Wired : ASTRONOMERS HAVE FOUND THE UNIVERSE'S MISSING MATTER

ASTRONOMERS HAVE FOUND THE UNIVERSE'S MISSING MATTER - http://bit.ly/2NMXvlD
For decades, some of the atomic matter in the universe had not been located. Recent papers reveal where it’s been hiding.

ASTRONOMERS HAVE FINALLY found the last of the missing universe. It’s been hiding since the mid-1990s, when researchers decided to inventory all the “ordinary” matter in the cosmos—stars and planets and gas, anything made out of atomic parts. (This isn’t “dark matter,” which remains a wholly separate enigma.) They had a pretty good idea of how much should be out there, based on theoretical studies of how matter was created during the Big Bang. Studies of the cosmic microwave background (CMB)—the leftover light from the Big Bang—would confirm these initial estimates.

So they added up all the matter they could see—stars and gas clouds and the like, all the so-called baryons. They were able to account for only about 10 percent of what there should be. And when they considered that ordinary matter makes up only 15 percent of all matter in the universe—dark matter makes up the rest—they had only inventoried a mere 1.5 percent of all matter in the universe.

Now, in a series of three recent papers, astronomers have identified the final chunks of all the ordinary matter in the universe. (They are still deeply perplexed as to what makes up dark matter.) And despite the fact that it took so long to identify it all, researchers spotted it right where they had expected it to be all along: in extensive tendrils of hot gas that span the otherwise empty chasms between galaxies, more properly known as the warm-hot intergalactic medium, or WHIM.

Early indications that there might be extensive spans of effectively invisible gas between galaxies came from computer simulations done in 1998. “We wanted to see what was happening to all the gas in the universe,” said Jeremiah Ostriker, a cosmologist at Princeton University who constructed one of those simulations along with his colleague Renyue Cen. The two ran simulations of gas movements in the universe acted on by gravity, light, supernova explosions and all the forces that move matter in space. “We concluded that the gas will accumulate in filaments that should be detectable,” he said.

Except they weren’t — not yet.

“It was clear from the early days of cosmological simulations that many of the baryons would be in a hot, diffuse form — not in galaxies,” said Ian McCarthy, an astrophysicist at Liverpool John Moores University. Astronomers expected these hot baryons to conform to a cosmic superstructure, one made of invisible dark matter, that spanned the immense voids between galaxies. The gravitational force of the dark matter would pull gas toward it and heat the gas up to millions of degrees. Unfortunately, hot, diffuse gas is extremely difficult to find.

To spot the hidden filaments, two independent teams of researchers searched for precise distortions in the CMB, the afterglow of the Big Bang. As that light from the early universe streams across the cosmos, it can be affected by the regions that it’s passing through. In particular, the electrons in hot, ionized gas (such as the WHIM) should interact with photons from the CMB in a way that imparts some additional energy to those photons. The CMB’s spectrum should get distorted.

Unfortunately the best maps of the CMB (provided by the Planck satellite) showed no such distortions. Either the gas wasn’t there, or the effect was too subtle to show up.

But the two teams of researchers were determined to make them visible. From increasingly detailed computer simulations of the universe, they knew that gas should stretch between massive galaxies like cobwebs across a windowsill. Planck wasn’t able to see the gas between any single pair of galaxies. So the researchers figured out a way to multiply the faint signal by a million.

First, the scientists looked through catalogs of known galaxies to find appropriate galaxy pairs — galaxies that were sufficiently massive, and that were at the right distance apart, to produce a relatively thick cobweb of gas between them. Then the astrophysicists went back to the Planck data, identified where each pair of galaxies was located, and then essentially cut out that region of the sky using digital scissors. With over a million clippings in hand (in the case of the study led by Anna de Graaff, a Ph.D. student at the University of Edinburgh), they rotated each one and zoomed it in or out so that all the pairs of galaxies appeared to be in the same position. They then stacked a million galaxy pairs on top of one another. (A group led by Hideki Tanimura at the Institute of Space Astrophysics in Orsay, France, combined 260,000 pairs of galaxies.) At last, the individual threads — ghostly filaments of diffuse hot gas — suddenly became visible.

