>>> ENI : Reports significant oil discovery offshore Congo

Reports significant oil discovery offshore Congo 

Eni has made a new important oil discovery in the Minsala Marine exploration prospect located in the Marine XII Block offshore Congo at 35 Kilometers from the shoreline and 12 kilometers from the recent NenMarine discovery.

The discovery was made through the Minsala Marine 1 well which was drilled in 75 metres of water depth and reached a total depth of 3,700 metres. 

The well encountered a significant accumulation of light oil in the Lower Cretaceous age pre-salt sequence, passing through an hydrocarbon column of 420 metres. Eni preliminary estimates the potential of Minsala Marine discovery in about 1 billion barrels of oil equivalent in place, of which 80% oil. 

Eni has already planned the appraisal plan of the discovery as well as started studies for the commercial development of this significant hydrocarbons reserves. 

Eni through its own subsidiary Eni Congo SA is Operator of Marine XII with a 65% share stake

>>> Realia attracts interest of Juan Abello's Torreal

Realia attracts interest of Juan Abello's Torreal - report

Realia Business, the Spanish property company put up for sale by FCC and Bankia, has attracted the interest of Torreal, an investment vehicle of the Spanish Abello family, Expansion reported.

Torreal's interest comes at a time when the construction group and the bank's efforts to sell their 55.59% stake in Realia has entered a deadlock, the Spanish-language report said.

Despite initially attracting several potential suitors, in the end FCC and Bankia only had three offers for Realia, the report said.

Hedge funds King Street and Fortress are seeking debt for equity deals after acquiring 60% of Realia's debt from Banco Santander and Sareb, Expansion said.

Realia's Spanish rival Colonial made a firm EUR 650m offer for the office division Realia Patrimonio, subject to several conditions, the report noted. Sources from Colonial said in the report that although a deal has not been ruled out, the process is at a standstill.

Torreal is also bidding for Realia Patrimonio, but according to the report's sources, Abello may extend his offer to the whole company.

Realia reported 1H14 sales of EUR 53.9m, excluding its operations in France, and a loss of EUR 18.5m. It has a market capitalisation of EUR 322.7m.


Source Expansion

WSJ : Financier in Apparent Suicide Had Been in a Dispute Over Trades

Financier in Apparent Suicide Had Been in a Dispute Over Trades
Swiss Asset Manager Said Thierry Leyne’s Leyne Strauss-Kahn & Partners Made ‘Totally Unauthorized’ Trades

Thierry Leyne, the Franco-Israeli financier who died last week in an apparent suicide, was in a dispute with a Swiss asset manager that alleged Mr. Leyne’s firm made “totally unauthorized” trades with its money.

Mr. Leyne, who according to an Israeli official committed suicide in Tel Aviv Oct. 23, was the business partner of former International Monetary Fund chief Dominique Strauss-Kahn and chief executive of Paris-listed Leyne Strauss-Kahn & Partners.

According to letters sent by Swiss hedge-fund firm Insch Capital Management SA to Luxembourg and Swiss financial regulators earlier this year and seen by The Wall Street Journal, an LSK unit had used money in Insch’s bank account to buy shares in a small Swiss insurance company without Insch’s knowledge. According to emails reviewed by The Wall Street Journal, employees of LSK said Insch instructed them to buy shares in the Swiss insurance firm.

The Swiss insurance company in question, Firstcaution SA, is thinly traded and majority-owned by LSK.

The accusation of unauthorized trading comes as LSK regroups following Mr. Leyne’s death. A person familiar with the matter said Wednesday that Mr. Strauss-Kahn has left his role as chairman of the firm, while trading in its shares was halted on Euronext after they fell sharply following news of Mr. Leyne’s death.

An LSK spokesman didn’t respond to requests for comment. A spokeswoman for Mr. Strauss-Kahn didn’t respond to a request for comment.

On Tuesday, Assya Asset Management Luxembourg SA, the fund-management arm of LSK, filed an application for suspension of payments to creditors with the Luxembourg district court, according to a filing on the website of the Luxembourg financial regulator. Most of LSK’s website, including details of its operations and employees, had been removed by this past Tuesday.

