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Number of Women Appointed to U.K. Boards Doubles, Guardian Says | By Ben Farey | 2011-07-02T09:10:10Z | http://www.bloomberg.com/news/2011-07-02/number-of-women-appointed-to-u-k-boards-doubles-guardian-says.html | 7 | 2 | a3ac9c6f4b05eb66bfcfeea14dfd154c5797db37 | The number of women appointed to the
boards of Britain’s biggest companies has more than doubled, The
Guardian reported, citing data from the Cranfield School of
Management. FTSE 100 companies have recruited 23 women to their boards
this year after former U.K. trade minister Mervyn Davies said a
quarter of board members must be women by 2015, the newspaper
said. To contact the reporter on this story:
Ben Farey in London at
[email protected] To contact the editor responsible for this story:
Mike Harrison at [email protected] | 2011 | number-of-women-appointed-to-u-k-boards-doubles-guardian-says |
Radiation Levels Vary Near Fukushima Nuclear Site, Yomiuri Says | By Chisaki Watanabe | 2011-07-02T04:04:32Z | http://www.bloomberg.com/news/2011-07-02/radiation-levels-vary-near-fukushima-nuclear-site-yomiuri-says.html | 7 | 2 | 06c18343c1d96644f7641397426a98335e17d83c | A government team found wide
differences in radiation levels within the 20-kilometer
exclusion zone around the crippled Fukushima Dai-Ichi nuclear
plant, the Yomiuri newspaper reported today. The highest reading of 39.1 microsieverts an hour was
recorded on the surface of an unpaved road, the paper said.
Readings were lower on paved roads, and one such spot recorded 2
microsieverts an hour, it said. A standard chest X-Ray exposes an individual to 50
microsieverts of radiation, according to Japanese government
data. To contact the reporters on this story:
Chisaki Watanabe in Tokyo at
[email protected] To contact the editor responsible for this story:
Amit Prakash in Singapore at
[email protected] | 2011 | radiation-levels-vary-near-fukushima-nuclear-site-yomiuri-says |
U.S. Stocks Surge Most Since July 2009 on Greece, Manufacturing | By Cecile Vannucci | 2011-07-02T04:01:00Z | http://www.bloomberg.com/news/2011-07-02/u-s-stocks-surge-most-since-july-2009-on-greece-manufacturing.html | 7 | 2 | 3f865f37a9704452a064570617f23eb0 | U.S. stocks posted the biggest weekly
rally in two years, with the Dow Jones Industrial Average rising
648 points, after Greece took action to avoid a default, Nike
Inc. (NKE) ’s earnings topped analyst estimates and U.S. manufacturing
growth rebounded. Caterpillar Inc. (CAT) , United Technologies Corp. (UTX) and 3M Co. (MMM)
jumped at least 6.3 percent, pacing gains among companies most-
dependent on economic growth. Nike, the world’s largest
sporting-goods company, climbed 13 percent. Visa Inc. (V) surged 20
percent, the most in the Standard & Poor’s 500 Index, as the
Federal Reserve moved to set a less-severe limit on debit-card
swipe fees than previously proposed. The S&P 500 surged 5.6 percent to 1,339.67. The Dow Jones
Industrial Average advanced 5.4 percent to 12,582.77 this week.
Both indexes rose all five days for the biggest weekly gains
since July 2009. “It’s a week of major reversal,” said Stephen Lieber,
chief investment officer of Alpine Woods Capital Investors LLC,
which manages about $7 billion, in Purchase, New York . “As soon
as you got the first manufacturing indexes that began to turn
positive and then culminated by the Chicago manufacturing index
above estimates, it shifted confidence very positively.” The gain helped the S&P 500 erase about 75 percent of the
decline suffered since reaching its high for the year on April
29. Through June 24, U.S. equities had fallen for seven of the
previous eight weeks on concern the European debt crisis would
spread and the U.S. economy slow. The index is up 6.5 percent
for the year, data compiled by Bloomberg show. Greece’s New Financing The Chicago Board Options Exchange Volatility Index, also
known as the VIX, which measures the cost of using options as
insurance against declines in the S&P 500, tumbled 25 percent
this week, the biggest weekly drop since March. The advance in equities marked a partial reversal of
returns that had favored companies and industries that are less
sensitive to economic growth. Since the S&P 500 slipped to its
low for the year on March 16, drugmakers, phone companies,
utilities and household-products producers have gained the most,
rising at least 9.7 percent, according to data compiled by
Bloomberg. The biggest gains in last week’s rally were among so-called
cyclical stocks. Energy companies climbed 7.2 percent, computer
and software makers increased 6.8 percent, a group of retailers,
hoteliers and automakers added 6.6 percent and industrials rose
6.4 percent, the data show. Greek Austerity Stocks rose this week after Greek Prime Minister George Papandreou on June 29 clinched enough votes to pass the first
part of an austerity plan aimed at meeting European Union aid
requirements and staving off default for his debt-laden nation.
Lawmakers backed a bill on June 30 to authorize the measure. Greece may receive as much as 85 billion euros ($124
billion) in new financing, including a contribution from private
investors, in a second bailout aimed at preventing default and
ending the euro-region’s debt crisis, an Austrian Finance
Ministry official said. “The major issue that was weighing down the market in the
prior five or six weeks was the issue in Greece,” said John Canally, investment strategist at Boston-based LPL Financial
Corp., which manages $330 billion in advisory and brokerage
assets. “Now that’s cleared up, the market’s got a little more
clarity. The move of this week in markets is pricing in a
sizable bounce in economic activity.” Manufacturing Expands Stocks extended gains after a report yesterday showed that
U.S. manufacturing unexpectedly expanded at a faster pace in
June, a sign the industry is rebounding after shortages of parts
and components from Japan slowed production. The Institute for
Supply Management’s factory index rose to 55.3 last month from
53.5 in May. Economists estimated the index would drop to 52,
according to the median forecast in a Bloomberg News survey.
Figures greater than 50 signal expansion. The ISM report was a positive surprise, according to
investors, at a time when manufacturing growth is slowing from
China to Europe , creating a dilemma for central bankers
considering higher interest rates to combat inflation. China’s
factory index fell to the lowest level since February 2009,
while in the 17-nation euro area, a gauge slipped to an 18-month
low. German manufacturing expanded at the weakest pace in 17
months, while Italy, Ireland, Spain and Greece contracted. Business Expansion Another report on June 30 showed businesses in the U.S.
unexpectedly expanded at a faster pace in June. The Institute
for Supply Management-Chicago Inc. said its business barometer
climbed to 61.1 this month from 56.6 in May. Economists called
for the index to drop to 54, according to the median forecast in
a Bloomberg News survey. Figures greater than 50 signal
expansion. Consumer confidence rose to the highest level in 10
weeks, the Bloomberg Consumer Comfort Index showed June 30. The Morgan Stanley Cyclical Index added 6.6 percent as all
of its 30 stocks gained. The Dow Jones Transportation Average of
20 stocks, a proxy for economic growth, rose 6.4 percent. Caterpillar, the world’s largest maker of construction
equipment, surged 8.6 percent, the most in the Dow, to $108.62.
Jet engine maker United Technologies added 6.9 percent to
$90.13. 3M, the maker of Post-It Notes and films to brighten TV
screens, climbed 6.4 percent to $96.67. Nike, Visa Nike rallied 13 percent to $91.82, the highest price since
December, after posting better-than-expected profit projections
on June 28. Nike Chief Executive Officer Mark Parker has boosted
sales and reduced marketing costs from a year earlier, when Nike
promoted around the World Cup, to fight rising costs for cotton,
labor and transportation that have reduced profitability in the
apparel industry this year. Visa jumped 20 percent to $87.97, its highest price in more
than a year, after the Fed moved to cap debit-card transaction
fees at 21 cents. MasterCard Inc. (MA) gained 15 percent reaching its
highest price since June 2008, $314.47. An index of energy shares in the S&P 500 rose 7.2 percent,
the most among 10 groups as crude for August delivery settled at
$94.94 a barrel on the New York Mercantile Exchange . Marathon Petroleum Corp., which replaced RadioShack Corp. (RSH)
in the S&P 500, increased 1.6 percent to $42.06 in its first day
of trading after the second-largest independent U.S. oil refiner
was spun off by Marathon Oil Corp. Halliburton Co. (HAL) , the world’s
second-largest oilfield services provider, advanced 12 percent
to $51.29 for the week. Investors “are buying in front of the quarterly earnings
estimates that are going to be coming out,” said Michael Vogelzang, chief investment officer at Boston Advisors LLC,
which manages $1.9 billion. “It probably says something about
expectations for quarterly earnings.” Alcoa Inc. (AA) , the first Dow-average company to report second-
quarter earnings, will give its results on July 11. Earnings at
S&P 500 companies rose 13 percent in the second quarter,
according to a Bloomberg survey of analysts. Net income will
rise 19 percent in 2011, the data show. To contact the reporter on this story:
Cecile Vannucci in New York at
[email protected] To contact the editor responsible for this story:
Nick Baker at
[email protected] | 2011 | u-s-stocks-surge-most-since-july-2009-on-greece-manufacturing |
Germany’s Franz Urges No Tax Cuts, Low Wage Demands, WiWo Says | By Jana Randow | 2011-07-02T08:39:53Z | http://www.bloomberg.com/news/2011-07-02/germany-s-franz-urges-no-tax-cuts-low-wage-demands-wiwo-says.html | 7 | 2 | 625629e9e910cab9db90b311e47b837685a04482 | Wolfgang Franz, head of German
Chancellor Angela Merkel ’s council of economic advisers, said
the government shouldn’t cut taxes and urged labor unions to
keep wage increases moderate, WirtschaftsWoche reported, citing
an interview. “Budget consolidation must have absolute priority,” Franz
was quoted as saying. “Germany is facing several additional
expenses as a result of the energy turnaround and potentially of
a rescue of ailing euro countries.” While productivity gains and inflation would allow wage
increases of 2 percent this year and 2.5 percent in 2012, labor
unions and employers should keep pay increases lower, Franz
said, according to the magazine. To contact the reporter on this story:
Jana Randow in Frankfurt at
[email protected] . To contact the editor responsible for this story:
Craig Stirling at [email protected] | 2011 | germany-s-franz-urges-no-tax-cuts-low-wage-demands-wiwo-says |
Pound Declines to 15-Month Low Against Euro as U.K. Manufacturing Slows | By Garth Theunissen | 2011-07-02T06:00:01Z | http://www.bloomberg.com/news/2011-07-02/pound-falls-to-15-month-low-as-faltering-economy-curbs-rate-bets.html | 7 | 2 | 4969cb1599b2b3b0364035b2d9484dd9ae2e6916 | The pound posted its biggest weekly
decline in a month against the euro as signs that the U.K.
economic recovery is faltering reduced the scope for interest-
rate increases from the Bank of England . Sterling fell versus 12 of its 16 major counterparts
tracked by Bloomberg this week, losing most against the Swedish
krona and sliding to a 15-month low versus the euro. Reports
this week showed U.K. confidence fell and manufacturing growth
unexpectedly slowed in June while a Credit Conditions Survey by
the central bank predicted mortgage demand to drop in the third
quarter. Bank of England policy maker Adam Posen said on June 27
that a call by the Bank for International Settlements for higher
rates worldwide to curb inflation was “nonsense.” “Sterling is being completely marginalized by the
worsening economic growth outlook in the U.K.,” said Peter Rosenstreich, chief foreign-exchange analyst at Swissquote Bank
SA in Geneva. “If we continue to see an erosion in growth
prospects then the possibility of rate hikes is virtually out of
the question.” The pound slid 1.6 percent this past week to 90.35 pence
per euro as of 4:32 p.m. in London yesterday, from 88.90 pence
on June 24. It reached 90.84 on July 1, the weakest intraday
level since March 2010. Sterling gained 0.7 percent against the
dollar to trade at $1.6069, from $1.5959 at the end of last
week. Against Japan ’s currency, the pound added 1.2 percent to
129.87 yen. Interest-Rate Bets Worsening economic growth has prompted traders to reduce
bets on higher rates, with the implied yield on short-sterling
futures expiring in March falling to 1.03 percent, down from a
nine-month high of 2.08 percent in February. Investors are
betting the central bank will raise borrowing costs next May,
according to forward contracts on the sterling overnight
interbank average, data from Tullett Prebon Plc show. As recently as February, traders were betting on a rate
increase in May of this year, the data showed. Barclays Capital on June 30 pushed back its forecast for
interest-rate increases, saying the central bank will now
probably keep its main rate unchanged until May 2012. The bank,
which previously forecast a rate increase in November, said the
change reflects weaker than previously expected economic growth
and recent comments from central bank officials. The pound has fallen 9 percent in the past 12 months,
making it the second-worst performer among 10 developed-market
currencies after the U.S. dollar , according to Bloomberg
Correlation-Weighted Currency Indexes. The U.K. currency may decline further next week should the
Bank of England keep its key interest rate at a record-low 0.5
percent on June 7 as predicted by all 51 economists in a
Bloomberg survey. U.K. government bonds fell every day this week as efforts
by Greece to avoid a default curbed demand for the safest
assets. The decline pushed up yields on 10-year gilts by 27
basis points to 3.40 percent, while two-year note yields climbed
13 basis points to 0.83 percent. To contact the reporter on this story:
Garth Theunissen in London
[email protected] To contact the editor responsible for this story:
Daniel Tilles at
[email protected] | 2011 | pound-falls-to-15-month-low-as-faltering-economy-curbs-rate-bets |
South American Flights Disrupted on Ash | By Randall Woods | 2011-07-02T15:58:31Z | http://www.bloomberg.com/news/2011-07-02/south-american-flights-disrupted-on-ash.html | 7 | 2 | e66af214ccd9cf74458b376bdf9599048beb04d5 | Volcanic ash from an eruption in
southern Chile has disrupted air travel in Buenos Aires as well
as Montevideo, Uruguay and Asuncion, Paraguay as Argentina hosts
the opening weekend of Latin America ’s Copa America soccer
tournament. Lan Airlines SA (LAN) , the region’s biggest airline by market
value, suspended air travel to and from Buenos Aires and
Montevideo yesterday, it said in a statement on its website.
Aerolineas Argentinas SA, the country’s biggest carrier,
canceled domestic flights and is rescheduling international
trips, it said in an e-mailed statement. Both airlines are
resuming some Buenos Aires flights today, the carriers said on
their websites. Gol Linhas Aereas Inteligentes SA, Brazil ’s second-biggest
airline by market value, canceled flights in the two cities plus
Asuncion, according to an e-mailed statement yesterday. Lan said
it would increase the number of flights on July 2 to accommodate
passengers whose travel plans were disrupted the previous day. “Lan is constantly monitoring events,” the airline said
in the statement. The Argentinean airports of Ezeiza and Aeroparque in Buenos
Aires resumed some operations after weather conditions improved,
El Clarin newspaper reported on its website, without citing
anyone. Airport Operations Seismic activity at the Puyehue-Cordon Caulle volcanic
complex, which erupted June 4, is decreasing, Chile ’s geological
and mining authority known as Sernageomin said in a statement on
its website June 30. Authorities are characterizing eruptions as
“minor” and don’t rule out an increase in intensity, it said. Airports in southern Chile are operating normally, the
country’s aeronautical authority known as DGAC said in an e-
mailed response to questions
yesterday. The ash has also disrupted travel in Australia and New
Zealand . Aerolineas Argentinas’s Auckland and Sydney routes have
been forced to run on an “irregular” schedule, the airline
said yesterday. Lan Airlines on July 3 will operate a special
flight to Sydney via Tahiti, “climatic conditions permitting,”
it said. Argentina is hosting the Copa America , or America’s Cup,
soccer tournament , which is starting with the first round of
matches this weekend. To contact the reporter on this story:
Randall Woods in Santiago at
[email protected] To contact the editor responsible for this story:
Bill Faries at
[email protected] | 2011 | south-american-flights-disrupted-on-as |
Washington Mutual, Investors Reach $208.5 Million Class-Action Settlement | By Edvard Pettersson | 2011-07-02T00:14:04Z | http://www.bloomberg.com/news/2011-07-02/washington-mutual-reaches-208-5-million-class-action-accord.html | 7 | 2 | 7b844b1d37ed4798e4490adc292ec073169445ab | Washington Mutual Inc. (WAMUQ) , the former
owner of the biggest U.S. bank to fail, and its former
executives, underwriters and auditor reached a $208.5 million
settlement of a class-action lawsuit by investors. The settlement provides for $105 million in payments on
behalf of the individual defendants, $85 million from the
underwriters, and $18.5 million from Deloitte & Touche LLP,
according to a request for preliminary approval filed yesterday
in federal court in Seattle by lawyers for the Ontario Teachers’
Pension Plan Board, the lead plaintiff in the case. The lawsuit consolidates more than 20 cases claiming the
bank secretly lowered lending standards, artificially inflated
home-price appraisals and failed to disclose its deteriorating
financial condition when the loans began to fail. Washington Mutual, based in Seattle, filed for bankruptcy
on Sept. 26, 2008, the day after its banking unit was taken over
by regulators and sold to JPMorgan Chase & Co. for $1.9 billion.
It was the biggest bank to fail in U.S. history, with more than
2,200 branches and $188 billion in deposits. The case is In re Washington Mutual Inc. Securities,
Derivative & ERISA Litigation, 2:08-md-01919, U.S. District
Court, Western District of Washington (Seattle). To contact the reporter on this story:
Edvard Pettersson in Los Angeles at
[email protected] . To contact the editor responsible for this story:
Michael Hytha at [email protected] . | 2011 | washington-mutual-reaches-208-5-million-class-action-accord |
Lost Leonardo da Vinci May Sell for $200 Million, Telegraph Says | By Ben Farey | 2011-07-02T12:43:47Z | http://www.bloomberg.com/news/2011-07-02/lost-leonardo-da-vinci-may-sell-for-200-million-telegraph-says.html | 7 | 2 | 0942a3efd444e0a3d962b03a3b5f78f0e7d4379a | A painting newly attributed to
Leonardo da Vinci and once owned by King Charles I of England
may fetch a record 125 million pounds ($200 million) at auction,
The Daily Telegraph reported, without saying where it got the
information. The picture, entitled “Salvator Mundi” or “Saviour of
the World,” depicts Christ with one hand raised in blessing,
the Telegraph said. It is owned by a group of U.S. dealers, the
newspaper said. Originally thought to have been painted by a da Vinci
protege, the painting will be displayed at London ’s National
Gallery in November, the Telegraph reported. It’s then expected
to be offered for sale. To contact the reporter on this story:
Ben Farey in London at
[email protected] To contact the editor responsible for this story:
Mike Harrison at [email protected] | 2011 | ost-leonardo-da-vinci-may-sell-for-200-million-telegraph-says |
HSBC’s Kidwai Says Indian Lenders May Face Squeeze in Margin | By Pradipta Mukherjee | 2011-07-02T10:20:13Z | http://www.bloomberg.com/news/2011-07-02/hsbc-s-kidwai-says-indian-lenders-may-face-squeeze-in-margin.html | 7 | 2 | d336055858bf29e8234f2aa44382b0c00047ad1e | Naina Lal Kidwai, HSBC Holdings Plc’s
country head for India , said lenders’ margins may come under
pressure after the central bank increased its key interest rate
last month. The Reserve Bank of India increased the repurchase rate to
7.50 percent from 7.25 percent on June 16. The increase, the
10th since the start of 2010, extended the longest streak of
monetary tightening in a decade after inflation accelerated. “There will be pressure on net interest margins of all
banks,” Kidwai said at an event in the eastern Indian city of
Kolkata. “If beyond a point we cannot pass on the interest-rate
hike to consumers, then banks will see a squeeze in margins
going forward.” To contact the reporter on this story:
Pradipta Mukherjee in Kolkata at
[email protected] To contact the editor responsible for this story:
Sam Nagarajan at
[email protected] . | 2011 | sbc-s-kidwai-says-indian-lenders-may-face-squeeze-in-margin |
Foe Says He Won’t Push Chavez to Cede Power | By Charlie Devereux | 2011-07-03T01:48:59Z | http://www.bloomberg.com/news/2011-07-02/chavez-foe-says-he-won-t-push-for-president-to-give-up-power.html | 7 | 2 | ebe1473ba5e24a34a65706eace54ceaa | Venezuela’s leading opposition
presidential candidate said he won’t press for Hugo Chavez to
relinquish power while he recovers from cancer, and will
continue with plans to defeat him at the ballot box next year. Henrique Capriles Radonski, the governor of Miranda state,
is favored in polls to win a February primary to select a
coalition candidate to run against Chavez. Capriles said today
Venezuelan law allows Chavez to remain in Cuba for as long as he
wishes, and he hopes Chavez overcomes his illness. There’s no
need for him to cede power to Vice President Elias Jaua in the
meantime. “The president has the right to be absent for six months
and can even do so for longer because, according to the
constitution, it’s the National Assembly that decides,”
Capriles said in an interview in Caracas. “I’m not making
calculations based on Chavez’s illness. I hope he comes out of
it and that my rival is able to compete.” Venezuela ’s opposition has shown restraint since Chavez
announced June 30 that he’s receiving treatment for cancer in
Cuba after having a tumor removed there three weeks ago. While criticizing the secrecy surrounding Chavez’s illness,
Capriles and others are holding back from calling upon the
socialist leader to step down, fearing it may generate a
backlash among voters and lead to divisions in the opposition
coalition after it won a majority of votes in last year’s
congressional elections. Not Enough Information Chavez told Venezuelans in a nationally broadcast speech on
June 30 that he was operated on twice in Cuba and that he won’t
hurry his return during treatment. The 56-year-old leader, who
has run South America’s largest oil producer since 1999, has
vowed to keep ruling from Cuba for as long as it takes. Capriles, 38, spoke in an interview at a school in his
constituency where he was handing out contracts to health-
industry employees. He said the rumors that have swept the
country in the time Chavez has been gone were the result of the
government not releasing enough information about the
president’s condition. “The way in which the situation has been handled with
disinformation, lack of clarity gives space for imagining lots
of scenarios,” Capriles said. “Chavez has a right to get sick,
but the country also has a right to know what his health
condition is.” Recovering Favorably Capriles called on the government to release information
about what kind of cancer Chavez is suffering from, what kind of
treatment he is receiving and when he is likely to return to
Venezuela. Venezuelan Foreign Minister Nicolas Maduro, who recently
returned from a trip to Cuba to visit Chavez, said in an
interview with Televen that the president continues to recover
well and that the cancerous tumor in the pelvic region was
completely removed and hasn’t spread to other areas. Venezuela’s state news agency published photos today of
Chavez walking in a track suit in Havana yesterday with Maduro
and two of his daughters. Chavez looks thinner and pale in the
pictures . Maduro denied a report by Barcelona, Spain-based newspaper
El Periodico saying that Chavez has colon cancer which infected
his abdomen and may have metastasized. “The president is following a strict diet and exercise
regime and I can say that he’s in frank recovery,” Maduro said,
without saying when he may return. Television Address In a bid to project an image of normalcy after weeks of
speculation over his health, Chavez said on state television
yesterday that he’s recovering favorably and is running his
nation’s affairs from abroad. He said Fidel Castro checks in on
him almost daily, bringing peanut butter and small bits of lamb,
while at night he’s reading Friedrich Nietzsche ’s “Thus Spoke
Zarathustra.” In May, Capriles declared his intention to represent the
Justice First Party in a Feb. 12 primary that will select a
single, coalition candidate to run in next year’s election. Capriles had a 55 percent approval rating in a survey of
2,000 people taken by Consultores 21 from March 11 to March 25.
