S&P Chief economist Six: Difficult for ECB to do QE at the same time as the asset quality reviews (AQR) - UK jobless fall could be slower than BoE anticipates
REMINDER: U.S. equity markets are closed Thursday, November 27 for the Thanksgiving holiday
On Friday, November 28, 2013, U.S. equity markets will close at 1:00 P.M. ET
+------------------------------------------------------------------------------+
BN 11/28 09:55 *FRENCH ENERGY MINISTER PUBLISHES STATEMENT ON HESS OIL BID BN 11/28 09:53 *FRANCE REJECTS HESS OIL'S BID FOR SEVEN EXPLORATION PERMITS
+------------------------------------------------------------------------------+
*FRANCE REJECTS HESS OIL’S BID FOR SEVEN EXPLORATION PERMITS 2013-11-28 09:54:53.538 GMT
--JURJEN VAN DE POL
-0- Nov/28/2013 09:54 GMT
+------------------------------------------------------------------------------+
Galp Is Holding Talks About Buying Stake in Artlant Unit: Diario 2013-11-28 09:33:45.702 GMT
By Joao Lima Nov. 28 (Bloomberg) -- Portuguese oil co. Galp is holding talks about the possibility of buying a stake in the Artlant petrochemichal unit in Sines, Diario Economico reports, without saying how it obtained the information. * Talks have been taking place for months: paper * Artlant produces PTA for plastics industry: paper Story link (in Portuguese): {NSN MWYUW3BE5TS1 <go>}
Link to Company News:{GALP PL <Equity> CN <GO>} Link to Company News:{SED SM <Equity> CN <GO>} Link to Company News:{0524598D PL <Equity> CN <GO>} Link to Company News:{0788404D PL <Equity> CN <GO>}
For Related News and Information: First Word scrolling panel: {FIRST<GO>} First Word newswire: {NH BFW<GO>}
To contact the editor responsible for this story: Joao Lima at +351-21-340-4570 or jlima1@bloomberg.net
Eike Batista, one-time richest man in Brazil, is not the only former billionaire in the developing world. His spectacular rise to outrageous fortune has been followed by an even more spectacular collapse into personal bankruptcy. Mr Batista was undone when his oil company failed to find any of the black stuff, sparking a cash crunch across his network of companies.
But the wider slowdown in Brazil’s economy also hurt him, as it has hundreds of others in the ultra-wealthy bracket – generally defined as people with net assets of at least $30m. It might seem unnecessarily elitist to focus only on the waxing and waning wealth of a global group of just 199,235 people, but this is exactly where the world’s private banks put their efforts. Individuals with just $5m or $10m do not have enough cash to play with to cover the costs of the highest level of private service.
Brazil was one of less than a dozen countries that saw the number of its super-rich decline this year, according to an annual report by Wealth-X and UBS. More than 600 people dropped out of this league in Brazil, as the total assets of this group fell almost $100bn from 2012 to $770bn. China, the next biggest loser, lost almost 600 multimillionaires and the group’s total assets fell by $65bn to $1.5tn. The other two Bric nations, Russia and India, registered a small rise in ultra-rich numbers and wealth. All the other countries that saw their ultra-wealthy populations shrink were also emerging markets, apart from Canada and Finland. Chile, Colombia, Kazakhstan, Peru, South Africa, Syria and Tunisia all lost members of their super wealthy clubs, according to Wealth-X. Developed countries by contrast did rather well. Germany saw more than 2,000 people join or re-enter this league, while Europe as a whole added almost 5,000 and the US gained more than that. These two blocs between them added $1.5tn in assets this year – as much as all Chinese super-rich hold. The total wealth of the US and European ultra rich is a staggering $16.76tn, out of a global total of $27.77tn. Recovery in equity markets and other asset prices because of the flood of central bank money is behind most of this growth in wealth rather than fresh entrepreneurial success or economic growth. For private banks, however, the emerging markets still merit close attention. Bassam Salem, chief executive of Citi’s private bank in Asia, says the emerging markets of the Middle East, Latin America and Asia make up roughly half the global private banking business and will pull ahead of the developed world. “The emerging economies are slowing, but they are still producing better growth than the developed world,” he says. Wealth among the rich in emerging markets has grown with great rapidity in recent years, even if it is stuttering slightly now. The Middle East has continued to boom, adding more than 700 to its super-rich population and $170bn in assets. However, it is often harder than people expect to make money out of the wealthy in emerging markets, Mr Salem reckons, because much of their wealth is often tied up in their businesses, while the costs of running a private bank in terms of property, people and regulatory compliance are high and increasing. Staff – especially the vital relationship managers – can be very expensive in Asia and other emerging markets, because they are in very short supply. Barend Janssens, head of emerging markets at RBC Wealth Management, says the talent shortage is a big inhibitor to private banks. “Good private bankers who speak local languages and understand local customs are highly sought after, and with demand for their skills higher than supply, costs are going up,” he says. “The industry needs to find a way to groom talent in sufficient numbers to keep up with high client demand.” The demand is there and should keep growing – in spite of this year’s hiccups. Roland Berger, the strategy consultancy, predicts that global bankable assets will grow to almost €40tn by 2017, from €29tn at the end of 2012. The fastest growth, it predicts, will come from Asia-Pacific, which it forecasts will see assets increase by 10 per cent annually to reach about €14tn by 2017. UBS for one still sees Asia as the most promising market in the years ahead. Kathryn Shih, head of UBS Wealth Management Asia Pacific, says it will see the fastest growth out of all the emerging markets. “Asia-Pacific has been growing faster than other emerging markets because it has had more political stability, which promotes economic stability,” she says.