Insch isn’t the only firm to make a complaint against LSK. Insurer Bâloise Luxembourg, part of the Swiss insurance group Bâloise Holding AG , also filed a complaint in the Luxembourg court against LSK over the failure to return a €2 million ($2.5 million) portfolio that had been invested by Assya, a spokesman said.

Insch Capital wrote it complained about the actions of Assya after discovering Firstcaution shares in its fund’s account.

According to a letter from Insch to the Luxembourg regulator, dated March 28 of this year and reviewed by the Journal, Assya had made “totally unauthorized purchases” of shares in Firstcaution and made a “false market for the FC shares.”

According to data from Euronext, on most of the days when trades occurred in 2011, only 10 shares of the little-trafficked firm typically changed hands per day, while there were no trades at all in 2012 or the first two months of 2013.

But volumes then spiked last year, with hundreds of thousands of shares changing hands on single days over the course of 2013, amounting to €6.6 million worth for the year.

Part of this trading included a transaction worth more than $400,000 from Insch’s account at VP Bank, a Luxembourg-based private bank, according to Insch’s letter.

LSK itself was just-over-30%-owned by Mr. Leyne, while Mr. Strauss-Kahn owns just over 20%.

A spokesman for Firstcaution said Wednesday that the firm is “currently putting together a group of investors (management & Swiss investors close to the company) to buy out the stake currently held by LSK Partners.” Firstcaution declined to comment about the trading patterns in its shares.

In his letter to the Luxembourg regulator, Insch CEO Chris Cruden said Assya had tried to persuade Insch to buy shares in Firstcaution in September last year, but Insch declined.

However, in October, Mr. Cruden wrote he asked Assya to transfer $350,000 of a credit line his fund had with VP Bank, only to discover that more than $400,000 had been spent on Firstcaution shares.

Mr. Cruden repeatedly asked LSK in October and November to sell the shares and refund his fund’s money, but this didn’t happen, according to the letter.

The dispute between Insch and Assya centers on whether Insch instructed Assya to make the trades.

Although the two firms already had an agreement in place that allowed Assya to buy and sell shares in Insch’s account, LSK employees say in emails reviewed by the Journal that Insch specifically instructed them to buy the Firstcaution shares. Insch disagrees in the emails and says the firm repeatedly didn’t act on its instructions to reverse the trade.

Mr. Leyne wrote an undated letter to Insch, reviewed by the Journal, promising to buy the Firstcaution shares by Feb. 24. However, this didn’t happen.

“I need more few days [sic]. You can be sure that you are a priority for us,” wrote Mr. Leyne in an email sent that day to Mr. Cruden and seen by the Journal.

LSK bought back the bulk of the shares in March this year, according to Insch’s letter to the Luxembourg regulator, and also transferred just under €40,000 from LSK to the Insch fund’s account.

The Luxembourg regulator replied to Insch’s letter in April, asking for further details. The Swiss regulator wrote back to Insch in May, saying it “does not comment on its ongoing supervisory activities.”

A spokeswoman for the Commission de Surveillance du Secteur Financier, the Luxembourg regulator, declined to comment. Fimna, the Swiss financial regulator, declined to comment.

VP Bank also declined to comment.

>>> US After Hours SMSI +15.8%, TTWO +6.4%, DWA +4.8%, V +4.1%, AFOP -17.2%, GLU

After Hours Summary: SMSI +15.8%, TTWO +6.4%, DWA +4.8%, V +4.1%, AFOP -17.2%, GLUU -16.8%, WTW -11.8% following earnings/guidance

After Hours Gainers:

Companies trading higher in after hours in reaction to earnings: SMSI +15.8%, MOBL +11.7%, CJES +10.7%, LOPE +9.9%, FORM +8.2%, QTM +8%, HOS +7.6%, TTWO +6.4%, ISNS +5.3%, RNG +5.1%, DWA +4.8%, SLCA +4.7%, PPC +4.6%, HDSN +4.3%, V +4.1%, JDSU +3.9%, ESV +3.9%, CAVM +3.8%, ACHC +3.8%, ALDW +3.6%, UIHC +3.6%, CEMP +3%, ARRS +3%, CAR +2.9%, NCIT +2.9%, CLD +2.6%, VPRT +2.6%, FFIV +2.5%, CALX +2.4%, CRUS +2.2%

