>>> York Capital Management forms new shipping JV with Augustea Atlantica and Bu

York Capital Management forms new shipping JV with Augustea Atlantica and Bunge

Augustea Bunge Maritime Limited (“ABML”), a joint venture company of Augustea Atlantica S.p.A. and Bunge Limited (NYSE: BG), today announced the formation of a new joint venture with York Capital Management. The new company, ABY Holding Limited (“ABY”), will operate an independent fleet of ocean-going dry-bulk vessels. The Malta-based venture intends to grow through the acquisition and chartering of modern ships.

The ABY fleet currently includes two ships that are in-service, the ABML Eva (106kdwt, built in 2012) and the ABML Grace (172kdwt, built in 2002). ABY also owns three additional ships that are under construction at top Japanese shipyards. ABML will bring the combined expertise of its partners to the new venture, with Augustea providing technical management and a Bunge subsidiary providing advisory services.

Koert Erhardt, Managing Director of ABML, will lead the joint venture and continue to build on the commercial success of ABML since its launch in 2011. The partnership with York will further the commercial goals of ABML by expanding the resources available to build a fleet of scale. Of the new partnership Mr. Erhardt said, “This is a truly unique opportunity to draw on the complementary resources and skill sets of Augustea, a world class ship owner, Bunge, a leading global agribusiness, and York, a top tier investment firm.”

William Vrattos, Partner and Head of Global Credit at York Capital Management, said, "We are pleased to participate in this joint venture as we seek to gain further exposure to the compelling investment opportunities we see in the maritime shipping industry."

"This venture with York represents another exciting milestone in our more than 50 years of experience in deep-sea shipping,” said Raffaele Zagari, CEO of the Augustea Group. “ABY will continue to focus on acquiring first-class quality dry bulk tonnage while benefitting from the wide array of skills that our partners provide. This new partnership will help Augustea enhance its ability to provide first-class maritime services to its customers.”

Giovanni Ravano, Managing Director of Ocean Freight and Global Logistics at Bunge Limited added, "Through these partnerships in vessel ownership, Bunge continues to expand in ocean freight and further develop our insights into the global supply chain, which is an integral part of our core business."

Source Company Press Release(s)

>>> US Close Dow-0,05% S&P +0,01% Nasdaq +0,15%

Closing Market Summary: Stocks End Little Changed

The major averages finished today's uneventful session near their flat lines as the S&P 500 ended flat while the Nasdaq added 0.2%.

The outperformance of the Nasdaq resulted from the relative strength of the technology sector (+0.5%), which was the leading cyclical group of the session. Top component, Apple (AAPL 521.36, +12.47), advanced 2.5% in anticipation of tomorrow's press event where the company is expected to unveil a new line of tablets. The largest tech stock also drew strength from comments made by Gartner after the research firm said it expects tablet demand to remain strong into the holiday season.

Apple accounted for much of the tech sector's gain while other large components were mixed. Microsoft (MSFT 34.99, +0.03) added 0.1% while IBM (IBM 172.86, -0.92) remained under pressure following its earnings miss last Thursday.

Elsewhere, the industrial sector (+0.4%) outperformed with its top member, General Electric (GE 26.14, +0.59), making a significant contribution. General Electric rallied 2.3% after UBS raised its target for the stock to $29 and Citigroup added the stock to its US Focus List. Transports also displayed relative strength as the Dow Jones Transportation Average added 0.4%.

The discretionary sector was the last cyclical group to climb into positive territory after several components reported earnings. Hasbro (HAS 49.72, +2.48) and V.F Corp (VFC 211.23, +6.93) settled with respective gains of 5.3% and 3.4% after both delivered bottom-line beats. Toymaker Hasbro also surpassed its revenue expectations while V.F. Corp missed top-line estimates, but raised its quarterly dividend 21% to $1.05 and announced that a 4:1 stock split will take place on December 20.

Also of note, McDonald's (MCD 94.59, -0.61) lost 0.6% after the company's cautious-sounding guidance overshadowed its earnings beat. The fast food giant said it expects October comparable store sales to be flat, which is a reflection of the challenging operating environment.

Even though three influential sectors posted gains, the broader market was pressured by the underperformance of energy (-0.4%) and financials (-0.2%). In addition, three countercyclical sectors—consumer staples (-0.3%), health care (-0.6%), and utilities (-0.2%)—also weighed while telecom services (+1.2%) outperformed. AT&T (T 35.22, +0.61) climbed 1.8% after the company agreed to sell 9,700 towers to Crown Castle International (CCI 74.66, -1.30) for $4.85 billion.

Treasuries settled near their lows with the 10-yr yield up two basis points at 2.61%.

