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Argentina is close to striking a deal with Spanish oil group Repsol to compensate the company for the nationalisation of its YPF unit last year which prompted a diplomatic crisis between Buenos Aires and Madrid. A delegation from Spain, including José Manuel Soria, industry minister, and several executives from Repsol, met Argentine officials in Buenos Aires on Monday to reach a preliminary agreement over compensation for the Spanish company, people close to the talks said.

Repsol said in a statement on Monday night that it had noted the agreement between the governments and would consider its value to its shareholders ahead of a board meeting scheduled for Wednesday. Argentina, led by president Cristina Fernández, expropriated Repsol’s majority stake in YPF, its former state oil company, last year after accusing the company of failing to invest sufficiently in the country’s energy sector, a charge Repsol vehemently denied. Repsol was seeking at least $10.5bn in compensation from Buenos Aires and had filed international arbitration claims to block further development of YPF’s assets, which included one of the world’s largest recent discoveries of shale gas, the Vaca Muerta field. No figure for any compensation was mentioned in an official announcement from the Argentine government, which was represented at the meeting by Miguel Galuccio, YPF president, and Axel Kicillof, the recently appointed minister of economy and close Fernández ally, said people briefed on the talks. Spain’s El Mundo newspaper reported that the Argentine government had offered Repsol up to $5bn in debt backed by the country’s government. Repsol declined to comment on what the possible value of any agreement might be. Argentina’s government said an agreement had been reached as to how much Repsol would be compensated in liquid assets and that both parties would drop legal action under way. YPF said Mr Galuccio was “very happy” with the agreement, describing it as the best possible scenario as it could clear the way for YPF, Repsol and Mexican state oil company Pemex to develop Argentina’s shale reserves in the Patagonian Vaca Muerta field. Asked whether Pemex may now participate in the development of Vaca Muerta, a spokesman said: “That’s one of the things that is being negotiated.” The possible agreement comes as Repsol’s management has come under pressure from Pemex, its second-largest shareholder, to strike a settlement with Buenos Aires. Emilio Lozoya, Pemex director-general – who was present at the meeting on Monday, people briefed on the talks said – had in the past month attacked the pay levels of Antonio Brufau, Repsol’s executive chairman.

President Barack Obama will face a decisive test of his influence over Senate Democrats in December when he tries to fend off sanctions legislation that he believes could scupper nuclear negotiations with Iran. Senior members of both parties have called for new sanctions after rushing to criticise the historic interim agreement that was reached with Iran at the weekend, however some of the proposals might not clash with the next round of nuclear talks.