>>> Spire shareholders receptive to revised Mediclinic offer, even at lower bid

Spire shareholders receptive to revised Mediclinic offer, even at lower bid level
17 SEP 2018
  • Spire’s underlying business seen sound
  • “Opportunistic” time for Mediclinic to takeover Spire

Spire Healthcare's [LON:SPI] shareholders would welcome a fresh takeover attempt from Mediclinic International [LON:MDC], even if its bid were to come in at a lower per-share value than its previous offer, said three minority shareholders in the target.
A price just north of GBP 2.50 would probably be acceptable to shareholders, said the first minority investor.
Shareholders said they had lowered their price expectations due to a sharp slump in Shire’s shares since Mediclinic’s last bid, and because of the weakness in Spire’s revenue growth caused by a fall in NHS spending.
Spire shares were trading at 169.38 pence on Monday. A 250 pence/share offer would represent a near 48% premium to that trading level.
Still, an offer at the level would be substantially lower than Mediclinic’s previous bid for Spire, which was valued at 315.5p/share on 17 November. Talks between the companies ended after a raised offer from Mediclinic was rejected by Spire for undervaluing the company.
Takeover Panel rules prohibited Mediclinic from making a fresh approach for Spire until this past May. News reports have since indicated there is now fresh speculation about a second Mediclinic attempt.
Mediclinic’s rejected 315.5p per share offer for Spire valued the target at 17.2x trailing 12 month underlying earnings per share and around 22x forward earnings. A 250p per share offer today would value Spire close to 30x forward earnings assuming a 15% decline in full-year EBITDA, according to Dealreporter analytics.
Consensus analyst forecasts compiled by Reuters imply 2018 earnings per share of 10.6p, indicating a 250p per share takeout would value Spire at 24x.

A second minority shareholder, who said he would have accepted Mediclinic’s previous bid, said if one used normalized earnings, one could see value at about GBP 3/share for Spire; however, a third shareholder said he didn’t expect a GBP 3/share offer from Mediclinic, given the fall in Spire’s shares.
Spire shares plunged about 35% after the company said on 6 August that it expects core earnings in FY18 to be materially lower than last year, due to a drop in referrals from the UK’s National Health Service (NHS) business.
About a third of Spire’s revenue is dependent on NHS spending, which has fallen, with the publicly-funded body prioritising emergency care and other essential service.
Still, the second shareholder argued that underlying demand for Spire’s business was strong. Weak NHS funding, which has lead to longer wait times for patients, is spurring demand for private healthcare, and the pressure on Spire is only a short-term event, this shareholder argued.
The decline in outsourcing to the private sector is not a function of demand but a function of funding constraints, and the NHS has only “kicked the can down the road,” the second shareholder said.
Spire, which saw a near 10% decline in NHS revenues in the first half of the year, said it expects revenue growth in the second half to be impacted by continuing weakness in the NHS business. “We see new signs of further NHS triaging and rationing in 2H18, especially in orthopaedics as Clinical Commissioning Groups tighten their approach towards managing waiting lists,” the company said in its trading update.
Spire provides in-patient, day care and out-patient care for 40 hospitals, 10 clinics and a few specialist care centres across the UK. The company owns and operates a sports medicine, physiotherapy and rehabilitation brand, besides a screening service and also has national pathology services.
On the other hand, London-listed Mediclinic’s operations are outside the UK. The company operates 50 hospitals and a few two day-clinics across South Africa, and three hospitals in Namibia. The company also has a stake in Switzerland's private hospital group Hirslanden AG, which operates 20 private acute care facilities and four clinics in Switzerland. Mediclinic also operates five hospitals and 40 clinics in the United Arab Emirates.
Spire declined to comment. Mediclinic did not comment.

