Exclusive: Egyptian investor seeks to put stamp on Telecom Italia












DUBAI (Reuters) – Egyptian entrepreneur Naguib Sawiris aims to shake up debt-laden Telecom Italia and steer it towards expansion in Brazil if shareholders warm up to his proposal for a 3 billion euro ($ 3.9 billion) cash infusion.


The billionaire tycoon, who got to know Italy well when he owned the third-biggest mobile operator Wind, has put on the table a capital increase that could make him one of the biggest shareholders in Telecom Italia.












Details on the structure of the proposed transaction are scarce, but Sawiris told Reuters that he proposed that the capital increase be open to all shareholders, not just himself, and that it should be conducted around the current market price of 0.70 euros per share.


That is likely to draw the ire of other Telecom Italia shareholders, including Spain’s Telefonica and the three Italian financial institutions who together own 22.4 percent via an unlisted holding company called Telco.


They value Telecom Italia at 1.50 euros per share in their accounts, and Marco Fossati, whose family’s Findim Group SA owns 5 percent of the Italian operator, on Monday said 1.50 was the “correct price” for any capital increase.


Sawiris, going against a trend of retreating investment in crisis-hit southern Europe, said he might also bring in some of his old Wind associates to put Telecom Italia back on the path to growth.


“This proposal will provide a more stable financial structure for Telecom Italia going forward, more growth in Latin America and Brazil, and improved management through the infusion of people who have an excellent knowledge of the Italian market,” Sawiris told Reuters.


Sawiris initially approached Telefonica and the other shareholders in Telco about the possibility of carrying out a capital increase at the holding company level. He was rebuffed, so decided to approach the Italian group directly.


“We are willing to participate in the capital increase, but shareholders have the choice not to get diluted and join in putting the money,” he said.


“If they do not want to, we will come and replace them. But they will benefit from a higher stock price and a more stable company and a company that will grow.”


It remains to be seen whether his vision for the group will be shared by Telecom Italia’s management and core shareholders.


Telefonica, insurer Assicurazioni Generali, and banks Mediobanca and Intesa Sanpaolo had the Sawiris’ offer dropped onto them as a bombshell two weeks ago, insiders have said.


“Sawiris is not a man to go in without being sure he can drive the strategy,” one source familiar with the thinking of the core shareholders said.


Sawiris told Reuters he was also opposed to a current plan to spin off Telecom Italia’s fixed-line network, which is backed by some core investors as a way to raise badly needed cash, and by the Italian government as a means to speed up broadband investment.


“I believe this is a catastrophe,” Sawiris said. “If Telecom Italia does that, they will lose the only differentiator they have left in the telecom market in Italy.”


Telecom Italia is now in talks with an Italian state-backed investment fund over such a spin-off. Under the plan, the fund would take a minority stake in the new company in exchange for Telecom Italia effectively becoming a wholesaler of broadband capacity to other companies.


Proponents of the spin-off argue the move would help Telecom Italia reduce debt while accelerating the modernization of the woeful Internet infrastructure in Europe’s fourth-largest economy.


STRATEGY CROSSROAD


Telecom Italia’s board will meet on December 6 to discuss the network spin-off and whether to bid for Vivendi’s GVT, a broadband specialist in Brazil, to complement its TIM Brasil mobile business unit in the fast-growing market.


GVT’s owner, Vivendi, is seeking up to 7 billion euros for GVT, which provides fixed telephone, broadband, and TV services in 120 Brazilian cities. Preliminary bids are due in December, sources have told Reuters.


Sawiris is waiting in the wings, though he says he has not had any direct contact from Telecom Italia since sending a letter of interest two weeks ago.


However, advisers from both sides – Lazard for Sawiris and Rothschild for Telecom Italia – have been communicating, according to people familiar with the matter.


Meanwhile, sources close to the telecom group’s shareholders have complained of a lack of detail in the Sawiris proposal.


Nuno Matias, a telecoms analyst at Espirito Santo bank, said while Sawiris’s arguments about seeking growth in Brazil via the GVT takeover were persuasive, the tycoon could face an uphill battle getting the board and shareholders onside.


“Sawiris isn’t alone; there are controlling shareholders of Telecom Italia, and they have their own interests,” he said.