At a time when his credibility has been badly damaged by the healthcare debacle, the president will need to secure the support of Democratic leaders in the Senate, especially majority leader Harry Reid, if he is to avoid an embarrassing congressional rebuff to his efforts to negotiate a longer-term agreement with Iran over its nuclear programme. Mr Obama used a speech on Monday to take on the domestic critics of his Iran policy who are calling for new sanctions. “Tough talk and bluster may be the easy thing to do politically,” Mr. Obama said. “But it’s not the right thing to do for our security.” The deal signed on Sunday places caps on most of the central parts of Iran’s nuclear infrastructure, in return for sanctions relief the US calculates at $6-7bn. The agreement gives negotiators six months to try and reach a final agreement that would require Iran to roll back its nuclear programme in exchange for lifting more sanctions. The interim agreement also says that the US will “refrain from imposing new nuclear-related sanctions” during the six months of the final talks. Mr Obama and secretary of state John Kerry are expected to begin lobbying against new sanctions this week, despite the Thanksgiving break. Congress is in recess until December 9. “The early read from Congress is that even some hawks are predisposed to giving the interim deal a chance,” said Cliff Kupchan, an analyst at the Eurasia Group. However, he said that it was still possible that Congress could become a major complicating factor in the next stage of the talks. The central figure in the forthcoming sanctions debate in Congress is likely to be Mr Reid. Last week, he signalled that he would support new sanctions legislation, however he adopted a more nuanced position on Monday. “When we come back [from recess], we’ll take a look at this to see if we need stronger sanctions,” he said in an interview on NPR. Mr Reid said that he had discussed the interim deal with Israeli prime minister Benjamin Netanyahu, who called it a “historic mistake”. However, he added: “We all have to acknowledge that it’s an important first step.” Among Democrats, the sharpest criticism has come from Charles Schumer, the New York senator, who said that the “disproportionality of this agreement makes it more likely that Democrats and Republicans will join together and pass additional sanctions when we return in December”. However, the deal was also warmly welcomed by other leading Democrats, including California senator Dianne Feinstein, who called it a “significant step toward solving one of the most difficult security challenges facing the world today.” Tim Kaine, the Virginia senator, said that “this deal could bring us closer to a world less threatened by weapons of mass destruction.” The first priority for the administration will be to prevent any sanctions legislation that seeks to impose preconditions on the final-stage negotiations with the Iranians. A bill proposed last week by Bob Corker, a leading Republican senator, would set a strict timeframe for the next round of talks and would establish demands for what should be in the final agreement. Other senators have proposed bills that would insist Iran could not conduct any uranium enrichment under a final agreement – a condition US diplomats believe the Iranians would never accept. Beyond that, the administration will also try to finesse proposals that impose new sanctions if a final agreement is not reached – an option that is now being pushed by the powerful American Israel Public Affairs Committee. Although the White House has said that Iran will face new sanctions if the talks collapse, a US official said on Monday that it would be “unhelpful” to pass such a measure during the negotiations. “Even if the sanctions do not kick in until the talks fail, it would still anger the Iranians,” said Mr Kupchan. “The last thing [Iran President Hassan] Rouhani needs is for his hardliners to come out and start saying ‘look what the Americans are trying to do to us’”. Administration officials argue that it would be simple to pass new sanctions if the talks fail, so while legislation can be prepared at the moment, there was no need to actually approve a bill. European officials said on Monday that the talks could potentially extend into a second six month period if a deal is not reached by May, however such a proposal is likely to be met with stiff resistance in the US Congress.

European Equity Markets to Rise by 14% in 2014, Nomura Says

--> Sees total return of 17%. * Driving force likely to switch to earnings growth rather than multiple expansion * Says earnings growth can come from continued external demand, early signs of some domestic recovery and margin expansion greater than consensus expectations * Over longer horizons, says falling risk premium and flows back into asset class likely to add support; within mkt, retains a pro-Risk and anti-Quality stance * Within Europe, remains Overweight Spain, Italy, Germany, Sweden, and Underweight U.K., Switzerland, Belgium * “Selectively” buys more cyclicals, specifically Airlines, Logistics and selected Capital Goods to be Overweight those sectors * Cuts Insurance, Telecoms to Neutral vs Overweight * Reduces size of Underweight on Healthcare * Main portfolio Overweights in Banks, Asset Managers, Industrials, Airlines, Logistics, Media, Tech * Has zero positions in Mining, Consumer Staples, Utilities * Additions to European Recommended Portfolio: Lufthansa, Ryanair, Deutsche Post, DSV, HeidelbergCement, SKF, Schneider Electric, Novartis, Sanofi, Alcatel-Lucent, WPP * GlaxoSmithKline, Ericsson, Hochtief, Legal & General, TeliaSonera, Reed, ArcelorMittal removed

US Market closed on weaker note before thanksgiving break, sell off on last hour pushed S&P on lows, trading voluems were low at 620m shares ...VIX @ 12.79 +4.32%...BRazil-1.02%...BOJ released the minutes of its Oct 31st meeting, containing no less than 3 dissenting voices out of 9 board members with a minority view. While themajority said the BOJ 2% inflation target can still be achieved toward the latter half of the 2-year timeframe, the dissenters said it may be difficult to reach the target. One member said inflation already peaked and noted Yen weakness would be temporary. Another member said BOJ credibility may be undermined if the time frame is not met, requiring a more formal warning. All 3 members' requests for language changes were voted down by the majority...PBoC Gov Zhou reiterated China central bank will preserve "prudent" monetary policy but also expressed some further support on widening the yuan band. Euro currency rose against the dollar and on the crosses after the PBoC said EUR is an important part of China's FX reserve management system. PBoC was also positive on French govt debt...Nikkei -0.67%...Shanghai -0.25%

Eur$ 1.3530 S&P Fut +0.15% European Fut -0.05%

Keep an eye on :

