even higher, and might top 18,000 next year, with the S&P 500 reaching new highs amid improving economy and Fed move to maintain ultra-low interest rates; Cautious on HAIN: Company has boosted sales primarily through acquisitions and new distribution channels, but free cash flow numbers raise questions and shares seem overvalued.

Features: 1) Positive on BBBY, COH, CHS, DDS, DG, HD, KSS, M, URBN: Nine retail stocks are the rare bargains in sector, with modest P/E ratios relative to expected earnings growth. 2) Positive on QCOM: Wireless chip maker is growing at a slower rate these days, but the outlook is still good for its existing and new businesses, and shares should rise 20%. 3) With stocks up, investors should consider trimming U.S. stocks and small-caps while holding on to Europe and emerging markets, as well as parking cash a bank instead of with a broker.

- Small Caps: Positive on BHLB: Firm, one of New Englands largest community banks, is another winner of the consolidation trend, and its acquisitions are helping boost loan growth and earnings. - Hedge Funds: Interview with Philip Weingord, Founder, Seer Capital Management, which focuses on distressed and special situations in residential and commercial mortgage-backed bonds, and which has made money on JCP, FNMA, FMCC, and Punch Taverns; Interview with Cliff Corso, CEO and CIO, Cutwater Asset Management, who says that in 2014 we could see another double-digit year in equities, notwithstanding that there may be a correction. - European Trader: Investors shouldnt worry about ECBs recent forward guidance on monetary policy, and instead focus on the opportunities it creates. - Asian Trader: Korea is attractive not just because it is the cheapest market in Asia right now, but because it is probably the most leveraged to global growth, says Mozamil Afzal, chief investment officer at EFG Asset Management in London. - Emerging Markets: Despite troubles in emerging markets this past year, shares of large-cap growth companies catering to middle class consumers have been strong (Positive on Hindustan Unilever, Ambev, Want Want China, BIDU, Naspers); Some Macau-based casino giants could face headwinds next year (Cautious on Sands China, Wynn Macau, Melco Crown, Galaxy Entertainment). - Commodities: Prices for ethanol are still climbing, despite cut in U.S. targets for its use, since prices are still low enough to entice buyers overseas. - Streetwise: Positive on CCJ: Shares of uranium producer are showing signs of life as demand improves while little new supply has become available, and improving prices for the metal should energize the stock.

Apache Corp Said to be in talks with Argentina's YPF about a possible sale of its assets in the country - financial press - Report noting Apache has stakes in about 25 fields in Argentina.

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ENRC May Sell African Mining Division, Sunday Times Says 2013-11-24 08:38:48.313 GMT

By Allison Connolly Nov. 24 (Bloomberg) -- ENRC may also sell its South American assets, the newspaper reports, without saying where it obtained the information. * Co. has lined up VTB Capital to look for buyers: report * NOTE: Co. is under investigation by the U.K.’s Serious Fraud Office over allegations of fraud, bribery and corruption at its operations in Kazakhstan and Africa NSN MLTKH60YHQ0X <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: Allison Connolly in London at +44-20-3525-7043 or aconnolly4@bloomberg.net

To contact the editor responsible for this story: Phil Serafino at +33-1-5530-6277 or pserafino@bloomberg.net

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BFW 11/24 12:04 Swiss Reject 1:12 Initative on CEO Pay Limits: SRF Projection

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Swiss Voters Reject 1:12 Initative on CEO Pay Limits, Govt Says 2013-11-24 15:45:56.918 GMT

By Catherine Bosley Nov. 24 (Bloomberg) -- Swiss voters rejected limiting manager pay to 12 times a company’s least-paid employee in referendum today, according to Swiss government. * NOTE: Projection in line with latest poll, which predicted 54% rejection * NOTE: Switzerland’s Young Socialists campaigned for 1:12 law, companies have lobbied against the proposed limit: NSN MWK8TN6K50Y9 <GO> * NOTE: 1:12 referendum comes after success of Thomas Minder’s “fat cat” initiative that in March enacted some of world’s toughest rules on executive pay: NSN MJ50RR6S973C <GO> * NOTE: For more on Swiss initiative system: NSN MWM2431ANZ8Y <GO>

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

--Editor: Zoe Schneeweiss

To contact the reporter on this story: Catherine Bosley in Zurich at +41-44-2244134 or cbosley1@bloomberg.net

To contact the editor responsible for this story: Craig Stirling at +44-20-7673-2841 or cstirling1@bloomberg.net

Daimler AG CEO: Would welcome investment from China after taking a stake in Beijing Automotive Group - financial press - Says: "We would welcome Chinese investment, although we're not desperately looking for that, because it's better for us when China is interested in our fate... The reason is certainly not to look for more equity. We rather have the opposite problem of very high equity in our company."

Court awards ex-wife £20m in Young divorce case

A self-declared bankrupt, who was a former fixer for oligarchs, has been ordered to pay his ex-wife £20m – a fraction of the amount she had hoped for – by an English divorce court. Scot Young, who made his fortune in property and technology investments before the financial crisis, must pay Michelle, his former wife, a lump sum representing half his available assets, Mr Justice Moor ruled on Friday, in the culmination of an “extraordinary” case where “extremely serious allegations have been bandied around like confetti”.

The case has already cost Ms Young, 49, millions of pounds in legal and forensic-accounting fees, and Mr Young his freedom. He was jailed for six months for contempt of court because he did not obey court orders to provide details of his finances to his ex-wife. Ms Young, who obtained more than £4m in “litigation funding” – where investors provide finance to bring a case, in return for a slice of any award – maintained her ex-husband was worth “a few billion at least”. Mr Young, 51, says he is insolvent. The pair were married for 11 years and lived together for six years before that. They have two daughters. Ms Young said in evidence that they lived in “vast estates with staff” and that Mr Young bought her £1m of Graff diamonds for her 40th birthday, while Mr Young contested the lavish image, the judgment noted. “I have to be highly critical of the way in which the case has been conducted at various times by both parties. In many respects, this is about as bad an example of how not to litigate as any I have ever encountered,” Mr Justice Moor’s judgment reads. “I feel nothing but sympathy for the two children of these parties.” Legal experts said the case showed English divorce courts were willing to be much more robust in their examination of assets in contested proceedings, even though the courts rely on voluntary submissions from individuals. “The family courts are showing that they are prepared to investigate every element of a spouse’s financial affairs and are not afraid to try to unravel complex webs of assets to ensure that court orders are adhered to and the other party receives the payments awarded to them,” said Fiona Turner, a lawyer from Irwin Mitchell, a firm that was not involved in the case.