His closest rival, Leopoldo Lopez, a former mayor of the Caracas
municipality of Chacao, had 49 percent while Chavez had 45
percent, according to the poll, which had a margin of error of
plus or minus 2.24 percentage points. To contact the reporter on this story:
Charlie Devereux in Caracas at
[email protected] . To contact the editor responsible for this story:
Joshua Goodman at
[email protected] | 2011 | chavez-foe-says-he-won-t-push-for-president-to-give-up-power |
EU Commission Won’t Decide on WestLB Until October, Boersen Says | By Jana Randow | 2011-07-02T09:28:25Z | http://www.bloomberg.com/news/2011-07-02/eu-commission-won-t-decide-on-westlb-until-october-boersen-says.html | 7 | 2 | e53e7fce89cd487ebf589641360fbba8331e96bb | The European Commission’s assessment
of aid payments to WestLB AG during the financial crisis won’t
be finished before October, Germany ’s Boersen-Zeitung reported,
without saying where it got the information. To contact the reporter on this story:
Jana Randow in Frankfurt at
[email protected] To contact the editor responsible for this story:
Mike Harrison at
[email protected] | 2011 | eu-commission-won-t-decide-on-westlb-until-october-boersen-says |
Sweden Beats North Korea 1-0, Moves Atop Women’s World Cup Group | By Bob Bensch | 2011-07-02T14:53:14Z | http://www.bloomberg.com/news/2011-07-02/sweden-beats-north-korea-1-0-moves-atop-women-s-world-cup-group.html | 7 | 2 | 4610fbd434921e5be9990a7465874b5c7475a05e | Sweden defeated North Korea 1-0 to
move to the top of Group C at soccer’s Women’s World Cup in
Germany. Lisa Dahlkvist scored in the 64th minute in Augsburg as
Sweden improved to six points, three more than the U.S. The
Americans play Colombia later today in Sinsheim, with a win
qualifying them and Sweden for the quarterfinals. The 16 teams are split into four groups with the top two in
each progressing to the quarterfinals. The final of the four-
yearly soccer tournament is on July 17. To contact the editor responsible for this story:
Bob Bensch at
[email protected] | 2011 | sweden-beats-north-korea-1-0-moves-atop-women-s-world-cup-group |
Statement by Euro-Area Finance Ministers on Aid Payment to Greece: Text | By | 2011-07-02T19:07:36Z | http://www.bloomberg.com/news/2011-07-02/statement-by-euro-area-ministers-on-greek-aid-payment-text.html | 7 | 2 | 00101de3d6e514d50357a0dcafced827716977f5 | Following is a statement issued today
by euro-area finance ministers after a conference call on aid to
Greece . Communiqué (02.07.2011) DÉCLARATION DE L’EUROGROUPE SUR LA GRECE Ministers welcomed the progress made by the Greek authorities in
implementing the policy understandings reached with the European
Commission, in liaison with the ECB, and the IMF. In particular,
Ministers noted with satisfaction the adoption of key laws on
the fiscal strategy and privatisation by the Greek Parliament.
Ministers therefore endorsed the Commission’s Compliance Report
and the signing of the updated Memorandum of Understanding. The Greek authorities provided a strong commitment to adhere to
the agreed fiscal adjustment path and to the growth-enhancing
structural reform agenda, which are essential components of our
strategy to restore fiscal sustainability and safeguard
financial stability. Ministers call on all political parties in
Greece to support the programme’s main objectives and key policy
measures in order to ensure a rigorous and swift implementation. In line with the 24 June European Council conclusions,
consultations with Greece’s creditors are underway in order to
define the modalities for voluntary private sector involvement
with a view to achieving a substantial reduction in Greece’s
year-by-year financing needs, while avoiding selective default.
Ministers took note of the statement issued by the Institute of
International Finance on behalf of its members as well as of the
commitments that have been made by financial market participants
in some Member States. The precise modalities and scale of
private sector involvement and additional funding from official
sources will be determined in the coming weeks so as to ensure
that, inter alia, required program financing is in place. This
financing strategy is intended to form the basis for launching a
new medium-term programme to support Greece’s adjustment efforts Ministers agreed that the main parameters of a multi-year
adjustment programme for Greece will revolve around a continued
strong commitment to implementing fiscal consolidation measures
as well as ambitious and concrete structural reform and
privatisation plans. It will be supplemented by large-scale
technical assistance, provided by the Commission and Member
States. Against this background and on the basis of the debt
sustainability analysis by the Commission and the IMF, Ministers
approve the disbursement of the fifth tranche of the current
Greek Loan Facility by 15 July following approval by the IMF
Board, as originally envisaged. Communiqué par le président de l’Eurogroupe To contact the editor responsible for this story:
Jones Hayden at +32-2-285-4312 or [email protected] | 2011 | statement-by-euro-area-ministers-on-greek-aid-payment-tex |
Belgium’s Philippe Gilbert Wins Tour de France Opening Stage | By Bob Bensch | 2011-07-02T16:17:09Z | http://www.bloomberg.com/news/2011-07-02/belgium-s-philippe-gilbert-wins-tour-de-france-opening-stage.html | 7 | 2 | c77e725032d2e41f93611b2360ac14c0969f45b0 | Belgium ’s Philippe Gilbert won the
opening stage of the Tour de France , finishing more than a
minute ahead of defending champion Alberto Contador . Gilbert, of the Omega Pharma-Lotto team, finished the
191.5-kilometer (119-mile) ride between Passage du Gois and Mont
des Alouettes in the Vendee region of western France, in a time
of 4 hours, 31 minutes and 31 seconds. Australian Cadel Evans of BMC Racing was three seconds back
in second place, with Norway’s Thor Hushovd of the Garmin-
Cervelo team a further three seconds behind in third place. Three-time winner Contador of Spain, riding for the Saxo
Bank team, was involved in a late crash and finished as part of
a group 1 minute, 20 seconds behind Gilbert. The Spaniard will
next month face an appeal before the Court of Arbitration for
Sport of his acquittal by the Spanish cycling federation for
doping at last year’s Tour. Tomorrow’s second stage is a 23-kilometer time trial in Les
Essarts. The Tour ends July 24 on the Champs-Elysees in Paris. To contact the reporter on this story:
Bob Bensch in London at
[email protected] . To contact the editor responsible for this story:
Christopher Elser at [email protected] . | 2011 | belgium-s-philippe-gilbert-wins-tour-de-france-opening-stage |
Italian Soldier Killed, Other Hurt in Afghanistan Attack | By Sonia Sirletti | 2011-07-02T12:51:37Z | http://www.bloomberg.com/news/2011-07-02/italian-soldier-killed-other-hurt-in-afghanistan-attack.html | 7 | 2 | 6c29d922e7ae6fa48356706265c2a3cec775925f | One Italian soldier was killed and
another injured in an attack in Afghanistan , Italian President
Giorgio Napolitano said in an e-mailed statement today. To contact the reporter on this story:
Sonia Sirletti in Milan at
[email protected] To contact the editor responsible for this story:
Frank Connelly at [email protected] | 2011 | italian-soldier-killed-other-hurt-in-afghanistan-attack |
ACWA Power Plans to Raise $300 Million With Murabahah Facility | By Glen Carey | 2011-07-02T12:24:28Z | http://www.bloomberg.com/news/2011-07-02/acwa-power-plans-to-raise-300-million-with-murabahah-facility.html | 7 | 2 | d77f71afd7b757d7767cff499d7a7f9f446cfea1 | ACWA Power International, a Saudi
Arabia-based company that develops electricity and water
projects, plans to raise $300 million through a Murabahah
facility by the end of the year. ACWA accepted commitments of $210 million for the Islamic
loan from Standard Chartered Bank, Citigroup Inc. (C) , Bank of
America Merrill Lynch and Mizuho Corporate Bank , it said in an
e-mailed statement yesterday. ACWA is in talks with two other
banks to raise the figure to $300 million, it said. Payment of interest is forbidden under Islamic law. To
comply, banks and companies use contracts such as Murabahah,
where lenders buy an asset on behalf of the customer and sell it
back at a mark-up. The facility will be used to fund projects outside Saudi
Arabia , according to the statement from ACWA. To contact the reporter on this story:
Glen Carey in Riyadh at
[email protected] . To contact the editor responsible for this story:
Andrew J. Barden at
[email protected] . | 2011 | acwa-power-plans-to-raise-300-million-with-murabahah-facility |
Bunds Drop, Spanish Bonds Rise in Week Amid Debt-Crisis Optimism | By Emma Charlton | 2011-07-02T05:30:27Z | http://www.bloomberg.com/news/2011-07-02/bunds-drop-spanish-bonds-rise-in-week-amid-debt-crisis-optimism.html | 7 | 2 | 95f7f941f4594c8082b46f2e21dfd5e1 | German bund yields jumped the most in
seven months this week as demand for the safest assets ebbed,
while bonds from Europe ’s most indebted nations rebounded amid
waning concern that Greece will default. Spanish bonds climbed, pushing the 10-year yield down the
most in five months. Greece’s bonds gained for a second week as
German banks lined up behind plans to roll over their Greek debt
while the Mediterranean nation’s lawmakers approved a budget-
cutting package. Italian 10-year bonds gained for the first week
in three as Prime Minister Silvio Berlusconi’s cabinet passed
deficit-cutting measures worth 47 billion euros ($68 billion). “Market fears of a near-term default in Greece faded this
week as the Greek government passed the austerity bill, which
should pave the way for more funding in the next few weeks,”
said Nick Stamenkovic , a fixed-income strategist at RIA Capital
Markets Ltd. in Edinburgh. “Consequently, the flight-to-quality
bid for bunds has diminished and peripheral bonds have
rallied.” The 10-year bund yield climbed 21 basis points over the
week to 3.04 percent as of 4:45 p.m. in London yesterday. That’s
the biggest weekly increase since the five trading days ending
Aug. 7, 2009. The 3.25 percent security due July 2021 fell
1.805, or 18:05 euros per 1,000-euro ($1,453) face amount, to
101.76. Yields on two-year notes advanced 30 basis points to
1.65 percent, their biggest weekly gain since August 2009. Greek Prime Minister George Papandreou won a vote to
implement a 78 billion-euro package of tax increases and asset
sales, paving the way for further financial aid. The nation may
get as much as 85 billion euros in new financing, including a
contribution from private investors, in a second bailout,
according to an Austrian Finance Ministry official. ECB Decision “Optimism about Greece has pushed bund yields higher this
week,” said Peter Chatwell , a strategist at Credit Agricole
Corporate & Investment Bank in London. Spain ’s 10-year yield fell 30 basis points to 5.39 percent.
Italy’s 10-year bond yields dropped 10 basis points to 4.87
percent, while yields on similar-maturity Greek securities fell
46 basis points. German notes may fall further next week as the European
Central Bank raises borrowing costs. The ECB will lift its
refinancing rate to 1.50 percent from 1.25 percent on July 7,
according to the median estimate of 38 economists in a Bloomberg
survey. ECB President Jean-Claude Trichet reiterated on June 30
that policy makers are in a state of “strong vigilance”
against inflation, a phrase he has used before previous
tightening. The central bank raised its key rate in April by a
quarter point to 1.25 percent, the first increase in almost
three years. A rate increase “has to hit the front end” of the German
bond-yield curve, Chatwell said, referring to short-term notes. Trichet’s comments will be closely watched, as “there are
question marks over whether the ECB will press ahead with more
rate hikes later this year,” Chatwell said. German government bonds have handed investors a loss of 0.2
percent this year, according to indexes compiled by the European
Federation of Financial Analysts Societies and Bloomberg, while
Spanish bonds have returned 2.7 percent. Greece’s debt has
dropped 15.6 percent and Italy ’s has returned 1.6 percent. To contact the reporter on this story:
Emma Charlton in London at
[email protected] . To contact the editor responsible for this story:
Daniel Tilles at [email protected] . | 2011 | bunds-drop-spanish-bonds-rise-in-week-amid-debt-crisis-optimis |
Westerwelle Says Greek Implementation Is Key, Vima Reports | By Maria Petrakis | 2011-07-02T11:29:26Z | http://www.bloomberg.com/news/2011-07-02/westerwelle-says-greek-implementation-is-key-vima-reports.html | 7 | 2 | 7fcc7e86024bc1314ef2ffe9f94bde096abd3d9e | German Foreign Minister Guido Westerwelle said focus will now be on Greece ’s implementation of
the budget measures approved by Parliament in the past week, To
Vima newspaper reported, citing an interview. The Parliament’s approval gives the government an
opportunity to “stabilize the country’s economy,” and
implementation is the main element in steadying Greece and the
common European area, the Athens-based newspaper reported
Westerwelle as saying. Debt can’t be tackled with new borrowing
but with fiscal discipline and reforms, Westerwelle said. The foreign minister said he had never considered Greece
leaving the euro area, Vima reported. To contact the reporter on this story:
Maria Petrakis in Athens at
[email protected] To contact the editor responsible for this story:
Mike Harrison at
[email protected] | 2011 | westerwelle-says-greek-implementation-is-key-vima-reports |
Euro Rallies as Greece Adopts Austerity Plan Before ECB Meets on Rates | By Catarina Saraiva and Joe Ragazzo | 2011-07-02T04:00:09Z | http://www.bloomberg.com/news/2011-07-02/euro-rallies-as-greece-adopts-austerity-plan-before-ecb-meeting-on-rates.html | 7 | 2 | eadd619723c7430880053b187c12520f | The euro rose for the first time in
four weeks against the dollar as optimism Greece will solve its
sovereign-debt problems and stave off a default increased after
lawmakers approved fiscal austerity measures. The 17-nation currency strengthened the most against the
Swiss franc in more than two years after Greek Prime Minister
George Papandreou won approval of two bills to authorize his 78
billion-euro ($113 billion) package of budget cuts and asset
sales, a key to receiving further international financial aid.
The Dollar Index fell the most since January and the franc
weakened against its 16 most-traded peers as investors sought
higher-yielding currencies. The European Central Bank is
forecast to raise interest rates next week. “For the time being, Greece has side-stepped the specter
of a disorderly debt default, so that helped to spur a rally in
risky assets and that came at the expense of safe-haven
destinations, such as the dollar and Swiss franc,” said Joe Manimbo , a market analyst in Washington at Travelex Global
Business Payments, a currency-exchange network. “Now that
Greece is somewhat less of an issue, the spotlight has shifted
onto the ECB, which appears poised to hike interest rates next
week.” The euro rose 2.4 percent to $1.4526, from $1.4188 June 24,
and reached $1.4552, the highest level since June 9. It
strengthened 2.9 percent to 117.42 yen, from 114.13. The yen
fell 0.5 percent to 80.83 per dollar, from 80.43 last week. Annual Gains The euro has gained 3 percent this year against nine other
developed-nation currencies, according to Bloomberg Correlation-
Weighted Currency Indexes. The dollar has declined 6 percent,
while the yen has lost 5.6 percent. The Greek votes came amid strikes and scuffles outside
parliament that saw police fire tear gas at demonstrators in
Athens protesting budget cuts and asset sales. A total of 155
lawmakers in the 300-strong chamber supported the laws. German banks have agreed to roll over about 2 billion euros
in the Greek bonds they’re holding that mature through 2014,
German Finance Minister Wolfgang Schaeuble said June 30. German and French lenders are the biggest European holders
of Greek debt. European banks hold 17.2 billion euros of Greek
bonds maturing by the end of 2013, Citigroup Inc. estimated in a
June 23 report. “There is a tremendous amount of institutional desire not
to see Greece default, and that is what the market is beginning
to understand,” said Boris Schlossberg, director of research at
the online currency trader GFT Forex in New York. ECB Watch The euro was also supported as traders increased bets the
ECB will raise its policy interest rate, pushing euribor futures
lower. The implied yield on the March 2012 contract rose four
basis points to 2.01 percent. ECB President Jean-Claude Trichet said June 28 and 30 that
policy makers are in a state of “strong vigilance” ahead of
the July 7 meeting, a phrase he has used before tightening
monetary policy in the past. IntercontinentalExchange Inc.’s Dollar Index, which tracks
the dollar against the currencies of six trading partners
including the euro, yen and pound, fell 1.8 percent to 74.298,
from 75.665. The Fed bought $4.9 billion of notes due from June 2017 to
June 2018 on June 30, marking completion of the central bank’s
$600 billion asset buy-back program in its second round of
quantitative easing. Economic Indicators Risk assets were boosted as the Institute for Supply
Management ’s factory index showed July 1 that U.S. manufacturing
unexpectedly expanded at a faster pace in June, signaling a
decline in U.S. data may be moderating. The measure rose to 55.3
last month from 53.5 in May. The manufacturing data and the end to the Fed’s purchase
program indicated that “the soft patch and QE2 does not appear
to be the beginning of a double dip,” said Michael Woolfolk ,
senior currency strategist in New York at Bank of New York
Mellon Corp., the world’s largest custodial bank, with more than
$20 trillion in assets under administration. U.S. employers likely added 100,000 jobs last month,
keeping the unemployment rate at 9.1 percent, according to the
median estimate of 64 economists in a Bloomberg News survey. The
Labor Department will release the report July 8. The franc tumbled against its major peers as investors
turned to riskier assets. The monthly gauge that aims to predict
the Swiss economy’s direction about six months ahead dropped to
2.23 from 2.30 in May, the KOF Swiss Economic Institute in
Zurich said June 29, also weighing on the currency. Franc Slides The Swiss currency lost 1.7 percent to 84.78 centimes per
dollar and reached a record high of 82.76 centimes on June 28.
It slumped 4.1 percent to 1.2316 per euro in the biggest drop
since March 2009. New Zealand ’s dollar reached a record against the U.S.
currency after a survey by ANZ National Bank Ltd. showed a net
46.5 percent of companies expect the economy will improve over
the next year, up from 38.3 percent in May. The net figure
subtracts the number of pessimists from the number of optimists. The kiwi, as the South Pacific island nation’s currency is
known, rallied 1.9 percent to 82.73 U.S. cents and reached
83.19, the highest level on record. To contact the reporters on this story:
Catarina Saraiva in New York at
[email protected] ;
Joe Ragazzo in New York at
[email protected] To contact the editor responsible for this story:
Dave Liedtka at [email protected] | 2011 | euro-rallies-as-greece-adopts-austerity-plan-before-ecb-meeting-on-rates |
Samsung Drops Counter-Suit Against Apple in California | By Bomi Lim | 2011-07-02T05:15:23Z | http://www.bloomberg.com/news/2011-07-02/samsung-to-drop-counter-suit-against-apple-in-u-s-court.html | 7 | 2 | d35f4ddc347cee7c9cb38bf355efa51b65e8cdca | Samsung Electronics Co. dropped a
patent-infringement suit against Apple Inc. (AAPL) , filed at a U.S.
federal court in April in response to allegations its Galaxy
products copied the iPhone and iPad. Samsung Electronics dropped the suit on June 30 “to
streamline the legal proceedings,” Nam Ki Yung, a spokesman for
the Suwon, South Korea-based company, said today in a telephone
interview. Samsung will continue to defend its patent rights
through a counter-claim in an earlier suit Apple filed at the
same court in San Jose, California, he said. Litigation between the two companies, which compete in the
mobile-device market, is under way in at least five countries
including South Korea, Japan , Germany and the U.K. Withdrawal of
the California suit won’t affect other U.S. cases or patent-
violation complaints Samsung raised against Apple in other
countries, Nam said. “Samsung will continue to actively defend and protect our
intellectual property,” he said. Samsung is the world’s second-
largest maker of mobile phones. Steve Park, a Seoul-based Apple spokesman, declined to
comment when called by Bloomberg News today. Cupertino, California-based Apple sued Samsung at the San
Jose court in April, alleging Galaxy phones and tablet computers
“slavishly” copy the iPhone and iPad. Samsung, which supplies
memory chips to Apple, responded with counter-suits. To contact the reporter on this story:
Bomi Lim in Seoul at
[email protected] To contact the editor responsible for this story:
Paul Tighe at
[email protected] | 2011 | samsung-to-drop-counter-suit-against-apple-in-u-s-cour |
RWE Demands Remuneration for German Energy Turnaround, FAS Says | By Jana Randow | 2011-07-02T10:03:15Z | http://www.bloomberg.com/news/2011-07-02/rwe-demands-remuneration-for-german-energy-turnaround-fas-says.html | 7 | 2 | 6ea814656945cdad0de76a15f8b1af19ed9c97d5 | RWE AG (RWE) is seeking “fair
compensation” for damages caused by Germany’s plan to phase out
nuclear energy, Chief Executive Officer Juergen Grossmann told
Frankfurter Allgemeine Sonntagszeitung. A moratorium on nuclear power after the Fukushima disaster
cost the company 150 million euros ($218 million) and RWE faces
additional damages from shorter running times of nuclear plants
and an “unjustified” nuclear fuel tax, Grossman said in an
interview. He didn’t specify an amount of compensation. To contact the reporter on this story:
Jana Randow in Frankfurt at
[email protected] To contact the editor responsible for this story:
Mike Harrison at
[email protected] | 2011 | rwe-demands-remuneration-for-german-energy-turnaround-fas-says |
Italy Plans to Increase Regional Tax on Banks, Sole Reports | By Sonia Sirletti | 2011-07-02T10:16:47Z | http://www.bloomberg.com/news/2011-07-02/italy-plans-to-increase-regional-tax-on-banks-sole-reports.html | 7 | 2 | fa3fe3252d2e943a9bd1794c5bb0a66761be6bd2 | Italy’s government plans to increase
a regional tax on banks and financial institutions as part of
deficit-cutting measures approved June 30, according to Il Sole
24 Ore . The Irap regional corporate tax paid by banks will increase
by 0.75 percentage points, the daily newspaper reported, citing
a draft of the approved plan. Prime Minister Silvio Berlusconi ’s Cabinet approved 47
billion euros ($68 billion) in deficit-cutting measures to try
to balance the budget by 2014 and protect Italy from the fallout
from Europe ’s debt crisis. The government will seek to push it
through parliament in a confidence vote by the end of summer. To contact the reporter on this story:
Sonia Sirletti in Milan at
[email protected] To contact the editor responsible for this story:
Frank Connelly at [email protected] | 2011 | italy-plans-to-increase-regional-tax-on-banks-sole-reports |
Jordan King Abdullah Changes Cabinet Again Amid Protests | By Nayla Razzouk | 2011-07-02T13:03:41Z | http://www.bloomberg.com/news/2011-07-02/jordan-king-abdullah-changes-cabinet-again-amid-protests-1-.html | 7 | 2 | c8336b057f14605c74c8492dd2b6f3299911de88 | Jordan’s King Abdullah ordered a
reshuffle of the cabinet today, the second government change
since pro-democracy protests started earlier this year. Eleven new cabinet members in Prime Minister Marouf Bakhit ’s government, including the interior, information and
justice ministers, were sworn in, the country’s state-run news
agency Petra said. The reshuffle falls short of demands by the
opposition, which organized large demonstrations yesterday to
demand the resignation of the Bakhit government. Jordan’s opposition, led by Islamists, has been staging
demonstrations since the start of the year to demand
constitutional and political changes, as well as an end to
corruption. King Abdullah changed the government after street
protests and appointed Bakhit in February. The monarch has
promised to ease restrictions on political parties and allow the
formation of governments based on a parliamentary majority,
without saying when it will happen. Three members of Jordan’s parliament resigned and another
54 said June 30 they will boycott house sessions in a dispute
over an alleged case of corruption linked to an abandoned plan
to build a casino in the Muslim country. The Islamic Action
Front, the largest opposition party in the kingdom, said Bakhit
and other ministers were involved in the project and demanded
the resignation of the government. To contact the reporter on this story:
Nayla Razzouk in Amman at
[email protected] ;
Dahlia Kholaif in Kuwait at
[email protected] To contact the editor responsible for this story:
Andrew J. Barden in Dubai at
[email protected] . | 2011 | jordan-king-abdullah-changes-cabinet-again-amid-protests-1- |
Chelsea Ready to Join Race to Sign Arsenal’s Nasri, Mail Says | By Bob Bensch | 2011-07-02T12:37:22Z | http://www.bloomberg.com/news/2011-07-02/chelsea-ready-to-join-race-to-sign-arsenal-s-nasri-mail-says.html | 7 | 2 | 66ae44900e2cc7df1ac1e822720de1af55393aec | Chelsea has placed Samir Nasri on its
list of potential targets after hints the midfielder is ready to
leave Arsenal, the Daily Mail said. Nasri is in the final year of his contract and has rejected
a five-year deal worth 90,000 pounds ($144,666) per week, the
Mail said. Chelsea is trying to sign Udinese winger Alexis
Sanchez and sees Nasri, who’s been linked with Manchester United
and Manchester City, as a viable alternative, the newspaper
said. Arsenal manager Arsene Wenger would like to sell Nasri
abroad, but the 24-year-old is understood to favor a move to
United, the Mail said. To contact the editor responsible for this story:
Bob Bensch at
[email protected] | 2011 | chelsea-ready-to-join-race-to-sign-arsenal-s-nasri-mail-says |
Greece May Not Avoid Default, Swiss Re’s Kielholz Tells Boersen | By Jana Randow | 2011-07-02T09:27:13Z | http://www.bloomberg.com/news/2011-07-02/greece-may-not-avoid-default-swiss-re-s-kielholz-tells-boersen.html | 7 | 2 | b02f1fe3b632b61160ae8ca27f0b888b8a9ec831 | Greece ’s efforts to reduce its debt
may not be enough to avert a default, Swiss Reinsurance Co.
