Ukraine Acting President: Orders Defense Ministry to withdraw Ukrainian forces from Crimea
- Decision taken due to Russian military threats to lives of servicemen and thier families
Rno is testing some support - has been weak because of emerging exposure, Asia is tradin higher this morning and Iran & Russia fears are overdone...
Few positives points Highlighted during l ast week BofA-ML conf :
- Solid message emphasizing the strong competitive position of the entry range and Nissan saving opportunities
- Underlying Russian demand has been solid YTD and RNO outperforming. Issue for RNO will in fact become lack of capacity.
- Brazilian exposure also carrying FX headwinds as is clear given FX moves. Less local content for RNO in this market means a slightly higher headwind on FX is likely, but also some price increases achieved.
- Turkey is providing a partial offset to FX as export hub into EU for products such as the Clio.
- EU market is looking more solid, expecting 1-2% growth for the year.
- Credit rating progress to investment grade is becoming possible. Fitch has already moved, could see Moody’s and S&P consider stance in coming 18 months or so.
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AB InBev May Have $700m Ebit Boost From Corona, Citi Says 2014-03-24 08:18:33.463 GMT
By Heather Burke March 24 (Bloomberg) -- AB InBev may increase Ebit by $700m over 5 yrs by expanding Corona internationally, Citi says; reiterates buy, PT EU85. * Corona has boosted AB InBev’s exposure to intl premium beer * Corona vol. outside U.S., Mexico is 1/6 of Heineken or Budweiser; growth reined in by 3rd party distribution, may change as AB InBev takes charge * AB InBev has raised Budweiser intl vol. to 23m hl from 9m since taking over brand in 2008 * Asset-light entry to new mkts with its premium beers may also boost Ebit by several hundred millions, will take longer than 5 yrs * NOTE: Bought rest of Corona maker Grupo Modelo in 2012
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To contact the reporter on this story: Heather Burke in London at +44-20-7673-2044 or hburke2@bloomberg.net To contact the editors responsible for this story: James Ludden at +44-20-7673-2645 or jludden@bloomberg.net James Cone
Russia Dep Defense Min Antonov: Not bolstering troops on Ukraine border
- Have allowed seven inspectors from US, Canada and Baltic States to interview, photograph commanders in region
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Deutsche Bahn Losses From Cartels May Top EU1b: Sueddeutsche 2014-03-24 07:29:30.236 GMT
By Karin Matussek March 24 (Bloomberg) -- Figure covers last 5-7 years, Sueddeutsche Zeitung reports, citing legal head Gerd Becht. * Says Deutsche Bahn is affected by every third cartel * Govt-owned co. has unit to litigate damage suits against cartel members, says next case will target beer brewers
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To contact the reporter on this story: Karin Matussek in Berlin at +49-30-70010-6218 or kmatussek@bloomberg.net To contact the editors responsible for this story: Anthony Aarons at +44-20-7673-2227 or aaarons@bloomberg.net Jurjen van de Pol
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BN 03/24 06:58 *NETS TRANSACTION TO CLOSE IN 2Q 2014 BN 03/24 06:57 *NETS SHAREHOLDERS WILL ALSO GET 2013 DIV TOTALLING DK498M BFW 03/24 06:57 *NETS BOUGHT BY ADVENT, ATP, BAIN FOR DK17B IN CASH BN 03/24 06:57 *NETS BOUGHT BY ADVENT, ATP, BAIN FOR DK17B IN CASH
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Nets Bought by Advent, ATP, Bain for DKK17b in Cash 2014-03-24 07:09:45.160 GMT
By Gelu Sulugiuc March 24 (Bloomberg) -- Deal corresponds to price per share of DKK92.37, Nordic card payments processor Nets says in email. * Shareholders will also get 2013 div of DKK498m total, or DKK2.7 per share * Transaction seen closing 2Q 2014 * Danske held 16.13% equity interest in Nets, says sale will have positive effect of DKK1b on financial results * Keeps FY outlook for net profit DKK9-12b * Nordea held 20.7% stake, total proceeds of divestment will be DKK3.5b, leading to tax-free capital gain of almost DKK2.7b * Deal improves Nordea’s core tier 1 ratio with close to 25 bp
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Volvo push to revive faltering US business
Volvo Cars is to double its marketing budget in the US as it seeks to revive its faltering business there and keep a nascent turnround at the Swedish carmaker on track.
Håkan Samuelsson, Volvo’s chief executive, laid out a four-point action plan to try to lift American sales from the current 62,200 vehicles to 100,000. US sales have fallen or stagnated in the past five years.
