>>> Doomed Costa Concordia 'was carrying shipment of Mafia cocaine' when it sunk

Doomed Costa Concordia 'was carrying shipment of Mafia cocaine' when it sunk
{http://www.mirror.co.uk/news/world-news/doomed-costa-concordia-was-carrying-5432140}

The ’Ndrangheta crime syndicate had its drugs hidden on the cruise ship which sunk in January 2012, Italian investigators claim

The doomed Costa Concordia was carrying a huge shipment of Mafia-owned cocaine, investigators claim.

A notorious Calabrian crime syndicate called the ’Ndrangheta had its drugs hidden on the cruise ship which sunk in January 2012, with loss of 32 lives.

The ship's captain, Francesco Schettino, was jailed for 16 years in February.

He was convicted of manslaughter over the deaths of 32 people, as well as causing the shipwreck and abandoning ship while many of the 4,200 passengers and crew were still on board the stricken vessel.

Investigators claim phone and tape recordings of gang members revealed that there was a drugs shipment on the vessel when it went down, the Independent reports.

One recording allegedly features ’Ndrangheta boss Michele Rossi saying to associate Massimo Tiralongo: “The same ship that made us a laughing stock around the world, took the p**s out of us, too."

A criminal investigation into alleged Mafia drugs trafficking also claims the ’Ndrangheta placed drugs on ships owned by MSC and Norwegian Cruise Lines.

Officers said the drugs on the Concordia were stowed on board the vessel without the knowledge of senior officers or senior company officials.

The Concordia was towed to Genoa last year to be scrapped in an operation which is due to last nearly two years.

(The Telegraph) Angela Merkel faces euro rebellion as senior official resigns ov

Angela Merkel faces euro rebellion as senior official resigns over Greek bail-out support
{http://www.telegraph.co.uk/finance/economics/11506127/Angela-Merkel-faces-euro-rebellion-as-senior-official-resigns-over-Greek-bail-out-support.html}
Deputy leader of Angela Merkel's sister party steps down over financial aid for Greece

Political tensions in Europe's largest creditor nation were laid bare after a senior ally of Angela Merkel's ruling party stepped down in protest of his government's support for a Greek bail-out.
Peter Gauweiler, deputy chairman of the Christian Social Union - the Bavarian sister party of the ruling CDU - said Greece was a "bankrupt state" and he could not serve as a member of parliament as long as his "dissenting vote against an extension of the current and completely ineffective program" was ignored.
Mr Gauweiler, a fierce critic of financial support for the eurozone's indebted countries, was appointed vice-chairman of the CSU in November 2013 in a move to appease the growing eurosceptic elements within his party.

"I have been publicly pressured to vote in the Bundestag for the exact opposite, on the grounds that I am a vice-president," said Mr Gauweiler in a statement on his website.
"This is incompatible with my interpretation of the duty of a legislator."
Leader of the CSU Horst Seehofer also came in for heavy criticism from Mr Gauweiler, who has lodged legal complaints with the German Constitutional Court against the European Central Bank's attempts to establish financial backstops and its purchases of government bonds.
Mr Gauweiler was also one of the 28 members of Ms Merkel's coalition to vote in opposition to Greece's bail-out extension in February.
The rapid rise of the Alternative for Germany party (AfD) who seek to force Greece out of the monetary union, has put pressure on Ms Merkel's ruling coalition.
Her conservative Christian Democrat party suffered its worst election result since the Second World War last month, at the hands of the eurosceptics.
The AfD have already made overtures towards Mr Gauweiler, extending an invitation for him to join their ranks on Tuesday.
The new Greek government is currently appealing for debt relief and the unlocking of a fresh round of bail-out money as it seeks to avert bankruptcy.
Speaking in Helskini on Monday, Ms Merkel warned Athens plans for reforming the economy must "add up".

