>>> Asian Update

Asia Mid-Session Market Update: Japan manufacturing PMI hits 34-month high; MSCI warns China may risk losing inclusion in index if it curbs outflows

***US Session Highlights***
- (US) President Trump to sign executive order for NAFTA renegotiation as soon as today - financial press
- (US) President Trump signs order to formally withdraw US from Trans-Pacific Partnership (TPP) trade agreement, as expected - press
- MCD recoups early losses after strong earnings report overshadows negative US SSS
- QCOM slammed on royalty suit brought by Apple

***US markets on close: Dow -0.1%, S&P500 -0.3%, Nasdaq flat***
- Best Sector in S&P500: Technology
- Worst Sector in S&P500: Industrials
- Biggest gainers: CSX +3.7%, CF +3.1%, WAT +2.7%, GGP +2.5%, NEM +2.4%
- Biggest losers: QCOM -12.7%, CSC -6.0%, AZO -4.0%, GPC -3.5%, DAL -3.4%
- At the close: VIX 11.8 (+0.2pts); Treasuries: 2-yr 1.16% (-6bps), 10-yr 2.40% (-6bps), 30-yr 2.99% (-6bps)

***US movers afterhours***
- MRCY: Reports Q2 $0.30 v $0.10e, R$98.0M v $93.0Me; Guides Q3 adj EPS $0.29-0.32 v $0.13e, R$103-107M v $96.0Me, +8.9% afterhours
- RMD: Reports Q2 $0.73 v $0.70e, R$530.4M v $522Me; +6.0% afterhours
- YHOO: Reports Q4 $0.25 v $0.22e, R$960M v $911Me; +1.1% afterhours
- OCUL: Announces $25M secondary offering of common stock (13% of market cap); -4.5% afterhours

***Asia Key economic data:***
- (JP) JAPAN JAN PRELIMINARY PMI MANUFACTURING: 52.8 V 52.4 PRIOR (highest since Mar 2014)
- (NZ) NEW ZEALAND DEC PERFORMANCE OF SERVICES INDEX: 58.4 V 58.1 PRIOR (13-month high)
- (AU) Australia ANZ Roy Morgan Weekly Consumer Confidence Index: 117.0 v 119.3 prior (2nd straight decline)

***Asia Session Notable Observations, Speakers and Press***
China:
- (CN) Head of index provider MSCI: Progress of China toward inclusion in MSCI may be halted if it cracks down on capital flows out of the country - press
- (CN) China FX Regulator SAFE: Seeking to prevent cross border capital flow risks
- (CN) Chinese securities firms said to have started preparatory work for the Shanghai-London connect program - financial press
- (CN) China's Jan new loans data may reach record high - China Securities Journal
- (TW) Taiwan seeking free trade agreement (FTA) with the US - press

Japan:
- (JP) Japan PM Abe: Do not think Abenomics polices rely on currency; Asking industry leaders to raise wages for 4th straight year
- (JP) Japan Trade Min Seko: Will continue to stress strategic and economic importance of TPP to the US
- (JP) Japan Fin Min Aso: Prepared to cooperate with Trump administration at various levels - press

Australia / New Zealand:
- (AU) NAB Residential Property Index sees 2017 Australia house price growth of +3.4% v +0.4% prior
- (AU) Australia Trade Min Ciobo: in talks on trade agreement that will not include the US after Trump withdraws the US from TPP - financial press
- (NZ) New Zealand PM English: Expect to announce election date fairly shortly - press
- (NZ) New Zealand to increase minimum wage to NZ$15.75/hr, effective April 1st

***Asian Equity Indices/Futures (00:00ET)***
- Nikkei -0.4%, Hang Seng +0.3%, Shanghai Composite +0.1%, ASX200 +0.7%, Kospi -0.1%
- Equity Futures: S&P500 -0.1%; Nasdaq -0.1%; Dax -0.1%; FTSE100 -0.1%

***FX ranges/Commodities/Fixed Income (00:00ET)***
- EUR 1.0745-1.0775; JPY 112.50-113.15; AUD 0.7570-0.7610; NZD 0.7225-0.7265
- Feb Gold flat at $1,216/oz; Feb Crude Oil +0.5% at $52.99/brl; Mar Copper flat at $2.65/lb