Trading volume was on the light side as 678 million shares changed hands on the floor of the NYSE.

September existing home sales hit an annualized rate of 5.29 million units, which was a bit weaker than the rate of 5.30 million units that had been generally expected by the consensus. The pace for September was down from the prior month's revised rate of 5.39 million units.

Tomorrow, the September nonfarm payrolls report, which was delayed by the partial government shutdown, will be released at 8:30 ET while August net long-term TIC flows will be reported at 9:00 ET. Separately, the August Construction Spending report will cross the wires at 10:00 ET. Among earnings of note, Delta Air Lines (DAL 24.69, -0.32), United Technologies (UTX 107.62, -0.12), and Wipro (WIT 11.56, 0.00) will report their quarterly results before the opening bell.

o DJIA +17.5% YTD o S&P 500 +22.3% YTD o Nasdaq +29.8% YTD o Russell 2000 +31.0% YTD

(BN) Telecom Italia Is Said to Withdraw Landline Spinoff Proposal (1)

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Telecom Italia Is Said to Withdraw Landline Spinoff Proposal (1) 2013-10-21 18:51:05.212 GMT

(Updates with shares in fifth paragraph.)

By Daniele Lepido Oct. 21 (Bloomberg) -- Telecom Italia SpA plans to recommend to its board on Nov. 7 that a proposal to spin off the carrier’s telephone network be withdrawn, according to three people familiar with the matter. Scrapping the spinoff, which was approved by directors in May, would officially end a project already stalled by a July regulatory decision, said the people, who asked not to be identified because the deliberations are confidential and a final decision hasn’t been made. A separation of Telecom Italia’s copper and fiber network, valued at about 14 billion euros ($19 billion), had been in the making for more than a year and would have provided a new way to cut debt, as well as leverage to bargain for lighter regulations. Italy’s Agcom regulator ordered a cut in the fees the Milan-based carrier demands from rivals for using its landline grid, forcing the company to put the plans on hold. The process of the spinoff plan, championed by former Chief Executive Officer Franco Bernabe, has slowed after shareholder Telefonica SA agreed last month to gradually increase its influence in Telecom Italia. Madrid-based Telefonica prefers Telecom Italia to turn around a slide in the company’s revenue in its domestic market without carving out the fixed-line grid, said two people familiar with the Spanish phone company’s thinking. Telecom Italia shares fell 1.8 percent today, to 74 cents. The stock has gained 14 percent since Bernabe’s resignation.

Ratings Downgrade

Telecom Italia and Telefonica spokesmen declined to comment. Bernabe resigned this month and his deputy Marco Patuano was put in charge of the carrier as it seeks a new chairman. The Italian government signed a decree giving the state a say should the landline network be sold to a foreign buyer, deeming the telecommunications industry as being of strategic interest. A spinoff would take at least six to 12 months and is unlikely to ease pressure on its debt ratings, Fitch Ratings said in a statement the day after Bernabe stepped down. A week later, Moody’s Investors Service cut its rating for the carrier to junk, a move Standard & Poor’s called “the more likely outcome” when it completes its own review by the end of next month.

For Related News and Information: Telecom Italia Ordered to Cut Grid-Access Fee by Regulator NXTW NSN MPSJC06KLVR7 <GO> Telecom Italia Board Is Said to Approve Network Spinoff Plan NXTW NSN MNM8II6JIJXQ <GO> Telecom Italia Said to Value Fixed-Line Asset at $18 Billion NXTW NSN MN93WS6KLVRO <GO> Top Technology Stories: TTOP <GO> Top Italy Stories: TOP IT <GO>

--With assistance from Manuel Baigorri in Madrid. Editors: Kenneth Wong, Heather Smith

To contact the reporter on this story: Daniele Lepido in Milan at +39-02-8064-4266 or dlepido1@bloomberg.net

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

>>> US Gapping down

Gapping down

In reaction to disappointing earnings/guidance: MZOR -6.1%, (Mazor Robotics announces 2 mln ADS offering; guides Q3 rev below consensus), MCD -1.8%, HAL -0.9%

Select financial related names showing weakness: RBS -5% (Telegraph reports on the break-up of Royal Bank of Scotland could take weeks to finalize ), IRE -2.9%, DB -2%, BAC -1.3% (Housing regulators pursuing at least $6 bln on civil claims from faulty mortgages, according to reports), SAN -1%.

Other news: CHLN -14.1% ( announces restatement of historical financial statements related to accounting treatment for interest rate ), IRDM -11.5% (Iridium Communications receives 5-yr, $400 mln DoD contract for Iridium Airtime Services; updates FY13 guidance), PLG -10.2% (Announces that 26% WBJV Project 1 Shareholder Africa Wide Has Today Elected Not to Fund an Initial Cash Call), CZR -4.8% (discloses US investigation for alleged violations of the Bank Secrecy Act; withdraws application for casino in Boston), QCOR -0.8% ( following cautious Barron's mention).