FT : In Rare Step, Saudi’s Sovereign Wealth-Fund Raises $11 Billion Loan

In Rare Step, Saudi’s Sovereign Wealth-Fund Raises $11 Billion Loan
Cash will be used to meet tens of billions of dollars of commitments PIF made to development projects and to outside investment funds

DUBAI—Saudi Arabia’s sovereign-wealth fund said Monday it signed an $11 billion syndicated loan with global banks, as the government institution prepares to invest in new industries and spend overseas to diversify the oil-dependent economy.

The loan marks the first time The Public Investment Fund has borrowed; the proceeds would be used for “general corporate purposes,” according to a statement from the sovereign-wealth fund. The total size of the loan was higher than initially planned due to strong interest from banks and favorable pricing, it added.

PIF didn’t name the banks involved in the loan. The sovereign-wealth fund didn’t immediately respond to requests for comment.

The cash is expected to be used to help the sovereign meet tens of billions of dollars of commitments it has made to development projects at home and to outside investment funds, such as SoftBank Group Corp.’s 9984 -0.41% $100 billion Vision Fund and a $40 billion Blackstone LP infrastructure investment vehicle.

Raising debt represents an unusual strategy for a sovereign fund, which often uses national resources to grow a country’s wealth for future generations. But PIF has a double-pronged mandate. It seeks not only to increase national wealth but also to create entire new industries in Saudi Arabia that will boost the government’s non-oil revenues, such as tourism, technology and entertainment.

In only two years, the roughly $225 billion sovereign-wealth fund has shifted from a little-known holding company for government assets to one of the world’s most influential investors, buying stakes in Silicon Valley firms such as Uber Technologies Inc. and Tesla Inc. PIF is also funding plans to create an entire $500 billion technology-driven city near Egypt and Jordan.

Crown Prince Mohammed bin Salman is attempting to transform Saudi society and placed PIF at the heart of his state’s economic overhaul, dubbed Vision 2030.

The fund has tied up with SoftBank and Blackstone to invest in new technologies and U.S. infrastructure projects. It’s building a Disney World-style development of theme parks outside the capital Riyadh and plans to create a vast tourism destination on the Red Sea.

To help fund the plans, the Saudi government also is encouraging its state oil giant to raise billions in loans and bonds to buy PIF’s stake in the country’s national chemicals firm. That process is expected to inject up to $70 billion more into the sovereign-wealth fund’s coffers.

Saudi officials had planned to issue public stock for Saudi Arabian Oil Co., known as Aramco, to help fund the PIF’s plans. But that process has since been put on hold in part due to the level of scrutiny it would bring to the oil firm. Instead of the IPO, Aramco and Saudi institutions have begun to raise large amounts of debt.

Saudi Arabia also last week launched a $2 billion Islamic bond issuance to help fund fiscal spending in continuation of more than $40 billion of borrowing over the past two years. The government is running a fiscal deficit as it attempts to restructure spending and increase revenues through new taxes and other means.

FT : French retailer Casino’s owner rallies after landing fresh financing

Shares in Rallye, the parent company of French retailer Casino, jumped more than 7 per cent on Monday morning, after the group said it had locked in €500m in bank funding to strengthen its financial position.

Rallye said on Sunday night that it had signed a credit facility of €500m maturing June 30, 2020, with five of its core banks: BNP Paribas, Crédit Agricole CIB, Crédit Industriel et Commercial, HSBC and Natixis.

The facility was on top of Rallye’s current financing arrangements and was not secured against Casino shares, the company added.

Rallye and Casino, which are overseen by chairman and chief executive Jean-Charles Naouri, have been under pressure this year after analysts and investors have raised questions about the complexity of their debt structure and financial reporting. The new fundraising is likely to temporarily assuage some of these investor concerns.

Earlier this month credit agency S&P Global cut Casino’s ratings one notch further into junk territory, days after Casino Finance — the entity that issues the company’s bonds — told investors that it had not filed annual accounts. Casino attributed this to a “technical delay.”