***Asia equities / Notables / movers by sector***
- Consumer discretionary: 2020.HK Anta Sports Products +2.8%
- Financials:. 3968.HK China Merchants Bank +1.4% (FY16 prelim result); 4661.JP Oriental Land Co. +0.1% (earnings speculation); 86.HK Sun Hung Kai +0.8% (profit alert)
- Industrials: BLD.AU Boral +2.9% (UBS initiates with buy); 1038.HK Cheung Kong Infrastructure -0.2% (Australia assess infrastructure risks); MacMahon +31.8% (Bid by
Cimic)
- Technology: Samsung Electronics 005930.KR +0.2% (FY16 result); LG Display 034220.KR -2.6% (Q4 result); BXB.AU Brambles +2.4% (UBS raises rating); 6502.JP Toshiba
Corporation -3.4% (restructuring)
- Materials: 297.HK Sinofert Holdings Ltd -0.8% (profit warning); SFR.AU Sandfire Resources +5.2% (Q2 result); BSL.AU BlueScope Steel +7.7% (H1 prelim result); LYC.AU
Lynas Corp +7.4% (Q2 result); SAR.AU Saracen Mineral Holdings +1.9% (Q2 result)
- Energy: IFN.AU Infigen Energy -1.8%; SEH.AU Sino Gas & Energy Holdings -2.6% (guidance); OSH.AU Oil Search -0.2% (Q4 result)
- Healthcare: RMD.AU ResMed Inc +6.9% (Q2 result)
- Utilities: DUE.AU DUET Group -1.2% (Australia assess infrastructure risks); 6506.JP Yaskawa Electric -2.8% (9-month result)

>>>US After Hours Summary: RMD +8.5%, MRCY +7%, YHOO +1% higher and S

After Hours Summary: RMD +8.5%, MRCY +7%, YHOO +1% higher and SIMO -7% following earnings/guidance... BIOA / FSM / CASC among many names lower following equity offerings

After Hours Gainers:

Companies trading higher in after hours in reaction to earnings/guidance: RMD +8.5%, MRCY +7.4%, YHOO +0.7%

Companies trading higher in after hours in reaction to news: SYNC +6.5% (thinly traded/ticking higher, extends Google Services Agreement), REXX +6.1% (reports Q4 and full-year 2016 production and estimated pricing and provided an operational update; Q4 production growth of 12% year-over-year), MRUS +4.7% (research collaboration news with Incyte - utilizes Merus' proprietary Biclonics technology platform), GLDD +3.3% (confirmed receipt of $88 million award for coastal restoration on the Gulf Coast), SIGM +2.4% (Soros increases passive stake), RAD +1.2% (modestly rebounding after closing near lows), S +2.8% (cont strength)

After Hours Losers:

Companies trading lower in after hours in reaction to earnings/guidance: SIMO -7.2%

Companies trading lower in after hours in reaction to news: BIOA -11.5% (announces $10 mln underwritten public offering), FSM -7.3% (prices about a 10 mln share bought deal financing at $6.30/share for proceeds of about $65 mln), CASC -6.8% (to offer and sell shares of its common stock and Series E convertible preferred stock in concurrent but separate underwritten public offerings; Mark Lampert resigns from the Board as a result of his disagreement with decisions made by the Board related to the recently announced public offering), OCUL -6.5% (commences registered underwritten public offering of $25 mln of shares of its common stock), PLG -5.5% (announces $25 million bought deal financing), GLOP -5% (commences public offering of 3.75 mln common units), STRP -4.1% (files shelf registration statement on Form S-3 with the SEC, may from time to time issue up to an aggregate 1.25 mln shares of its Class B common stock), PNFP -2.7% (commences $175 mln common stock offering), USFD -1.4% (commences common stock offering of 30 mln shares by selling stockholders), ENBL -0.7% (files for $200 mln offering of common units representing limited partner interests)

NYT : US Sent $221 Million to Palestinians in Obama's Last Hours

US Sent $221 Million to Palestinians in Obama's Last Hours


WASHINGTON — Officials say the Obama administration in its waning hours defied Republican opposition and quietly released $221 million to the Palestinian Authority that GOP members of Congress had been blocking.

A State Department official and several congressional aides said the outgoing administration formally notified Congress it would spend the money Friday morning. The official said former Secretary of State John Kerry had informed some lawmakers of the move shortly before he left the State Department for the last time Thursday. The aides said written notification dated Jan. 20 was sent to Congress just hours before Donald Trump took the oath of office.