“If Telecom Italia strengthens in Brazil then it sets up a conflict with Telefonica.”


Sawiris pointed out that he tried talking to Telefonica.


“I met with them, but my feeling is that they are conflicted. They are happy where they are today holding Telecom Italia as a hostage and preventing it from growing into Latin America.”


Telefonica and Telecom Italia are the number one and number two players in Brazilian mobile, respectively, and also compete in Argentina. The conflict means that Telefonica cannot take part in board deliberations at Telecom Italia over the Latin American units.


Telefonica’s Chief Financial Officer Angel Vila said last week that the group wanted to remain a long-term shareholder in Telecom Italia, and opposed a capital increase.


Telecom Italia has made debt-cutting a priority since late 2008. Cost cuts and asset sales have trimmed net debt more than 4 billion euros to 29.5 billion at the end of September.


Morgan Stanley predicted its net debt was likely to stand at 27.8 billion euros at year-end, or 2.7 times earnings before interest, tax, depreciation and amortization (EBITDA), above sector averages and in the warning zone for rating agencies.


Sawiris, who sold Wind to Vimpelcom last year, wants to re-enter Italy by investing in the incumbent operator, betting on low valuations and turnaround potential in old-world telecoms.


“I’ve worked in Italy for five years and what I’ve learned that very few investors have the insight on what is the real story in Italy,” Sawiris said.


($ 1 = 0.7713 euros)


(Additional reporting by Leila Abboud in Paris and Lisa Jucca in Milan; Editing by Will Waterman)


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How Zero Dark Thirty Copied Bin Laden's Compound

Oscar-winning director Kathryn Bigelow reteams with her Hurt Locker screenwriter Mark Boal for Zero Dark Thirty, a chronicling of the hunt for Osama bin Laden, and the two opened up to Nightline about how they recreated bin Laden's compound.

VIDEO: Zero Dark Thirty Trailer

The filmmakers built a full-scale version of the compound in Jordan, and Bigelow says that everything from the carpet to the marks on the walls were taken from ABC News footage that she studied frame by frame.

"Everything we could find from that video we replicated," Bigelow said. "Every conceivable piece of information that we could find we replicated."

As to the controversy over whether or not the filmmakers received classified information to make the movie, Mark Boal says, "I certainly did a lot of homework, but I never asked for classified materials. To my knowledge I never received any."

Zero Dark Thirty, starring Jessica Chastain, Kyle Chandler, James Gandolfini, Chris Pratt and Jennifer Ehle, hits theaters January 11.

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A Halle of a shiner: Battered ex wins protection








Halle Berry’s baby daddy yesterday obtained an order of protection against the actress’ fiancĂ© after the men’s Thanksgiving Day brawl — and by the look of his face, he needs one.

Former underwear model Gabriel Aubry — who submitted photos of his black-eyed and badly bruised mug to an LA court — was granted an emergency restraining order even though he was the one arrested after fighting with French actor Olivier Martinez.

In court papers, Aubry said he had just dropped off his and Berry’s 4-year-old daughter, Nahla, at the actress’ Hollywood Hills home at 10 a.m. Thursday when Martinez hissed at him in French, “We need to talk.”





Splash News



SORE POINT: Gabriel Aubry sports a black eye and bloody lip in a shot taken after his brawl with Olivier Martinez.




Halle Berry and Olivier Martinez.

WireImage





Halle Berry and Olivier Martinez.





“I went to close my car door so I could to talk to him,” Aubry, a native of French-speaking Quebec, said in the court papers.

“All of sudden, [he] jumped on the side of my body and punched me such that he had taken me down [to] the ground. He continued to punch me at least two or three times . . . kicked me in the ribs with his knee or foot and . . . took my head in his hands and slammed it to the concrete driveway.”

Aubry said Martinez was screaming that Aubry had cost him and Berry $3 million in legal fees when he blocked them from moving with Nahla to Martinez’s native Paris, the documents show.

“When you see the [custody] judge, you’re going to tell him you’re going to Paris or I’m going to kill you,’’ the actor allegedly said. “You’re going to Paris, you’re going to get your $20 grand a month in child support. I’m not just some f--king actor. You don’t know me.”