- ALGETA NO : Bayer Proposes Preliminary Offer for Algeta at NOK336/Shr - BNP FP : Galeries Lafayette and BNP Paribas locking horns on valuation of LaSer Cofinoga - ESSR LN : Essar Energy to sell majority of non-performing or non-core E&P assets overseas, India to raise money for growth  - FCC SM : Spain's FCC May Sell 51% of Renewable Power Unit, Expansion Says - G IM : Generali Lack of Capital Slows Down Recovery, Bernstein Says - GEN DC : Genmab Reaches First Daratumumab Milestone, Boosts Forecasts - GOGL NO : Reports Q3 EBITDA $31.9M v $22Me, R$78.8M v $56.5M y/y, Guides Q4 underlying operational results to be in line with or better than Q3. - OR FP : L'Occitane -2% on numbers in HK... - ORC FP : Orco: Radovan Vitek likely to gain full control of company and subsequently to sell several Orco’s assets - RCO FP : Remy Sees ‘Substantial’ Fall in FY Current Oper. Profit - RXL FP : Rexel Says Organic Sales Growth Will Outperform in Medium Term - TIT IM : Telecom Italia Investor Findim Lacks Votes to Revoke Board: Sole - TNET BB : Telenet in Talks to Buy Brutele Cable in Brussels, L’Echo Says - YARA NO : Yara Agrees to Buy OFD Holding for Enterprise Value of $425m - YARA NO : Yara Sees EPS of NOK19 in Supply-Driven Market Scenario

Up

*AFRICAN RAINBOW MINERALS RAISED TO BUY VS NEUTRAL AT BOFAML *ASML RAISED TO BUY VS HOLD AT SOCGEN *AUTOLIV RAISED TO NEUTRAL VS SELL AT CITI *EFG INTERNATIONAL RAISED TO OUTPERFORM VS NEUTRAL AT MEDIOBANCA *GEOX RAISED TO NEUTRAL VS SELL AT CITI *LONMIN RAISED TO BUY VS NEUTRAL AT BOFAML *SAFRAN RAISED TO TOP PICK AT RBC CAPITAL *STANDARD CHARTERED RAISED TO OUTPERFORM VS NEUTRAL: MACQUARIE *SULZER RAISED TO BUY VS NEUTRAL AT CITI

Down

*GLENCORE XSTRATA CUT TO NEUTRAL VS BUY AT BOFAML *INTERMEDIATE CAPITAL CUT TO NEUTRAL VS BUY AT BOFAML *LUXOTTICA CUT TO HOLD VS BUY AT BERENBERG *MEGGITT CUT TO OUTPERFORM AT RBC CAPITAL *SPONDA CUT TO NEUTRAL VS BUY AT UBS *TECNICAS REUNIDAS CUT TO UNDERWEIGHT VS NEUTRAL AT JPMORGAN

PT Change

*BENI STABILI PT RAISED 2% TO EU0.48 AT GOLDMAN; KEPT AT NEUTRAL

Initiation

*DANIELI RATED NEW BUY AT KEPLER CHEUVREUX; PT EU29.5 *MELROSE RATED NEW HOLD AT NUMIS, PT 290P *NETCARE RATED NEW EQUALWEIGHT AT BARCLAYS; PT ZAR24.00 *SONAE RATED NEW EQUALWEIGHT AT BARCLAYS; PT EU1.17

Country Sector Stock Call

*INSURANCE, TELECOMS CUT TO NEUTRAL VS OVERWEIGHT AT NOMURA *SUEDZUCKER CUT FROM CONVICTION SELL AT GOLDMAN, STILL SELL *BARRATT, FERROVIAL ADDED TO BOFAML BUILDINGS MOST PREFERREDS *VINCI, TAYLOR WIMPEY EXIT BOFAML BUILDINGS MOST PREFERRED LIST

Orco: Radovan Vitek likely to gain full control of company and subsequently to sell several Orco’s assets

Radoven Vitek, the owner of one-third in the listed real estate developer Orco, has higher chances than his opponents to gain full control of the company, wrote Hospodarske Noviny. The Czech language item cited two financial analysts, Pavel Ryska and Dusan Jalovy. However they noted that the fate of the company will lie with the decision of the minority shareholders.