Chairman Walter Kielholz told Germany’s Boersen-Zeitung in an
interview. “The measures are necessary but they are probably not
sufficient,” Kielholz was quoted as saying. “Certain market
participants are currently still assuming a partial default,
which is reflected in the prices for Greek government bonds.” Kielholz said he still considers U.S. Treasuries the safest
investment, the newspaper wrote. To contact the reporter on this story:
Jana Randow in Frankfurt at
[email protected] . To contact the editor responsible for this story:
Craig Stirling at [email protected] | 2011 | greece-may-not-avoid-default-swiss-re-s-kielholz-tells-boersen |
Kuwait Navy Has Completed its Duties in Bahrain, KUNA Says | By Dahlia Kholaif | 2011-07-02T11:26:29Z | http://www.bloomberg.com/news/2011-07-02/kuwait-navy-has-completed-its-duties-in-bahrain-kuna-says.html | 7 | 2 | 4aac8718a330b6dd42829fbbd167fb2a57d782df | Kuwait ’s naval force has ended its
deployment to Bahrain, Kuwait’s state-run KUNA news agency
reported, citing the country’s military attaché in Bahrain. “Kuwait’s navy contributed with a number of boats in
safeguarding Bahrain’s maritime borders as per the mutual
defense agreements between Gulf Cooperation Council states,”
Colonel Ali al-Asaker told KUNA. The GCC comprises Kuwait, Saudi
Arabia , the United Arab Emirates, Oman, Qatar and Bahrain. The navy was deployed as part of a Saudi-led Gulf force on
March 15, the day the Bahraini government declared a state of
emergency following weeks of mostly Shiite Muslim pro-democracy
demonstrations. Bahrain’s opposition and pro-government groups
today began a month of talks that aim to bridge the rifts
following the protests. Shiite-Sunni tensions have flared up in Kuwait over the
past few months, partly due to the sectarian unrest in Bahrain .
Kuwaiti Shiites rallied against sending ground troops to the
other Gulf Arab state, while Sunnis have demonstrated in favor
of this. To contact the reporter on this story:
Dahlia Kholaif in Kuwait at
[email protected] . To contact the editor responsible for this story:
Shaji Mathew at
[email protected] . | 2011 | kuwait-navy-has-completed-its-duties-in-bahrain-kuna-says |
New York Yankees Defeat Crosstown Rival Mets 5-1 in Interleague Series | By Nancy Kercheval | 2011-07-02T04:14:53Z | http://www.bloomberg.com/news/2011-07-02/new-york-yankees-defeat-cross-town-rival-mets-5-1-in-inter-league-series.html | 7 | 2 | d0f163902623881c57187f605c97d46883843bed | The New York Yankees defeated the New
York Mets 5-1 in the first of three games in an inter-league
series between the Major League Baseball cross-town rivals. The win at Citi Field last night gave the Yankees (49-31),
who have won a season-high six straight, their third straight
victory over the Mets (41-41) after they took the final two of a
three-game series May 20-22 at Yankee Stadium. Mark Teixeira doubled to right in the first inning to score
Brett Gardner and Curtis Granderson . Robinson Cano followed with
a double to send Teixeira home, giving the Yankees a 3-0 lead. Eduardo Nunez hit a run-scoring single to center in the
eighth, and Alex Rodriguez capped the Yankees’ scoring in the
ninth by driving home Granderson with a double. Nunez has replaced shortstop Derek Jeter , who has spent the
past two weeks on the disabled list with a calf strain. Jeter is
expected to play two rehabilitation games with the Double-A
Trenton Thunder this weekend before returning to the Yankees’
active roster against the Cleveland Indians on July 4. “I know he’s coming back,” Nunez said of Jeter. “Play
hard, and one time my moment is coming for playing every day.
These two weeks is a big opportunity for me to show my manager,
myself that I could play every day.” ‘Good Job’ Nunez, who played all 16 games that Jeter missed, is
hitting .309 with six runs batted in during that period. “He’s done a good job of just trying to be himself,”
manager Joe Girardi told reporters last night. “I’ve been very
pleased with the way he’s played in Derek’s absence.” Ruben Tejada hit a scoring single in the second inning for
the Mets only run. Ivan Nova (8-4), one of seven pitchers used by the Yankees,
gave up seven hits and one run in five innings, while striking
out three for the win. Jonathon Niese (7-7) went six innings and
took the loss for the Mets, allowing nine hits and three runs
and striking out seven. Mets manager Terry Collins was ejected by home plate umpire
Jerry Layne for arguing a call at third base in the seventh
inning. In other inter-league games last night, it was the Chicago
White Sox 6, the Chicago Cubs 4; Philadelphia 7, Toronto 6;
Cleveland 8, Cincinnati 2; Atlanta 4, Baltimore 0; Boston 7,
Houston 5; Colorado 9, Kansas City 0; San Francisco 4, Detroit
3; Texas 15, Florida 5; and St. Louis 5, Tampa Bay 3. In the National League, Washington beat Pittsburgh 2-1. To contact the reporter on this story:
Nancy Kercheval in Washington at
[email protected] To contact the editor responsible for this story:
Michael Sillup at
[email protected] | 2011 | new-york-yankees-defeat-cross-town-rival-mets-5-1-in-inter-league-series |
Nigeria’s Jonathan Reappoints Former Ministers in New Cabinet | By Elisha Bala-Gbogbo | 2011-07-02T15:26:39Z | http://www.bloomberg.com/news/2011-07-02/nigeria-s-jonathan-reappoints-former-ministers-in-new-cabinet.html | 7 | 2 | 071361c6304ab6d1624fee166720770ed5cc5da8 | Nigerian President Goodluck Jonathan
appointed 14 new cabinet members, including 12 former ministers
who will be returning to their old portfolios, state-owned
national television said today. Diezani Alison-Madueke returns as energy minister in
Africa’s largest oil producer, while Mohammed Adoke and
Shamsudeen Usman return as justice and national planning
ministers, respectively. Lawmakers have so far approved 14 members of a 34-member
cabinet proposed by Jonathan after winning elections in April.
Ex-Finance Minister Olusegun Aganga is among the proposed
members and is due to appear before a senate hearing next week. Jonathan has pledged to invest in roads and railways and
reform the petroleum industry , the mainstay of the economy, to
boost growth. His new government must also deal with growing
insecurity. While an armed insurgency in the oil-producing Niger
River delta remains subdued, parts of the north have been hit by
violence by the radical Islamic sect, Boko Haram, inspired by
Afghanistan ’s Taliban movement. To contact the reporter on this story:
Elisha Bala-Gbogbo in Abuja at
[email protected] To contact the editor responsible for this story:
Antony Sguazzin at
[email protected] | 2011 | nigeria-s-jonathan-reappoints-former-ministers-in-new-cabine |
Exxon Mobil Pipe Leaks Oil Into Montana’s Yellowstone River | By Dan Hart | 2011-07-02T19:09:27Z | http://www.bloomberg.com/news/2011-07-02/exxonmobil-pipeline-leaks-oil-in-yellowstone-river-in-montana.html | 7 | 2 | c81b5dbc0a4f4b9d819c9331311f7e539e4eade3 | An Exxon Mobil Corp. (XOM) pipeline leaked
crude oil early today into the Yellowstone River in Montana, the
company said in a statement. The spill from a 12-inch line operated by Exxon Mobil
Pipeline Co. is being investigated, and the cause isn’t known,
Rachael Moore, a company spokeswoman, said in a separate e-
mailed statement. “We are not going to speculate” on how much oil escaped
into the river, Moore said. “Right now our focus is on
containing the crude release and getting it cleaned up.” The fire department of nearby Laurel, Montana, evacuated
some homes amid concern of possible explosions, Moore said. The
pipeline runs from Silver Tip in south-central Montana to
Billings, the company said. Oil flowed from the pipe for about 30 minutes before it was
stopped, the Associated Press reported earlier, citing Pam Malek, an Exxon spokeswoman. The pipeline supplies refineries in the Billings area, the
AP said, citing Peters. To contact the reporter on this story:
Dan Hart in Washington at
[email protected] To contact the editor responsible for this story:
Sylvia Wier at [email protected] | 2011 | exxonmobil-pipeline-leaks-oil-in-yellowstone-river-in-montana |
Clinton Says China Shouldn’t Have Welcomed Sudan’s Bashir | By Nicole Gaouette | 2011-07-02T09:15:26Z | http://www.bloomberg.com/news/2011-07-02/clinton-says-china-shouldn-t-have-welcomed-sudan-s-bashir.html | 7 | 2 | 2052f1bd35b1ff3ccae8ad179aaa274b79b12641 | U.S. Secretary of State Hillary Clinton indirectly criticized China saying that countries should
not welcome Sudanese president Omar al-Bashir just days after
his visit to Beijing. “We’ve made our view clear that countries should not be
welcoming the Sudanese president because of the charges against
him,” Clinton said today at a press conference in Madrid . The United Nation’s top human rights official criticized
China for not arresting Bashir for war crimes during a visit he
made to Beijing this past week. China, a major Sudanese ally, rejected the criticisms. To contact the reporter on this story:
Nicole Gaouette in Madrid at
[email protected] . To contact the editor responsible for this story:
Mark Silva at [email protected]
‘
NI US
NI STD
NI GOV
NI AME
NI EM
NI GEN
NI GOV
NI MIDEAST
NI USGOV
NI NRG
NI AFRICA
NI AME
NI DEF
NI EM
NI GEN
NI UK
NI FRA
NI UN
NI OILMARKET
NI SUDAN
NI CHINA
NI SOUTHSUDAN | 2011 | clinton-says-china-shouldn-t-have-welcomed-sudan-s-bashir |
Yankees Own 2-0 Lead in Interleague Series Against Cross-town Rival Mets | By Nancy Kercheval | 2011-07-03T04:17:19Z | http://www.bloomberg.com/news/2011-07-02/yankees-win-season-high-7th-straight-game-5-2-over-interleague-rival-mets.html | 7 | 2 | 237756a22e33983d68cf6410af9f4c3109706640 | The New York Yankees won 5-2 last
night for their season-best seventh straight victory and a two
games to none lead over the New York Mets in the away set of
their interleague cross-town series. The Yankees (50-31) have taken four straight against the
Mets (41-42) after losing the first of three games at Yankee
Stadium in May, and the initial two meetings at Citi Field. “You’ve got to feel good with where we are right now,”
Yankee first baseman Mark Teixeira said. Curtis Granderson hit his 22nd home run of this season to
start the Yankees’ four-run sixth inning. Robinson Cano tripled
to send home Teixeira and Alex Rodriguez , then scored on Nick Swisher’s sacrifice fly to left field. Eduardo Nunez , who replaced the injured Derek Jeter two
weeks ago, hit his third home run of the season in the ninth
inning to pad the Yankees’ lead. “I feel great right now. I feel better when I play every
day,” Nunez told reporters. “But we can make adjustments. When
Jeter is coming back, I have to make adjustments.” The Yankees are 14-3 since Jeter, 37, went on the disabled
list June 14 with a strained right calf. Nunez, 24, has started
all 17 games, batting .339 with two homers, five doubles and
seven RBIs. Colon Wins No. 6 Bartolo Colon (6-3) allowed five hits and no runs while
striking out six in six innings for the Yankees. The Mets were
held scoreless until the bottom of the ninth, when they scored
twice on groundouts by Jason Bay and Lucas Duda off Yankee
relief pitcher Sergio Mitre. Mets pitcher Dillon Gee (8-2) surrendered seven hits and
four runs in seven innings. Mets shortstop Jose Reyes left the game in the third inning
with a tight left hamstring. In other interleague games, it was Colorado 9, Kansas City
6; Florida 9, Texas 5; Tampa Bay 5, St. Louis 1; Los Angeles
Angels 7, Los Angeles Dodgers 1; Arizona 4, Oakland 2; Boston 10,
Houston 4; Milwaukee 8, Minnesota 7; Cleveland 3, Cincinnati 1;
Atlanta 5, Baltimore 4; Philadelphia 5, Toronto 3; and the
Chicago White Sox 1, the Chicago Cubs 0. In the National League, it was Pittsburgh 5, Washington 3
in the first game of a doubleheader, and Washington 4,
Pittsburgh 3 in the nightcap. To contact the reporter on this story:
Nancy Kercheval in Washington at
[email protected] To contact the editor responsible for this story:
Michael Sillup at
[email protected] | 2011 | yankees-win-season-high-7th-straight-game-5-2-over-interleague-rival-mets |
Asian Stocks Gain a Second Week on Greek Debt, U.S. Optimism | By Shan Raja | 2011-07-02T00:42:26Z | http://www.bloomberg.com/news/2011-07-02/asian-stocks-gain-a-second-week-on-greek-rescue-u-s-economic-recovery.html | 7 | 2 | f6c5e9e91dbe48038c2fd7d0c96a0d79 | Asian stocks rose, driving the
region’s benchmark index up for a second straight week and
paring a quarterly decline, amid optimism Greece will avoid
default, and signs a U.S. economic recovery is strengthening,
boosting prospects for Asian exports and bank earnings.
Mitsubishi UFJ Financial Group Inc. (8306) , Japan ’s largest
publicly traded bank, jumped 5.9 percent this week in Tokyo on
speculation Greece will avoid a default that might destabilize
the region’s banking system. LG Electronics Inc., which gets 30
percent of its revenue in North America , rose 2.8 percent in
Seoul . BHP Billiton Ltd. (BHP) , the world’s largest mining company and
Australia ’s No. 1 oil producer, increased 3.4 percent in Sydney
as oil and metal prices climbed. “The most negative fears about global growth have been
soothed,” said Stephen Halmarick , Sydney-based head of
investment markets research at Colonial First State Global Asset
Management, which oversees about $150 billion. “Events in the
U.S. and Greece were weighing on global growth expectations and
risk appetite, but the U.S. data was reasonable and Greece has
passed a major hurdle.” The MSCI Asia Pacific Index rose 2.5 percent to 135.53 in
the past five days, closing at the highest level in a month,
having last week snapped its longest series of weekly losses
since 2004. The gauge sank 0.6 percent in the three months to June 30,
its second straight quarterly decline amid concern earnings in
the Asia-Pacific region would suffer should Greece default on
its sovereign debt, and on signs U.S. growth may be weakening at
the same time as China ’s anti-inflation measures slow its
economy. Japan, South Korea Japan’s Nikkei 225 (NKY) Stock Average gained 2 percent this week
and South Korea’s Kospi Index rose 1.7 percent. Hong Kong ’s Hang
Seng Index, which was closed for a public holiday July 1,
climbed 1 percent. Australia’s S&P/ASX 200 Index advanced 1.8
percent. China’s Shanghai Composite Index gained 0.5 percent. An
index of Chinese manufacturing dropped to the lowest level since
February 2009 in June, indicating Premier Wen Jiabao’s campaign
to tame inflation has damped growth in the world’s second-
biggest economy. Stocks rose across the region this week as Euro-area
finance ministers moved closer to giving Greece another aid
payment and German banks agreed to roll over their Greek bond
holdings, giving the country more time to pay its debts. Shares of financial companies advanced amid speculation
that a Greek rescue would prevent a banking crisis in Europe and
lower costs for banks that rely on debt markets for funding. Boosting Reserves Westpac Banking Corp. (WBC) , Australia’s second-largest lender by
market value, gained 3.1 percent to A$22.03. HSBC Holdings Plc (HSBA) ,
Europe’s biggest bank by market value, gained 0.9 percent to
HK$77.05 in Hong Kong, while Standard Chartered Plc, which makes
most of its revenue in emerging markets, added 3.8 percent to
HK$200.80. The Basel Committee on Banking Supervision said in a
statement June 25 that banks deemed too big to fail must hold as
much as 2.5 percentage points in additional capital as part of
efforts to avert another financial crisis. Goldman Sachs Group Inc. analysts said June 27 that the
capital requirement rules were “positive” for the Japanese
banks they cover because the country’s lenders are well
capitalized already and unlikely to fall into that category. Mitsubishi UFJ jumped 5.9 percent to 398 yen in Tokyo.
Sumitomo Mitsui Financial Group Inc. (8316) , Japan’s second-biggest
publicly traded bank by market value, increased 4.2 percent to
2,500 yen. ‘Twists, Turns’ “There will still be a lot of twists and turns, but Greece
has been able to avoid a worst-case scenario,” said Mitsushige Akino , who oversees about $600 million in Tokyo at Ichiyoshi
Investment Management Co. “That makes it easier for investors
to take on risk.” Japan’s major banks also rose after they were raised to
“overweight” from “market weight” by Deutsche Bank AG, which
said first-quarter earnings may show “good progress” and
concern is receding that lenders will need to raise capital. The MSCI Asia Pacific Index has lost 1.6 percent this year,
compared with a gain of 6.5 percent by the Standard & Poor’s 500
Index and a drop of 0.3 percent by the Stoxx Europe 600 Index.
Stocks in the Asian benchmark are valued at 13.9 times estimated
earnings on average, compared with 13.6 times for the S&P 500
and 11.2 times for the Stoxx 600. Exporters climbed this week after a gauge of U.S.
manufacturing unexpectedly improved and confidence among
consumers in the world’s biggest economy rose to the highest
level in 10 weeks. Fanuc Orders Surge LG Electronics rose 1.6 percent to 84,900 won in Seoul.
James Hardie Industries SE (JHX) , the largest seller of home siding in
the U.S., climbed 4.9 percent to A$5.74 in Sydney. Fanuc Corp., which gets about 75 percent of its revenue
outside Japan, jumped 9.4 percent to 14,110 yen after a report
by Nomura Holdings Inc. showed that orders surged 14 percent in
the three months ended March 31 compared with the previous
quarter, driven by demand for industrial robots in the U.S. and
Europe. Toyota Motor Corp. (7203) , the world’s biggest carmaker by market
value, gained 1.5 percent to 3,335 yen in Tokyo, while Mazda
Motor Corp. (7261) , a Japanese carmaker that gets 18 percent of sales
from Europe, surged 5.3 percent to 217 yen. Commodity stocks advanced as strengthening confidence in a
global recovery drove oil in New York and a measure of primary
metals traded in London higher. Mining Stocks BHP Billiton increased 3.4 percent to A$43.77 in Sydney.
Rio Tinto Group, the world’s second-largest mining company by
sales, climbed 3 percent to A$82.83. Jiangxi Copper Co., China’s
biggest producer of the metal, gained 3.4 percent to HK$25.85 in
Hong Kong, while China Petroleum & Chemical Corp. (600028) , which refines,
produces and trades fuel, increased 3.7 percent to HK$7.83. Crude rose 4.2 percent in the week, while the London Metal
Exchange Index of prices for six metals including copper and
aluminum rose 3.4 percent. “There’s less anxiety about the issues surrounding
Greece’s debt,” said Hiroichi Nishi , an equities manager at
SMBC Nikko Securities Inc. in Tokyo. “Investors are starting to
move into riskier assets.” Japanese utilities advanced after Kyodo News reported this
week that the town of Genkai in southwestern Japan will let
Kyushu Electric Power Co. restart reactors, easing concern local
opposition to nuclear power will damage the industry. Kyushu Electric gained 8.7 percent to 1,460 yen in Tokyo.