Martinez snarled, “We called the cops!’’ adding, “You’re going to tell them that you’re the one who attacked me or I’m going to kill you!” according to the documents.

Aubry said he suffered a broken rib and cuts to his mouth that required stitches.

Tensions had hit a boiling point a day earlier, Aubry said.

He, Berry and Martinez were separately at Nahla’s school for a holiday play when Martinez said in French, “I wish I could beat the s--t out of you right now,’’ according to the court papers.

“You’re lucky we’re in a school right now,’’ he allegedly added.

Martinez received an order of protection against Aubry immediately after Thursday’s brawl.

Berry’s rep declined comment yesterday.

Additional reporting by Kate Sheehy

david.li@nypost.com










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Shoppers welcome holiday sales by buying early, often — and online




















Shoppers swooped into stores in droves on Thanksgiving weekend, topping last year’s sales, as more retailers opened their doors earlier than ever on Thursday, luring bargain hunters away from eating another plate of turkey.

And now Cyber Monday is expected to set a record for online shopping this year, for those who prefer the Internet to the mall.

Spending per shopper nationwide averaged $423 — $25 more than last year — from Thursday to Sunday, while total spending increased nearly 13 percent, to an estimated $59.1 billion, according to a survey by the National Retail Federation.





“I think the only way to describe the Thanksgiving openings is to call it a huge win,” said Matthew Shay, the trade group’s president and chief executive. Shopping, he said, “has really become an extension of the day’s festivities.”

South Florida was no exception, as a flurry of stores, as well as several malls, opened on Thanksgiving. Thursday has seemingly become the new Black Thursday, taking a bite out of the old-fashioned kickoff day of the holiday, Black Friday.

“We had an excellent weekend,” said Humberto Maldonado, director of marketing for Dadeland Mall, which opened at midnight on Thursday. Sales figures are not yet in, but the overall trend was up from last year, he said Monday.

“It was really busy from midnight to 5 a.m., then it slowed, and picked up again at 7 a.m. or 8 a.m., and stayed busy all day on Friday,” Maldonado said.

Nationwide, about 35 million people visited stores and shopping websites Thursday, up from 29 million last year. More than double that number — 89 million, up from 86 million — shopped on Black Friday.

“There were more people shopping every single day of the weekend,” Shay said.

Topping off the weekend, Cyber Monday’s early results, tabulated at 3 p.m. Monday, showed that online shopping was up a whopping 25.6 percent compared with the same time period a year ago, according to figures by IBM Benchmark.

Nationwide, most of the weekend’s shoppers — roughly 58 percent — bought clothing and accessories. Another 38 percent bought electronics and 35 percent shelled out for toys, National Retail Federation figures show.

Retailers made an effort to lure people in, with updated mobile shopping applications for smartphones and tablets, and expanded shipping and layaway options.

Still, it remains to be seen whether increased sales over the Thanksgiving weekend will translate to higher sales throughout the holiday shopping season. Analysts have been predicting mediocre sales this year, nationwide, as shoppers remain uncertain about the broader economy. Overall holiday sales are expected to increase 4.1 percent from 2011, compared with sales growth of 5.6 percent last year, the National Retail Federation said.

However, Florida is expected to beat those figures. Buoyed in large part by tourists and snowbirds, the Florida Retail Federation is forecasting a 5.3 percent gain this year over last, to $58 billion, marking the highest percentage growth predicted since the recession. Pre-recession, retail sales peaked at $54.3 billion in 2006.

Christian Cutillo, 26, of Weston, hit Walmart, then Sears, Target and Old Navy after eating Thanksgiving dinner.

She began at 7:30 p.m. Thursday and by 3 a.m. Friday she had finished shopping for all 15 people on her list, mostly buying clothing and toys.





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Flurry of new bills filed in Tallahassee




















Florida lawmakers have filed their first bills of the season.

Most are familiar: a ban on texting while driving, a requirement that parasailing operators carry insurance and a “foreign law” bill criticized by opponents as anti-Islamic.

Sen. Nancy Detert, R-Venice, says she will keep sponsoring the texting while driving measure until it passes. It nearly survived the Senate last year. But former House Speaker Dean Cannon, R-Winter Park, blocked the measure in his chamber, calling it a potential infringement on personal liberty that would be difficult to enforce.