Wansquare : Casino: le Brésil est devenu le premier contributeur au chiffre d'af

Casino: le Brésil est devenu le premier contributeur au chiffre d'affaires 

Depuis la fin 2014 l'activité brésilienne représente 20 milliards d'euros contre 19 milliards pour la France. Si le potentiel de l'Hexagone est plutôt bridé, il n'en va pas de même au pays de Pelé qui dispose d'un formidable réservoir, ne serait­ce qu'au regard de l'essor d'une population à fort pouvoir d'achat dans le Sud Est. Jean­Charles Naouri, le patron de Casino avait prévenu lors de la publication des résultats 2014 : l'international et plus particulièrement le Brésil sont appelés à prendre une part prépondérante dans le développement du groupe. Depuis la fin 2014, une nouvelle statistique est devenue symptomatique : le plus gros chiffre d'affaires du distributeur est dorénavant réalisé par ce gigantesque pays qui, bien qu'en panne de croissance, recèle d'immenses possibilités, ne serait­ce qu'au regard du pouvoir d'achat d'une classe moyenne en constant progrès. De fait, le Brésil dégage, à ce jour, 20 milliards d'euros de chiffre d'affaires quand la France n'en totalise que 19 milliards. Et si l'Hexagone aura beaucoup de mal à dépasser ce cap, il est indéniable que l'activité brésilienne, elle, dispose d'un formidable réservoir. Via GPA, Casino exploite sur place toutes les tailles de magasins, des plus petits avec ses "Minuto" aux plus grands avec ses hypers "Extra". Surtout, le distributeur arrive largement en tête dans le pays grâce à tous ses efforts fournis pour chacun de ses formats, que ce soit en alimentaire avec ses supermarchés "Pao de Açucar", la référence au pays de Pelé, qu'en non alimentaire avec ses enseignes "Pontofrio" et "Casas Bahia". Des magasins situés dans les meilleurs endroits de Sao Paulo ou de Rio de Janeiro et qui délivrent de très belles rentabilités, comme la marge d'Ebitda de 10,7% de Via Varejo (qui regroupe les marques Pontofrio et Casas Bahia). Très largement concentré dans le Sud Est du Brésil, GPA regarde aujourd'hui d'autres régions à exploiter. Sur les 2.143 magasins actuels, 1.434 sont effectivement dans le Sud Est où se situe Sao Paulo, le vaisseau amiral de la zone. "Le groupe est totalement désendetté et à la tête d'un cash net positif. La crise affecte bon nombre de petites chaînes situées dans le N.E du Brésil. Nous devrions saisir cette occasion pour nous y renforcer", lance Ronaldo Labrudi, un temps sociologue et à la tête de groupes d'infrastructures avant de venir rejoindre GPA en tant que CEO. En effet, l'essentiel du PIB brésilien est actuellement réalisé dans la région de Sao Paulo. Mais le Nord Est devrait bientôt, lui aussi s'ouvrir sur une nouvelle dynamique. D'ores et déjà, les différentes enseignes de GPA ont défini leur feuille de route. Du côté des magasins de proximité, la commercialisation de nouveaux "Minuto" est prévue au Nord Est tout comme celle de nouveaux "Pao de Açucar", "Pontofrio" et "Casas Bahia" (soit au total, 300 établissements). De quoi accélérer le rythme de croissance de GPA qui compte sur l'essor d'une population au pouvoir d'achat en nette hausse pour conforter son avance par rapport à la concurrence. Sans parler du grand succès rencontré par les établissements de cash & carry de l'enseigne "Assaï" qui a bondi de 35% en 2014 et devrait réitérer cette performance ces prochaines années. A noter que le Brésil est aussi le pays de prédilection de Cnova, l'entité cotée à New York et Paris, regroupant les différents sites internet marchands de Casino. Grâce au développement des "Marketplaces" (certains commerçants partenaires mettent leurs produits sur les sites du groupe), ce sont quelque 13,8 millions d'offres de produits qui sont dorénavant disponibles. Et la firme de Jean­Charles Naouri ne compte pas s'arrêter là au regard du potentiel de l'e.commerce au Brésil mais aussi en France. Plus que jamais le Brésil est donc appelé à jouer un rôle majeur non seulement dans la stratégie de conquête de Casino mais aussi dans la composition des résultats de l'entreprise française. L'Amérique Latine est loin d'avoir dit son dernier mot.