Shares in Casino were up just over 2 per cent in early trading. They have lost a third of their value this year

>>> Italy government is considering tax breaks for small Italian investors who b

Italy government is considering tax breaks for small Italian investors who buy domestic government bonds and keep them to maturity (update)
- The goal is to have households buy 20 percent of Italy’s annual debt issuance
- unclear whether Italy’s Finance Minister Giovanni Tria was in favour of this measure.
- A flat tax on personal income will be postponed to 2020
- Only taxpayers who owe up to 1 million euros to Italy’s tax agency will be eligible for a tax amnesty under discussion in Italy

>>> What to look at today - 17th of September 2018

Stocks in Asia fell with emerging-market currencies after the latest U.S. move to place a further tranche of tariffs on Chinese goods and amid signs some central banks are struggling to stabilize their currencies. The dollar maintained gains.
Shares in Hong Kong and China led declines, with Japanese markets closed for a holiday, after news that President Donald Trump instructed aides to proceed with tariffs on about $200 billion more in Chinese products. Copper and nickel dragged industrial metals lower, while emerging-market currencies weakened, led by a slide in India’s rupee and the Korean won. Futures signaled small losses for stocks when trading starts in London and New York. The 10-year Treasury yield hit 3 percent on Friday.

Nikkei +1.20% Hang Seng –.% CSI -0.95% Shanghai -0.96% Shenzen -1.30%

Eur$ 1.1630 CNH 6.87336 CNY 6.8709 JPY 111.98 GBP 1.3086 CHF 0.9667 TRY 6.2506 RUB 68.0755 WTI$ 68.95 -0.06%

S&P -0.18% EuroStoxx -0.39% FTSE -0.19% Dax -0.44% FTSE +0.09% SMI -0.19%

Macro :
- Japan’s Abe Says He Told Trump It’s Dangerous to Play With FX
- Bond Traders Keep Dancing Around Key 3% Level on U.S. 10-Year
- France to Replace Exit Tax Rather Than Abolish It: Figaro