Under Detert’s latest proposal, SB 52, law enforcement officers could tack a $30 texting fine on a driver stopped for another violation. The penalty would not apply to drivers reading a navigational device or traffic safety information, the proposal states.

Detert pitched the measure as “common sense” middle ground. Some lawmakers oppose all new government oversight while others think the rules should go further — banning the use of all electronic devices while driving, Detert said.

“We should put it before members and let them vote on it. And whatever they decide, so be it,” said Detert, adding that she thinks the bill stands a better chance with Rep. Will Weatherford, R-Wesley Chapel, now speaker.

Weatherford has been publicly impartial on the issue, saying the state needs to balance driver protection with individual rights. He plans to allow lawmakers to hash it out in committee, spokesman Ryan Duffy said. Rep. Doug Holder, R-Sarasota, is sponsoring the proposal in the House.

None of the bills filed so far address unemployment, foreclosures or healthcare, which lawmakers often tout as the most important issues facing the state.

A “foreign law” bill is bound to stir controversy in 2013, as it did it 2012.

SB 58, sponsored by Sen. Alan Hays, R-Umatilla, would make sure Florida law trumps foreign law in marriage, divorce and custody cases. Hays says the proposal doesn’t target a particular group, although he spurred protests from clergy of several faiths in 2012 by delivering anti-Islamic brochures to fellow senators days before a scheduled vote.

The proposal passed the House but stalled in the Senate.

A bill to regulate parasailing companies is also on the horizon after languishing last year under pressure from lobbyists.

Sen. Maria Sachs, D-Boca Raton, filed SB 64, to require parasailing businesses to use sturdy equipment, carry insurance, offer a safety briefing to passengers and not operate in bad weather. The bill is named the White-Miskell Act after Amber White and Kathleen Miskell, who died parasailing in South Florida.

“We need to encourage the industry, to promote it and protect it, and these operators know the best way to do that is protect the people,” Sachs said.

Parasailing is virtually unregulated in Florida (and almost everywhere else), with the state’s 120 companies required only to have a boat license. Parasailing accidents have caused at least four deaths in Florida within the past two years, something most beachgoers don’t realize as they’re strapped into a harness to dangle hundreds of feet over the water.

Lawmakers have filed bills to make sure citizens have the opportunity to testify before government boards or committees take action (SB 50) and to ensure that men and women have equal rights (SB 54). Lawmakers also have filed 19 claims bills, in which victims or their families are seeking damages for an injury or death caused by government employees.

House and Senate committees will begin meeting next month . The 60-day lawmaking session is scheduled to convene March 5.





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After His Vulgar Assault on Jenny Johnson, Chris Brown Quits Twitter












Chris Brown is really bad at public relations. The 23-year-old rapper went on a memorably vulgar tirade against comedian Jenny Johnson on Sunday and apparently realized soon thereafter that it was a bad idea, because he scrambled to cover his tracks. But deleting tweets does not erase their previous existence and deactivating your Twitter account does not take away all of the bad things you did with it.


RELATED: The New York Times’s Bill Keller Riles Up Twitter












We’re getting ahead of ourselves, though. Did you hear about Chris Brown’s memorably vulgar tirade against comedian Jenny Johnson on Sunday? It was truly despicable. Johnson, if you haven’t heard of her, is pretty big on Twitter and pretty funny, too. She’s also deeply disapproving of Brown’s existence, more specifically his history of beating women. And she didn’t miss a chance to take a swipe at Brown on Sunday, when he complained about his appearance. “I look old as fuck! I’m only 23…” Brown tweeted. “ ”I know! Being a worthless piece of shit can really age a person.” Johnson replied.


RELATED: The Twitter Skirmish While You Were Sleeping Over #RomneyStrength


Then things got ugly. In a series of tweets, Brown told Johnson to suck his dick, threatened to fart on her, threatened to shit and called her a “ho” about seven times. After tweeting — and this is a direct quote — “mom says hello… She told me not to shart in ur mouth, wanted me to shit right on the retina, ….#pinkeye” Brown tweeted, “Just ask Rihanna if she mad??????” You can read the entire exchange here.