(Bus. insider) Traders are betting on stocks with tons of borrowed money

Traders are betting on stocks with tons of borrowed money

The New York Stock Exchange publishes end-of-month data for margin debt on the NYXdata website, where we can also find historical data back to 1959. Let's examine the numbers and study the relationship between margin debt and the market, using the S&P 500 as the surrogate for the latter.
The first chart shows the two series in real terms — adjusted for inflation to today's dollar using the Consumer Price Index as the deflator. I picked 1995 as an arbitrary start date. We were well into the Boomer Bull Market that began in 1982 and approaching the start of the Tech Bubble that shaped investor sentiment during the second half of the decade. The astonishing surge in leverage in late 1999 peaked in March 2000, the same month that the S&P 500 hit its all-time daily high, although the highest monthly close for that year was five months later in August. A similar surge began in 2006, peaking in July 2007, three months before the market peak.
Debt hit a trough in February 2009, a month before the March market bottom. It then began another major cycle of increase.
The Latest Margin Data
Unfortunately, the NYSE margin debt data is about a month old when it is published. The latest debt level is 0.17% below its nominal high set one year ago. However, real (inflation-adjusted) debt rose 4.07% month-over-month and is hovering a mere 0.14% off its record high set in February 2014.
The next chart shows the percentage growth of the two data series from the same 1995 starting date, again based on real (inflation-adjusted) data. I've added markers to show the precise monthly values and added callouts to show the month. Margin debt grew at a rate comparable to the market from 1995 to late summer of 2000 before soaring into the stratosphere. The two synchronized in their rate of contraction in early 2001. But with recovery after the Tech Crash, margin debt gradually returned to a growth rate closer to its former self in the second half of the 1990s rather than the more restrained real growth of the S&P 500. But by September of 2006, margin again went ballistic. It finally peaked in the summer of 2007, about three months before the market.
After the market low of 2009, margin debt again went on a tear until the contraction in late spring of 2010. The summer doldrums promptly ended when Chairman Bernanke hinted of more quantitative easing in his August, 2010 Jackson Hole speech. The appetite for margin instantly returned, and the Fed periodically increased the easing. Now that QE over, it will be particularly interesting to watch debt levels in the months ahead.
NYSE Investor Credit
Lance Roberts of STA Wealth Management analyzes margin debt in the larger context that includes free cash accounts and credit balances in margin accounts. Essentially, he calculates the Credit Balance as the sum of Free Credit Cash Accounts and Credit Balances in Margin Accounts minus Margin Debt. The chart below illustrates the mathematics of Credit Balance with an overlay of the S&P 500. Note that the chart below is based on nominal data, not adjusted for inflation.
Here's a slightly closer look at the data, starting with 1995. Also, I've inverted the S&P 500 monthly closes and used markers to pinpoint the monthly close values.
As I pointed out above, the NYSE margin debt data is a several weeks old when it is published. Thus, even though it may in theory be a leading indicator, a major shift in margin debt isn't immediately evident. Nevertheless, we see that the troughs in the monthly net credit balance preceded peaks in the monthly S&P 500 closes by six months in 2000 and four months in 2007. The most recent S&P 500 correction greater than 10% was the 19.39% selloff in 2011 from April 29th to October 3rd. Investor Credit hit a negative extreme in March 2011.
There are too few peak/trough episodes in this overlay series to take the latest credit-balance data as a leading indicator of a major selloff in U.S. equities. But we'll definitely want to keep an eye on this metric in the months ahead.


Read more: http://www.businessinsider.com/nyse-margin-debt-feb-2015-2015-3#ixzz3Vy9cKwQ3

(TheStreet) Genfit's French Fans Fume Following Failure of Fatty Liver Drug

BOSTON (TheStreet) -- French investors holding shares of Genfit (GNFTF) are having trouble coping with the failure of the company's fatty liver disease drug GFT505. I know this because many of them (it feels like all of them!) have reached out to me via Twitter (TWTR) in the past few days to express their outrage over my bearish analysis of last Friday's GFT505 study results in NASH.
This is the first time I've been Twitter trolled in French. I like it. Much classier.