In addition to the $221 million for the Palestinians, the Obama administration also told Congress on Friday it was going ahead with the release of another $6 million in foreign affairs spending, including $4 million for climate change programs and $1.25 million for U.N. organizations, the congressional aides said. The aides and the State Department official weren't authorized to speak publicly on the matter and demanded anonymity.

Congress had initially approved the Palestinian funding in budget years 2015 and 2016, but at least two GOP lawmakers — Ed Royce of California, the chairman of the House Foreign Affairs Committee, and Kay Granger of Texas, who sits on the House Appropriations Committee — had placed holds on it over moves the Palestinian Authority had taken to seek membership in international organizations. Congressional holds are generally respected by the executive branch but are not legally binding after funds have been allocated.

The Obama administration had for some time been pressing for the release of the money for the Palestinian Authority, which comes from the U.S. Agency for International Development and is to be used for humanitarian aid in the West Bank and Gaza, to support political and security reforms as well as help prepare for good governance and the rule of law in a future Palestinian state, according to the notification sent to Congress.


The $1.25 million for U.N. agencies is to be used as voluntary contributions to the U.N. Peacebuilding Fund; the U.N. Special Coordinator on improving the U.N. response to sexual exploitation and abuse; the Montreal Protocol Secretariat, which oversees the protection of the ozone layer; the Inter-American Commission on Human Rights; and the U.N. System Staff College.

The $4 million for climate programs includes assistance for clean energy, sustainable landscapes, cutting greenhouse gas emissions and creating a climate technology center.

The last-minute allocation also contained $1.05 million in funding for the State Department's Special Representative for Afghanistan and Pakistan office and the Bureau of South and Central Asian Affairs.

The Palestinian funding is likely to draw anger from some in Congress as well as the Trump White House. Trump has vowed to be a strong supporter of Israel and has invited Israeli Prime Minister Benjamin Netanyahu to visit Washington next month.

He has also pledged to move the U.S. Embassy in Israel from Tel Aviv to Jerusalem, although White House spokesman Sean Spicer said Monday a final decision on that had yet to be made. Despite speculation in Israel that an announcement of the move is imminent, Spicer said the decision-making process is only in its very early stages.

"If it was already a decision, then we wouldn't be going through a process," Spicer told reporters.

>>> Will Trump Make Iran His Partner or His Adversary?

Will Trump Make Iran His Partner or His Adversary? - http://bit.ly/2jqscL6

Editor’s Note: Of all the many uncertainties about Trump's foreign policy, the question of Iran looms among the largest. The Obama administration moved U.S.-Iran relations from abysmal to bad, and both Republicans and Democrats heavily criticized the Iran nuclear deal, the most important element of this limited rapprochement. Yet Iran is an important player in the region, and the Trump administration must carefully consider their first step if they seek to confront Tehran or continue limited cooperation. Ariane Tabatabai of Georgetown and Dina Esfandiary of King's College offer us a roadmap, pointing out areas of potential cooperation in the U.S.-Iran relationship, as well as likely points of continued conflict.

***

President Donald Trump’s anticipated foreign policy continues to generate controversy, but as with so much of his presidency, his future course remains unclear. Trump’s stated Iran policy indicates a more hawkish stance on the Islamic Republic: on the campaign trail he vowed to tear up the Joint Comprehensive Plan of Action, and he has since appointed a number of cabinet members that support regime change in Iran. But Trump and his choice for secretary of state, Rex Tillerson’s focus on cutting deals and willingness to depart from some of the practices of the past could result in a more pragmatic approach to Tehran. If so, Trump will encounter a minefield of intertwined and diverging interests. We offer a roadmap to help him steer through obstacles in the new U.S.-Iran relationship.

America and Iran have two key areas of shared interests and possible agreement: Afghanistan and Iraq. Over the course of more than a decade, Washington has committed billions of dollars and thousands of lives to both countries. Both remain vital U.S. interests requiring some level of American presence. Iran has considerable influence in both.

Challenges in Afghanistan are many: the central authority remains fragile, resulting in the strong presence of disparate groups throughout the country. Poppy cultivation remains a concern, and human rights violations occur frequently. To make matters worse, Saudi Arabia, a key Iranian rival, continues to fund opposing groups and religious organizations in the country. Pakistan also has a complicated presence in Afghanistan.