Kansai Electric Power Co., a utility that generates 43 percent
of its power from nuclear plants, climbed 6 percent to 1,585 yen. Nuclear Accident Tokyo Electric Power Co., operator of the Fukushima Dai-Ichi
plant at the center of the worst nuclear accident in 25 years,
rose 6.5 percent to 328 yen after the utility’s shareholders
voted against abandoning the nuclear power business, defying
growing public opposition to atomic energy in the wake of the
disaster. Kansai also reinforced the status quo, with shareholders
rejecting a motion to halt reactors. Shareholders of Tohoku
Electric Power Co. and other regional energy providers also
voted down proposals against nuclear power. To contact the reporters on this story:
Shani Raja in Sydney at
[email protected] . To contact the editor responsible for this story:
Nick Gentle at
[email protected] . | 2011 | asian-stocks-gain-a-second-week-on-greek-rescue-u-s-economic-recovery |
Kvitova Captures First Set 6-3 in Wimbledon Final Against Maria Sharapova | By Bob Bensch | 2011-07-02T13:51:37Z | http://www.bloomberg.com/news/2011-07-02/kvitova-captures-first-set-6-3-in-wimbledon-final-against-maria-sharapova.html | 7 | 2 | 93a631a2cc5392fa78b2064cb5f6848bf94d4d32 | Petra Kvitova took the first set
against Maria Sharapova 6-3 in the Wimbledon women’s tennis
final. Kvitova, the No. 8 seed from the Czech Republic , is playing
her first Grand Slam final. Fifth-seeded Sharapova of Russia is
seeking her second Wimbledon championship, having won at age 17
in 2004, and her fourth major title. To contact the editor responsible for this story:
Bob Bensch at
[email protected] | 2011 | kvitova-captures-first-set-6-3-in-wimbledon-final-against-maria-sharapova |
Kvitova Beats Sharapova to Win First Wimbledon | By Danielle Rossingh | 2011-07-02T23:01:03Z | http://www.bloomberg.com/news/2011-07-02/kvitova-defeats-sharapova-6-3-6-4-to-win-wimbledon-her-first-grand-slam.html | 7 | 2 | 8e16a5f0e2e541efb366a3ed80028ea8 | Petra Kvitova won her first major
tennis title by beating former champion and tournament favorite
Maria Sharapova in the Wimbledon final. Kvitova won 6-3, 6-4 yesterday on Centre Court at the All
England Club in southwest London. The 21-year-old, who sunk to
her knees after ending the match with an ace, is the first Czech
woman to win Wimbledon since Jana Novotna took the title in
1998. Novotna watched from the royal box. “It’s hard to find some words, standing here with the
trophy and see some of the great players in the royal box”
Kvitova said in a court-side interview. “Of course I was
nervous, but I felt I could win Wimbledon.” Spain ’s Rafael Nadal attempts to defend his men’s title
when he faces Novak Djokovic of Serbia today. Djokovic, who will
take the No. 1 ranking on the men’s ATP World Tour after the
tournament, has beaten Nadal in four finals already this year,
but has never defeated him in five previous Grand Slam meetings. Kvitova’s path to her first major championship had been
cleared when defending champion Serena Williams and five-time
winner Venus Williams both lost in the fourth round. Serena had
beaten Kvitova in the semifinals last year. The Williams
sisters, who before today had taken nine of the past 11 singles
titles at the All England Club, had only played one tournament
before Wimbledon after long injury-related lay-offs. Kim Clijsters , the reigning U.S. Open and Australian Open champion
from Belgium , was forced to pull out of Wimbledon with an
injury. Focused “I was surprised how I was feeling on the court because I
was focused only on the point and on the game and not on the
final and the medal,” Kvitova said in a news conference. “She was hitting really powerful and hitting winners from
all over the court,” Sharapova told reporters. “She made a
defensive shot into an offensive one. I just kind of laid on a
lot of those shots. She was just more aggressive than I was, hit
deeper and harder, and got the advantage in the points.” Sharapova, 24, had been trying to add a second Wimbledon
championship to the one she captured as a 17-year-old seven
years ago, before a shoulder injury threatened the career that
has made her the best-paid woman in sports. “Besides the fact that I lost, this is a big step for me,
being here in the final,” Sharapova said. “I’m improving this
year. That gives me a tremendous amount of confidence for the
rest of the year.” Opening Game Kvitova lost her opening service game, then immediately
broke back. In the third game, Sharapova had another break
point, but the Czech took it back and won the game with a
forehand. With Kvitova leading 3-2, the Russian had two double
faults in a row to lose the game. She continued to struggle with
her serve and Kvitova had a set point at 5-2 before Sharapova
held. Kvitova then won the set by converting the first of three
set points. Sharapova opened the second set on serve, and double
faulted to give a break point that Kvitova took with a forehand
on the line. She won her service game before Sharapova held to
break a streak of six straight games for Kvitova. Sharapova broke back with a lob to even the set at 2-2. The
Russian couldn’t hold her own serve, but Kvitova missed two
ground strokes into open court to allow her back in at 3-3. With
two break points, Kvitova lost one on a backhand in the net
before Sharapova hit a forehand long. Kvitova then held, forcing Sharapova to serve to stay in
the match. After the righthander held at love, the Czech got
three match points when Sharapova hit a backhand into the net.
She then won with her first ace of the match. Ranked 62nd Kvitova produced 19 winners, while Sharapova had 10. The
Czech made 13 unforced errors, one more than the Russian.
Sharapova hit six double faults, two more than Kvitova. Kvitova had begun the year ranked 62nd on the WTA Tour
rankings and has climbed to eighth by winning three tournaments
and reaching the quarterfinals of the Australian Open at the
start of the season. She’ll be No. 7 after Wimbledon. Sharapova, a three-time Grand Slam champion and former
world No. 1, had been the 4-7 favorite to win the title at U.K.
bookmaker William Hill Plc. That means a successful $7 bet would
have returned $4 plus the original wager. Kvitova was at 6-4. Kvitova is the first left-handed player to reach the
Wimbledon championship match since nine-time winner Martina Navratilova , a former Czech and her idol growing up, made the
1994 finals. Fourth Woman Kvitova, who trains in the same tennis club as last year’s
men’s finalist, Tomas Berdych , in Prostejov, is the fourth
Czech-born woman to reach the Wimbledon final. Novotna and
Navratilova both won the title, while Hana Mandlikova was a
runnerup twice. Kvitova’s win marks the first time since 2008 that three
different women have won the year’s first three majors.
Clijsters won in Melbourne in January, while Li Na became the
first player from China to win a major singles title at the
French Open last month. To contact the reporters on this story:
Danielle Rossingh at Wimbledon through the London sports
desk at [email protected] To contact the editor responsible for this story:
Christopher Elser at
[email protected] | 2011 | kvitova-defeats-sharapova-6-3-6-4-to-win-wimbledon-her-first-grand-sla |
US Fund Holds 8% of Japan Steel Works Voting Rights, Sankei Says | By Chisaki Watanabe | 2011-07-02T07:50:11Z | http://www.bloomberg.com/news/2011-07-02/us-fund-holds-8-of-japan-steel-works-voting-rights-sankei-says.html | 7 | 2 | c0a097a6c6f7b07f814253ce2245aa64815a6224 | Tradewinds Global Investors LLC, a
California-based investment firm, owns about 8 percent of voting
rights in Japan Steel Works Ltd. (5631) , the Sankei newspaper reported,
citing a regulatory filing. Tradewinds is now the largest holder of voting shares as
part of its 10.39 percent stake in Japan Steel Works, a maker of
equipment used in nuclear reactors and petrochemical plants,
according to Sankei. To contact the reporters on this story: Chisaki Watanabe in
Tokyo at [email protected] To contact the editor responsible for this story:
Jim McDonald at
[email protected] | 2011 | us-fund-holds-8-of-japan-steel-works-voting-rights-sankei-says |
Bahrain Begins ‘National Dialogue’ | By Donna Abu-Nasr | 2011-07-02T08:29:23Z | http://www.bloomberg.com/news/2011-07-02/bahrain-begins-national-dialogue-between-opposition-loyalists.html | 7 | 2 | 1ea01c6c6ad94ec9a90d8790e3fe037ba4c224fc | Bahrain’s opposition and pro-
government groups opened a month of talks today that aim to
bridge the rifts from a crackdown by the Sunni-controlled
government on mainly Shiite protesters this year. Bahrain’s Sunni Muslim king, Hamad bin Isa Al Khalifa,
called for a “national dialogue” in the Gulf Arab country in
May, more than two months after the end of the protests that
were led by Shiites calling for increased civil rights and
democracy. At least 21 people were killed during the crackdown,
according to the Bahrain Human Rights Society. More than 500
people have been detained since February, and almost 2,000
dismissed or suspended from work, Amnesty International said on
June 23. About 300 people have been invited to attend the forum,
which will meet three times a week until the end of July. They
include political parties, civil and non-governmental
organizations, opinion leaders and prominent figures, Parliament
Speaker Khalifa bin Ahmed al-Dhahrani, who is the chairman of
the dialogue, was quoted as saying by state-run Bahrain News
Agency on June 21. “We have a chance to make the dialogue succeed,” al-
Dhahrani said today in an opening speech, according to the news
agency. Al-Wefaq, the largest Shiite opposition party, yesterday
announced it would participate in the talks. Al-Wefaq’s 18
lawmakers have resigned from parliament to express their
displeasure at the way the protests were handled. “We are heading toward dialogue, but we will not give up
our demand for a government that represents the will of the
people and a fair system of election,” said Ali Salman, al-
Wefaq’s secretary-general, in a statement yesterday. ‘Speech Forum’ Al-Wefaq members say their group, which has been assigned
five seats at the talks, is under-represented, and the dialogue
lacks the power to act. “This is more of a speech forum,” said Hadi al-Mousawi,
one of the lawmakers, in a June 29 telephone interview. “It
would’ve been more beneficial had the dialogue included the
country’s decision-makers.” Discussions at the forum will revolve around four main
themes: politics, economy, social and legal issues. The
participants’ recommendations will be forwarded to the king, who
will then issue an order to the executive and legislative
authorities to take the necessary action, according to al-
Dhahrani. A few days before the start of the dialogue, the government
took some steps aimed at helping to defuse the lingering
tensions from the monthlong unrest that began Feb. 14. More than
30 medical personnel and football players arrested in the
aftermath of the conflict were released, and the king announced
the formation of an independent fact-finding commission to
investigate alleged human rights abuses during the crackdown. Independent Commission The commission will be headed by Cherif Bassiouni, who has
led United Nations investigations into alleged war crimes in
Bosnia and Libya . Bassiouni expects the investigation to end in
October and its findings will be made public, he said in a June
30 news conference in Manama. His team will visit prisons,
investigate deaths and will have access to the country’s top
officials, he said. “The appointment of this international commission appears
to represent nothing less than a sea change in Bahrain,” said
Malcolm Smart, director of Amnesty International ’s Middle East
and North Africa program, in a June 30 statement. “Until now, the government has signally failed to rein in
its security forces, investigate torture allegations and ensure
accountability, while using special military courts to prosecute
its critics,” he said. “This now appears to be changing, and
not a day too soon.” To contact the reporter on this story:
Donna Abu Nasr in Dubai at
[email protected] To contact the editor responsible for this story:
Andrew J. Barden at
[email protected] | 2011 | bahrain-begins-national-dialogue-between-opposition-loyalists |
Libyan Rebels Reject African Union Peace Talks After Qaddafi Warrant Snub | By Franz Wild and Zaid Sabah | 2011-07-03T03:46:27Z | http://www.bloomberg.com/news/2011-07-02/libyan-rebels-accept-african-union-peace-talk-plan-that-excludes-qaddafi.html | 7 | 2 | f5fbba17c4b90bd2374fd1a44c6e64d5925a7f32 | Libya’s opposition leaders appeared
to reverse position on a plan for peace talks after African
Union countries said they wouldn’t honor an international
warrant for the arrest of Libyan leader Muammar Qaddafi . In an interview on Al Jazeera television, Abdel Hafiz Ghoga,
vice president of the Libyan National Transition Council, said
the council has decided to reject the plan. “It doesn’t include the departure of Qaddafi from power,”
Ghoga said in the interview, which was broadcast on the network
early today. Ghoga denied reports that the plan had earlier been
welcomed by the council. During its meeting in Equatorial Guinea, the African Union
called on member states to disregard a warrant for Qaddafi’s
arrest that was issued by the International Criminal Court , the
Associated Press reported yesterday. The Libyan government welcomes the AU’s offer of
negotiations to end the conflict, Al Jazeera cited Moussa Ibrahim, a spokesman, as saying today. There are no plans for
Qaddafi to leave the country, he said. “We need to keep him safe to lead us through this
difficult time,” Al Jazeera cited him as saying. The 53-member African Union announced a plan on July 1 for
a cease-fire between Libya’s warring parties, coupled with
negotiations in the Ethiopian capital, Addis Ababa , to forge a
transitional administration and outline a plan for new elections.
The proposal excludes Qaddafi from the talks. “Not being part of the negotiations means that he’s not
going to be part of the future of Libya,” Mansour Sayf Al-Nasr,
the NTC’s representative to France , told reporters in Malabo,
Equatorial Guinea. NATO Support The North Atlantic Treaty Organization has supported
Libya’s rebels since March by bombing Qaddafi’s forces, who it
said were targeting the North African nation’s civilian
population. Tens of thousands of refugees have fled the fighting,
and the price of crude oil soared because of the conflict in the
country with Africa’s biggest oil reserves. The AU proposal, which came at the end of a two-day summit
in Malabo, also called for international peacekeepers to monitor
the cease-fire and asked the United Nations Security Council to
lift a freeze on Libyan assets. Slamming the ICC warrants as discriminatory against
Africans, AU members agreed not to enforce them and demanded the
Security Council annul them. An amnesty law should also be part
of the Libyan transition, they said. The TNC, whose representatives were granted access to the
AU conference, will need to assess under what conditions they
can start pulling their fighters back, Al-Nasr said. “Surely we won’t have a cease-fire before certain
conditions are met,” he said. To contact the reporter on this story:
Franz Wild in Malabo at
[email protected] . To contact the editor responsible for this story:
Mark Silva at
[email protected] | 2011 | ibyan-rebels-accept-african-union-peace-talk-plan-that-excludes-qaddafi |
N.Y. Rangers to Sign Richards for Nine Years, $60 Million, Daily News Says | By Bob Bensch | 2011-07-02T18:40:38Z | http://www.bloomberg.com/news/2011-07-02/n-y-rangers-to-sign-richards-for-nine-years-60-million-daily-news-says.html | 7 | 2 | eb3f8116310d06a92b62bef90026621dfc160692 | The New York Rangers will sign free-
agent center Brad Richards to a nine-year, $60 million contract,
the New York Daily News reported on its website. Richards led the Dallas Stars with 28 goals and 49 assists
last season, ranking 10th in the National Hockey League in
scoring. The Calgary Flames, Toronto Maple Leafs and Los Angeles
Kings were also interested in signing him, the Daily News said. Richards, 31, will be reunited with coach John Tortorella,
who guided the center to a Stanley Cup title in 2004 with the
Tampa Bay Lightning. That year, Richards won the Conn Smythe
trophy as the MVP of the playoffs after registering a
postseason-best 26 points. To contact the editor responsible for this story:
Bob Bensch at
[email protected] | 2011 | n-y-rangers-to-sign-richards-for-nine-years-60-million-daily-news-says |
Klitschko Gains World Boxing Heavyweight Title in Decision Over David Haye | By Nancy Kercheval | 2011-07-02T23:54:58Z | http://www.bloomberg.com/news/2011-07-02/ukrainian-boxer-klitschko-beats-britain-s-haye-in-unanimous-decision.html | 7 | 2 | 5527c32c57267c07f1ca20d32be751599b93efe0 | Ukrainian boxer Wladimir Klitschko
won his 14th consecutive match yesterday with a unanimous
decision over Britain’s David Haye in a 12-round world
heavyweight bout in Germany . Klitschko, 35, already the holder of titles from the
International Boxing Organization, International Boxing
Federation and World Boxing Organization, took the World Boxing
Association championship belt away from Haye. “I was trying to celebrate my 50th knockout though it
didn’t work out,” Klitschko said during a televised interview
from ringside at Imtech Arena in Hamburg. “I am celebrating
with my brother now that we have collected all belts in the
heavyweight division, however, it wasn’t as spectacular as I was
expecting.” His older brother, Vitali, 39, owns the World Boxing
Council title that he will defend against Polish boxer Tomasz
Adamek on Sept. 10. Vitali is 42-2 with 39 knockouts. Klitschko, at 6-foot-6 (1.7 meters) and 242.6 pounds (110
kilograms), had a size advantage over the 6-foot-3 Haye, who
weighed in at 212.8 pounds. The Ukrainian’s reach of 81 inches
was three inches longer than Haye’s. “It was very hard to hit this man,” Klitschko said. “He
was definitely fast. He didn’t give me a lot of opportunity. He
was very cautious.” Klitschko improved his record to 56-3 with 49 knockouts.
Haye, 30, fell to 25-2 with 23 knockouts. More Aggression “He was scared to fight me,” Klitschko said. “I was
expecting more fight in the ring, more aggression.” Haye blamed his loss on his inability to execute his boxing
strategy because of a toe that he broke three weeks ago. “It was nowhere near as good as I would have liked,” Haye
said. “I was unable to push off with my right foot. I broke my
toe.” Haye said he kept dropping his hands to encourage his
opponent to attack. “I gave it the best I could,” he said. “He was very big
and strong.” Klitschko landed 134 of his 509 punches, while Haye
connected on 72 of his 290 punches. To contact the reporter on this story:
Nancy Kercheval in Washington at
[email protected] To contact the editor responsible for this story:
Michael Sillup at
[email protected] | 2011 | ukrainian-boxer-klitschko-beats-britain-s-haye-in-unanimous-decision |
Euro-Area Ministers Back Greek Aid Payment, Shift Focus to Second Bailout | By Jonathan Stearns and James G. Neuger | 2011-07-02T23:01:00Z | http://www.bloomberg.com/news/2011-07-02/euro-area-ministers-back-greek-aid-payment-shift-focus-to-second-bailout.html | 7 | 2 | 1f43d07d627143e5a59f49076a5f452a | The euro area approved its share of a
12 billion-euro ($17.4 billion) aid payment for Greece and
pledged to complete work in the coming weeks on a second rescue
package for the cash-strapped nation to prevent a default. Finance ministers agreed to disburse 8.7 billion euros of
loans under last year’s 110 billion-euro bailout by July 15,
rewarding Greek Premier George Papandreou for pushing an extra
austerity plan through parliament. The International Monetary
Fund is due to provide the rest of the July aid installment, the
fifth under the 2010 package. The spotlight now turns to a second bailout to which banks
and insurers plan to contribute following German demands for
taxpayer relief. Euro-area governments and investors will
provide 70 percent of new aid that may total as much as 85
billion euros, with the IMF offering the rest, Thomas Wieser, an
Austrian Finance Ministry official, said on June 30. “The Greek authorities provided a strong commitment to
adhere to the agreed fiscal adjustment path,” the 17 euro-area
finance chiefs said in an e-mailed statement yesterday
after a conference call that was joined by the IMF’s acting
chief, John Lipsky , and European Central Bank President Jean-
Claude Trichet. “The precise modalities and scale of private-
sector involvement and additional funding from official sources
will be determined in the coming weeks.” Papandreou’s Victory Bonds of Europe’s most indebted nations rebounded this past
week after Papandreou’s victory in parliament eased concerns
about an imminent Greek default. Stocks and the euro rose.
Greece’s bonds advanced for a second week and Italian 10-year
securities gained for the first week in three, while the Spanish
10-year yield declined the most in five months. The two-year
Greek yield dropped more than 150 basis points. The euro rose 2.4 percent against the dollar, its first
weekly gain in four weeks, and the Stoxx Europe 600 Index
snapped a string of eight straight weeks of losses. The MSCI
World Index posted its biggest weekly advance in almost two
years. Europe is trying to draw a line under a debt crisis that
Greece sparked more than a year ago and that threatens the 12-
year-old monetary union. Ireland and Portugal sought emergency
aid totaling 146 billion euros after the initial bailout of
Greece in May 2010 and investors remain concerned about the
vulnerability of some bigger euro nations including Spain . Greek Lawmakers The political mood in Europe has complicated the task, with
a German-led group of richer nations reluctant to offer more aid
and opposition to austerity mounting in Greece. Papandreou
shuffled his cabinet last month to fend off a rebellion by his
Socialist party and faced demonstrations and strikes this past
week as Greek lawmakers approved a 78 billion-euro package of
tax increases and asset sales. Greek Finance Minister Evangelos Venizelos said the
decision by his euro-area counterparts to release the fifth loan
payment bolstered the country’s international credibility. “What is now critical is the prompt and effective
implementation of the decisions of parliament,” Venizelos said
in an e-mailed statement from the Athens-based Finance Ministry . The IMF signaled a readiness to approve its 3.3 billion-
euro share of the next aid installment for Greece. “We look
forward to continue working with the Greek authorities and the
European partners in support of the economic program that will
contribute to restoring fiscal sustainability,” the Washington-
based fund said in an e-mailed statement. ‘Standstill’ The European Union and the IMF prodded Papandreou into
action with a June report that said Greek economic-policy
changes to which aid is tied had come to a “standstill.” The
lack of progress helped derail the country’s plan to return to
bond markets next year and prompted work on a second aid
package. In May, the EU warned that Greece had slipped off its
course to narrow its budget deficit to 7.4 percent of gross
domestic product this year from 10.5 percent of GDP in 2010,
saying this year’s shortfall would be 9.5 percent. The nation’s
debt will rise to 158 percent of GDP this year from 143 percent
in 2010, according to EU forecasts. As Papandreou’s legislative victory in parliament eased
concerns about a Greek default, European governments reported
progress in talks with investors over their contribution to a
new aid package through a rollover of Greek debt. Biggest Holders “Consultations with Greece’s creditors are under way in
order to define the modalities for voluntary private-sector
involvement with a view to achieving a substantial reduction in
Greece’s year-by-year financing needs, while avoiding selective
default,” the euro-area finance chiefs said in their statement.
The so-called eurogroup, led by Luxembourg’s Jean-Claude Juncker , is due to meet next on July 11 in Brussels. German and French banks, the biggest holders of Greek debt,
stepped up discussions on a rollover that officials say should
amount to as much as 30 billion euros. Deutsche Bank AG Chief
Executive Officer Josef Ackermann predicted on June 29 that
financial companies would contribute to help avert a
“meltdown.” Under a French proposal, bondholders would agree to roll
over 70 percent of their debt maturing through mid-2014 into new
30-year Greek bonds with the principal on the new debt
guaranteed through Greece investing in zero-coupon bonds of
similar maturity. Under a second option, investors would roll
over 90 percent of their debt into new five-year bonds with no
guarantee. ECB Governing Council member Christian Noyer said the
French proposal is “very good” and may make Greece’s rescue
program more credible. It is in the interest of all the
financial institutions who could participate in a Greek support
plan, Noyer told Athens-based newspaper Proto Thema in an
interview due to be published today. To contact the reporters on this story:
Jonathan Stearns in Brussels at
[email protected] ;
James G. Neuger in Brussels at
[email protected] . To contact the editor responsible for this story:
James Hertling at [email protected] | 2011 | euro-area-ministers-back-greek-aid-payment-shift-focus-to-second-bailou |
Glaxo to Open Its Drug Pipeline to Beat Doping in Sport, FT Says | By Ben Farey | 2011-07-02T07:53:54Z | http://www.bloomberg.com/news/2011-07-02/glaxo-to-open-its-drug-pipeline-to-beat-doping-in-sport-ft-says.html | 7 | 2 | 91e35dec3756e9cb48b3cfcb21448acaeeac666f | its drug development operations to the World Anti-Doping Agency
so the body can prepare tests to detect sporting cheats before
the drugs become available on prescription, the Financial Times
reported, citing Wada president John Fahey. To contact the reporter on this story:
Ben Farey in London at
[email protected] To contact the editor responsible for this story:
Mike Harrison at [email protected] | 2011 | glaxo-to-open-its-drug-pipeline-to-beat-doping-in-sport-ft-says |
Canadian Dollar Strengthens Most Since 2009 Amid Surge in Risk Appetite | By Frederic Tomesco | 2011-07-02T04:00:19Z | http://www.bloomberg.com/news/2011-07-02/canadian-dollar-strengthens-most-since-2009-amid-surge-in-risk-appetite.html | 7 | 2 | 3b985ae259234eda9c5cc71e7a5e9da1 | Canada’s dollar had the biggest
weekly gain in 20 months versus its U.S. counterpart as rising
optimism that European leaders have staved off a default by
Greece fueled investor appetite for higher-yielding assets. The loonie, as the Canadian currency is nicknamed for the
image of the aquatic bird on the C$1 coin, also strengthened as
data showing inflation climbed more than forecast spurred bets
the central bank will resume raising interest rates. The weekly
gain reversed losses for the month and quarter. Canada’s job
growth slowed last month, a report next week may show. “Risk appetite, that’s the main driver of the Canadian
dollar,” said Shaun Osborne , chief foreign-exchange strategist
at Toronto-Dominion Bank’s TD Securities unit in Toronto. “One
of the big uncertainties that has been hanging over the market
lately has been a Greek default and a systemic problem in the
global banking system and that seems to have been removed now.” The Canadian currency strengthened 3.1 percent to 95.85
cents per U.S. dollar yesterday in Toronto, from 98.86 cents on
June 24. It was the biggest gain since the 3.6 percent advance
for the five days ended Oct. 9, 2009. The loonie touched 95.81
cents yesterday, the strongest level since May 11, after
depreciating to 99.13 cents on June 27, the weakest in three
months. One Canadian dollar buys $1.0433. Bonds Fall Government bonds dropped, pushing the yield on the
benchmark Canadian 10-year note up 26 basis points, or 0.26
percentage point, to 3.12 percent, from 2.86 percent on June 24.