>>> US Gapping down

Gapping down
In reaction to disappointing earnings/guidance: GV -22.8%, CLDN -6%, SPU -4.7%,AMCO -3.8%, ARGS -2.8%, ATOS -1%, APA -0.8%

M&A news: TCK -7.7% (Antofagasta (ANFGY) confirms that it is not in discussions with Teck Resources about a potential merger), LO -2.9% (NYPost details news that FTC may file lawsuit to block RAI / LO merger), PHG -2.1% (to sell majority interest in combined LED components and Automotive lighting business to consortium led by GO Scale Capital), RAI-1.9% (NYPost details news that FTC may file lawsuit to block RAI / LO merger)

Select metals/mining stocks trading lower: BHP -1.9%, RIO -1.7%, FCX -1.5%, AA-0.9%

Select oil/gas related names showing early weakness: SSL -3.5%, SDRL -2.4%, STO-2%, BP -1.8%, TOT -1.6%, RIG -1.4%, CHK -0.9%, HAL -0.8%, .

Other news: EGY -20.8% (provides update on operations offshore Angola), SNTA -17.2% (commenced an underwritten public offering of shares of its common stock), ICPT -5% ( announces that it is commencing an underwritten public offering of 1.2 mln shares of its common stock), INSM -4.7% (announces proposed public offering of common stock),INSM -4.7% (announces public offering of 10 mln shares of common stock), CONE -3% (commenced the public offering of 12,200,000 shares of its common stock), GRPN -2.6% (Reuters details news that KKR (KKR) and other firms may be discussions to purchase stake in South Korea Groupon (GRPN) unit), RPTP -2.3% (commenced an underwritten public offering of $75 million of shares of its common stock), NBG -2.3% (cont uncertainty in Greece), CHRS -1.6% (announces proposed public offering of common stock worth ~$100 mln), ICON -1.5% (disclosed that on March 24, 2015, CFO Jeff Lupinacci notified of his intention to resign, with 60 days' notice, to pursue another business opportunity), PRTK-0.8% (discloses update to previously announced patent infringement trial)

Analyst comments: DB -1.9% (downgraded to Neutral at Credit Suisse), SLB -1.4% (downgraded to Market Perform from Outperform at Wells Fargo)

>>> US Gapping up

Gapping up
In reaction to strong earnings/guidance: EVK +30.2%, SORL +24%, GOL +8.3%,SMTX +7.1%, DANG +6.9%, MOV +5.4%, BAMM +3.6%, CPHI +3.1%, AUPH +2.9%, SAIC+2.3%, CONN +1.2%

M&A news: CHTR +8.5% (Reuters report that company will soon acquire Bright House Networks), MRH +3.5% (to be acquired by Endurance Specialty Holdings (ENH) for $40.24 per share in cash and stock deal), JCI +1.7% (reached a definitive agreement for the sale of its Global WorkPlace Solutions business to CBRE Group (CBG) for $1.475 bln), .

Other news: OXGN +9% (Frigate Ventures disclosed 8.4% passive stake in 13G filing),BCRX +6.8% (awarded contract by BARDA for continued development of BCX4430 as potential treatment for diseases caused by RNA pathogens), ATRS +5% (announces that Ferring Pharmaceuticals has received FDA approval of a name change enabling its newly acquired recombinant human growth hormone to be marketed in the U.S. as ZOMACTON),DRYS +4.9% ( announces agreement to sell tanker fleet for an en-bloc sales price of $245 mln), GWPH +4% (initiates first Phase 3 pivotal trial for Epidiolex to treat Dravet Syndrome), AKAO +2.5% (to host webcast/teleconference providing an update on plazomicin tomorrow March 31 at 4:30pm ET), RDHL +1.2% (acquires Phase II Oral Small Molecule SK2 inhibitor From Apogee Biotech)

Analyst comments: CNDO +4.2% (upgraded to Buy from Hold at MLV & Co), HZNP +3.8% (upgraded to Overweight from Neutral at Piper Jaffray), IMGN +3.3% (upgraded to Buy from Hold at Cantor Fitzgerald), JCP +2.8% (target raised to $14 from $13 at Piper Jaffray),OVAS +1.5% (Science Magazine discusses the controversy around OVAS's AUGEMENT Fertility Treatment), PCLN +1.3% (upgraded to Buy from Hold at Stifel), MXPT +0.7% (initiated with an Outperform at Pacific Crest)