In Afghanistan, Tehran has often played a stabilizing role. Ultimately, like the United States, Iran wants to see some level of stability and security. It is in Iran’s interest to limit the refugee influx into its own territory, avoid the increase in opioid trafficking that plagues its own population, and stop an increase in the presence and influence of the Taliban and terrorist groups like al-Qaeda and the Islamic State.

Iran’s presence in and knowledge of Afghanistan, combined with its influence in Kabul, and most importantly, desire to foster stability, is a resource for the United States and its NATO partners. After all, Iran shares a porous border with Afghanistan, as well as ethnic, religious, linguistic, cultural, political, and economic ties. Tehran was a key partner for the United States in Afghanistan after the 2001 invasion, helping shape the Bonn Agreement, which laid out the foundations for the new Afghan government. The Trump administration should engage Tehran on a number of issues in Afghanistan, including capacity and state-building, economic development, and opioid trafficking. Afghanistan is also key in counterterrorism efforts: the two countries can cooperate to mitigate the threat of al-Qaeda and limit the expansion of the Islamic State in Afghanistan.

In Iraq, too, Washington and Tehran have overlapping interests. Unlike what some of Trump’s potential cabinet members have suggested, Iran is a key stakeholder in the fight against the Islamic State. In fact, like the incoming Trump administration, Tehran sees combatting the Islamic State as a foreign and security policy priority, to which it has committed substantial resources. As in Afghanistan, Iran wants a relatively stable and secure Iraq, one with a functioning central authority governing within the same borders and that continues to house Sunnis, Shias, Kurds, and other minorities. Iran shares 910 miles of porous border with Iraq, as well as ethnic, religious, and political ties and significant economic interests. As a result, instability in Iraq directly affects Iran. Washington must work with Iran in the fight against the Islamic State, to commit less blood and treasure to the region and more effectively counter the group. After all, Iran has a solid counter-Islamic State track record; it has managed to deter or identify and neutralize attacks against its own territory, population, and interests. Moreover, like the United States, Iran has a stake in post-Islamic State Iraq. Both countries want to strengthen Baghdad and ensure the coexistence of all groups.

But Washington views Iran as a problematic player in Iraq, fueling sectarianism and helping various groups target U.S. troops. As a result, the United States wants to minimize Iranian presence in the country. But while America can contain Iran’s presence in Iraq, it can’t get rid of it entirely. And given its influence over various groups in Iraq, Iran could complement U.S. efforts there. Washington must encourage Iran to help pressure the Iraqi government to be more inclusive, working with Sunnis to recapture, maintain, and rebuild Islamic State-controlled territories. But Washington must remain vigilant: most regional countries and Iraqi groups view Tehran as a sectarian player. The United States must address some of Tehran’s nefarious rhetoric and activities in Iraq. This will be easier if Washington and Tehran maintain a dialogue and work together to tackle the ISIS threat in Iraq. In particular, the United States can continue to leverage its contribution to the fight against the Islamic State to pressure Iran to moderate the behavior of Shia militias to the extent that Tehran can.

But while Afghanistan and Iraq present possible areas for cooperation, there are several areas where the United States and Iran have divergent, even conflicting interests.

In Syria, Tehran remains committed to supporting President Bashar al-Assad’s regime, while under President Obama, Washington trained, armed, and supported the moderate rebels that fight him. Disagreements are not limited to what a legitimate government would look like, they also include the transition and the conflicting goals of fighting the Islamic State and ending the civil war. President Trump wants to end support to the Syrian rebels and focus on combatting the Islamic State. But disengaging from the moderate rebels risks disenfranchising the remaining few committed to fighting the Islamic State and a delegitimised Assad, as well as boosting extremism and emboldening the very country Trump and his cabinet want to contain: Iran. It’ll also further strain the U.S. relationship with regional allies. Iran, for its part, has a dilemma it has yet to resolve: it wants to end the civil war while maintaining a friendly authority in Damascus and pushing back the Islamic State. Clearly, the Trump administration should not align America’s Syria policy with Russia and a confused Iran. Rather, Trump must engage with both, as well as Gulf Arab states and Turkey, to bring together the disparate and divided groups in Syria to find a solution to the civil war. Washington must also use this dialogue to find common ground with Tehran on how to make the fight against the Islamic State in Syria more effective. After all, Tehran has a firm desire to fight the Islamic State that Moscow doesn’t have. Finally, this dialogue will be necessary to overcome the obstacles in the way of humanitarian efforts in Syria.