Companies trading higher in after hours in reaction to news: PDII +92.0% (Digirad (DRAD) delivers letter to PDI expressing willingness to acquire the company at a premium to current market price in combination of cash and stock), LAKE +24.4% (co provided an update on business activity relating to Ebola crisis: co has been experiencing significant interest globally for its ChemMAX and MicroMAX protective suit lines), LOPE +9.9% (Board formed an independent committee to explore options aimed at enhancing stockholder value), NVAX +8.9% (co's H7N9 Influenza virus-like particle vaccine candidate adjuvanted with Matrix-M granted fast track designation by FDA), FORM -8.2% (announced Mike Slessor will become CEO starting fiscal 2015), HOS +7.6% (Board authorized $150 mln share repurchase program), CBSO +5.5% (co's Board has approved a special dividend on the company's common stock of ~$547.7 million, or $4.56 per share), V +4.1% (announced a new $5 mln share repurchase program), LVLT +2.9% (to replace JBL in the S&P 500)

After Hours Losers:

Companies trading lower in after hours in reaction to earnings: AFOP -17.2%, GLUU -16.8%, PRXL -12.7%, WTW -11.8%, PEIX -10.8%, ISIL -10.3%, ARAY -9.7%, RGR -8.7%, TRLA -6.6%, ASGN -6.4%, WSTL -4.8%, TGB -4.3%, SFLY -4.1%, ATML -3.9%, AKAM -3.7%, TEX -3.5%, SIMO -3.1%, OII -3%, RRC -2.8%, KRFT -2.8%, HBI -2.7%, AUY -2.6%, FMC -2.6%, RRTS -2.3%, WLL -2%, AEM -1.7%, BGC -1.4%, RJF -1.1%, MDAS -1%, CGI -1%

Companies trading lower in after hours in reaction to news: WES -4.2% (announced public offering of 7.5 mln common units), CMRX -3.3% (filed for $150 mln offering of common stock), OII -3.0% (filed for offering of senior debt securities), SWHC -2.8% (trading lower following weak earnings for peer RGR), TWTR -1.4% (seeing reports that two engineers plan to resign from the company) 

>>> Asian Update

Asian Market Update: USD rallies as Fed completes QE3; RBNZ moves to more neutral stance; Brazil surprises with a rate hike


***Economic Data***
- (NZ) NEW ZEALAND CENTRAL BANK (RBNZ) LEAVES OFFICIAL CASH RATE UNCHANGED AT 3.50%, AS EXPECTED
- (AU) AUSTRALIA OCT RPDATA/RISMARK HOUSE PRICE INDEX: 1.2% (5th consecutive increase) V 0.1% PRIOR
- (AU) AUSTRALIA Q3 IMPORT PRICE INDEX Q/Q: -0.8% (2nd consecutive decline) V +0.2%E; EXPORT PRICE INDEX Q/Q: -3.9% V -4.7%E
- (AU) AUSTRALIA SEPT HIA NEW HOME SALES M/M: 0.0% V 3.3% PRIOR
- (JP) JAPAN SEPT VEHICLE PRODUCTION Y/Y: -2.6% V -6.7% PRIOR
- (KR) SOUTH KOREA SEPT CYCLICAL LEADING INDEX CHANGE: 0.6 V 0.8 PRIOR
- (KR) SOUTH KOREA SEPT INDUSTRIAL PRODUCTION M/M: 0.1% V 2.1%E ; Y/Y: 1.9% V 2.8%E
- (KR) SOUTH KOREA NOV BUSINESS SURVEY MANUFACTURING: 74 V 78 PRIOR; BUSINESS SURVEY NON-MANUFACTURING: 67 V 74 PRIOR

***Index Snapshot (as of 02:30 GMT)***
- Nikkei225 +0.5%, S&P/ASX +0.4%, Kospi -0.7%, Shanghai Composite +0.4%, Hang Seng -0.2%, Dec S&P500 flat at 1,972,