It touched 3.14 percent yesterday, the strongest level since May
20. The price of the 3.25 percent security maturing in June 2021
tumbled C$2.27 to C$101.08. Canada will auction C$3.5 billion ($3.7 billion) of five-
year notes on July 6, according to a statement on a Bank of
Canada website. The 2.75 percent securities mature in September
2016. The loonie gained 0.5 percent for June and appreciated 0.8
percent for the three months ended June 30, its fourth straight
quarterly advance. Until this week, it was headed for monthly
and quarterly declines as crude oil, Canada’s biggest export,
dropped and stocks slid amid concern Greece’s sovereign-debt
crisis would worsen. The currency has risen 4.1 percent in 2011,
while being outperformed by 11 of its 16 most-traded peers. Commodities including oil had five-day gains for the first
time in a month as Greek Prime Minister George Papandreou won
lawmakers’ approval of an austerity plan needed to keep
financial aid flowing to the debt-strapped nation and avert the
euro region’s first sovereign-debt default. Commodities, Stocks Canada’s dollar rose versus 15 of its 16 most-traded peers
this week as crude gained 4.2 percent to $94.94 a barrel in New
York and the Thomson Reuters/Jefferies CRB Index of raw
materials increased 2.1 percent. Raw materials including oil
account for about half of Canada’s export revenue. The Standard
& Poor’s 500 Index of stocks climbed 5.6 percent. The loonie jumped on June 29 the most since December on an
intraday basis after Statistics Canada reported the consumer
price index increased at an annual pace of 3.7 percent in May,
the fastest since 2003, from 3.3 percent the previous month. A
Bloomberg News survey had forecast inflation would hold steady. The currency climbed as much as 1.2 percent as the data
prompted traders to ratchet up bets the Bank of Canada will
resume raising interest rates . The bank has held the benchmark
overnight rate at 1 percent since September after raising it
three times last year. Rate Bets The yield on December 2011 bankers’ acceptances increased
14 basis points, the biggest weekly gain since February, to 1.5
percent. It had touched 1.36 percent June 24, the lowest closing
since the contracts started trading in December 2008. The yield
on so-called Baxes averages about 18 basis points above the
central bank’s overnight target, Bloomberg data since 1992 show. The CPI figure “has us believe that we will be seeing a
rate increase this calendar year,” said C.J. Gavsie, managing
director for foreign-exchange trading at Bank of Montreal ’s BMO
Capital Markets unit in Toronto. “It certainly helped market
participants believe something will be happening much sooner in
Canada than in the U.S.” Policy makers will raise the overnight rate to 1.25 percent
by the end of September and 1.5 percent by year-end, according
to the median projection in a Bloomberg survey of economists. The Federal Reserve will keep its benchmark rate at zero to
0.25 percent, where it’s been since December 2008, until the
second quarter of 2012, the median forecast in another Bloomberg
survey shows. Advance May Continue The Canadian interest-rate speculation may help the loonie
continue its advance in the next few weeks, Gavsie said. The currency has weakened 1.7 percent this year versus
those of nine other developed-nation currencies tracked by the
Bloomberg Correlation-Weighted Currency Indexes. The greenback
has lost 6 percent. Canada’s dollar rose this week even as Statistics Canada
data showed gross domestic product stalled in April after
Japan ’s record earthquake disrupted supply lines for Canadian
automobile production. GDP gained 0.3 percent in March. A
Bloomberg survey forecast a 0.1 percent contraction for April. Employment growth slowed to a net 12,500 jobs in June from
22,300 in May, according to a Bloomberg survey before the
statistics agency reports the data on July 8. The unemployment
rate held at 7.4 percent, economists said. Currency, bond and stock markets in Canada were closed
yesterday for the Canada Day holiday. To contact the reporter for this story:
Frederic Tomesco in Montreal at
[email protected] . To contact the editor responsible for this story:
Dave Liedtka at [email protected] | 2011 | canadian-dollar-strengthens-most-since-2009-amid-surge-in-risk-appetite |
Obama Security Adviser Says Bin Laden Had ‘Support Mechanism’ | By Miles Weiss | 2011-07-03T04:01:00Z | http://www.bloomberg.com/news/2011-07-02/obama-security-adviser-says-bin-laden-had-support-mechanism-.html | 7 | 2 | 8855f73e934ba2b46e23282afa0bec2175f80bda | U.S. National Security Adviser Tom Donilon said terrorist leader Osama bin Laden “had some sort of
support mechanism” while operating out of Abbottabad, Pakistan,
for six years. Donilon, in an interview scheduled to air today on CNN’s
“Fareed Zakaria GPS” show, said he had not seen evidence that
Pakistani “leadership elements” had knowledge of bin Laden’s
presence in Pakistan. That’s consistent with Donilon’s prior
statements. “But the fact is, is that he operated there for an
extended period of time, and that raises a lot of questions,”
Donilon said in the CNN interview, according to a transcript
released today. “And those questions are being asked in
Pakistan.” The U.S. Congress has been calling for more information on
whether the Pakistani military, government or intelligence
services aided bin Laden while he was in Abbottabad, about 35
miles from the country’s capital of Islamabad. The issue has
contributed to tensions in relations between the U.S. and
Pakistan during the past year. U.S. Navy SEAL commandos killed bin Laden on May 2 in the
complex where he had been hiding. The raid capped a decade-long
pursuit of the al-Qaeda leader, whose network was responsible
for the Sept. 11 terrorist attacks. U.S. intelligence agencies are currently examining computer
equipment found at the complex for leads on additional al-Qaeda
figures and their plans. Donilon, citing a Central Intelligence
Agency assessment, said in May that the information cache is
about the size of a small college library. To contact the reporter on this story:
Miles Weiss in Washington at
[email protected] To contact the editor responsible for this story:
Mark Silva at
[email protected] | 2011 | obama-security-adviser-says-bin-laden-had-support-mechanism- |
Kenyan Living Standards Drop From a Year Ago, Poll Indicates | By Sarah McGregor | 2011-07-02T06:58:44Z | http://www.bloomberg.com/news/2011-07-02/kenyan-living-standards-drop-from-a-year-ago-poll-indicates.html | 7 | 2 | 8f40a2417f1dcff092a4c72cf432bfff60f57e2b | Almost 84 percent of Kenyans have
experienced a drop in living standards from a year ago as rising
food and fuel prices reduce disposable incomes in the country,
the Daily Nation reported, citing an Infotrak survey. Inflation in East Africa’s largest economy rose to 14.5
percent in June, the Nairobi-based newspaper reported today. The
rate has climbed for eight consecutive months. The research company surveyed 2,400 Kenyans between May 27
and June 2, the newspaper said, citing Chief Executive Officer
Angela Ambitho, without providing the margin of error. To contact the reporter responsible for this story:
Sarah McGregor in Nairobi at smcgregor5
@bloomberg.net To contact the editor responsible for this story:
Paul Richardson at
[email protected] | 2011 | kenyan-living-standards-drop-from-a-year-ago-poll-indicates |
Tiger Airways’ Australian Flights Grounded by Regulator on Safety Concerns | By Sarah McDonald and Kristine Aquino | 2011-07-02T07:06:34Z | http://www.bloomberg.com/news/2011-07-02/tiger-airways-australian-flights-grounded-by-regulator-on-safety-concerns.html | 7 | 2 | 00fd73773bf349ffa8aca4fd8ce0c6f6 | Tiger Airways Holdings Ltd. (TGR) , the
Singapore-based budget carrier, was ordered to ground Australian
domestic flights for a week on air safety concerns. The carrier, part-owned by Singapore Airlines Ltd., has
been barred from flying until July 9 while the Civil Aviation
Safety Authority investigates two operational incidents, Tiger
said in an e-mailed statement today. The safety agency has been
undertaking surveillance on the airline this year and earlier
imposed conditions, including improving pilot proficiency and
maintenance control, CASA said in a separate statement . “CASA believes permitting the airline to continue to fly
poses a serious and imminent risk to air safety,” the regulator
said in the statement. “CASA no longer has confidence in the
ability of Tiger Airways Australia to satisfactorily address the
safety issues that have been identified.” The grounding will affect 35,000 passengers this week
including 7,000 who were due to fly on Tiger today, according to
Transport Minister Anthony Albanese. It is a further disruption
for Australian travelers who have grappled with flight
cancellations since the Puyehue-Cordon Caulle volcanic complex
in Southern Chile erupted on June 4, sending an ash cloud
billowing around the globe. Melbourne, Adelaide Tiger began domestic Australian flights in November 2007
and has hubs in Melbourne and Adelaide. The airline has kept
costs and fares down since entering the market through steps
including charging extra for food, airport check-in and reserved
seating. With a fleet of 10 Airbus SAS A320 planes in Australia,
it’s the smallest of three airline groups flying domestic routes. Virgin Australia operates 86 aircraft while Qantas Airways
Ltd. (QAN) , Australia’s largest airline, and its budget carrier
Jetstar had 252 planes and operated about 5,600 domestic flights
per week as of September, their websites show. Qantas, Jetstar and Virgin Australia added additional
flights to their schedules to cater for Tiger passengers. Qantas
engineers today canceled industrial action scheduled for next
week, said airline spokeswoman Emma Kearns. The stoppages would
have affected a “small number” of domestic flights, Qantas
said July 1. Singapore Airlines owned 32.9 percent of Tiger as of March
31, according to the Tiger website. The Capital Group Companies
Inc. held an 8.1 percent stake while Dahlia Investments Pte had
7.4 percent. “We are not involved in any way in their operations and
their management,” Nicholas Ionides , a spokesman for Singapore
Airlines, said by phone today. Extend Grounding CASA may apply to the Federal Court to extend the Tiger
grounding, to give it more time to investigate the safety
concerns, according to the regulator’s statement. “Tiger Airways continues to cooperate fully with the
industry regulator and safety underpins our operations at all
times,” the airline said in its statement. Two Tiger flights dropped below the minimum safe altitude
while coming in to land in the past month, the Sydney Morning
Herald newspaper reported on its website today, without saying
where it got the information. Tiger’s shares have slumped 36 percent in Singapore trading
this year as its profit plunged in the first quarter on tax
charges and a slowdown in demand at its Australian unit. Tiger’s net income fell to S$1.3 million ($1.1 million) in
the three months ended March 31 from S$22.3 million a year
earlier, the carrier said in May. Qantas delayed flights between Sydney, Buenos Aires and
Johannesburg today due to the ash cloud , while domestic routes
are operating as scheduled, according to its website . To contact the reporter on this story:
Sarah McDonald in Sydney at
[email protected] . To contact the editor responsible for this story:
Paul Tighe at
[email protected] . | 2011 | iger-airways-australian-flights-grounded-by-regulator-on-safety-concerns |
Jordan’s Queen Rania Appeases Critics by Dressing Down, FT Says | By Ben Farey | 2011-07-02T07:27:38Z | http://www.bloomberg.com/news/2011-07-02/jordan-s-queen-rania-appeases-critics-by-dressing-down-ft-says.html | 7 | 2 | 3d4f05119166afeec6b06c93de133f700870c983 | Jordan’s Queen Rania has responded to
public criticism that her lifestyle is too lavish by wearing
more modest garments, the Financial Times reported, citing
unnamed observers of the Jordanian court. Rania is also limiting public appearances to charitable and
educational projects, the London-based newspaper said. To contact the reporter on this story:
Ben Farey in London at
[email protected] To contact the editor responsible for this story:
Mike Harrison at [email protected] | 2011 | jordan-s-queen-rania-appeases-critics-by-dressing-down-ft-says |
Djokovic Seeks First Grand Slam Win Over Nadal | By Danielle Rossingh | 2011-07-02T23:01:46Z | http://www.bloomberg.com/news/2011-07-02/new-no-1-djokovic-seeking-first-win-against-nadal-in-tennis-grand-slam.html | 7 | 2 | d584ac5187b6410cbc3b0a212864f73c | Novak Djokovic may have taken the top
spot in men’s tennis away from defending Wimbledon champion
Rafael Nadal . He’s yet to beat the 10-time Grand Slam winner in
a major tournament. Djokovic, who will become the new No. 1 on the ATP World
Tour after Wimbledon, will have his chance today when he plays
the Spaniard in the finals at the All England Club in London. Czech Petra Kvitova yesterday won her first Grand Slam
title by beating tournament favorite and former champion Maria Sharapova 6-3, 6-4 on Centre Court. Although Djokovic, a two-time Australian Open winner, has
gotten the better of Nadal in four finals this season, he hasn't
been able to beat the lefthander in a Grand Slam event on five
occasions. “It is quite different playing Nadal in a Grand Slam
because it’s a best-of-five,” the Serb said yesterday in a news
conference. The men play the majority of their matches on the
ATP World Tour in a best-of-three set format. Nadal beat Djokovic in their only Grand Slam final, at last
year’s U.S. Open . He’s twice retired against Nadal in a major,
at the 2006 French Open and at 2007 Wimbledon. “Physically we all know that he’s superior and he’s the
strongest player around, the most prepared,” said Djokovic, who
has only lost one match this year. “So I’m ready for long
rallies and long points. I need to be physically ready, which I
am. I feel fit in this moment, and mentally, obviously
motivated. It’s my first Wimbledon final.” Nadal, who defeated Britain’s Andy Murray in the last four,
is trying to match Bjorn Borg ’s record of winning the French
Open and Wimbledon in the same year on three occasions. Borg did
it in 1978, 1979 and 1980. Aggressive “I have to play aggressive,” Nadal said in a news
conference after he beat Murray. “I have to play with
intensity, with rhythm.” The Spaniard said Djokovic may have the edge because he’s
beaten him in four finals this season. Twice on hard courts, in
Indian Wells and Miami, and twice on Nadal’s favorite clay
surface in Madrid and Rome . “His mental position over me is probably a little bit
better because he won the last four finals against me,” Nadal
said. Gambling companies disagree. “The vast majority of our customers expect Nadal to
outlast Djokovic in the Wimbledon final but we expect a
marathon,” said Rupert Adams of U.K. bookmaker William Hill
Plc. Odds Nadal is the 8-13 favorite to win his eleventh major
singles title at William Hill. That means a successful $13 bet
would return $8 plus the original wager. Djokovic is at 6-5. Nadal hasn’t been beaten at Wimbledon since 2007, when he
was defeated by six-time champion Roger Federer of Switzerland
in the final. He won the title in 2008, and then missed the
following year’s tournament because of a knee injury. He won
last year’s title by beating Tomas Berdych of the Czech
Republic . Djokovic said experience of playing on the big stage has
made him a better player. “The last couple years has been a great experience for me
playing on the top level,” he said. “I was losing most of the
matches against Nadal and Federer in the major events. Now I
feel that I can win against those guys in big matches, big
events. I matured as a player, and I feel that on the court.” To contact the reporters on this story:
Danielle Rossingh at Wimbledon through the London sports
desk at [email protected] To contact the editor responsible for this story:
Christopher Elser at
[email protected] | 2011 | new-no-1-djokovic-seeking-first-win-against-nadal-in-tennis-grand-sla |
Bryan Brothers Win Wimbledon Doubles to Tie Record of 11 Grand Slam Titles | By Chris Elser | 2011-07-02T18:24:16Z | http://www.bloomberg.com/news/2011-07-02/bryan-brothers-win-wimbledon-title-to-tie-men-s-doubles-record-with-11.html | 7 | 2 | 180627480258130500076eca5ff3e62eb23bc33e | Mike and Bob Bryan beat Robert
Lindstedt of Sweden and Horia Tecau of Romania, 6-3, 6-4, 7-6
(7-2) in the Wimbeldon final to equal the Australian pair Todd Woodbridge and Mark Woodforde with 11 major doubles titles. It’s the Americans’ second title at Wimbledon, where they
won in 2006, and came in their fifth final at the All England
Club. The 33-year-old twins have won five Australian Open titles,
three U.S. Opens and one French Open. Last year, they set the record for the most titles by a
team since tennis went professional in 1968, with 62. Today’s
victory, in their record 19th Grand Slam final, makes it 73. The
top-ranked pair has been in one major tennis final each year
since 2003. Bob Bryan plays lefthanded and Mike is righthanded. They
were born in California , and now live in Florida . To contact the reporter on this story:
Chris Elser at
[email protected] To contact the editor responsible for this story:
Chris Elser at
[email protected] | 2011 | bryan-brothers-win-wimbledon-title-to-tie-men-s-doubles-record-with-11 |
U.S. 2-Year Notes Snap Longest Win Streak Since 1984 on Greece, U.S. Data | By Daniel Kruger | 2011-07-02T04:00:21Z | http://www.bloomberg.com/news/2011-07-02/u-s-2-year-notes-snap-longest-win-streak-since-1984-on-greece-u-s-data.html | 7 | 2 | be2542e7ad3744efaf5ea3bb422a8246 | Treasury two-year notes snapped their
longest winning streak since 1984 after Greek lawmakers reduced
the risk of default by approving austerity measures and U.S.
reports showed signs of economic resilience. Government offerings of $99 billion in notes this week drew
poor demand as the Federal Reserve conducted the final debt
purchases under its $600 billion second round of quantitative
easing. Yields on benchmark 10-year securities rose the most in
almost two years before next week’s U.S. payrolls report,
forecast to show employers added more jobs in June. “We’re back to levels that are more justifiable,” said
Justin Lederer, an interest-rate strategist in New York at
Cantor Fitzgerald LP, one of 20 primary dealers that trade with
the Fed. “This whole flight-to-quality bid with Greece has
dissipated. The data on the week were better than expected,
perhaps showing signs that this was just a soft patch in the
road and the second half of 2011 will be better.” Yields on 10-year notes rose 32 basis points, or 0.32
percentage point, to 3.19 percent this week, according to
Bloomberg Bond Trader prices. The 3.125 percent securities
maturing in May 2021 fell 2 29/32, or $27.50 per $1,000 face
amount, to 99 15/32 The 10-year note yields advanced yesterday to 3.22 percent,
the highest level since May 19. Their increase this week is the
biggest since they climbed 37 basis points during the five days
ended Aug. 7, 2009. Two-Year Yields Two-year note yields rose 15 basis points this week after
dropping for 11 straight weeks. That was the longest stretch of
decreases since September through November 1984, when the Fed
had switched to cutting from raising interest rates . Treasuries returned 2.4 percent in the second quarter after
losing 0.1 percent in the first three months of the year,
according to Bank of America Merrill Lynch indexes. The $35 billion offering of seven-year notes held three
days ago produced the lowest participation in more than two
years from a class of investors including foreign central banks.
The $35 billion government offering of five-year securities on
June 28 drew the lowest auction demand in a year. A record low
yield of 0.395 percent at the $35 billion sale of two-year notes
a day before that drew the weakest demand from the group
including central banks since February 2008. Treasuries also fell this week as the Fed completed on June
30 its $600 billion program of debt buying, which was carried
out to cap borrowing costs. The central bank said after its June
21-22 policy meeting that it would maintain its policy of
reinvesting principal payments from its securities holdings. ‘Swift Repricing’ “There is definitely demand for 10-year Treasuries at 3.50
percent or 3.60 percent, but is there demand at 3.20 percent,
where they are now?” asked Amitabh Arora, an interest-rate
strategist in New York at Citigroup Inc., a primary dealer.
“There should be a fairly swift repricing.” Bonds fell yesterday after a report showed manufacturing
unexpectedly grew at a faster pace. The Institute for Supply
Management ’s manufacturing index increased to 55.3 in June, from
53.5 in the previous month. The median forecast of 77 economists
in a Bloomberg News survey was for a drop to 52. Figures greater
than 50 signal expansion. The Institute for Supply Management-Chicago Inc. reported
this week that its purchasing managers’ index climbed to 61.1
from 56.6 in May. The median forecast was for a drop to 54. U.S. employers added 89,000 jobs in June after an increase
of 54,000 in the previous month, according to the median
forecast of 50 economists. The unemployment rate held at 9.1
percent, the Labor Department’s payrolls report may show. Greece Aid Greece may receive as much as 85 billion euros ($124
billion) in new financing, including a contribution from private
investors, in a second bailout aimed at preventing default and
ending the euro-region’s debt crisis, Thomas Wieser, head of the
Austrian Finance ministry’s economic policy and financial
markets department, said this week in Vienna. Greece’s Prime Minister George Papandreou secured passage
of 78 billion euros of additional budget cuts and revenue
measures needed to meet the targets of the original bailout. President Barack Obama is trying to reach a compromise with
Republican lawmakers who are seeking spending cuts before they
agree to raise the nation’s borrowing limit, currently capped at
$14.3 trillion. The Treasury Department has said it has until
Aug. 2 before its ability to pay the U.S. debt expires. “There are lots of uncertainties, whether it’s Greece, the
U.S. economy , the debt ceiling,” said Eric Stein, a money
manager at Eaton Vance Management in Boston . “We’re in a risk-
on, risk-off world where policy actions are definitely driving
markets.” Geithner’s Tenure Treasury Secretary Timothy F. Geithner ’s potential
departure from the administration would force Obama to assemble
a new economic team as he enters a re-election campaign that’s
likely to be dominated by voter concern over jobs. Geithner has told Obama that he’s considering leaving the
administration after the president reaches an agreement on the
debt limit, according to a person familiar with the matter. “I live for this work,” Geithner said June 30 at the
Clinton Global Initiative in Chicago . “It’s the only thing I’ve
ever done. I believe in it. We have a lot of challenges as a
country. I’m going to be doing it for the foreseeable future.” To contact the reporter on this story:
Daniel Kruger in New York at
[email protected] To contact the editor responsible for this story:
Dave Liedtka at [email protected] | 2011 | u-s-2-year-notes-snap-longest-win-streak-since-1984-on-greece-u-s-data |
Google Hires 12 Lobbying Firms Amid FTC’s Review of Business | By Brian Womack | 2011-07-02T04:01:00Z | http://www.bloomberg.com/news/2011-07-02/google-hires-12-lobbying-firms-amid-ftc-s-review-of-business.html | 7 | 2 | b3e7e474e52c2273fcade143beeaa61d4c652dc2 | Google Inc. (GOOG) , the world’s biggest
Internet-search company, hired 12 lobbying firms after the U.S.