The US remains the biggest market for Volvo, which is owned by Chinese carmaker Geely. But the Chinese market is just a whisker behind, after a 46 per cent increase in sales last year against a 10 per cent decline in the US.
That strong performance in China lifted Volvo to an operating profit of SKr2.5bn ($390m) in the second half of 2013 after losses in the same period in 2012, as well as in the first half of last year.
Mr Samuelsson, chief executive for the past 18 months after a long stint in charge of German truckmaker MAN, has cut costs by SKr1.5bn and put a focus on China, where Volvo opened its first factory in recent months.
He has also drawn a line under the leadership of his predecessor Stefan Jacoby, now at General Motors, and has abandoned or played down a number of Mr Jacoby’s targets. Volvo still aims to sell 800,000 cars by 2020 – up from the 428,000 it sold last year – but Mr Samuelsson said it was not “the prime target”, with selling “attractive cars” being more important.
A goal to sell 200,000 cars in China by 2015 has been pushed back by five years as Volvo sold only 62,100 there last year.
Mr Samuelsson also criticised the decision by Mr Jacoby to stop US sales of the V40 hatchback, saying the 100,000 target in North America would not be reached without a “broader product offering”.
His plans for the US involved “better market communication” and products more suited to the local market. He aims to sell cars with “more attractive specs in showrooms”; offer different models for different parts of the country; improve used values in an effort to boost the leasing business; and introduce new products such as the V60 estate and XC90 SUV.
Mr Samuelsson said he saw no reason why Volvo could not achieve similar margins to premium rivals such as BMW, Audi and Mercedes in the long term. “It is definitely realistic to reach premium profitability in the region of 8 per cent of [operating profit],” he told the Financial Times.
But he conceded that it would not be possible to maintain the operating margin of 3.8 per cent from the second half of 2013 this year because of “a very strong headwind” with the strength of the euro. Instead, he forecast sales growth of 5 per cent and a “stable, solid” operating profit.
Volvo is viewed sceptically by many industry observers who believe it does not have the necessary scale to compete with or sell cars for the same price as the industry-leading German luxury carmakers.
Bouygues Wants Vivendi to Halt Numericable Talks on SFR: Echos
2014-03-24 05:44:51.314 GMT
By Vidya Root
March 24 (Bloomberg) -- The French construction group,
which last week boosted the cash part of its offer for SFR wants
Vivendi to immediately halt discussions with Numericable to
evaluate its new bid, Les Echos reported, citing unidentified
Bouygues officials
* Numericable, which is in exclusive discussions with Vivendi
and is said to have no plans for now to raise its SFR offer,
has made clear that Vivendi has no right to discsuss any
other bid until April 4, Echos said.
Link to Company News:{VIV FP <Equity> CN <GO>}
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To contact the editor responsible for this story:
Vidya Root at +33-1-5365-5018 or
vroot@bloomberg.net
2014-03-24 05:44:51.314 GMT
By Vidya Root
March 24 (Bloomberg) -- The French construction group,
which last week boosted the cash part of its offer for SFR wants
Vivendi to immediately halt discussions with Numericable to
evaluate its new bid, Les Echos reported, citing unidentified
Bouygues officials
* Numericable, which is in exclusive discussions with Vivendi
and is said to have no plans for now to raise its SFR offer,
has made clear that Vivendi has no right to discsuss any
other bid until April 4, Echos said.