***Commodities/Fixed Income***
- Dec gold -1.0% at $1,213, Dec crude oil -0.3% at $81.91/brl, Dec copper flat $3.08
- GLD: SPDR Gold Trust ETF daily holdings fall 1.2 tonnes to 742.4 tonnes; Lowest level since Oct 2008
- (CN) PBoC to drain CNY20B in 14-day repos (26th consecutive drain); Net zero position this week (3rd week of neutral position)
- (NZ) RBNZ sold net NZ$30M in Sept v sold net NZ$521M prior month
- (JP) Japan investors bought net ¥40.6B in foreign bonds v sold ¥1.18T in prior week; Foreign investors bought net ¥178.0B in Japan stocks v sold ¥414.2B in prior week

***Market Focal Points/Key Themes/FX***
- As widely anticipated, today's Fed decision marked the end of QE3 with the final $15B taper. Even though the Fed retained the "considerable time" language, the statement was deemed increasingly less dovish, as it noted further improvement in labor market conditions and diminishing underutilization of labor resources. Kocherlakota was the lone dissenter, calling to "commit to keeping the current target range for the federal funds rate at least until the one-to-two-year ahead has returned to 2%" due to sluggishness in the inflation outlook and the recent slide in market-based measures of expectations. The prior two hawkish dissenters Fisher and Plosser voted with the rest of the FOMC. USD was sharply higher (USD/JPY up 100pips above 109), yields rose (10yr at 3-week highs around 2.34%), while precious metals and equities sold off.

- RBNZ kept its rates on hold at 3.5% for the 2nd time but also removed its bias in favor of more tightening in light of the softer than anticipated inflation pressure. On exchange rate, RBNZ stated the NZD rate "has yet to adjust materially to the lower commodity prices.... Its current level remains unjustified and unsustainable." RBNZ also cited "subdued wage inflation, well-anchored inflation expectations, weak global inflation, falls in oil prices, and the high New Zealand dollar" for modest price trends. NZD/USD, already down sharply after the Fed, fell another 50pips after RBNZ to $0.7770 - down about 160pips overall on the day.

- Brazil central bank surprised with a 25bp hike of its SELIC rate against unanimous analyst expectations of another hold. The vote was 5-3 in favor of the hike, as board members noted "intensification of increases in relative prices with the balance of inflation risks becoming less favorable since last meeting."

- China Premier Li called for a boost in private consumption, the opening of financial services, and support of green industries. Separately, Moody's research noted that property sector sales are improving in Q4.

- Japan PM Abe was reported to have submitted an order for the cabinet to draft an extra budget for November. Separate press report speculated Tokyo may cut effective corporate tax rate by 2-3% for FY15, implying the recent improvement in retail and output data may have shifted the bias in favor of another sales tax increase.

- Australia housing data was mixed - Oct RpData price index rose 1.2% and resident economist called the market "relatively strong", while Sept HIA new home sales were flat on the month after a 3.3% rise in Aug. AUD/USD was also down about 130pips from pre-FOMC levels around $0.8770