ACS chairman seeks Middle East investors
ACS Chairman Florentino Perez, has held meetings with investors in the Middle East to try to get them to invest in the listed Spanish construction and services company, Vozpopuli said. The Spanish-language report cited a comment made by the Abu Dhabi entrepreneur Mansour bin Zayed [deputy prime minister of the United Arab Emirates] in his social networks.
Perez is seeking new partners after the recent stock sales by the March family – who operate through the vehicle Corporacion Alba - and his distancing from the investors Alberto Alcocer and Alberto Cortina, according to the unsourced report.
Mansour bin Zayed is a member of the Abu Dhabi Investment Authority management board, the report noted.
Perez also wants to open for ACS the region’s emerging infrastructures market, particularly in the United Arab Emirates, the report added.
Source Vozpopuli
Avio Spazio: Finmeccanica to choose between EADS and Thales as partner
Finmeccanica, the listed Italian defence group, will choose either EADS or Thales as a partner to to bid for Avio's space division, Avio Spazio, Italian language daily La Repubblica reported. The unsourced report said that Finmeccanica has told both EADS and Thales that it wants to hold 51% of Avio Spazio after any transaction.
The report said that the condition could be a deal breaker for EADS. The item added that a deal with Thales could fall through if the French defence group insists on taking over Ansaldo STS, the railway signaling manufacturer controlled by Finmeccanica in exchange for letting Finmeccanica have a majority stake in Avio Spazio.
The report noted Cinven, the private equity firm, is seeking to sell its 81% stake. The report said Finmeccanica already holds 14.3% of Avio Spazio.
The report claimed that the Cinven stake is valued at EUR 90m
The report noted Avio Spazio had a turnover of EUR 285m in 2012.
US Market closed higher with NAsdaq leading again the move ahead of black Friday ...All big Tech names have been leading the move...AAPL, ORCL, INTC,HPW,... VIX @ 12.98 +1.33%...volume were very light @ 407mil shares...Brazil+0.81% ( Brazil continued to tighten policy, as Selic target rate hit 10% following today's 50bp hike. Central bank said the decision was unanimous. Notably, it also removed its prior reference forecasting runaway inflation taking to a downward path...China YTD industrial profits growth was slightly higher, but October growth slowed..Japan retail sales data were mixed, with Oct m/m trade falling for the first time in 3 months while y/y rose above expectations. USD/JPY sold off slightly...Nikkei +1.80%...Shnaghai +0.9%
Eur$ 1.3570 S&P Fut +0.1% European Fut - Unch.