Link to Company News:{VIV FP <Equity> CN <GO>}
Link to Company News:{EN FP <Equity> CN <GO>}
Link to Company News:{NUM FP <Equity> CN <GO>}
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To contact the editor responsible for this story:
Vidya Root at +33-1-5365-5018 or
vroot@bloomberg.net
US Market closed lower with Nasdaq -1% after a strong week, quadruple witching and index rebalancing helped volatility & volume...VIX @ 15 +3,31%...Semi lead the move on the thech sector...China flash manufacturing PMI - unencumbered by the seasonal distortion of the Lunar New Year - slid even further, hitting an 8-month low and its 3rd consecutive contraction. And yet in spite of the disappointment and the initial move lower, China equities bounced higher. Investors' focus appears to be on the accompanying commentary from HSBC chief economist stating he expects
"Beijing to launch a series of policy measures to stabilize growth...An influential PM Abe
adviser Hamada called for an agrressive central bank response to anticipated headwinds from higher sales tax, noting that "if statistics such as spending data show weakness after the tax increase, then the BoJ should act quickly t
implement more powerful monetary policy."...Nikkei +1.77%...HS+1.59%...Shanghai +0.78%
Eur$ 1.3796 S&P FUt +0.28% European fut -0.63%
Macro
- HSBC China March Flash Manufacturing PMI 48.1; Est 48.7
- According to a statement from Kremlin, Russia Pres Putin and German Chancellor Merkel held phone talks; Both said to be satisfied with agreement on OSCE mission to Ukraine
- Quarterly survey of Japanese CEOs predicts a small impact from the consumption tax increase going into effect April 1st - Nikkei
- Italy Weighing New Privatization Plans, Asset Sales, Padoan Says
- EU May Start Tax-Haven Proceedings Against Countries, WiWo Says (Belgium, Ireland, Luxembourg & Neth. corporate)
Keep an eye on :
- AB1 GY : Air Berlin Plc To delist its shares as Abu Dhabi-based Etihad Airways raises stake to 49.9% from current 30% - WirtschaftsWoche
- AAPL US : Apple Inc Said to be considering launching an Android music app in the face of declining music downloads on iTunes - Billboard
- AZ IM : Etihad pushing for Air Berlin/Alitalia merger - ARD
- BG/ LN : UK's big six energy firms could face threat of break-up this week
- EN FP : Bouygues Wants Vivendi to Halt Numericable Talks on SFR: Echos
- CABK SM : CaixaBank Puts EU1.1B in Unpaid Loans on Sale, Expansion Says
- CRH LN : CRH may sell 25% stake in Mashav (Israeli cement group) - Irish Independant
- DXNS LN : Dixons Retail plc Dixons, Carphone to request extension for merger negotiations to May
- EDF FP : UK's big six energy firms could face threat of break-up this week - UK press (British Gas, EDF Energy, Eon, Npower, Scottish Power and SSE)
- GSK LN : Glaxo's `Generous' Cash Returns May Not Be Sustainable: UBS
- HAV FP : Y.Bollore said no plan to merge with Vivendi
- IND IM : Indesit may attract binding offer from Whirlpool
- LOE GY : Loewe AG Enters into agreement to be acquired by Stargate Capital; financial details not disclosed
- MEF IM : Meridiana attracts interest of Qatar Airways
- NUM FP : CDC’s Jouyet Says France Only Needs 3 Mobile Carriers: Figaro
- ORA FP : French Mobile Market Needs Strong Players, Richard Tells Echos
- Patek Philippe : Patek Philippe Says Taxes May Drive It From Geneva: Le Temps
- SL/ LN : Standard Life May Bid GBP400m for Ignis Asset Management: Times
- FP FP : Total CEO Says Russian Sanctions Probably Won’t Hurt Co.: CNBC
- TLX GY : Talanx 2013 Net Income Beats; Sticks to Outlook
- UNA NA : Unilever plc Several firms said to be mulling bids for Ragu unit
- VIV FP : SFR: Shareholder group presses Vivendi to make public Bouygues offer
- VOLVB SS : Volvo to Target Audi in Push for German Share, Handelsblatt Says
- VOLVB SS : Volvo Cars Plans to Revive Vehicle Sales in U.S., CEO Tells FT
>>> Up
*BELLWAY UPGRADED TO OUTPERFORM AT DAVY
*BMW RAISED TO BUY FROM HOLD AT DEUTSCHE BANK
*CREDIT AGRICOLE RAISED TO NEUTRAL VS UNDERPERFORM AT BOFAML
*LONDON MINING RAISED TO NEUTRAL VS SELL AT GOLDMAN
*OUTOKUMPU RAISED TO OUTPERFORM VS UNDERPERFORM AT CREDIT SUISSE
>>> Down
*ACERINOX CUT TO UNDERPERFORM VS NEUTRAL AT CREDIT SUISSE
*APERAM CUT TO NEUTRAL VS OUTPERFORM AT CREDIT SUISSE
*BARRATT DEVELOPMENTS DOWNGRADED TO NEUTRAL AT DAVY
*BRITISH AMERICAN TOBACCO CUT TO NEUTRAL AT CREDIT SUISSE
>>> PT Change
>>> Initiation
*SAINT GOBAIN RESUMED BUY AT CITI, PT EU47
*THROMBOGENICS RATED NEW NEUTRAL AT GOLDMAN, PT EU23
>>> Call
>> Stock
*DANONE REMOVED FROM UBS’S LEAST PREFERRED LIST
*IAG REMOVED FROM MORGAN STANLEY'S BEST IDEAS LIST
*REMY ADDED TO UBS’S LEAST PREFERRED LIST