***Equities***
US markets:
- LAKE: Provides update on business activity relating to Ebola Crisis; secured new orders from govt to fight against Ebola spread; +29.7% afterhours
- TCS: Said to be targeted by Apex Capital - financial press; +8.4% afterhours
- TTWO: Reports Q2 -$0.44 v -$0.48e, R$135.4M v $112Me, guides FY15 higher $1.05-1.30 v $1.06e, R$1.4-1.5B v $1.42Be; +5.5% afterhours
- SLCA: Reports Q3 $0.79 v $0.68e, R$241.3M v $232Me; +5.4% afterhours
- DWA: Reports Q3 $0.14 v $0.04e, R$180.9M v $168Me; +5.2% afterhours
- PPC: Reports Q3 $0.99 v $0.85e, R$2.27B v $2.37Be; +4.6% afterhours
- V: Reports Q4 $2.18 v $2.11e, R$3.23B v $3.19Be; Adds $5B (3.7% of market cap) to buyback plan; +4.2% afterhours
- JDSU: Reports Q1 $0.14 v $0.10e, R$433.6M v $416Me; +3.9% afterhours
- ACHC: To acquire CRC Health Group; financial terms not disclosed; +3.8% afterhours
- ESV: Reports Q3 $1.87 v $1.62e; R$1.26B v $1.23Be; +3.3% afterhours
- FFIV: Reports Q4 $1.57 v $1.48e, R$465.3M v $460Me; +2.9% afterhours
- LVLT: To enter SP500 index, replacing JBL; +2.9% afterhours
- CAR: Reports Q3 $1.91 v $1.80e, R$2.5B v $2.55Be; +2.9% afterhours
- CRUS: Reports Q2 $0.68 v $0.56e, R$210.2M v $194Me; +2.6% afterhours
- VPRT: Reports Q1 $0.86 v $0.57e, R$333.9M v $333Me; +2.6% afterhours
- MET: Reports Q3 $1.60 v $1.38e, R$17.9B v $17.5Be; +1.8% afterhours
- EQIX: Reports Q3 $0.81 v $0.88e, R$620.4M v $615Me, guides Q4 Rev $627-631M v $627Me; +1.3% afterhours
- LOCK: Reports Q3 $0.16 v $0.15e, R$123.0M v $120Me; +1.2% afterhours
- ABX: Reports Q3 $0.19 adj v $0.17e, R$2.60B v $2.48Be; +0.9% afterhours
- FLEX: Reports Q2 $0.26 v $0.24e, R$6.53B v $6.43Be; +0.7% afterhours

- BIDU: Reports Q3 $1.90 (ex compensation) v $1.62e, R$2.20B v $2.15Be; -1.0% afterhours
- BGC: Reports Q3 $0.30 v $0.39e, R$1.47B v $1.52Be; To Shed Asia ops; To search for replacement CEO; -1.4% afterhours
- TWTR: VP of engineering said to be in plans to leave company; another key engineer also plans to resign as engineering team is in conflict over Twitter's direction - CNBC's Fortt; -1.4% afterhours
- RRTS: Reports Q3 $0.40 v $0.38e, R$498.1M v $476Me, guides Q4 $0.33-0.37 v $0.38e, R$475-500M v $512Me; -2.3% afterhours
- KRFT: Reports Q3 $0.74 (incl items*) v $0.75e, R$4.40B v $4.52Be; -2.8% afterhours
- AKAM: Reports Q3 $0.62 v $0.57e, R$498M v $490Me, expect significant FX headwinds to create $6M neg impact vs Q3 - conf call; -3.5% afterhours
- TRLA: Reports Q3 -$0.08 v -$0.08e, R$67.1M v $69.5Me; -6.5% afterhours
- RGR: Reports Q3 $0.34 v $1.44 y/y, R$98.3M v $170.9M y/y; -9.9% afterhours

Notable movers by sector:
- Technology: Renesas Electronics Corp. 6723.JP +6.7% (H1 results); Yahoo! Japan Corp 4689.JP -6.1% (H1 results); Toshiba TEC Corp 6588.JP +6.1% (H1 results)
- Energy: Kansai Electric Power 9503.JP +3.2% (H1 results)
- Materials: Nippon Synthetic Chemical Industry 4201.JP -5.8% (H1 results); Toho Titanium 5727.JP +7.3% (raises FY14/15 Net guidance); Samsung Electronics 005930.KR +4.1% (final Q3 results)
- Industrials: NSK Ltd 6471.JP -3.7% (H1 Results); Mitsubishi Motors 7211.JP -5.3% (H1 results, cuts FY14/15 Rev guidance); Makita Corp 6586.JP +3.0% (raises H1 guidance); Misumi Group Inc 9962.JP +3.4% (H1 results, raises FY14/15 guidance); Daido Steel 5471.JP -3.7% (H1 results, lowers FY14/15 guidance); China Railway Group 601390.CN +9.7%, China Railway Construction Group 601186.CN +6.6% (momentum on CSR, CNR merger); BYD Corp 1211.HK -7.7% (Q3 results)
- Consumer discretionary: Capcom Co. Ltd. 9697.JP +4.9% (H1 results, reaffirms FY14/15 guidance); Keyence Corp 6861.JP +5.6% (H1 results)
- Energy: CNOOC 883.HK -4.8% (Q3 results)
- Financials: National Australia Bank +0.6% (FY14 results)

>>> US Close Dow-0,19% S&P-0,14% Nasdaq -0,33%

Closing Market Summary: Stocks Register Slim Losses After Final Taper Announcement

The stock market ended the midweek session on a modestly lower note. The Nasdaq Composite (-0.3%) was the weakest performer while the S&P 500 shed 0.1% with seven sectors ending in the red.