The report specified that in the Orco General Meeting to be held on 6 December the shareholders will vote on Vitek’s proposal to remove six other members of Orco's board, leaving only Vitek, Edward Moss Hughes, who was named to the Board on Vitek’s proposal and the founder of the company Jean Francois Ott. The contrary proposal, suggested by two American funds – Kingstown Capital Management and Alchemy Special Opportunities – suggests a removal of Vitek and Hughes.

The item speculated that it is likely that the two funds will enforce postponing of the GM in order to gain more time for negotiations with other shareholders. In such a case the GM would be held at the beginning of January.

In case Vitek is successful in his intention to take control of the company, then he will, according to Hospodarske Noviny's undisclosed sources, lay off a high number of Orco employees and sell several company assets and projects. He will retain the core project in Bubny along with some other profitable assets.

Source Hospodarske Noviny

Asian Market Update: BoJ Oct meeting minutes reveal a split over attaining 2% inflation target; PBoC Gov supports wider Yuan trading band

***Observations/Insights*** - BOJ released the minutes of its Oct 31st meeting, containing no less than 3 dissenting voices out of 9 board members with a minority view. While the majority said the BOJ 2% inflation target can still be achieved toward the latter half of the 2-year timeframe, the dissenters said it may be difficult to reach the target. One member said inflation already peaked and noted Yen weakness would be temporary. Another member said BOJ credibility may be undermined if the time frame is not met, requiring a more formal warning. All 3 members' requests for language changes were voted down by the majority. - PBoC Gov Zhou reiterated China central bank will preserve "prudent" monetary policy but also expressed some further support on widening the yuan band. Euro currency rose against the dollar and on the crosses after the PBoC said EUR is an important part of China's FX reserve management system. PBoC was also positive on French govt debt. - RBA Dep Gov Lowe reiterated Gov Stevens' comments from last week that an intervention cannot be ruled out, but also added the threshold for the move is fairly high, sending AUD up about 50pips above $0.92 handle session high. Lowe also said productivity was improving and could be expected to rise further in export space, while also forecasting a lower terms of trade in the future.

***Economic Data*** - (PH) PHILIPPINES SEPT TRADE BALANCE: -$666M V -$411ME - (JP) JAPAN OCT CORPORATE SERVICE PRICE INDEX Y/Y: 0.8% V 0.9%E (5-year high) - (KR) SOUTH KOREA NOV CONSUMER CONFIDENCE: 107 V 106 PRIOR (33-month high)

***Fixed Income/Commodities/Currencies*** - JGB: Japan MoF sells ¥399.2B in 1.9% 40-year bonds, bid to cover: 4.13x v 3.37x prior - (AU) Australia MoF (AOFM) sells 2022 Indexed Notes; avg yield: 1.6139%; bid-to-cover: 5.22x - (CN) Daily Shibor fixings: O/N: 3.7460% v 3.8470% prior (2nd consecutive decline); 1-week: 4.6775% v 4.7400% prior (2nd consecutive decline) - (CN) PBoC to inject CNY32B in 7-day reverse repos (3rd consecutive injection) - (CN) PBoC temporarily halts CNY1B of bills rollover for the first time after July - Chinese press

- SLV: iShares Silver Trust ETF daily holdings fall to 10,330 tonnes (lowest level since 10,284 on Jul 23rd) from 10,360 tonnes - GLD: SPDR Gold Trust ETF daily holdings fall 3.3 tonnes to 848.9 tonnes (lowest since Jan 2009)

- EUR/USD: Rises to session high $1.3540 following PBoC Gov comments regarding euro remaining a big part of FX diversification; AUD/USD hit session highs above $0.92, helped by "high threshold for intervention" comments from RBA's Lowe. USD was also under pressure elsewhere, with USD/JPY falling toward 101.30 following the release of a BOJ minutes split and NZD/USD tested $0.8260 - up about 50pips from opening lows.