Federal Trade Commission began a review of its business
practices. The company has enlisted Akin Gump, Bingham, Capitol
Legislative Strategies, Chesapeake Group, Crossroad Strategies,
Gephardt Group, Holland & Knight, Normandy Group, Prime Policy,
the First Group, the Madison Group and the Raben Group,
according to an e-mail from Google. The Mountain View , California-based company received a
subpoena on June 23 “relating to a review by the FTC of its
business practices, including search and advertising,”
according to a regulatory filing last week. Google said it is
cooperating with the probe. Regulators across the U.S. and in Europe are stepping up
their scrutiny of Google, which has the largest share of the
Web-search market. The company, much like Microsoft Corp. (MSFT) in the
1990s, may be forced to spend years defending itself against a
probe into whether Google uses its lead to keep out competitors
and harm consumers. The FTC alerted technology companies of plans to gather
information from them for the probe, three people familiar with
the matter said in April. The agency is likely to examine
whether Google is using its position in Internet search to
subdue rivals in adjacent markets with threats and jacked-up
advertising rates, lawyers have said. The company’s conduct in
new sectors, such as mobile devices, also will probably be a
focus, they said. New York and California are in the early stages of an
antitrust investigation of Google, along with Texas and Ohio,
according to a person with knowledge of the matter who didn’t
want to be identified because the probe isn’t public. Officials at the European Union have also started
investigations into Google’s dominance of the Internet-search
industry. Google shares have declined 12 percent this year. The stock
climbed $14.65 to $521.03 yesterday in Nasdaq Stock Market
trading. To contact the reporters on this story:
Brian Womack in San Francisco at
[email protected] To contact the editor responsible for this story:
Tom Giles at
[email protected] | 2011 | google-hires-12-lobbying-firms-amid-ftc-s-review-of-business |
Dozens of Yemeni Soldiers Dead or Missing; Factions in Bahrain Plan Talks | By Miles Weiss | 2011-07-02T21:24:35Z | http://www.bloomberg.com/news/2011-07-02/dozens-of-yemeni-soldiers-dead-or-missing-factions-in-bahrain-plan-talks.html | 7 | 2 | e399eff5bcf74b00819b07610f90ef55 | Dozens of Yemeni soldiers were dead
or missing after clashes with Islamic militants suspected of
ties to the al-Qaeda terrorist network, according to media
outlets in the Middle East . In the southern city of Zinjibar, 15 Yemeni soldiers died
and 50 were reported missing since Thursday, the Associated
Press reported, citing an anonymous military official. Eight members of the Islamic militant group, Ansar al-
Sharia, were killed in the fighting, the official told AP. He
requested anonymity because he was not authorized to speak with
the press. The soldiers were guarding a stadium when they were
attacked by the militants in the increasingly troubled southern
part of the country, a witness said earlier this week. The militants have been making advances as Yemeni President
Ali Abdullah Saleh, under pressure from within and without the
country to step down, remains ill and out of sight, according to
news reports. Saleh was injured in an assassination attempt in
June. Dozens of military officials were arrested Friday by
Saleh’s son for suspected disloyalty, AP reported. Fighting continued in other parts of the country, with four
soldiers reported dead in Taiz, Yemen’s second-largest city,
according to wire reports. Syria In Syria, President Bashar Assad dismissed the governor of
the city of Hama following protests against Assad’s regime, AP
reported. Assad fired Ahmed Abdul-Aziz because the governor
failed to call in security forces to suppress the protests,
Bassam Jaara, a Syrian opposition writer in London , told the
news agency. According to the AP, an estimated 300,000 people joined the
protests in Hama. Activists such as Jaara are hoping the
demonstrations will revive opposition to Assad’s regime. The late Hafez al-Assad, Bashar’s father and predecessor a
as president, used the Syrian army in 1982 to crush an uprising
in Hama led by the Muslim Brotherhood movement. Thousands of
people were killed as a result. In Bahrain, opposition and pro-government groups convened
what is expected to be a monthlong “national dialogue” to
bridge the divide created when the Sunni-controlled government
cracked down earlier this year on protesters, many of them
Shiite. Bahrain Talks Some 300 people have been invited to the talks, the state-
run Bahrain News Agency said on June 21, citing Parliament
Speaker Khalifa bin Ahmed al-Dhahrani. They include
representatives from political parties and civil and non-
governmental organizations, as well as opinion leaders and
prominent figures, the news agency said. U.S. President Barack Obama “welcomes” the start of the
talks, according to a release issued Saturday by the White
House’s Office of the Press Secretary. In the release, Obama
commended both sides for entering into a dialogue. Egypt ’s Muslim Brotherhood expressed readiness to talk with
the U.S. following Secretary of State Hillary Clinton’s
announcement that the U.S. is “re-engaging” with the group. “We are ready for dialogue with the U.S. administration,
if it so decides, within a framework of mutual respect,”
Mahmoud Ghozlan, a spokesman for the Muslim Brotherhood, said in
an e-mailed statement. The statement also said “no dialogue”
has taken placed between the two sides, although the Muslim
Brotherhood did have “contact” previously with the U.S.
Embassy in Cairo. The U.S. is relaxing the criteria for interaction with the
Egyptian group, permitting diplomats to deal directly with low-
level officials at the Muslim Brotherhood, Clinton said on June
30. In the past, the U.S. government restricted such
communications. To contact the reporter on this story:
Miles Weiss in Washington at
[email protected] To contact the editor responsible for this story:
Mark Silva at
[email protected] | 2011 | dozens-of-yemeni-soldiers-dead-or-missing-factions-in-bahrain-plan-talks |
New York Rangers Sign Brad Richards to Reported 9-Year, $60 Million Offer | By Michael Buteau | 2011-07-02T19:43:43Z | http://www.bloomberg.com/news/2011-07-02/new-york-rangers-sign-brad-richards-to-reported-9-year-60-million-offer.html | 7 | 2 | 9bac9ad3c5ed9a5b097cc83640e41b9a6f4a5bce | The New York Rangers agreed to
contract terms with free-agent center Brad Richards, the 10th
leading scorer in the National Hockey League last season and a
former postseason most valuable player. The Rangers didn’t disclose terms of the agreement in a
statement . TSN network of Canada reported on its website that
Richards agreed on a nine-year, $60 million pact. The NHL’s free-agent signing period began yesterday. Richards, 31, made $7.8 million with the Dallas Stars last
season and led the team with 28 goals and 49 assists in 72 games.
He’s recorded 220 goals and 496 assists in 772 career games with
Dallas and the Tampa Bay Lightning. Richards will be reunited with coach John Tortorella, who
guided the center to a Stanley Cup title in 2004 with Tampa Bay .
That year, Richards won the Conn Smythe trophy as the MVP of the
playoffs after registering a postseason-best 26 points. To contact the reporter on this story:
Michael Buteau in Atlanta at
[email protected] To contact the editor responsible for this story:
Michael Sillup at
[email protected] | 2011 | new-york-rangers-sign-brad-richards-to-reported-9-year-60-million-offer |
Greece Arrests Captain in Flotilla Crackdown | By Maria Petrakis | 2011-07-02T19:18:21Z | http://www.bloomberg.com/news/2011-07-02/greece-arrests-captain-in-crackdown-on-gaza-flotilla-ships.html | 7 | 2 | a4ee4a307a44ce0c83dac24508d5d434903256d0 | Greek authorities arrested the
captain of a U.S.-flagged ship intending to travel to the Gaza
Strip a day after a blanket ban was imposed on the vessels
leaving Greek ports. The 60-year-old captain of the “Audacity of Hope” was
arrested early today, according to a statement from the Athens-
based Citizen’s Protection Ministry . The man, whose name wasn’t
released, will answer to charges related to infringements of the
criminal and merchant marine codes on July 5, according to the
statement. Greece banned ships intending to travel to the Gaza Strip
from leaving the country’s ports yesterday, and the government
ordered the coast guard to take “all appropriate measures” to
enforce the decision. The ships are part of a flotilla aimed at
breaking Israel’s blockade of the Gaza Strip. The country’s coast guard is monitoring “the broader
maritime area” of the eastern Mediterranean for the ships
participating in the campaign, according to yesterday’s
statement. The organizers have said they will carry aid. The Athens-based ministry said in a separate statement
today that a group of about 30 protesters gathered at the port
of Agios Nicolaos in Crete and chanted slogans after the
‘Tahrir’ vessel was banned from sailing. They later dispersed
peacefully. Israel said it won’t allow the flotilla to reach the Hamas-
controlled Gaza Strip. A previous Gaza flotilla’s attempt ended
in violence in which nine Turks were killed on May 31 last year. To contact the editor responsible for this story:
Maria Petrakis at [email protected] To contact the editor responsible for this story:
James Hertling at [email protected] | 2011 | greece-arrests-captain-in-crackdown-on-gaza-flotilla-ships |
Queensland Reds to Host Seven-Time Champion Crusaders in Super Rugby Final | By Bob Bensch | 2011-07-02T17:07:12Z | http://www.bloomberg.com/news/2011-07-02/queensland-reds-to-host-seven-time-champion-crusaders-in-super-rugby-final.html | 7 | 2 | fc22a97b51bcf6017b8d7d639f8088d75ada5791 | The Queensland Reds will face the
seven-time champion Canterbury Crusaders in next week’s Super
Rugby final. Australia’s Reds secured home advantage for the July 9
championship game in Brisbane by beating the Auckland Blues 30-
13 yesterday. New Zealand’s Crusaders defeated the Stormers 29-
10 in Cape Town in the other semifinal. The Crusaders will have to win one final away game to
extend their title record in southern hemisphere rugby’s elite
provincial competition. They’ve played on the road all season,
including taking one home game to London , after Christchurch’s
AMI Stadium was damaged in the Feb. 22 earthquake that killed
more than 180 people in New Zealand’s second-biggest city. Sean Maitland and Robert Fruean scored tries for the
Crusaders, while Dan Carter kicked five penalties and two
conversions. Brian Habana touched down for the Stormers. The Reds, who topped the regular-season standings, are
seeking their first Super Rugby championship. Queensland won
back-to-back Super 10 titles before the sport went professional
in 1995. Rod Davies touched down three times as the Reds outscored
the Blues four tries to one. Ben Tapuai also scored a try and
Quade Cooper kicked 10 points. The competition this year split into Australian, New
Zealand and South African conferences and added the Melbourne
Rebels as the 15th franchise. To contact the reporter on this story:
Bob Bensch in London at
[email protected] To contact the editor responsible for this story:
Christopher Elser at
[email protected] . | 2011 | queensland-reds-to-host-seven-time-champion-crusaders-in-super-rugby-fina |
Iran Smuggles New Weapons to Iraq and Afghanistan, WSJ Says | By Ben Farey | 2011-07-02T10:41:09Z | http://www.bloomberg.com/news/2011-07-02/iran-smuggles-new-weapons-to-iraq-and-afghanistan-wsj-says.html | 7 | 2 | a8a9d1c45cbf0dc6a1196c6b8d8716d6f2c59359 | Iran ’s Revolutionary Guard has
smuggled new weapons to its allies in Iraq and Afghanistan in
recent months, The Wall Street Journal reported, citing unnamed
senior U.S. officials. The military elite in the Islamic Republic has transferred
rocket-assisted exploding projectiles to militia in Iraq and
long-range rockets to the Taliban in Afghanistan, in the hope of
accelerating the U.S. withdrawal from these countries, the paper
reported. The weapons have already been used to kill American
troops in Iraq, the Journal said. To contact the reporter on this story:
Ben Farey in London at
[email protected] To contact the editor responsible for this story:
Mike Harrison at [email protected] | 2011 | iran-smuggles-new-weapons-to-iraq-and-afghanistan-wsj-says |
Brazil’s Batista Seeks BNDES Loans for MPX and OSX, Folha Says | By Matthew Bristow | 2011-07-02T13:45:51Z | http://www.bloomberg.com/news/2011-07-02/brazil-s-batista-seeks-bndes-loans-for-mpx-and-osx-folha-says.html | 7 | 2 | 9ff673c6c4b6a803e630b6e574024279d1f74279 | Brazilian billionaire Eike Batista is
negotiating with BNDESPar, a subsidiary of the country’s state
development bank, for loans for two companies he controls, Folha
de S. Paulo reported, without saying where it obtained the
information. Batista is seeking a 600 million reais ($386 million) loan
for energy company MPX Energia SA (MPXE3) , Folha said. Batista is also
seeking 2.7 billion reais of financing for OSX Brasil SA (OSXB3) ’s 3
billion reais shipyard in Porto do Acu, the Sao Paulo-based
newspaper said. The money would come from the government’s Merchant Navy
fund via BNDES, though may be disbursed by Caixa Economica
Federal or Banco do Brasil, the newspaper reported. To contact the reporters on this story:
Matthew Bristow in Brasilia at
[email protected] To contact the editor responsible for this story:
Joshua Goodman at
[email protected] | 2011 | brazil-s-batista-seeks-bndes-loans-for-mpx-and-osx-folha-says |
ACS to Sell More Renewable Assets Before August, Cinco Says | By Sharon Smyth | 2011-07-02T07:34:59Z | http://www.bloomberg.com/news/2011-07-02/acs-to-sell-more-renewable-assets-before-august-cinco-says.html | 7 | 2 | f46edba6f40cee50bf3d23cc9c43f3ef92a24b9d | Actividades de Construccion y
Servicios SA will sell a second lot of renewable assets before
August, Cinco Dias reported, citing unidentified people in the
industry. The company, which yesterday announced the sale of stakes
in five wind parks and two thermo solar plants, expects to sell
a similar amount of assets before the end of the month, the
newspaper said. To contact the reporter on this story:
Sharon Smyth in Madrid at
[email protected] To contact the editor responsible for this story:
Andrew Blackman at [email protected] | 2011 | acs-to-sell-more-renewable-assets-before-august-cinco-says |
U.K. Weighs New Care Home Controls After Southern Cross, FT Says | By Ben Farey | 2011-07-02T07:59:56Z | http://www.bloomberg.com/news/2011-07-02/u-k-weighs-new-care-home-controls-after-southern-cross-ft-says.html | 7 | 2 | fddacb83a03983b945a1960bae9ec49ec8c4202c | U.K. care home operators may be
required to hold insurance bonds underwriting their businesses
in the event of collapse under plans being considered by the
government, the Financial Times reported. In the wake of Southern Cross Healthcare Plc’s financial
turmoil, the Department of Health is mulling regulations that
may licence care homes through the health service economic
regulator Monitor, the London-based paper reported, without
saying where it got its information. To contact the reporter on this story:
Ben Farey in London at
[email protected] To contact the editor responsible for this story:
Mike Harrison at [email protected] | 2011 | u-k-weighs-new-care-home-controls-after-southern-cross-ft-says |
Brazil’s Franco, President Who Tamed Inflation, Dies | By Matthew Bristow | 2011-07-03T15:31:12Z | http://www.bloomberg.com/news/2011-07-02/itamar-franco-former-brazilian-president-who-introduced-real-dies-at-81.html | 7 | 2 | a311ca7f95e6f42bfb940c378c2ed9ee2c391ea0 | (Corrects Franco’s party affiliation in the last paragraph
of a story published July 2.) Itamar Franco, who in the early 1990s
conquered hyperinflation in Brazil after being thrust into the
presidency when his predecessor resigned, died of leukemia
today. He was 81. His death was reported today on the website of Brazil’s
Senate, of which he was a member. Franco was vice president in 1992 when President Fernando Collor, facing impeachment on corruption charges, resigned.
Franco was relatively unknown to many Brazilians when he took
office amid one of the country’s most severe economic crises,
when annual inflation was running at more than 1,000 percent. To bring down prices, he selected Fernando Henrique Cardoso
to become his finance minister. The duo went on to introduce the
so-called Plano Real that replaced the country’s currency, the
cruzeiro. With the real’s introduction in 1994, and a commitment
by the government to reduce spending, inflation was 22 percent
by 1995. The taming of inflation helped consolidate Brazil ’s
transformation to a democracy from a military government, and
made possible the country’s subsequent success, said Edmar Bacha, a former president of the country’s development bank and
one of the architects of Plano Real. “Itamar’s place in Brazilian history is very safe,” Bacha
said, speaking by phone from Rio de Janeiro . “There are two
Brazils: one before and one after stabilization.” Franco served as president until 1994. Last year, he was
elected to the Senate from his home state of Minas Gerais . Franco had been in intensive care at the Hospital Israelita
Albert Einstein in Sao Paulo , where he was receiving treatment
for leukemia. He was a member of the Popular Socialist Party,
which opposes President Dilma Rousseff ’s government. To contact the reporters on this story:
Matthew Bristow in Brasilia at
[email protected] To contact the editor responsible for this story:
Joshua Goodman at
[email protected] | 2011 | itamar-franco-former-brazilian-president-who-introduced-real-dies-at-81 |
Obama Says Cutting Budget Deficit Requires ‘Tough Decisions’ | By Nicholas Johnston | 2011-07-02T10:00:01Z | http://www.bloomberg.com/news/2011-07-02/obama-says-cutting-budget-deficit-requires-tough-decisions-.html | 7 | 2 | c2e6928bd380f7767ef891ad2ef32c1ed9bcc5c4 | President Barack Obama said cutting
the federal budget deficit by trillions of dollars over the next
decade is going to require “tough decisions” and cooperation
between Democrats and Republicans. In his weekly radio and Internet address , the president
said that negotiators should focus on tax loopholes that benefit
few people and that nothing can be off limits. “That means looking at every program and tax break in the
budget,” he said. “We’ll have to make tough decisions and
scale back worthy programs.” The administration is negotiating with Congress on reducing
the long-term budget deficit as part of a plan to raise the
nation’s $14.3 trillion debt limit before Aug. 2, the date the
Treasury has projected that U.S. borrowing authority under the
current ceiling will expire. Democrats and Republicans are at an impasse over how to
proceed, with Republicans demanding large spending cuts and no
tax increases and Democrats saying that higher tax revenue must
be part of a “balanced” plan. “The president and Democrats in Congress must recognize
that their game plan is not working,” Indiana Senator Dan Coats
said in the Republican address . “It’s time to acknowledge that
more government and higher taxes is not the answer to our
problem.” Obama has advocated higher taxes for “millionaires and
billionaires” and an end to tax breaks related to hedge funds,
corporate jet ownership and oil and gas exploration, while
maintaining spending in “education, research and technology.” “We can live within our means while still investing in our
future,” he said. Indiana’s Example Coats said the U.S. should follow the example of his home
state, Indiana, which erased a $200 million budget deficit
without raising taxes. “The spend-less, borrow-less and tax-less model in Indiana
has resulted in balanced budgets, job creation and a triple-A
credit rating ,” he said. “In contrast, the spend-more, borrow-
more and tax-more approach of the president has resulted in
fewer jobs, higher debt and a threatened downgrade from credit
agencies.” To contact the reporter on this story:
Nicholas Johnston in Washington at
[email protected] To contact the editor responsible for this story:
Mark Silva at
[email protected] | 2011 | obama-says-cutting-budget-deficit-requires-tough-decisions- |
Novo Demands Cash on Delivery for Greek Drugs, The Times Says | By Ben Farey | 2011-07-02T08:41:16Z | http://www.bloomberg.com/news/2011-07-02/novo-demands-cash-on-delivery-for-greek-drugs-the-times-says.html | 7 | 2 | 5b0b433cb51cefa5e19bdc06f8c0d85447511022 | Novo Nordisk A/S is insisting it’s
paid in cash when it delivers medicines to Greek hospitals in a
move designed to limit debt, The Times reported, citing a
spokesman for the world’s biggest supplier of insulin. To contact the reporter on this story:
Ben Farey in London at
[email protected] To contact the editor responsible for this story:
Mike Harrison at [email protected] | 2011 | novo-demands-cash-on-delivery-for-greek-drugs-the-times-says |
Clinton Says Libyan Rebels Strengthening | By Nicole Gaouette | 2011-07-02T11:09:11Z | http://www.bloomberg.com/news/2011-07-02/clinton-says-libyan-rebels-strengthening-rejects-qaddafi-threat.html | 7 | 2 | 6198577935cd4f32a7ea800dfbadf711 | U.S. Secretary of State Hillary Clinton said Libyan rebels are gaining momentum and that the
country’s leader, Muammar Qaddafi , should stop issuing threats
against foreign nations. “The rebels have been gaining strength and momentum,”
Clinton said. She reaffirmed U.S. commitment to helping Libya’s
people in their struggle against forces loyal to Qaddafi, saying
“We need to see this through and we will.” Clinton made her remarks in Madrid after meeting Spanish
Foreign Minister Trinidad Jimenez to discuss issues ranging from
Afghanistan, where Spain has 1,500 troops, to Middle East peace
and the economy. Clinton stopped in Spain on her way home from a
three-day visit to Hungary and Lithuania, where she attended a
meeting of the Community of Democracies . Qaddafi threatened yesterday to attack Europe if raids on
Libya continue, telling his supporters via an audio message
aired on state television that “if we decide, we can also
take” the battle to Europe. He also warned his “enemies” of
“an eye for an eye.” Clinton dismissed the rhetoric. “Instead of issuing
threats, Qaddafi should put the wellbeing and interests of his
own people first,” she said. “He should step down from power
and help facilitate a democratic transition that will meet the
aspirations of the Libyan people.” Jimenez said that Spain would continue to exert the same
pressure on Libya despite Qaddafi’s threats. “We will stay
until our objectives are met,” she said. Spanish Soldiers Spain lost two soldiers in Afghanistan last week to an
improvised explosive device that also injured four others.
Clinton expressed condolences for their deaths and thanked Spain
for its contribution to the mission there. Spain is also part of the North Atlantic Treaty
Organization’s operation in Libya, “Unified Protector,”
allowing use of its Moron Airbase and contributing refueling
aircraft, maritime patrol aircraft, a submarine and a destroyer. The 53-member African Union, to which Libya belongs, ended
a two-day meeting yesterday with a resolution asking the United
Nations to lift a freeze on Libyan assets. The union also
announced that it will not cooperate with a June 27 arrest
warrant from the International Criminal Court for Qaddafi, his
son Saif al-Islam Qaddafi and military intelligence chief
Abdullah al-Senussi. ‘Some Disagreement’ Clinton said that the three African nations on the UN
Security Council, Nigeria, Gabon and South Africa , had approved
the warrant when they voted on the resolution that imposed a
“no-fly zone” over Libya and authorized countries to take all
necessary measures to protect civilians under threat. “There may be some disagreement by a few, but I think the
overall support of what we’re attempting to do within Africa is
strong and growing,” Clinton said. Clinton also indirectly criticized China , which hosted
Sudanese President Umar al-Bashir this week, saying “we’ve made
our views clear that countries should not be welcoming the
Sudanese president because of the outstanding charges against
him from the International Criminal Court.” UN High Commissioner for Human Rights, Navanethem Pillay,
criticized China for not arresting Bashir during the visit.