In Yemen, too, Washington and Tehran’s goals are different. Today, the United States stands with its regional partners in their efforts to push the Houthi rebels back and reinstate President Abdrabbuh Mansur Hadi, while containing Iranian influence in Gulf Arabs’ backyard. Iran, for its part, certainly provides the Houthis with weapons, financial support, and training (both directly and indirectly via Hezbollah), but its scope is more limited than what the Gulf Arabs perceive. The conflict in Yemen doesn’t provide an opportunity for U.S.-Iran collaboration, but dialogue remains important. Yemen is a high priority for Riyadh, but a low priority for Tehran. This makes it the lowest hanging fruit for meaningful regional security dialogue. While the Gulf Arabs oppose the idea of discussing “Arab affairs” with Iran, sooner or later they must face the reality that the prolongation of their campaign in Yemen is creating tensions and divisions among them, and draining resources at a time of economic difficulty. The campaign also tarnishes the coalition’s credibility and image. And while Tehran maintains a back seat in Yemen, it sees the growing regional instability as a threat, and a continued drain on its resources, particularly given the relative importance of the conflicts in Iraq and Syria compared to Yemen. As a result, the incoming Trump administration must use its influence with its Gulf Arab allies to encourage them to talk to Tehran in order to resolve the crisis in Yemen.

Ensuring the successful implementation of the 2015 nuclear deal between Iran and the world powers is a prerequisite to dialogue in other areas. If the deal is scrapped, Iran’s reactions will range from simply being less amenable to dialogue with the West and the Gulf Arabs, especially on regional conflicts, to deliberately worsening existing conflicts. The deal blocks Iran’s potential pathways to the bomb and subjects its nuclear program to intrusive verification measures. To be sure, the agreement has flaws, but even skeptics, including U.S. allies in the Gulf and analysts in Washington, have called for Trump to adhere to its terms. These include one of the new administration’s greatest Iran hawks, the incoming Secretary of Defense Gen. James Mattis, who has supported the agreement. The deal is a multilateral agreement with buy-in from key international players, and ensuring its effective implementation is a matter of U.S. national security interest and credibility.

Trump’s administration must also shelter the deal from likely crises, like the November 2016 accumulation of heavy water by Iran beyond the limits allowed by the agreement. Such minor crises are likely to arise again. They will be better managed through dialogue rather than escalation. The quick release of the U.S. sailors following direct communication between the two capitals this year was an example of what engagement can achieve. Effective implementation of the agreement also includes effective sanctions relief. Today, while business interest in Iran is high, money exchanging hands is still relatively limited. While much of that is a result of Iran’s opaque economy and lack of regulations, the slow pace of sanctions relief and the lack of clarity regarding U.S. regulations and politics remains a problem. The incoming administration must provide much-needed, low-cost political assurance that it’ll continue to adhere to the agreement.

Trump will enter the White House at a time of continued instability in the Middle East, while the U.S. public grows more tired of its resource-draining wars in Afghanistan and Iraq. As Trump alluded to during the campaign, Washington must limit the blood and treasure it commits to the region, and it can only do so by working with others where possible. Iran affords the United States several areas for cooperation. Far from controlling four Arab capitals—as Iranian hardliners claim and Gulf Arabs repeat—Iran has varying degrees of influence in its neighborhood. While it is in Tehran’s interest to see some level of instability in the region, it also wants to avoid failing states and power vacuums. After all, Iran loses all influence if those countries collapse entirely. As a result, both Washington and Tehran have an interest in working together to strengthen governments in the region and combat terrorist groups.

>>> US Close Dow -0.14% S&P -0.27% Nasdaq -0.04% Russell -0.30%

Closing Market Summary: Averages Open the Week Modestly Lower

Equity indices opened the week on a down note, unable to overcome the uncertainty surrounding the transfer of political power in Washington D.C. An afternoon rebound helped the market erase a portion of its loss, but the S&P 500 still finished lower by 0.3% while the Nasdaq (unch) finished just below its flat line.