RELATED: Morning Twitter Meme: Journalists Tiring of Royal Wedding


Brown’s rant was not well received by the Twitter community or the media. Then again, at this point, it’s not like anybody expected more from Brown. This is the same guy that dressed up like a terrorist for Halloween. It’s unclear how or why, but within a couple hours of the blowback, Brown’s Twitter account was gone. We’ll let you know if we find out any more details. For now, we’re going with Eli Braden’s theory: “Chris Brown’s publicist finally figured out his Twitter password.”


Social Media News Headlines – Yahoo! News


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Justin Bieber Defends Meeting Prime Minister in Overalls

After catching a bit of flack for meeting with the Canadian Prime Minister in a decidedly casual pair of overalls, Justin Bieber took to Instagram Sunday to explain himself.

Related: Justin Bieber on Selena, His Favorite Things

"The pic of me and the Prime Minister was taken in a room in the arena where I was performing at that day," Bieber wrote in response to a journalist who criticized the move as "white trash."

"I walked straight from my meet and greet to him," he explained further. "It wasn't like it was like I was going into his environment we were at a hockey arena. Wow am I ever white trash."

The superstar (seen above) was snapped in Canada this week to accept a Diamond Jubilee Medal from the leader of his home country, Stephen Harper.

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Family swept to sea in effort to save dog - who eventually got out of the water on its own








EUREKA, Calif. — A couple died and their 16-year-old son went missing after being swept into sea in Northern California while trying to save their dog, authorities said Sunday.

The family was at Big Lagoon, a beach north of Eureka, Saturday afternoon when the dog chased after a thrown stick and got pulled into the ocean by eight to ten foot waves, said Dana Jones, a state Parks and Recreation district superintendent.

Jones said the boy went after the dog, prompting his father to go after them. She said the teenager was able to get out, but when he didn't see his father, he and his mother went into the water looking for him.




"Both were dragged into the ocean," Jones said.

The Times-Standard reports (http://bit.ly/UmSP2P) the couple's daughter called police.

Jones said a park ranger had to run a half mile to get to the beach because his car wasn't made to handle the terrain. When he arrived, he wasn't able to get to them because of the high surf, she said.

Rescuers eventually retrieved the mother's body and the father's body washed up.

The Coast Guard deployed a helicopter and two motor life boats to search for the teenager, but the aerial search was suspended Saturday evening by thick coastal fog.

A call seeking the status of the Coast Guard's search on Sunday wasn't immediately returned.

The dog got out of the water on its own, Jones said.










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Shifting tides of Panama real estate echo Miami trends




















PANAMA CITY, Panama — As a real estate agent shows off a model apartment — white leather sectional, stainless steel appliances, open concept, ocean views — in the 59-story Yacht Club Tower, and touts its fitness center and pool deck designed to mimic a ship floating on the sea, he makes a telling statement:

“We tried to emulate the Miami style in this building.”

Approaching this Central American capital from the air, the first thing a traveler notices is a skyline on steroids — gleaming towers jutting skyward like so many pickets on a fence. There’s even a Trump high-rise here — the sail-shaped 72-story Trump Ocean Club International Hotel & Tower. And it’s not uncommon for those active in Miami real estate and development circles to try their luck in Panama or move back and forth between the markets.





Although Miami is nearly 1,200 miles from Panama City, the real estate markets of the two cities share certain similarities. Both went through booms and overbuilding and then had way too many empty condominiums. Wealthy Latin American buyers were a salvation in both cities when traditional segments of the market fell off.

“Now that things are starting to pick up in the States, they are picking up here too. Now that there’s not as much economic uncertainty in the United States, people feel more confident about Panama too,’’ said Morris Hafeitz, general manger of Emporium Developers. He used to work in Miami as a project manager for Odebrecht, the Brazilian conglomerate.

Now Hafeitz is trying to sell Allure at the Park, a 50-story building Emporium developed in Panama City’s Bella Vista neighborhood. The building is chock full of amenities — gym, teenage game room, adult lounge, toddler playroom, pool, squash court and even miniature golf on the roof — but one of its main selling points is that it overlooks a park and two low-rise historic buildings. “In the heart of the city without the hassles of the city,’’ said Hafeitz.