China, a major Sudanese ally, rejected the criticisms and said
it had doubts about the charges against Bashir. Clinton urged other countries to push Sudan to fulfill its
responsibilities under the comprehensive peace agreement “to
make sure that as South Sudan becomes an independent nation next
week, that the grounds for a positive relationship between north
and south will be established.” Jimenez said she and Clinton discussed efforts to restart
negotiations between Israelis and Palestinians. She said they
are working “most intensely” on getting both sides back to
talks through the Quartet, which consists of the U.S., UN,
European Union and Russia . The two also discussed strengthening
their cooperation on Haiti, Jimenez said. Clinton also meets with Spanish King Juan Carlos, Prime
Minister Jose Zapatero and Popular Party leader Mariano Rajoy,
the leading opposition figure in the lead-up to next year’s
election. She returns to the U.S. after this stop. To contact the reporter on this story:
Nicole Gaouette in Madrid at
[email protected] To contact the editor responsible for this story:
Mark Silva at
[email protected] | 2011 | clinton-says-libyan-rebels-strengthening-rejects-qaddafi-threa |
Republican Candidates Differ on Waterboarding of Terror Suspects | By Roxana Tiron and Gopal Ratnam | 2011-11-14T05:00:01Z | http://www.bloomberg.com/news/2011-11-13/cain-romney-demand-stronger-action-on-iran-nukes.html
Republican presidential candidates
differed on whether waterboarding should be used as an
interrogation technique in fighting terrorism as they debated
national security ahead of the early nominating contests. “I want to save American lives and that’s why I want the
CIA to have every interrogation tool available to them so that
we can win the war on terror,” Minnesota Representative Michele Bachmann said yesterday on NBC’s “Meet the Press” program. Four of the candidates split evenly when asked about
waterboarding during a debate Nov. 12 at Wofford College in
Spartanburg, South Carolina. Hosted by CBS News and the National
Journal, it was the Republicans’ 10th debate and the first
focused on national security. Bachmann and businessman Herman Cain said they favored
waterboarding as an effective interrogation technique. Cain said
that he doesn’t see waterboarding as torture, and doesn’t
“agree with torture. Period.” “However, I would trust the judgment of our military
leaders to determine what is torture and what is not torture,”
Cain said. “That is the critical consideration.” Representative Ron Paul of Texas and former Utah Governor
Jon Huntsman Jr. said they opposed waterboarding, in which water
is poured into a cloth placed over a detainee’s mouth to
simulate drowning. Illegal and Immoral “It’s illegal under international law and under our law,”
Paul said during the debate. “It’s also immoral.” “Waterboarding is torture,” Huntsman said in the debate. Former Massachusetts Governor Mitt Romney said in the
debate that he supported the order by President Barack Obama
that authorized the killing overseas of an American citizen
suspected of terrorist activity. Romney said it “absolutely”
is appropriate for the president to issue such an order. A nationwide Gallup poll released Nov. 9 found that with 45
percent of Republicans believe Romney will be the party’s
presidential nominee, with 13 percent naming Cain and 9 percent
predicting Texas Governor Rick Perry . Romney has been leading or second in polls of the
Republican presidential race conducted this year, yet his
backing has never risen beyond 25 percent to 30 percent. “There is not really a frontrunner,” Mississippi Governor
Haley Barbour, former head of the Republican National Committee,
said yesterday on CBS’s “Face the Nation” program. “Mitt
Romney is the best known of our candidates, not a true front
runner.” “We’re kind of going through Cinderella trying on a
slipper,” Barbour said. Pakistani Aid The candidates also differed during the debate on how tough
they would get in dealing with Pakistan as president. Perry said he didn’t trust Pakistan’s political and
military leadership, and proposed looking anew at U.S. foreign
aid to countries each year instead of awarding a set amount year
after year. Former House Speaker Newt Gingrich of Georgia agreed
with Perry. Bachmann and former Pennsylvania Senator Rick Santorum
opposed cutting off aid or threatening Pakistan because the
country has a nuclear arsenal. If the Pakistani state were
weakened, terrorists might get access to those weapons, said
Bachmann, a member of the U.S. House’s intelligence committee. Cain said he wasn’t sure if Pakistan was a friend or foe,
and called for more military commitment from the South Asian
nation to combat terrorists. Huntsman said he would condition American aid to Pakistan
on movement in that country toward political overhaul and
expansion of the free market. “We’ve got have an ongoing
relationship with Pakistan that allows them to move in the
direction of stability,” Huntsman said yesterday on CBS. Anti-Christian Countries Gingrich in the debate said he would cut foreign aid to
countries that adopt anti-Christian policies. He said the so-
called Arab Spring, the democratic uprising in the Mideast,
risks becoming “anti-Christian spring” in Muslim nations such
as Egypt , where Coptic Christians have been attacked. Asked during the debate how he would counter China ’s
attacks on U.S. computer networks that lead to theft of
intellectual property, Perry said “fighting this cyber-war” is
“one of the great issues that will face the next president of
the United States , and we must win it.” Romney said he would get China’s attention to stop the
attacks by taking the country to the World Trade Organization
for manipulating its currency in order to artificially lower
prices and run a trade surplus . “And that allows us to apply selectively tariffs where we
believe they are stealing our intellectual property, hacking
into our computers or artificially lowering their prices and
killing American jobs,” Romney said during the debate. China ‘Trade War’ Huntsman, Obama’s former ambassador to China, countered
Romney and Perry by saying that a confrontation with the world’s
second largest economy may hurt the U.S. too. “I don’t know that this country needs a trade war with
China. Who does it hurt?” Huntsman said. “Small businesses in
South Carolina , our exporters, our agriculture producers” would
be hurt by such a move, he said. “We don’t need that at a time
when China is about to embark on a generational transition.” Across the country in Hawaii , Obama called for more
cooperation and a constructive relationship with China, before
heading into a meeting with Chinese President Hu Jintao in
Honolulu. Obama is in Hawaii hosting the Asia-Pacific Economic
Cooperation forum and will visit Indonesia on Nov. 17-19 as the
first U.S. president to participate in the East Asia Summit. Iranian Nuclear Program Obama said he and Russian President Dmitry Medvedev , also
attending the forum, agreed that the two nations must be part of
a “common response” to keep up pressure on Iran over its
nuclear program. Concern about Iran’s actions has increased
following a report this week from the International Atomic
Energy Agency that presented evidence Iran has been working to
develop the capability to produce nuclear weapons. The Republican candidates in their debate agreed on the
importance of stopping Iran from getting a nuclear weapon,
through tougher sanctions, aid to opposition parties, covert
action against the country’s nuclear scientists, and a military
attack as a last resort. As president, Cain said he would “assist the opposition
movement in Iran that is trying to overthrow the regime” | 11 | 13 | 560b3200d2a74b07a4f446e30ef3128a | toward nuclear weapons is Obama’s “greatest failing” as
president. He said he too would work covertly to “encourage”
Iranian dissidents. Romney said it would be “unacceptable” for
Iran to have nuclear weapons, and that he’d order a military
strike as a last resort. Perry called for sanctions on Iran’s central bank, while
Gingrich called for secret operations and elimination of Iranian
scientists to stop the nuclear developments. Gingrich said he would back “maximum covert operations to
block and disrupt the Iranian program, including taking out
their scientists, including breaking up their systems, all of it
covertly, all of it deniable.” He also pressed for “maximum
coordination” with Israel . To contact the reporters on this story:
Roxana Tiron in Washington at
[email protected] ;
Gopal Ratnam in Washington at
[email protected] To contact the editor responsible for this story:
Mark Silva at
[email protected] | 2011 | cain-romney-demand-stronger-action-on-iran-nukes |
Bills Cut Quarterback Vince Young as NFL Clubs Reduce Rosters | By Eben Novy-Williams | 2012-08-27T16:47:48Z | http://www.bloomberg.com/news/2012-08-27/bills-cut-quarterback-vince-young-as-nfl-clubs-reduce-rosters.html | 8 | 27 | 86f8fd5a1789ddbb89b416cb49fc62024e82a89e | The Buffalo Bills cut quarterback
Vince Young , one day after acquiring Tarvaris Jackson from the
Seattle Seahawks, the team said in an e-mailed statement. Young, 29, threw two interceptions in the Bills’ 38-7 loss
to the Pittsburgh Steelers on Aug. 25. Today is the deadline for
National Football League teams to reduce rosters to 75 active
players. A two-time Pro Bowl selection, Young spent his first five
NFL seasons with the Tennessee Titans after being taken with the
third pick in the 2006 draft. He was 30-17 as a starter with the
Titans, and was released in January 2011 after having a verbal
confrontation with coach Jeff Fisher . He played last season with the Philadelphia Eagles, going
1-2 in three starts in place of an injured Michael Vick . To contact the reporter on this story:
Eben Novy-Williams in New York at
[email protected] To contact the editor responsible for this story:
Michael Sillup at
[email protected] | 2012 | bills-cut-quarterback-vince-young-as-nfl-clubs-reduce-rosters |
Apple Seeks Ban on Sales of At Least 8 Samsung Devices in U.S. | By Joe Schneider and Joel Rosenblatt | 2012-08-27T18:14:14Z | http://www.bloomberg.com/news/2012-08-27/apple-seeks-ban-on-sales-of-at-least-8-samsung-devices-in-u-s-.html | 8 | 27 | 94ab5dbc5b249fad927215ee96a5ef1dd517020c | Apple Inc. (AAPL) , which won more than $1
billion after a jury found Samsung Electronics Co. infringed six
of seven patents for its mobile devices, sought a ban on sales
of at least eight Samsung mobile devices in the U.S., according
to a court filing today. To contact the reporter on this story:
Joel Rosenblatt in San Francisco at
[email protected] To contact the editor responsible for this story:
Peter Blumberg at
[email protected] | 2012 | apple-seeks-ban-on-sales-of-at-least-8-samsung-devices-in-u-s- |
Iceland to Apply New Rules Before Capital Controls Are Removed | By Omar R. Valdimarsson | 2012-08-27T20:49:28Z | http://www.bloomberg.com/news/2012-08-27/iceland-to-apply-new-rules-before-capital-controls-are-removed.html | 8 | 27 | b4c4044724bf1ddd2bf4f4026ee354f68b51242a | Iceland will apply “prudential
rules” to reduce risks associated with unrestricted capital
movements before the government removes capital controls
blocking as much as $8 billion from leaving the economy, the
central bank said. “The pertinent ministries, the central bank, and the
Financial Supervisory Authority will begin to formulate such
rules in their final form, including proposing legislative
amendments where appropriate,” Reykjavik-based Sedlabanki said
in a statement on its website. The suggested rules “should
limit foreign exchange risk in the financial system, as well as
limiting foreign currency liquidity risk ; furthermore, they
will, in combination, limit the banks’ potential for excessive
growth.” Sedlabanki wants parliament to impose a financial tax that
limits capital movements and reserve requirements on foreign
financing. The central bank also called for rules to curb
liquidity risk with financial institutions’ foreign-currency
denominated balance sheets, and for regulations that limit on
Icelandic lenders’ ability to accept deposits from other
countries. Iceland, whose banks defaulted on $85 billion in 2008,
completed a 33-month International Monetary Fund program in
August last year. The island’s approach to its rescue has led to
a “surprisingly” strong recovery, Daria V. Zakharova, the
IMF’s mission chief to the country said in an interview this
month. Fitch Ratings in February raised the island to investment
grade, praising its “unorthodox crisis policy.” The country imposed capital controls in 2008 after the
krona plunged as much as 80 percent against the euro offshore.
The controls blocked as much as $8 billion in kronur assets from
leaving the economy, according to Arion Bank hf . Iceland’s $13
billion economy will expand 2.4 percent this year, the IMF said
April 17. That compares with a 0.3 percent contraction in the
17-member euro area, the fund said. To contact the reporter on this story:
Omar R. Valdimarsson in Reykjavik
[email protected] . To contact the editor responsible for this story:
Jonas Bergman at
[email protected] . | 2012 | iceland-to-apply-new-rules-before-capital-controls-are-removed |
Buffett-Backed BYD’s Profit Plunges 94% on Handset, Solar Units | By Bloomberg News | 2012-08-28T06:59:36Z | http://www.bloomberg.com/news/2012-08-27/buffett-backed-byd-s-profit-plunges-94-on-handset-solar-units.html | 8 | 27 | 052da35785ba4817a33232276366a736 | BYD Co. (1211) , the Chinese carmaker partly owned by Warren Buffett ’s Berkshire Hathaway Inc. (BRK/B) , said first- half profit plunged 94 percent, dragged down by its solar-cell and handset units. Net income fell to 16.3 million yuan ($2.6 million) in the six months ended June 30, compared with 275.4 million yuan a year ago, BYD said in a statement to the Shenzhen stock exchange yesterday. Sales rose 0.2 percent to 22.6 billion yuan. BYD, which supplies to mobile-phone makers including Nokia OYJ (NOK1V) and HTC Corp. (2498) , said in April that first-half profit would plunge as much as 95 percent as major customers suffered a decline in market share and Europe ’s debt crisis hurt demand for solar-energy cells. Vehicle deliveries declined this year at the Shenzhen-based maker as popularity of its F3 model waned amid increased competition from foreign carmakers including Volkswagen AG. (VOW) Net income for the nine months to the end of September is forecast to fall by as much as 95 percent to 17.6 million yuan, the company said in the statement. “During the third quarter of 2012, due to the impact of macro-economic uncertainties at home and abroad, China ’s auto demand is expected to remain weak while market competition will intensify,” BYD said in yesterday’s statement. Profit at its handset and solar-cell units will continue to decline over the nine-month period, BYD said. Shares Fell BYD shares fell 2.8 percent to HK$13.36 in Hong Kong trading yesterday before the announcement, widening its loss this year to 21 percent. The company’s Shenzhen-listed stock rose 1.1 percent to 15.08 yuan yesterday. Revenue from handset components and assembly fell 11.6 percent from a year earlier to 8.6 billion yuan, while rechargeable battery sales dropped 5.5 percent to 2.4 billion yuan, according to the statement. Automobile sales increased 12.7 percent to 11.6 billion yuan. BYD’s vehicle sales fell 11 percent in the first seven months of the year to 231,902 units, compared with a 19 percent gain for Volkswagen’s eponymous brand to 1.18 million, according to data from industry researcher LMC Automotive. Total industry passenger-car sales rose 7.5 percent to 8.74 million units in the first seven months, according to the China Association of Automobile Manufacturers. BYD’s shares fell by the most in more than two months in Hong Kong in May after a newspaper reported three passengers were killed when one of its E6 electric taxis caught fire after a crash in Shenzhen. Official investigations found no flaws in the vehicle’s safety design, the company said on Aug. 3. Midsized Sedan The automaker introduced the Su Rui, a new midsized sedan, in Beijing this month, and is trying to expand overseas sales in markets such as Israel and Uruguay with fleet trials of its electric buses, according to the company. MidAmerican Energy Holdings Co., a unit of Buffett’s Berkshire Hathaway, bought 9.9 percent of BYD in September 2008 to tap rising demand for clean technology. BYD shares surged more than ninefold after Buffett’s investment, reaching a record close of HK$85.50 on Oct. 23, 2009. None of the 21 analysts who cover BYD recommend investors buy its Hong Kong stock. Twelve analysts have a sell rating, with the remaining nine recommending a hold, according to data compiled by Bloomberg. To contact Bloomberg News staff for this story: Liza Lin in Shanghai at [email protected] ; Daryl Loo in Beijing at [email protected] To contact the editor responsible for this story: Young-Sam Cho at [email protected] | 2012 | buffett-backed-byd-s-profit-plunges-94-on-handset-solar-units |
U.S. Gulf Coast Oils Weaken as Refinery Shutdowns Reduce Demand | By Christine Harvey | 2012-08-27T17:41:18Z | http://www.bloomberg.com/news/2012-08-27/u-s-gulf-coast-oils-weaken-as-refinery-shutdowns-reduce-demand.html | 8 | 27 | c5210d799c8fa1dd5cf2fa4c708785685b22ec1c | U.S. Gulf Coast oils weakened as
refinery shutdowns in advance of Tropical Storm Isaac curbed
demand for the product. Marathon Petroleum Corp., Phillips 66 and Valero Energy
Corp. are shutting four plants in Louisiana that total 1.09
million barrels a day of crude-processing capacity. Isaac has
shut 24 percent of U.S. production from the Gulf, the Bureau of
Safety and Environmental Enforcement said yesterday. The premium for Heavy Louisiana Sweet versus West Texas
Intermediate narrowed $3.25 to $16.25 a barrel at 12:09 p.m. on
the New York Mercantile Exchange , the smallest gap since Aug. 9.
Light Louisiana Sweet slid $1.65 to $17 above WTI. Crude deliveries to NuStar Energy LP’s St. James terminal
in Louisiana, which receives oil from the Gulf of Mexico by
pipeline, stopped at about 4 a.m. central time today, Greg
Matula, a company spokesman, said in an e-mailed response to
questions today. NuStar’s St. James and Mobile, Alabama , terminals are all
scheduled to shut later today, Matula said. The difference between Poseidon and WTI shrank by $2.60 to
$12 a barrel and Mars Blend lost $2.50 to $11.90 over the U.S.
benchmark. Southern Green Canyon’s premium narrowed by $1 to $13
a barrel. Thunder Horse , a sour crude with lower sulfur content than
Mars, Poseidon and Southern Green Canyon, slipped by $1.50 to
trade at a premium of $15. Syncrude’s premium was unchanged at $6 above WTI. The
discount for Bakken oil from North Dakota was steady at a $3
while Western Canada Select’s discount was unchanged at $15.50. West Texas Sour’s difference widened 60 cents to trade $5
below WTI. To contact the reporter on this story:
Christine Harvey in New York at
[email protected] To contact the editor responsible for this story:
Dan Stets at
[email protected] | 2012 | u-s-gulf-coast-oils-weaken-as-refinery-shutdowns-reduce-demand |
Asmussen Says Bailout Funds Should Buy Bonds Before ECB Acts | By Jeff Black | 2012-08-27T16:00:00Z | http://www.bloomberg.com/news/2012-08-27/asmussen-says-bailout-funds-should-buy-bonds-before-ecb-acts.html | 8 | 27 | cf81ca93bb61c5c500671eb9d7fb1a3a0c783ff1 | European Central Bank Executive
Board member Joerg Asmussen said the bank shouldn’t buy
government bonds on the secondary market before the region’s
rescue fund has started intervening on the primary market. “In my opinion, the EFSF or the ESM should intervene on
the primary market upon the request of a particular country
before the ECB steps in,” Asmussen said in a speech in Hamburg
today. “But such an application is only a necessary condition
for ECB action. The ECB council will continue to decide in full
independence whether, when and how it will purchase bonds on the
secondary market.” The comments suggest the ECB wants to see either the
European Financial Stability Facility or the permanent European
Stability Mechanism physically buying bonds before it makes any
purchases of its own. For that to happen, a country must
formally apply to the bailout fund for help and agree to
conditions set out in a Memorandum of Understanding. “With this procedure, we can ensure that the respective
countries implement all necessary and agreed reform measures,”
Asmussen said. The ECB is still working on the details of its
bond plan and council members will discuss it at their next
meeting on Sept. 6, he said. Strict Separation ECB President Mario Draghi on Aug. 2 announced that the
central bank may resume bond purchases if distressed governments
ask for aid from the bailout funds. So far, neither Spain nor
Italy have made a request. Asmussen said the ECB will strictly separate monetary
policy from its future role as a supra-national bank supervisor,
including staff. While the ECB needs to ensure the independence
of its monetary policy, it is open to stronger parliamentary
control when it comes to supervision, he said. “The ECB must be equipped with all instruments needed to
effectively fulfill its banking supervisory tasks,” Asmussen
said. “That means access to all necessary information” and
“the right to close non-viable banks,” he said. “Without this
minimum set of tools, the ECB won’t take any responsibility; the
risk for the reputation of the institution would be too high.” To contact the reporter on this story:
Jeff Black in Hamburg at
[email protected] To contact the editor responsible for this story:
Matthew Brockett at
[email protected] | 2012 | asmussen-says-bailout-funds-should-buy-bonds-before-ecb-acts |
Saudi Arabia Has 2.52 Million Tons of Wheat Storage Capacity | By Glen Carey | 2012-08-27T11:10:23Z | http://www.bloomberg.com/news/2012-08-27/saudi-arabia-has-2-52-million-tons-of-wheat-storage-capacity.html | 8 | 27 | 863d9c8d2955018e7143ab5a0b410907e86a8279 | Saudi Arabia has 2.52 million tons
of wheat-storage capacity, or the equivalent of 10 months of
consumption, the official Saudi Press Agency said, citing Waleed
Al-Khariji, head of the state-owned Grain Silos and Flour Mills
Organization. To contact the reporter on this story:
Glen Carey in Riyadh at
[email protected] To contact the editor responsible for this story:
Andrew J. Barden at
[email protected] | 2012 | saudi-arabia-has-2-52-million-tons-of-wheat-storage-capacity |
Ethanol Falls Fourth Day as Corn Eases on Signs of Lower Demand | By Mario Parker | 2012-08-27T20:25:26Z | http://www.bloomberg.com/news/2012-08-27/ethanol-falls-fourth-day-as-corn-eases-on-signs-of-lower-demand.html | 8 | 27 | 89dc31633da5a9978c7150d167347e38b7f305b7 | Ethanol futures fell a fourth day in
Chicago as corn prices eased on signs of slowing global demand
for the grain. Prices extended the longest streak of losses in a month
after the Agriculture Department said corn supplies inspected
for export in the week ended Aug. 23 fell 52 percent from a year
earlier to the lowest since July 2003. Lower prices for the
grain reduce costs to manufacture ethanol, as one bushel makes
at least 2.75 gallons of the biofuel. “The grains came down and as it stands the market looks
weak,” said Dan Flynn , a trader at Price Futures Group in
Chicago. Denatured ethanol for September delivery fell 1.5 cents, or
0.6 percent, to $2.586 a gallon on the Chicago Board of Trade,
the lowest settlement since Aug. 14, extending the longest band
of declines since the period ended July 26. Prices have gained
17 percent this year. In cash market trading, ethanol in Chicago gained 1 cent,
or 0.4 percent, to $2.625 a gallon and in the U.S. Gulf the
additive increased 1 cent, or 0.4 percent, to $2.685, data
compiled by Bloomberg shows. Ethanol on the West Coast slipped 1 cent, or 0.4 percent,
to $2.74 a gallon and in New York the biofuel dropped 0.5 cent
to $2.675. Corn for December delivery dropped 7.75 cents, or 1
percent, to $8.0075 a bushel in Chicago. Ethanol has traded in
the same direction of corn each of the last six sessions. Gasoline for September delivery surged 7.68 cents, or 2.5
percent, to $3.1548 a gallon on the New York Mercantile
Exchange , the highest price since April 30. Discount to Gasoline Ethanol’s discount to gasoline expanded 19 percent to about
57 cents, the steepest since June 19, based on the September
contracts for both fuels. Refiners, required by the U.S. to blend about 13.2 billion
gallons of ethanol into gasoline this year, may use more than
the government requires as they stand to pocket the difference
between the two fuels. The value of Renewable Identification Numbers, known as
RINs, fell 1.4 percent to 3.65 cents, data compiled by Bloomberg
show. They are credits that help the government track whether
refiners are meeting 2012 federal ethanol use mandates. To contact the reporter on this story:
Mario Parker in Chicago at
[email protected] To contact the editor responsible for this story:
Dan Stets at
[email protected] | 2012 | ethanol-falls-fourth-day-as-corn-eases-on-signs-of-lower-demand |
Free Online Games Sink Pirates for Emerging-Market Growth | By Joseph de Weck and Marie Mawad | 2012-08-28T13:38:33Z | http://www.bloomberg.com/news/2012-08-27/free-online-games-sink-pirates-to-unlock-emerging-market-growth.html
Video-game makers that once steered
clear of emerging markets to avoid getting ripped off by
copycats are returning with free online offers to make money
from customers willing to pay for add-on features. Electronic Arts Inc. (EA) , whose “Command & Conquer” is ranked
by researcher NPD among the top-five best-selling PC franchises
of all time with more than 30 million copies sold since 1995,
will make the game free online next year. Ubisoft Entertainment
SA (UBI) , known for its “Assassin’s Creed” and “Tom Clancy,”
introduced seven browser-based free-to-play titles at the
Gamescon event in Germany this month. Free games with extras that cost often less than $1, a
model pioneered by Zynga Inc. (ZNGA) , are poised to push sales in
countries where disposable income is low and piracy has hurt
revenue. Latin America, Africa and the Middle East made up 6
percent of the industry’s almost $67 billion in revenue last
year, according to researcher Idate Digiworld. “With the growing availability of mobile devices and PCs,
the number of potential customers is rapidly expanding,
especially in emerging markets,” said Frank Gibeau, head of
labels at Electronic Arts, the world’s second-largest game
developer by revenue. “The free-to-play model makes our games
accessible to these audiences.” Eastern Europe Gamers in emerging markets are more likely to use a handset
than a recent Microsoft Corp. (MSFT) Xbox or Nintendo Co. Wii games
console. More than half of U.S. households own a current-
generation console, according to research firm Nielsen Co .
