(BFW) EU Draft Would Allow Banks’ Proprietary Trading: Handelsblatt


EU Draft Would Allow Banks’ Proprietary Trading: Handelsblatt
2015-03-31 19:23:26.186 GMT


By Rainer Buergin
(Bloomberg) -- EU presidency proposes requiring banks to
separate proprietary trading from remaining businesses,
Handelsblatt reports, citing draft document.
* Proposal replaced “ban” on proprietary trading in earlier
version with “obligation to separate”
* Market-making, management of liquidity risk and foreign
exchange positions as well as clearing of derivatives
transactions don’t fall under definition of proprietary
trading
* Changes reflect presidency’s acceptance of U.K., French and
German resistance to tougher rules
* In a concession to banks, the proposal also says supervisory
authorities can take “measures to reduce excessive risks”
and have the “right,” not the obligation, to “separate
certain trading activities” that are risky
* NOTE: Proprietary Trading Ban Gains Traction in EU Lawmaker
Talks


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To contact the reporter on this story:
Rainer Buergin in Berlin at +49-30-70010-6228 or
rbuergin1@bloomberg.net
To contact the editor responsible for this story:
Alan Crawford at +49-30-70010-6237 or
acrawford6@bloomberg.net

(MAKOR): SABADELL oversubscription RIGHT ARBITRAGE -PDF




Sabadell (SAB SM) for TSB Banking (TSB LN)

Sabadell oversubscription right arbitrage (SAB/D SM)

PDF attached

28 March, Sabadell launched their capital raising exercise to part fund the TSB acquisition.

 

Eur1.6 billion capital increase underwritten by Goldman Sachs to maintain Common Equity Tier 1 capital ratio

 

The TSB offer is not conditional on the Rights Issue. Sabadell is issuing new shares at Eur1.48 per share in a proportion of 3 new shares for each 11 old ones

There is an interesting new feature with regards to the over subscription rights however which have an impact on the potential over subscription right arbitrage. 

 

The Sabadell over subscription mechanics are:

 

1-        The shares not taken up by the subscription of the rights will be allocated proportionally to shareholders who fully executed their rights and investors who bought rights in the market and fully executed them

2-         The additional shares will be distributed proportionally among them prorated according to the % of the new shares acquired during the subscription period over the new shares issued.

 

Sabadell is changing the way Spanish oversubscription mechanics normally work. Full details are in their rights document Page 35 paragraph 5.1.33 (a).

 

They are trying to avoid a case where an investor who only acquired 1 share during the subscription period could ask for 100,000 shares and an investor who acquired 100 shares and asked for 1,000 extra shares did not get all of them because the investor who asked for 100,000 shares pushed him out.

 

Our calculations indicate that at present, the oversubscription arbitrage pays off only if we receive a minimum of 8% oversubscription allocation, which looks high in our view.

Under the Sabadell way of pro-rating oversubscription requests (which is not the way Spanish rights normally work), we believe there is a larger probability of receiving a fairer allocation but experience shows that an oversubscription allocation north of c4% may be hard to get

www. makor-capital.com

This message has been sent by Makor Securities London Ltd which is authorised and regulated by the FCA (625054). This message is for professional clients and eligible counterparties only, not intended for "retail clients".  The information contained in this message is confidential and is for the exclusive use of the intended recipient. If you receive this message in error please inform us and delete all copies of it. The information is not intended as an offer or solicitation to buy or sell any financial instrument. All comments and statements are to be considered the opinions of the author not the Company and are not intended to be relied upon. We cannot guarantee that this message or any attachments are virus free and accept no liability for any viruses or the consequences thereof.

 

(BFW) Randgold Said to Be Rebuffed in Approach for Kinross Gold Mine

Randgold Said to Be Rebuffed in Approach for Kinross Gold Mine
2015-03-31 15:17:04.232 GMT


By Thomas Biesheuvel and Liezel Hill
(Bloomberg) -- Randgold Resources was rebuffed by Kinross
after making approach to acquire K CN’s mine in Mauritania,
person familiar told Bloomberg.
* Randgold isn’t currently in active talks with K CN, still
interested in Tasiast project
* Spokesmen for both cos. declined to comment
Story


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To contact the reporters on this story:
Thomas Biesheuvel in London at +44-20-3525-3259 or
tbiesheuvel@bloomberg.net;
Liezel Hill in Toronto at +1-416-203-5727 or
lhill30@bloomberg.net
To contact the editors responsible for this story:
Arie Shapira at +1-212-617-1488 or
ashapira3@bloomberg.net
Divya Balji

>>> 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.