E In Memoriam And Global Roundup

The key issue here is that debt (to PT, NZ, and Goldman) is treated as a form of equity just because there were some shareholding links between the debtor bank and the lender. This means investing in Portuguese stock is dangerous to your health.

Mr Bava may have been careless, but I think his sworn statement will help PT extract more money from the remnants of BES and Rioforte's wide holdings in hotels, real estate, hospitals and clinics, a travel agency, and other assets.

• Abhimanyu Sisodia writes from India on the Finance Ministry projection of 8.1-8.5% growth in the post-Mar 2015-6 fiscal year:

The Bombay Stock exchange logged its biggest rise in 6 weeks today as the survey was issued in Parliament. While recommending large-scale reforms it projected faster growth and an improved fiscal balance. Sesa Sterlite rose more than 4%, helped by expectations that, in tomorrow's budget, the government will help miners by scrapping iron ore export duties. Mining is India's highest taxed sector, with a 30% export duty and an effective tax rate of ~70%. SSLT is up 4.2% in US trading.

• Australian-listed Orocobre is offering local shareholders (but not US owners) the right to buy 15.3 mn new shares at A$2.55/sh. This will increase the number of shares outstanding by 10.41% if all shares are bid for. The A$ stock price is 2.51 so dilution will be moderate. Oz resident shareholders have the right to buy unsubscribed shares but there are no rights we can sell. OROCF is developing lithium mines in Jujuy Province. Argentine readers should buy OROCF to exit its political and debt situation by subscribing before Mar. 5.

Reckitt Benckiser was upgraded to buy from neutral by Société générale analysts today with a TP of £70 from 52. It was also rated by by Nomura with a TP of £60. However, despite saluting RBGLY's huge cash hoard which can lead to new business acquisitions, HSBC kept it a hold.

Teva increased the size of the tender offer it made to buy back 4 series of its bonds in Israel to the equivalent of $1.3 bn. This will save the drug company about $170 mn/yr in interest payments. A reverse auction lets its creditors set the price at which they would let TEVA buy back bonds.

Nokia's (NOK) Chinese cellphone plant, now run by Microsoft (MSFT), is laying off 9000 workers and moving their jobs to Vietnam.

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