Keep an eye on :
- A2A IM : Montenegro’s EPCG Buys Another 10% of Own Shares From A2A: Mina
- ACA LN : Barrick Gold Seeks Chinese Partners, May Slash Headcount: Globe
- AAL LN : How Anglo Quietly Built a Commodity Trader in Glencore’s Shadow
- AMUN FP : Amundi Says Stars Are Aligning for Comeback in European Stocks
- ARGX BB : Argenx Says ARGX-113 Has Positive Phase 2 Results in ITP Disease
- AZN LN : AstraZeneca Plans to Seek Approval for COPD Drug in Second Half
- ATL IM : Italy Govt Divided on Genoa Bridge Collapse Issues: Repubblica
- BMW GY : BMW, Lufthansa Not Interested in Entering Air-Taxi Market: WamS
- BNP FP : Polish Financial Watchdog Clears BNP Takeover of Raiffeisen Unit
- BP/ LN : BP to Buy 61% Stake in Azerbaijan’s Gobustan PSA
- BRBY LN : Burberry Shares Jump Ahead of Riccardo Tisci’s First Show
- CO FP : Rallye Signs EU500M Debt Facility W/ Banks Including BNP Paribas
- CGG FP : CGG: Conducts Rich-Azimuth Multi-Client Survey NW of Shetland
- CSGN SW : Credit Suisse Profit of CHF5b-6b In Next 2 Yrs ‘Realistic:’ NZZ
- DAI GY : Geely Denies Plan to Build-up Daimler Stake by Stealth: FAZ
- DAI GY : Daimler Sees Admin Job Cuts on Digitalization: Automobilwoche
- DBK GY : Deutsche Bank Is Said to Plan Moving More Assets From London: FT
- DBK GY : HNA Is Said to Buy More Time on Deutsche Bank Stake Decision: FT
- DBK GY : FCA Bans Former Deutsche Bank Trader Christian Bittar
- DCG LN : Dairy Crest 1H Revenue, Profit Seen Ahead of Expectations
- DIA IM : DiaSorin, Qiagen Start Marketing Liaison QuantiFERON-TB Test
- EDF FP : Orano CEO Expects ‘Giant’ China Contract for Nuclear Fuel
- ENGI FP : French MPs Approve End of Gas Regulated Tariffs: Les Echos
- EVT GY : Evotec May Be Eligible for Milestones in Almirall Research Pact
- FCA IM : Fiat, KKR May Reach Agreement on Marelli Next Week, Sole Says
- FCA IM : Fiat to Make Hybrid Version of 500L Model in Serbia: Novosti
- GSK LN : Ex-GSK Scientist Pleads Guilty to Stealing Trade Secrets
- HMB SS : H&M Third Quarter Sales Beat Highest Estimate
- HAS US : Hasbro May Gain 50% Over the Next Year or Two, Jefferies Says
- HLNG NO : Hoegh LNG Holdings, Hoegh LNG Partners Swap Executives
- ILD FP : Italy 5G Auction Bids Rise by EU509m to EU2.3b: Ministry
- ITV LN : Endemol Shine bidders include ITV
- KOG NO : Kongsberg Awarded U.S. Order Valued at Up to $498m
- KOS US : Kosmos Energy Completes Acquisition of Deep Gulf Energy
- LHA GY : BMW, Lufthansa Not Interested in Entering Air-Taxi Market: WamS
- GLE LN : MJ Gleeson Full Year Revenue Beats Highest Estimate
- PDL LN : Petra Diamonds Full Year Adjusted Ebitda Misses Estimates
- PHA FP : Pharmagest Inter@ctive New Sell at CM - CIC Market Solutions
- PRU LN : Prudential Reiterates it Will Rebalance Debt Before M&G Demerger
- RAL FP : Rallye Signs EU500M Debt Facility W/ Banks Including BNP Paribas
- RVNC US : Allergan Should Buy Revance for Up to $3b, Cowen Says
- RST LN : Restore 1H Revenue, Ebitda Grow; Full-Year Outlook Unchanged
- RWE GY : German Commission Assessing Coal Exit 2035-2038: Spiegel
- RWE GY : RWE Says Reported Time Frame for Coal Exit Is Unacceptable
- SIG Combibloc IPO : SIG Combibloc Sets IPO Share Price Range CHF 10.50 to CHF 13.50
- SKY LN : AMC Billionaire Retreats, Final Standoff for Sky: TMT Wrap
- SPD LN : Sports Direct criticism of investors fuels go-private speculation
- SIA LN : Soco Signs New $125m Reserve Based Lending Facility
- TIT IM : Italy 5G Auction Bids Rise by EU509m to EU2.3b: Ministry
- TSLA US : Musk Says Tesla Making Rapid Progress on Delivery Delays
- TEVA IT : Teva Migraine Drug Wins FDA Approval, Bolstering Turnaround Plan
- TUI LN : TUIFly Nordic to Close 3 Bases in Scandinavia
- UNA NA : Unilever’s Holder Warns of Structural Change Risks: Times
- UN01 GY : Uniper Said to Explore Sale of French Business: FAZ
- VOD LN : Vodafone to Cut 1,700 Shared Service Centers Jobs: FT (Earlier)

>>> Europe : Brokers Upgrades & Downgrades - 17th of September 2

>>> Up
* Concentric Upgraded to Buy at Kepler Cheuvreux; PT 160 Kronor
* Elisa Upgraded to Overweight at JPMorgan; PT 40.50 Euros
* Immofinanz Upgraded to Hold at Baader Helvea (Earlier)
* Voestalpine Upgraded to Buy at Baader Helvea

>>> Down
* Hays Downgraded to Hold at HSBC; PT 2.05 Pounds
* Henkel Cut to Market Perform at Bernstein; PT Set to 111 Euros
* Prysmian Downgraded to Neutral at Goldman; PT Set to 23 Euros
* Sophos Downgraded to Hold at Deutsche Bank
* Vale ADRs Downgraded to Underperform at RBC; PT $11

>>> Initiation
* Arrow Global Resumed at Peel Hunt With Hold
* Compass Rated New Outperform at Bernstein; PT 18.30 Pounds
* Elior Group Rated New Market Perform at Bernstein; PT 14 Euros
* Sodexo Rated New Market Perform at Bernstein; PT 97 Euros

>>> Call