The benchmark index held a slim gain at the start, but spent the day in a slow retreat that featured a brief afternoon spike to lows after the Federal Open Market Committee released its latest policy statement. As expected, the statement called for the final $15 billion taper, thus putting a stop to scheduled purchases of Treasuries and mortgage-backed securities.

Meanwhile, the commentary on rates was little changed from previous directives with the Fed maintaining its reference to keeping the fed funds rate at its current level for a ‘considerable time.' Minneapolis Fed President Kocherlakota was the lone dissenter, voting to keep the asset purchase program intact.

Equities handled the initial impact of the announcement relatively well with the S&P 500 finishing about two points above its pre-FOMC levels. Treasuries, meanwhile, ended mixed. The FOMC announcement sent the complex to lows, but the 30-yr bond surged to new highs ahead of the close to pressure its yield one basis point to 3.05%. For its part, the 10-yr note reclaimed its post-FOMC losses with the benchmark yield ending higher by two basis points at 2.32%. Also of note, the 2-yr note settled near its low with its yield higher by six basis points at 0.49%.

The dollar was also on the move, rallying against all other major currencies. The Dollar Index (85.99, +0.59) gained 0.7% to end within a point of its October high (86.87).

Seven sectors finished in the red with the spike in short-term rates helping financials (+0.2%) settle in the lead. Most of the remaining cyclical groups ended behind the broader market while technology (-0.2%) finished near the S&P 500. The top-weighted sector component, Apple (AAPL 107.34, +0.60), added 0.6% while social media names lagged after Facebook (FB 75.86, -4.91) reported earnings. Shares of FB plunged 6.1% with above-consensus earnings being overshadowed by concerns about increased spending plans and slowing revenue growth. Peers Twitter (TWTR 42.08, -1.70), LinkedIn (LNKD 199.51, -5.84), and Yelp (YELP 56.68, -2.43) also lagged, falling between 2.8% and 4.1%.

Elsewhere among cyclical sectors, the materials space (-1.3%) spent the entire session at the bottom of the leaderboard while energy (-0.2%) outperformed. The growth-sensitive group received a helping hand from crude oil, which climbed 1.0% to $82.18/bbl. On the earnings front, Hess (HES 82.89, +0.94) rallied 1.2% in reaction to better than expected results.

Staying on the earnings theme, Gilead Sciences (GILD 110.75, -2.70), which is a major component of the iShares Nasdaq Biotechnology ETF (IBB 290.63, -3.32), fell 2.4% after beating estimates on below-consensus sales of one of its major drugs. Biotechnology weighed on the Nasdaq Composite while the health care sector (+0.03%) registered a slim gain.

Economic data released this morning was limited to the weekly MBA Mortgage Index, which fell 6.6% to follow last week's 11.6% spike.

Tomorrow, weekly Initial Claims (consensus 284,000) and the advance reading of Q3 GDP (consensus 3.0%) will both be released at 8:30 ET.

* Nasdaq Composite +8.9% YTD  * S&P 500 +7.3% YTD  * Dow Jones Industrial Average +2.4% YTD  * Russell 2000 -1.5% YTD

>>> FOMC

Fed monthly total purchases pared to $0b; est. $0b ? Total bond purchases cut from $15b per month ? Treasury purchases to fall to $0b per month; est. $0b ? Mortgage-backed securities purchases to fall to $0b per month; est. $0b ? Federal funds target rate remains unchanged at 0.25 percent ? Fed sees ‘solid job gains’ with lower unemployment ? Fed: underutilization of labor resources gradually diminishing ? Fed repeats risks to economy, job outlook ‘nearly balanced’ ? Fed says lower energy prices to hold down inflation near term ? Fed repeats risk of below-target inflation diminished somewhat ? Fed says current fed funds rate remains appropriate