The trading session was defined by risk-off action, leading to a downtick in the U.S. dollar and an uptick in the Treasury market. The 10-yr yield finished seven basis points lower at 2.40%, while the U.S. Dollar Index (100.14, -0.63) closed down 0.6%, a level not seen since early December.

However, the dollar's relative weakness was not enough to offset concerns about a bump in U.S. crude oil production, which pushed WTI crude down 0.9% to $52.75/bbl. Naturally, the energy sector followed, closing lower by 1.1% to finish at the bottom of today's leaderboard.

Crude oil doesn't deserve all of the blame, as Halliburton (HAL 54.80, -1.65) also contributed to the energy sector's decline, losing 2.9% after missing revenue estimates. McDonald's (MCD 121.38, -0.88) also reported quarterly results this morning. The company beat estimates, but shares declined 0.9% amid concerns about the strength of first-quarter results.

Yet, despite McDonald's downbeat report, the consumer discretionary sector (+0.1%) outperformed the broader market, finishing just above its flat line. Homebuilders had a hand in the sector's resistance to selling pressure, evidenced by the 0.4% jump in the iShares U.S. Home Construction ETF (ITB 27.91, +0.12). Also of note, the sector's top component, Amazon (AMZN 817.88, +9.55) finished higher by 1.2% after the New York Post reported that the company will be entering the auto parts retail space. 

The technology sector was also able to resist the market's bearish trend, finishing with a modest 0.1% gain. Top components like Facebook (FB 128.93, +1.89), Alphabet (GOOGL 844.43, +16.26), Cisco Systems (CSCO 30.27, +0.17), and Visa (V 82.15, +0.31) were able to outpace losses from the semiconductor industry. The PHLX Semiconductor Index finished the day lower by 0.7%.

On the non-cyclical side, real estate (+0.6%) finished at the top of the leaderboard, while telecom services (+0.5%) and consumer staples (-0.1%) also outperformed. Conversely, utilities (-0.5%) and health care (-0.5%) had a rough showing. In top news from the health care space, a federal court ruling blocked Humana's (HUM 205.02, +4.49) pending merger with Aetna (AET 119.20, -3.33). Humana jumped 2.2% on the ruling, while Aetna lost 2.7%.

Looking ahead, the earnings season kicks into gear this week with around 20.0% of the S&P 500 set to report quarterly results. Yahoo! (YHOO 42.40, +0.35) is scheduled to report after today's close, while Dow components 3M (MMM 178.51, +0.02), DuPont (DD 72.78, -0.25), and Johnson & Johnson (JNJ 113.94, -0.21) will report on Tuesday morning.

Investors did not receive any economic data on Monday, with the first report of the week, December Existing Home Sales (consensus 5.55 million), scheduled for tomorrow morning at 10:00 am ET.

  • Russell 2000 -0.7% YTD
  • Dow Jones Industrial Average +0.2% YTD
  • S&P 500 +1.2% YTD
  • Nasdaq Composite +3.2% YTD

>>> Generali, Intesa Sanpaolo emptive move against Axa (google TRasnlate)

Generali, Intesa Sanpaolo emptive move against Axa

The risiko insurance starts and Generali, according to press rumors, would be targeted by Intesa Sanpaolo and, in alliance, Allianz. In fact, as is evident in this section, when there would be nothing concrete on the table: the Intesa Sanpaolo move, announced by the press, would in fact have a character "preventive" against a possible hostile takeover of the French Axa . In practice, the meaning is this: "Do not even try it, because you would be rejected." Surely even they would have had weight political circles: should not forget that Intesa Sanpaolo is the bank "Italian" by definition. And at a time when France is bought large tricolor groups (Mediaset, Pioneer, etc) defense ness becomes a preventive action.
Meanwhile, speculates Stock Exchange, the title runs and trading volumes have doubled than average but for analysts the scenario of an extraordinary operation of Intesa Sanpaolo on Leo is "unlikely." And 'commentary Equita analysts according to which the aggregation plan, to which you also stand beside Allianz as an industrial partner, is "hardly feasible without considering antitrust constraints". For Banca Akros considers it "unlikely, considering the high risk of integration between the two companies" and is "skeptical about a possible acquisition by Allianz, mainly for political reasons and anti-trust."
Already on the weekend the Lion and the bank said they "do not comment on press rumors" and there is no record of a call-up of a General Board as early as next week. No comment either on the possible release of Alberto Minali, CFO and general manager of the company.