***Speakers/Political/In the Papers*** - (CN) PBoC Gov Zhou Xiaochuan: Domestic inflation stable; Must continue prudent monetary policy; To widen yuan trading band in orderly fashion - financial press - (CN) China house prices expected to rise 5% in 2014 after 10% gain in 2013 - financial press - (CN) Citigroup: Sees China 2013 GDP at 7.6%, 2014 GDP at 7.3% - (CN) PBoC's Xu Nuojin: 8% GDP growth not a problem in coming years; 8% export growth target is difficult to reach - financial press - (CN) China National Development and Reform Commission (NDRC) vice Chairman Lian : China may loosen investment approval policy - (CN) China Securities Regulatory Commission (CSRC) vice Chairman Yao: China to proactively consider preferred shares - Chinese press - (CN) China should slightly loosen monetary policy - Chinese press - (HK) Goldman Sachs: Raises forecast for Hang Sang Index in 2014 to 26,500 from 25,500 prior forecast

- (JP) Japan and US may deploy unmanned plane to East China Sea - Nikkei News - (JP) Japan MOF plans to reduce primary budget deficit by more than ¥4T in FY14/15 - financial press - (JP) Japan Chief Cabinet Sec Suga: Japan to work closely with international community to call for China restraint - (JP) Japan Econ Min Amari: TPP talks discrepancies have narrowed considerably

- (AU) RBA's Corbett: The economy would benefit from lower AUD - financial press interview - (AU) RBA Dep Gov Lowe: Expects in time to see the AUD lower; does not rule out intervention, threshold for intervention fairly high

- (KR) South Korea Fin Min Hyun: Sees 2014 GDP around 4% range - financial press - (KR) According to sources in South Korea Treasury, over 40% of planned govt spending may not get executed if the National Assembly does not endorse 2014 budget bill - Korean press

***Equities*** Market Snapshot (as of 04:30 GMT): - Nikkei225 -0.6%, S&P/ASX +0.3%, Kospi +0.1%, Shanghai Composite flat, Hang Seng +0.2%, Dec S&P500 +0.1% at 1,804, Feb gold +0.8% at $1,252, Jan crude oil +0.2% at $94.32/brl

US markets: - PANW: Reports Q1 $0.08 v $0.07e, R$128.2M v $121Me; +9.0% afterhours - WDAY: Reports Q3 -$0.12 v -$0.17e, R$127.9M v $118Me; +8.1% afterhours - PWRD: Reports Q3 $0.46 (adj) v $0.37e, R$136M v $132Me; +7.1% afterhours - LGND: To be added to S&P600 after the close of trading at Nov 27th; +3.0% afterhours - AXE: Declares $5.00/shr special dividend; +1.7% afterhours - ITW: At least 6 major private equity groups said to be competing to buy the industrial packaging unit; Deal estimated above $3B - financial press; +0.6% afterhours

Notable movers by sector: - Consumer discretionary: L'Occitane 973.HK -2.8% (H1 results) - Industrials: Beihai Port Co Ltd 000582.CN +4.3%, Guangxi Wuzhou Communications Co Ltd 600368.CN +1.9% (speculations on Guangxi Dongxing City free trade zone); Daelim Industrial Co Ltd 000210.KR +1.1% (awarded order); Hyundai Motor Co 005380.KR +0.2% (US sales forecast); Ningbo Port Co Ltd 601018.CN +9.8%, Ningbo Marine Co Ltd 600798.CN +10.1%, Ningbo Fuda Co Ltd 600724.CN +9.6% (speculations on free trade zone in Zhejiang Province) - Materials: St Barbara Ltd SBM.AU +5.3% (FY14 production guidance) - Financials: Leopalace21 Corp 8848.JP -9.2% (share sale plan); China South City Holdings Ltd 1668.HK -7.3% (H1 results) - Technology: Mobicon Group Ltd 1213.HK +4.8% (H1 results); Xero Ltd XRO.AU -3.7% (H1 results) - Energy: ENN Energy Holdings Ltd 2688.HK +4.8% (strategic alliance with IBM); Sinopec 386.HK -2.8% (pipeline explosion)

Closing Market Summary: Holiday-Shortened Week Starts on Lower Note

The S&P 500 began the holiday-shortened week on a lower note, shedding 0.1%. The Dow Jones Industrial Average and Nasdaq outperformed, but their gains were limited to less than 0.1% apiece. Stocks held modest gains through the vast majority of the session, but a final-hour sell off sent the S&P 500 to a fresh low. Despite today's retreat, the benchmark index remains higher by 2.6% in November.