During the boom, many buildings in central Panama City went up practically on top of each other. “In the beginning of the boom there were no regulations on density,’’ said Mauricio Saba, a project manager at Zoom Development in Panama City and another Miami real estate alum. “I have a friend who said he could watch his neighbor’s TV from his balcony.’’

Margarita Sanclemente, a Miami real estate broker with offices in Panama City and New York, has seen it all — the boom, the irrational building and the slowdown — and has stuck with the Panamanian market.

She first ventured into Panama in 2005. The Panamanian real estate market, which had been sluggish for more than a decade, was undergoing a rebirth and Americans, lured by low prices and the low cost of living, were snapping up properties.

The sweet spot was the 1,000 to 1,500-square-foot apartment, sans maid’s quarters, which appealed to retirees from Canada and the United States, she said.

That was back when Americans still believed you couldn’t go wrong with real estate. “Some of the buyers didn’t even see the units. We sold them by phone,’’ Sanclemente said. Condo prices at new buildings such as Destiny averaged $98 to $120 per square foot. She herself bought a 1,000 square foot, one bedroom condo for $123,000 back in 2005.





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Never mind shopping; Messiah concert marks start of holiday season




















Participating in the annual Messiah sing-in, always made me feel like the Season had begun. I was a member of the community chorus for many years, under the late Dr. Lee Kjelson. It was a wonderful feeling, singing the words from the Bible that foretold the coming of Jesus. Now, decades later, the Messiah sing-in tradition is still going strong.

At 2:30 p. m. on Dec. 9, the Miami Dade College Kendall Campus will present the Civic Chorale of Greater Miami in the 41st Annual Messiah Sing-in at Old Cutler Presbyterian Church, 14401 Old Cutler Rd. in Palmetto Bay. Dr. Kenneth Boos is the artistic director of this time-honored event, and Robert Gower and John Guarente are the conductors. Jay Brooks is the organist. The singers will be backed by the Alhambra Orchestra, conducted by Alfred Gershfeld.

The program will feature the Chorale in a brief concert featuring original works and familiar classical selections. Following the concert, community singers are invited to join the Chorale in the singing of the Christmas sections of Handel’s beloved Messiah.





Founded by Kjelson, the Civic Chorale has been a vital part of the South Florida musical community since 1970. the group is comprised of students and adult members of the community, who share a love for singing and musical excellence. The Chorale is housed at Miami-Dade College Music, Theater and Dance Department, at the Kendall campus. Rodester Brandon is the chairperson.

Singers are asked to bring their own Messiah score, if possible. A limited number will be available for use on the day of the concert.

This is the way it works: Rehearsal for participating singers will be at 2:30 p.m., followed by the concert at 4 p.m. Admission is free, but a goodwill offering will be collected. This year, Miami food trucks will be at the event.

For more information, contact Phee Price, executive director of the Chorale at 305-490-5930 You may also visit the Chorale’s website at, www.civicchorale.info.

String quartet goes to Washington

Congratulations to Miami pianist Alan Mason and Florida International University’s Amernet String Quartet, who on Dec. 6, will perform at the Kennedy Center in Washington.

Mason is an associate professor of music at Barry University and the Amernet String Quartet is in residence at FIU. The musicians will perform in a concert called "From Psalm to Lamentation: A Concert of Cantorial Masterpieces," presented by Pro Musica Hebraica, an organization that was created by Pulitzer Prize-winning columnist Charles Krauthammer and lawyer-turned-artist Robyn Krauthammer to present three concerts a year featuring the music of Jewish composers. .

The Dec. 6 concert will pay homage to the golden age of cantors and to the liturgical music of modern times and will feature Cantor Netanel Hershtik and the Hampton Synagogue Choir.

In addition to the Kennedy Center performance, the concert will be presented on Dec. 2, at New York’s Museum at Eldridge Street.

Mason is the music director of Temple Israel of Greater Miami and has performed at the White House, Lincoln center and Carnegie Hall. He has also performed in Rome, the United Kingdom and Israel. He is a leading accompanist of Jewish music and also serves as the program director and accompanist of the Winter Jewish Music Concert presented annually here in Miami. that concert will be on Jan. 19, and will be broadcast live on the JLTV cable network.





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