Analyst comments: JCP -2% (reiterated with a Underperform at Imperial Capital; tgt lowered to $1; firm lowers bond ratings), FHN -0.7% ( downgraded to Neutral from Overweight at JP Morgan, downgraded to Sector Perform from Outperform at RBC Capital Mkts ), ANF -0.7% (downgraded to Neutral from Outperform at Macquarie), GIS -0.5% (downgraded to Neutral from Buy at BofA/Merrill), CMG -0.4% (downgraded to Hold from Buy at Miller Tabak)

>>> US Gapping up

Gapping up

In reaction to strong earnings/guidance: AOS +7%, SAP +5.8%, PHG +5.5%, (light volume), CHKP +2.4%, MAN +2%, HAS +0.9%, CE +0.4%.

M&A news: NTS +24.1% (NTS to be acquired for $2.00 per share by Tower Three Partners), TLAB +5.5% (Tellabs to be acquired by Marlin Equity Partners for $2.45 per share in cash).

China internet stocks trading higher: QIHU +2.2%, DANG +2.2%, BIDU +0.7%.

Select solar related names showing strength: RSOL +3.3%, DQ +2%, FSLR +1.7%,M TSL +1.7%, YGE +1.7%, CSIQ +1.6% (to Supply Modules to Saudi Aramco's KAPSARC Solar Power Project), SOL +1.5%.

Other news: THLD +8% (Announces Early Clinical Data for Combining TH-302 With Antiangiogenic Agents in Advanced Solid Tumors; New data from an investigator-sponsored trial (Study 4001) in patients with advanced solid tumors showed that combination treatment with TH-302 plus Votrient (pazopanib) achieved a clinical benefit rate of 76% ), ITRN +4.7% (still checking), PAL +3.3% ( commences shaft hoisting at Lac des Iles ), AOL +3.1% (Strength in the stock is being attributed to positive Cramer comments), T +2.6% (Crown Castle announces $4.85 bln AT&T (T) tower transaction), CRM +2.6% (still checking), NQ +2.3% (still checking), RMTI +2.3% (Announces Clean Safety Results From Triferic Short-Term Safety Study; Large-Scale Study Results Reaffirm Clean Safety Profile for Iron Replacement Drug Triferic), HCI +1.9% (adopts shareholder rights plan, increases quarterly dividend 22.2% to $0.275 from $0.225 per share), NFLX +1.2% ( reports that its paid subscribers could outnumber HBO), CCI +1.2% (Crown Castle announces $4.85 bln AT&T (T) tower transaction), KOG +0.4% (late volume spike following Paulson comments on M&A potential - mentioned several names).

Analyst comments: HZNP +5.3% ( upgraded to Overweight from Neutral at Piper Jaffray), MT +3.5% ( upgraded to Buy from Hold at Deutsche Bank), CRM +3.5% (Salesforce.com upgraded to Strong Buy from Outperform at Raymond James), DK +2.7% (Delek US upgraded to Buy from Neutral at Goldman), MJN +1.6% (Mead Johnson upgraded to Buy from Neutral at Citigroup), ADM +0.7% ( upgraded to Buy from Underperform at BofA/Merrill), AAPL +0.6% (upgraded to Buy from Hold at Societe Generale)