Energy (-0.8%) and materials (-0.7%) led the afternoon sell off after laggingthroughout the session. The energy sector was pressured by crude oil futures,which fell 0.8% to $94.03 per barrel. Oil futures were able to erase a portionof their losses after being down as much as 1.1% in reaction to the nuclear deal with Iran that was reached over the weekend. Meanwhile, steelmakers weighed on the materials sector as the Market Vectors Steel ETF (SLX 47.80, -0.47) lost 1.0%. Elsewhere, industrials (-0.4%) joined the final-hour sell off as Boeing (BA 133.00, -2.97) fell 2.2% amid news the company has warned airlines about a potential engine icing risk. The engine maker, General Electric (GE 26.73, -0.35), lost 1.3%. However, there were some pockets of strength among industrials as the Dow Jones Transportation Average outperformed with a gain of 0.3%.

The afternoon weakness also claimed three countercyclical groups—consumer staples (-0.2%), telecom services (-0.3%), and utilities (-0.4%)—while health care outperformed with a gain of 0.4%. Biotechnology was largely responsible for the relative strength as the iShares Nasdaq Biotechnology ETF (IBB 222.79,+2.16) added 1.0%. Outside of health care, only consumer discretionary (+0.1%) and financials (+0.1%) eked out narrow gains. Treasuries ended modestly higher with the 10-yr yield off one basis point at 2.74%. Trading volume was well below average as just over 620 million shares changed hands on the floor of the New York Stock Exchange. Today's economic data was limited to October pending home sales, which ticked down 0.6%. The reading followed last month's revised decrease of 4.6% (from 5.6%), and was worse than the 1.3% increase forecast by the consensus. Tomorrow, building permits for September and October will be reported at 8:30 ET while the September Case-Shiller 20-city Index and September FHFA Housing Price Index will be released at 9:00 ET. The day's data will be topped off with the 10:00 ET release of the November Consumer Confidence Index.

o Russell 2000 +32.4% YTD o Nasdaq +32.3% YTD o S&P 500 +26.4% YTD o DJIA +22.7% YTD

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Wereldhave Withdraws Offering of Up to EU220m 5yr Conv. Bonds 2013-11-25 20:43:54.61 GMT

By John Simpson Nov. 25 (Bloomberg) -- Co. says interest insufficient in combined transaction, which was to have included concurrent repurchase of EU230m of 2.875% notes due 2015. * Says it will continue to explore refinancing options to optimize its debt maturity profile at terms attractive to shareholders

Link to Statement:NSN MWU5EB3MBKSG <GO> Link to Company News:WHA NA <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: John Simpson at +1-416-203-5726 or jsimpson12@bloomberg.net

BlackBerry's Clock Is Ticking—Loudly

A Management Reshuffle Shows the New CEO Is Trying to Take the Smartphone Maker in a New Direction, but Time Isn't on His Side

New BlackBerry chief John Chen is wasting no time in trying to rescue the smartphone maker from its long line of stumbles. But he has considerably less time to do so than his predecessor.

Accordingly, Mr. Chen is moving fast. On Monday, just three weeks after taking the top job, he announced that three top-level executives plus one board member will be leaving. While new CEOs often reshuffle their leadership teams, Mr. Chen's quick moves are evidence that he is planning major changes for the company.

Mr. Chen has continued to signal that devices are part of BlackBerry's future. Yet it is notable that two of the dismissed executives—Chief Operating Officer Kristian Tear and Chief Marketing Officer Frank Boulben —had been brought on by previous CEO Thorsten Heins and had been key in implementing his plan to bet the company's future on a new operating system and family of devices. That bet has failed, leaving BlackBerry with few options.

Mr. Chen's deep background in enterprise software is a good indicator of where the board wants him to take BlackBerry. With the near-collapse of its handset business, BlackBerry generates about half of its revenue from services that help ensure the security and reliability of its network. Many believe BlackBerry could survive as a provider of such services across other wireless platforms such as Apple's AAPL +1.02% iOS and Android, rather than keeping those tethered to its own handset. Even so, it is a Hail Mary pass at this point.

When Mr. Heins took over BlackBerry in early 2012, it was still drawing more than $4 billion in revenue and shipping more than 11 million smartphones per quarter, with operations generating more than $1 billion in cash flow. Revenue has since plunged to $1.6 billion as of the last quarterly report, with BlackBerry being able to recognize only about 3.7 million smartphone shipments in the period and operations consuming $136 million in cash.

Mr. Chen's moves may help speed change at BlackBerry. But no matter how fast he goes, it may still prove to be too little, too late, given the magnitude of the challenge facing him.