Keep an eye on :
- ACA FP : Credit Agricole to Close 50 Branches by 2015: Les Echos - ACS SM : ACS chairman seeks Middle East investors - AOIL SS : Sweden to Investigate Alliance Oil Charity Donations, DI Says - BIM FP : Biomerieux Ends Molecular Biology Pact With Biocartis - BMPS IM : Monte Paschi Main Investor Acknowledges Share Sale Proposal - DTE GY : Deutsche Telekom CEO Says It’s Time for Europe Industry Mergers - EOAN GY : EON Looks to Sell Italy Business, May Fetch >EU2b: Handelsblatt - FNC IM : Finmeccanica Seeks 51% of Avio Space, Repubblica Says - G IM : Generali Balance Sheet Issue Only Moderately Addressed: Nomura - IAG LN : Listed as top European call by MS - IHG LN : Listed as top European call by MS - KWS GY : KWS Saat 1Q Rev Falls 9%, Net Loss Widens; Confirms FY14 Targets - LLOY LN : Listed as top European call by MS - MEO GY : Listed as top European call by MS - NOK1V FH : Nokia Asset Transfer to Microsoft to Result in India Tax: BTVI - PMO LN : Premier Oil 2013 Production Forecast Unchanged - PUB FP : Publicis Acquires 75.1% of U.K. Agency Walker Media; No Terms - REP SM : YPF CEO Says Repsol Deal to Open Foreign Investment: Reuters - RNO FP : Renault Urges S. Korean Unit to Lower Labor Costs: Chosun Ilbo - SSABA SS : Listed as top European call by MS - TSCO LN : Tesco Plans Same-Day Delivery Amid Grocer Rivalry: Guardian Link - UBSN VX : Credit Suisse, UBS Create Swiss Finance Council - VIE FP : Listed as top European call by MS - WPP LN : WPP Growth Improving, UBS Says; Raises Organic Growth Ests, PT - ZIGGO NA : Morgan Stanley Reports 7.39% Long Position in Ziggo: AFM Filing
Up
*ANGLO AMERICAN RAISED TO HOLD VS SELL AT LIBERUM *ASPO RAISED TO HOLD VS SELL AT NORDEA *BOLIDEN RAISED TO OVERWEIGHT VS EQUALWEIGHT AT MORGAN STANLEY *CAIRN ENERGY RAISED TO OVERWEIGHT VS NEUTRAL AT JPMORGAN *COMMERZBANK RAISED TO EQUALWEIGHT AT MORGAN STANLEY *D/S NORDEN RAISED TO HOLD VS SELL AT NORDEA *FLUGHAFEN ZUERICH RAISED TO OUTPERFORM AT RBC CAPITAL *NOVO NORDISK RAISED TO BUY VS HOLD AT KEPLER CHEUVREUX *OLD MUTUAL RAISED TO OUTPERFORM VS MARKET PERFORM AT BERNSTEIN *SAINT-GOBAIN RAISED TO NEUTRAL VS UNDERPERFORM AT EXANE
Down
*AUSTRIAN POST CUT TO UNDERWEIGHT VS NEUTRAL AT JPMORGAN *BARLOWORLD CUT TO SELL VS HOLD AT DEUTSCHE BANK *CEWE COLOR CUT TO HOLD VS BUY AT DEUTSCHE BANK *COMPASS GROUP CUT TO NEUTRAL VS BUY AT CITI **IMI CUT TO HOLD VS ADD AT NUMIS *METKA CUT TO NEUTRAL VS BUY AT CITI *REMY COINTREAU CUT TO SELL VS HOLD AT SOCGEN *REMY COINTREAU CUT TO SELL VS NEUTRAL AT CITI *VOLVO CUT TO UNDERWEIGHT VS EQUALWEIGHT AT MORGAN STANLEY
PT Change
*GENERALI PT RAISED TO EU16.5 VS EU14.7 AT UBS; KEPT AT NEUTRAL *KCOM CUT TO UNDERPERFORM VS NEUTRAL AT EXANE *NYRSTAR PT CUT TO EU2.10 FROM EU3.25 AT ING *OMV PT Raised to EU35 vs EU34 at Raymond James
Initiation
*DEBENHAMS RATED NEW HOLD AT JEFFERIES, PT 95P *EVOLVA RATED NEW OUTPERFORM AT CREDIT SUISSE, PT SFR1.60 *EVONIK INDUSTRIES RATED NEW BUY AT BERENBERG; PT EU34 *H&M RATED NEW UNDERPERFORM AT JEFFERIES, PT SEK245 *INDITEX RATED NEW BUY AT JEFFERIES, PT EU135 *MARKS & SPENCER RATED NEW HOLD AT JEFFERIES, PT 530P *NEXT RATED NEW BUY AT JEFFERIES, PT 6,300P *NYRSTAR RATED NEW SELL AT SOCGEN; PT EU1.3 *PIRAEUS BANK RATED NEW NEUTRAL AT CITI *RCS RESUMED AT NEUTRAL AT MEDIOBANCA; PT EU1.39 *ROYAL MAIL RATED NEW NEUTRAL AT GOLDMAN, PT 610P
Country Sector Stock Call
*SECURITAS, DKSH REMOVED FROM UBS’S MOST PREFERRED LIST *SERCO ADDED TO UBS’S MOST PREFERRED LIST *MS TOP Europe REco : InterContinental Hotels, Int’l Consolidated Airlines Group, Lloyds Banking Group, Metro, SSAB, Veolia Environnement
* Asia ex-Japan: Great Wall Motor, KT&G, MediaTek, Sun Pharmaceutical, WeiChai Power. * Japan: Mazda Motor, Mitsubishi Electric, Nippon Steel & Sumitomo Metal, Orix, Takeda Pharmaceutical, Yamaha Motor * Europe: InterContinental Hotels, Int’l Consolidated Airlines Group, Lloyds Banking Group, Metro, SSAB, Veolia Environnement * North America: Calpine, Canadian Pacific Railway, CBS Corp., Cobalt International Energy, FMC Technologies, Linear Technology, Michael Kors Holdings, Terex, 21st Century Fox