(NYPost) Talent agency merger could strip top agents of power

It takes more than talent to make it in this business. Creative Artists Agency, one of Hollywood’s top talent agencies, may have to hand over majority control to outside investors to help finance a bid for IMG Worldwide, the sports and modeling powerhouse, The Post has learned. CAA, along with private-equity backer Texas Pacific Group, is considered the front-runner for Forstmann Little-owned IMG, set to fetch around $2 billion. While an IMG win would create an unparalleled entertainment behemoth — putting A-list actors like George Clooney under the same roof as supermodels Gisele Bundchen and Kate Upton — it could also put the private-equity guys in charge of the talent agents. TPG has signaled to CAA’s management team, led by Richard Lovett, that it will need to bring in other buyout bigwigs to fund the potentially game-changing deal, a move that would dilute CAA’s control over the merged entity, sources said. "The dilution of control is a very big issue for them [CAA]," said one source. CAA declined to comment. Another big question confronting Lovett and his agency partners, including Bryan Lourd and Kevin Huvane, is whether Lovett would run the merged business. While CAA has already built a sports representation business from scratch, Lovett’s expertise is in talent relations and keeping actors, directors, writers and producers happy. The owners may decide that a more seasoned corporate executive is required to run the show, which would include IMG’s collegiate sports business and a year-round sports training academy, according to sources. "As the price goes up, what they may need is someone who is focused on running more than the talent business," said a person familiar with discussions. Sources peg IMG’s annual earnings before interest, taxes, depreciation and amortization at just under $200 million. IMG College, which represents sports rights for around 100 universities, accounts for roughly 45 percent of total business, sources said. TPG already owns a 35 percent stake in CAA, making it the single largest owner of the firm that represents some of the biggest names in show business, including Steven Spielberg, Robert Downey Jr. and Sandra Bullock. The transaction made fresh capital available to CAA to expand beyond the confines of Hollywood, particularly in sports and overseas operations. TPG has drafted Tony Vinciquerra, former chairman and CEO of Fox Networks Group, as a senior adviser to assist in its bid. CAA and TPG also are working with banker Aryeh Bourkoff’s LionTree on the deal structure. CAA is among at least 10 bidders looking at the books for IMG, which has roughly three times the assets of IMG, sources said. It’s also competing against Ari Emanuel’s William Morris Entertainment, which is backed by buyout firm Silver Lake Partners. Others in the mix include the Chernin Group, run by veteran entertainment exec Peter Chernin, who has partnered with CVC Capital. Buyout firms KKR, Bain Capital, Carlyle Group and Rizvi Traverse Management also are in the hunt.

>>> McDonald's beats by $0.01, reports revs in-line; ses October comps flat

McDonald's beats by $0.01, reports revs in-line; ses October comps flat Reports Q3 (Sep) earnings of $1.52 per share, $0.01 better than the Capital IQ Consensus Estimate of $1.51; revenues rose 2.4% year/year to $7.32 bln vs the $7.34 bln consensus; global comps +0.9%.

• In the U.S., comparable sales increased 0.7% in the third quarter while operating income rose 5%. During the quarter, the U.S. featured new core favorites and the popular Monopoly promotion and introduced Mighty Wings with a national, limited-time offer. Looking ahead, the U.S. is focused on fortifying its value leadership position and leveraging recently introduced chicken, beef and beverage options to enhance sales and profitability. • For the quarter, Europe's comparable sales rose 0.2%. Operating income increased 11% (up 8% in constant currencies) reflecting strong performance in the U.K. and Russia and solid results in France, partially offset by Germany. Throughout Europe, ongoing efforts to recalibrate key market value platforms and enhance the McDonald's experience through menu innovation and marketing are designed to strengthen the business for the long term. • Comparable sales in Asia/Pacific, Middle East and Africa (APMEA) declined 1.4% for the quarter. Third quarter operating income declined 12% (down 4% in constant currencies) reflecting weakness in China, Japan and Australia due, in part, to the ongoing challenging environment. Throughout the segment, APMEA remains aligned behind the key priorities of accelerating growth at the breakfast and late-night dayparts, enhancing local relevance and broadening accessibility with branded affordability, expanded conveniences and new restaurant openings. • Looking ahead, the Company expects the dynamics of the current environment to persist. For the fourth quarter, the Company expects global comparable sales performance to be in-line with recent quarterly trends while restaurant margin percentages are expected to decline at a level relatively similar to first quarter results. Global comparable sales for the month of October are expected to be relatively flat.

WWD : US will spend close to $2.6B on Halloween costumes

Americans will spend nearly $2.6 billion on Halloween costumes this season, according to the National Retail Federation. While that’s down slightly from last year, we’ll still shell out $1 billion for children’s costumes, $1.2 billion for adult costumes and $330 million for pet costumes. When figuring in total Halloween spending in the US on decorations and candy, the total spent to celebrate the day grows to an expected $6.9 billion this year. The average consumer will spend $75 on Halloween candy, costumes and decorations, according to the NRF. "While traditional favorites top the list this year, there’s always the chance of seeing over-the-top, unique costumes on Halloween," Pam Goodfellow, consumer insights director at Prosper Insights, said. "Costumes with clear pop-culture references that mimic hit TV show characters or celebrities could easily surprise us all," Goodfellow added. As usual, traditional costumes like witches and Superman are among the most common for both adults and children. The retail federation finds that 5 million adults are planning to dress up as witches, by far the most common costume for adults, followed by Batman, whom 2.9 million Americans plan to dress up as. Other popular adult costumes include vampire, zombie, pirate, action/superhero, Superman, Dracula and cat. The NRF says 33 percent of costume wearers will buy their get-ups. For children, favorite costumes, in order of popularity, include princess, animal, Batman, action/superhero, Spider-Man, witch, zombie, Disney princess, Superman and fairy.