Ownership in emerging markets is about 25 percent to 33 percent
of the level of that in Western countries, said Peter Warman,
chief executive officer of researcher Newzoo. “Emerging markets are where the growth is,” said Jan Ten
Sythoff, a Brighton, England-based analyst at Pyramid Research. In many countries, people don’t often buy games, according
to the Interactive Software Federation of Europe . In Eastern
Europe, 81 percent of gamers had played free online games in the
previous three months when questioned in spring 2010. At the
same time, 51 percent of gamers in the region hadn’t bought or
been given a game in the previous year. Overcoming Piracy Those gamers may be willing to pay for in-game items or
skills, new content and maps. The purchase of a fashionable lamp
in Electronic Arts’s “Sims Social,” where gamers can lead a
second life in a virtual village, costs about 91 cents in a
virtual currency that may be purchased with real money, while a
designer rug is about $1.60. Ubisoft fell 1.6 percent to 6.10 euros at 3:31 p.m. in
Paris trading, paring the advance this year to 18 percent.
Electronic Arts rose 0.7 percent in New York and has fallen 37
percent this year. Zynga climbed 0.3 percent and has retreated
67 percent this year. Ubisoft, based in Montreuil-Sous-Bois, France , and founded
25 years ago by the Guillemot family, sees the model as a way to
overcome piracy and attract new players. “Online games are a way to stay in connection with players
and tie them to our products,” said Geoffroy Sardin, Ubisoft’s
chief of marketing and sales. “It is a service that adds value
to gaming and thereby incentivizes players not to get our games
through illegal channels.” To avoid piracy, game developers only enable social and
interactive features, such as chat windows and multi-player
modes, once a player is registered with the digital distribution
platform. Web-based games can only be played if the user is
connected with the game’s server. Profit Path In China , revenue from all video games is expected to grow
to $9.2 billion by the end of 2014, up 39 percent from last
year, according to Pearl Research. There is little data available about sales lost to piracy
in emerging markets . In the U.S. and Canada , piracy causes $3.5
billion of lost revenue every year for the computer-game
industry, according to the Entertainment Software Association of
Canada. That is about a fifth of total sales in the U.S. last
year, based on data compiled by NPD . “Many companies tried to enter emerging markets in the 80s
and 90s and failed because of piracy,” said Allison Luong,
managing director of Pearl Research in San Francisco . “With
online gaming, they have managed to grow the markets into
billions of dollars.” The global market leaders are following the lead of smaller
competitors, which pioneered the online model of cheaper,
relatively simple games that reach profitability more quickly. ‘Song Pop’ Zynga, the biggest developer of games played on Facebook
Inc. (FB) ’s social networking site, had revenue of $1.14 billion last
year. By comparison, Ubisoft had 80 million euros ($100 million)
of online sales during the last fiscal year, out of total
revenue of 1.06 billion euros. Electronic Arts had $1.2 billion
of online revenue, with total sales of $4.1 billion in the last
fiscal year. Zynga raised $1 billion in its initial public offering in
December 2011. The San Francisco-based company, which makes
money by selling virtual goods, produces the four most popular
games on Facebook, including city simulation game “The Ville”
with 60.6 million monthly active users, according to data posted
Aug. 21 by AppData . Other startups are also grabbing their share. New York-
based FreshPlanet’s “Song Pop,” a free song-guessing game, is
available for Facebook, where it has about 15.8 million users.
About half of daily players of the game are from Latin America . Crowded Market Such competition means that success in the online market
isn’t guaranteed for Electronic Arts and Ubisoft. While the
companies traditionally relied on sophisticated blockbusters
which cost tens of millions of dollars to make | 8 | 27 | ba8d590e97114264ac977f7ecccd2677 | impact profitability.” To contact the reporters on this story:
Joseph de Weck in Frankfurt at
[email protected] ;
Marie Mawad in Paris at
[email protected] To contact the editor responsible for this story:
Kenneth Wong at [email protected] | 2012 | free-online-games-sink-pirates-to-unlock-emerging-market-grow |
Americans Would Rather Read About Platforms Than Speeches | By Jonathan D. Salant | 2012-08-27T19:34:35Z | http://www.bloomberg.com/news/2012-08-27/americans-would-rather-read-about-platforms-than-speeches.html | 8 | 27 | e5d13c2bcda8bf08ed6b539f0540594b152754bb | More Americans are interested in
what the Democratic and Republican platforms have to say,
rather than the party’s presidential nominees, according to a
poll released today. The Pew Research Center for the People & the Press survey
was taken as Republicans gathered in Tampa, Florida, this week
and Democrats prepared to meet a week later in Charlotte, North
Carolina . The poll found 52 percent of U.S. adults interested in the
Republican Party platform and 55 percent interested in the
Democrats’ statement of principles, both of which will be
adopted at their quadrennial gatherings. The documents will
contrast the parties’ positions on a number of issues such as
taxes, foreign policy and immigration. The Republicans are expected to call for auditing the
Federal Reserve and reiterate their opposition to abortion
rights, while the Democratic platform is to endorse same-sex
marriage. According to the Pew survey, 46 percent of adults are
interested in the acceptance speech by Romney’s choice for vice
president, U.S. Representative Paul Ryan of Wisconsin. Forty-
four percent are interested in Romney’s speech. That’s lower
than the 53 percent who said they wanted to hear from 2000
Republican presidential nominee George W. Bush in Philadelphia
and the 52 percent interested in the address by the party’s 2008
nominee, John McCain in St. Paul, Minnesota. Democratic Convention Fifty-one percent of adults say they are interested in
President Barack Obama’s acceptance speech and 52 percent say
they want to hear from the previous Democratic president, Bill Clinton , who is to nominate the current incumbent in Charlotte. Majorities say they aren’t interested in either convention.
For the Democrats, 57 percent say they aren’t interested and 43
percent said they are, a reversal of four years ago when 59
percent wanted to watch the gathering that nominated the first
black national candidate of a major political party. In 2008, 41
percent expressed no interest. For the Republican convention, 55 percent say they aren’t
interested in the proceedings, compared with 51 percent in 2008. The poll of 1,010 adults taken Aug. 23-26 had a margin of
error of plus or minus 3.6 percentage points. To contact the reporter on this story:
Jonathan D. Salant in Tampa, Florida at
[email protected] To contact the editor responsible for this story:
Jeanne Cummings at
[email protected] | 2012 | americans-would-rather-read-about-platforms-than-speeches |
Libor’s Trillion-Dollar Question | By the Editors | 2012-08-27T22:30:00Z | http://www.bloomberg.com/news/2012-08-27/libor-s-trillion-dollar-question.html
The global investigation into the
manipulation of Libor has so far done a good job of exposing how
bankers corrupted one of the world’s most important financial
indicators. Now authorities need to take a giant step further:
Make banks release the data needed to determine how much damage
was done and who should bear the most responsibility. For those still not familiar with the London interbank
offered rate, it’s an array of benchmarks designed to provide an
objective assessment of banks’ borrowing costs | 8 | 27 | 162f53186a3d4f61b333517e7371bffc | times to their survival. Complete Picture To give a more complete picture of the misbehavior, and to
establish what share of the compensation burden each Libor-
reporting bank should bear, researchers need access to better
data on actual borrowing costs. If they could get records of
observable transactions, they could produce an independent
estimate of how much the banks’ Libor quotes were off on any
given day. Such an authoritative benchmark would have many
benefits: Plaintiffs, for example, could use it to reach
settlements with banks, avoiding legal wrangling that could
weigh on the financial sector for years. Good data, though, are hard to find. The Fed hasn’t made
information from its wire-transfer system public. The Libor
panel banks, for their part, closely guard information on the
interest rates they pay on actual short-term loans. This is an
odd habit, given that they are supposedly publishing their
borrowing rates in great detail every day for the purpose of
calculating Libor. If they’re not lying, there should be no news
in the transactions. It’s up to the authorities investigating Libor to break the
information blockade. In the U.S., for example, the Office of
Financial Research, set up by the Dodd-Frank financial reform
act, has the subpoena power needed to get the data and the brain
power required to crunch the numbers. Ideally, it would also
make the data public, so independent academics and journalists
could check its work. Shedding light on the extent of Libor manipulation is
essential to restoring the market’s integrity. The point of
justice, after all, isn’t only to punish the guilty. It’s also
to establish the truth, so we can draw the right conclusions,
fix what needs fixing and move on. Read more opinion online from Bloomberg View . Subscribe to
receive a daily e-mail highlighting new View editorials, columns
and op-ed articles. Today’s highlights: the editors on applying Mitt Romney’s
business sense to defense; Jeffrey Goldberg on Jews’ “obsession”
with the Holocaust ; Ramesh Ponnuru on why we shouldn’t forget
about Social Security’s problems ; William Pesek on South Korea’s
presidential election ; Fouad Ajami on Obama’s callow cruelty on
Syria extending to Lebanon; Stephen Smith on the inflated cost
of U.S. commuter trains . To contact the Bloomberg View editorial board:
[email protected] . | 2012 | ibor-s-trillion-dollar-question |
Gupta Insider-Trading Sentence Is Re-Set for Oct. 17 | By Patricia Hurtado | 2012-08-27T22:07:32Z | http://www.bloomberg.com/news/2012-08-27/gupta-insider-trading-sentence-is-re-set-for-oct-17.html | 8 | 27 | 5f0abfa9f2b2425ca261290145c5a389 | Ex- Goldman Sachs Group Inc. (GS) director
Rajat Gupta ’s sentencing on securities fraud for leaking inside
information to fund manager Raj Rajaratnam was reset for Oct.
17, a day earlier than previously set. Gupta, 63, formerly managing partner of McKinsey & Co., was
convicted by a federal court jury in Manhattan on June 15 of
three counts of securities fraud and one count of conspiracy.
Prosecutors said Gupta, who sat on the board of New York-based
Goldman Sachs and Cincinnati-based Procter & Gamble Co. (PG) , leaked
tips he learned from board meetings to Rajaratnam, who had also
been his business partner. U.S. District Judge Jed Rakoff, who presided over the
trial, originally set Gupta’s sentencing for Oct. 18. Rakoff, in
an order made public today, said that date had been reset with
“the consent of the parties.” Prosecutors said Gupta’s tips included information about a
$5 billion investment by Warren Buffett ’s Berkshire Hathaway
Inc. (BRK/A) in Goldman Sachs on Sept. 23, 2008, and on Goldman Sachs
losses in the fourth quarter of 2008. Gupta faces as long as 20
years in prison for his conviction for securities fraud while
conspiracy carries a maximum term of five years. 67 Convicted He is most prominent of the 67 people convicted since the
nationwide crackdown by agents with the Federal Bureau of
Investigation in New York and prosecutors in the office of
Manhattan U.S. Attorney Preet Bharara began five years ago. To
date, the U.S. has brought cases against 71 traders and their
sources from Wall Street to Silicon Valley. No one has won an
acquittal; six cases are pending. Gary Naftalis , a lawyer for Gupta, said the sentencing date
was changed at Rakoff’s request. Jerika Richardson, a spokeswoman for Bharara, declined to
comment on the rescheduling. Rajaratnam, who co-founded Galleon Group LLC, was convicted
at trial last year and sentenced to 11 years in prison, a record
at the time for insider-trading crimes. He’s appealing the
verdict. The case is U.S. v. Gupta, 11-cr-00907, U.S. District
Court, Southern District of New York (Manhattan). To contact the reporter on this story:
Patricia Hurtado in New York at
[email protected] To contact the editor responsible for this story:
Michael Hytha at
[email protected] | 2012 | gupta-insider-trading-sentence-is-re-set-for-oct-17 |
Greek Parliament to Vote on Measures by Oct. 8, Imerisia Says | By Marcus Bensasson | 2012-08-27T07:11:40Z | http://www.bloomberg.com/news/2012-08-27/greek-parliament-to-vote-on-measures-by-oct-8-imerisia-says.html | 8 | 27 | b04ed53702d81ae4cd07893e7bd7fd40ed773d44 | Greece ’s parliament will vote on an
11.5 billion-euro ($14.4 billion) package of budget cuts for the
next two years before a meeting of euro area finance ministers
on Oct. 8, Imerisia reported, without saying how it got the
information. The measures will be included in the budget for 2013,
according to the Athens-based newspaper. The budget legislation
must be submitted to parliament before another euro area finance
ministers’ meeting on Sept. 14, Imerisia said. To contact the reporter on this story:
Marcus Bensasson in Athens at
[email protected] To contact the editor responsible for this story:
Craig Stirling at
[email protected] | 2012 | greek-parliament-to-vote-on-measures-by-oct-8-imerisia-says |
Apple Seeks Ban on Samsung’s Cellular Galaxy Tab Computer | By Joel Rosenblatt | 2012-08-27T18:53:44Z | http://www.bloomberg.com/news/2012-08-27/apple-seeks-sales-ban-on-samsung-s-cellular-galaxy-tab-computer.html | 8 | 27 | a01f6e242b571c62d9be8cb9fd4719ff3bb293cc | Apple Inc. (AAPL) said a court should bar
U.S. sales of the cellular version of Samsung Electronics Co. (005930) ’s
Galaxy Tab 10.1 tablet computer even though the product wasn’t
covered by an Aug. 24 verdict in the patent trial between the
companies, according to a court filing. Samsung, ordered by a federal court jury in San Jose ,
California , to pay Apple Inc. more than $1 billion for
infringing six mobile device patents, asked U.S. District Judge
Lucy Koh to lift a ban on the U.S. sales of the Galaxy 10.1 Tab
tablet. The company said that the ban should be dissolved
because the jury decided the Galaxy device didn’t infringe an
Apple design patent upon which the June 26 injunction was based,
Samsung said in a court filing yesterday. Apple, in a court filing today, objected to the request,
and sought to extend the ban to a cellular version of Tab 10.1. “While the cellular version of the Galaxy Tab 10.1 was not
included in the verdict form, it is not colorably different from
the products that the jury found to be infringing as to some
Apple utility patents, and thus should be covered by an
injunction against sales of products that infringe those
patents,” Apple said in the filing. Samsung fell the most in almost four years in Seoul trading
today after the Aug. 24 decision by the San Jose jury. The
company said in June, when Cupertino, California-based Apple won
the ban on U.S. sales of the Galaxy tablet, that it wouldn’t
have a significant effect on its business. The Suwon, South Korea-based company said in yesterday’s
filing that it’s entitled to recover damages caused by the
imposition of the improper ban on the sales of the tablet.
Samsung proposed that Koh rule on the request without a hearing.
Apple said in its filing it opposes that request. The case is Apple Inc. v. Samsung Electronics Co. Ltd.,
11-cv-01846, U.S. District Court, Northern District of
California (San Jose). To contact the reporter on this story:
Joel Rosenblatt in San Francisco at
[email protected] To contact the editor responsible for this story:
Peter Blumberg at
[email protected] | 2012 | apple-seeks-sales-ban-on-samsung-s-cellular-galaxy-tab-computer |
Faculty Question SUNY-Buffalo About Fracking Institute | By Jim Efstathiou Jr. | 2012-08-27T02:30:00Z | http://www.bloomberg.com/news/2012-08-27/faculty-question-suny-buffalo-about-fracking-institute.html | 8 | 27 | 6878f836b4294ec593a8e2c22560ab4c | State University of New York at
Buffalo faculty are seeking more information on industry ties to
an institute created to study fracking for natural gas. A group of 83 professors and staff have requested documents
on the founding and funding of the school’s Shale Resources and
Society Institute , according to an Aug. 23 “ open letter ” to
the university administration in the UB Reporter, an online
faculty newspaper. The institute released a report in May that didn’t
acknowledge “long-term” ties by its authors to the gas
industry while it seeks more than $1 million in corporate
funding, Bloomberg News reported on July 23. A U.S. boom in natural gas production from a process called
hydraulic fracturing, or fracking, has raised concerns that ties
between industry and academic research may compromise scholars’
independence, Bloomberg reported. Other universities have
responded to similar concerns. “A number of questions have been raised about whether the
institute was really intended to provide independent academic
inquiry,” according to the faculty members’ letter. “Only
complete transparency can dispel the shadow now cast over UB.” University spokesman John Della Contrada did not return a
phone call or e-mail seeking comment on the faculty action. In fracking, millions of gallons of chemically treated
water and sand are forced underground to break shale rock and
free trapped gas. While shale gas production has lowered energy
prices, created jobs, and enhanced national security, fracking
has been blamed for groundwater contamination. Institute’s Report Regulators in New York have banned fracking while
environmental rules are drafted. New York Governor Andrew Cuomo
is considering a plan that would allow fracking in five counties
near the Pennsylvania border. In April, the newly formed Shale Resources and Society
Institute issued a report that found drillers in Pennsylvania
had reduced by half the rate of blowouts, spills and water
contamination since 2008. Potential environmental problems could
be “entirely avoided or mitigated” under New York’s proposed
rules, according to the shale institute’s report. The Public Accountability Initiative, a Buffalo nonprofit
that focuses on corruption in business and government, said the
report contained errors and didn’t acknowledge “extensive
ties” by its authors to the gas industry. Last month, the University of Texas at Austin announced it
would convene a group of independent experts to review its
February study on gas fracking after reports that the professor
who led the study is on the board of a gas drilling company. Texas Panel Charles Groat, associate director of the university’s
Energy Institute and former Director of the U.S. Geological
Survey , proposed the study, selected the researchers, edited its
summary and presented it to the American Association for the
Advancement of Science on Feb. 16. Groat also sits on the board of Plains Exploration &
Production Co. (PXP) , a relationship he didn’t disclose in the report
or to his boss. Company filings show that in 2011 he received
more than $400,000 in compensation from the Houston-based
company, which has fracking operations in Texas . The university announced Aug. 14 that Norman Augustine,
former chief executive officer of defense contractor Lockheed
Martin Corp. (LMT) , will lead the panel. Augustine is also a former
board member at the oil and gas producer ConocoPhillips. Industry Ties Kevin Connor, president of the Public Accountability
Initiative, said Augustine’s ties to the oil industry raise
questions about the panel’s independence. Augustine over almost
20 years received “millions of dollars” in stock and
compensation from ConocoPhillips (COP) , according to Connor. “It is extremely troubling that the university chose an
energy industry insider to chair the panel,” Connor said in a
statement. Steven Leslie, the university’s executive vice president
and provost, said one of the reasons that he wanted Augustine
“to take the lead of this committee is because of his
longstanding board relationship with Conoco.” “Because we want the truth, we wanted to have this panel
led by someone who knew all of the elements in detail and who
had credentials and reputation that were impeccable,” Leslie
said in an interview. Augustine is a former member of the President’s Council of
Advisors on Science and Technology under presidents Bill Clinton
and George W. Bush . The panel’s other members are James Duderstadt, former president of the University of Michigan , and
Rita Colwell, former director of the National Science
Foundation . Pennsylvania State University now requires faculty research
to be submitted to university officials before it is published,
according to Michael Arthur, co-director of the school’s
Marcellus Center for Outreach and Research. A 2009 report on the
economic impact of gas drilling in Pennsylvania’s portion of the
Marcellus shale was released without disclosing industry
funding. To contact the reporter on this story:
Jim Efstathiou Jr. in New York at
[email protected] To contact the editor responsible for this story:
Jon Morgan at
[email protected] | 2012 | faculty-question-suny-buffalo-about-fracking-institute |
Isaac May Reach Hurricane Strength Late Today Or Tomorrow | By Charlotte Porter | 2012-08-27T20:54:54Z | http://www.bloomberg.com/news/2012-08-27/isaac-may-reach-hurricane-strength-late-today-or-tomorrow.html | 8 | 27 | 9c70bafa4fb6ceecac6367e0ec5f9e4bb5c79b3b | Tropical Storm Isaac’s top sustained
winds rose to 70 miles (113 kilometers) per hour and the system
may become a hurricane late today or early tomorrow, the
National Hurricane Center said shortly before 5 p.m. East Coast
time. To contact the editor responsible for this story:
Charlotte Porter at
[email protected] | 2012 | isaac-may-reach-hurricane-strength-late-today-or-tomorrow |
Britain's 'Bitterest Struggle' | By Philip Scranton | 2012-08-27T16:25:50Z | http://www.bloomberg.com/news/2012-08-27/britain-s-bitterest-struggle-.html
In 1932, Lancashire, the U.K.’s cotton-manufacturing center, was a terrible mess. At its peak in 1913, the nation’s cotton industry turned out 8 billion yards of cloth, 85 percent of which was sold abroad, the Economist reported . In 1924, production had slowed to 5.6 billion yards, 83 percent shipped internationally. By 1931, output was dismal, 3.1 billion, as exports shrank 60 percent due to higher tariffs and increasing capacity elsewhere, particularly in Japan . What were cotton manufacturers to do? Market Darwinists argued that destruction must take its course. The weakest firms would go to the wall. The survivors, which were stronger, would return to profitability. Economic planners urged a staged retirement of machinery across yarn-spinning and cloth-weaving firms to match what looked like a permanent reduction in the U.K.’s global sales. Some investors urged mergers to achieve efficiencies. But critics made a telling counterargument: Scale economies in textiles rapidly diminished when companies passed the 1,000-worker mark. Worse, even before the cash, Lancashire’s unemployment rate was already 12 percent, with a third of its idle 180,000 workers credited to the cotton industry. By 1932, about 100,000 graduates had been added to those seeking work. There was a “large number of workless between 18 and 24 | 8 | 27 | 8c4272bb7d6d4a7bb8c243374b596754 | 2012 | britain-s-bitterest-struggle- |
|
Airbus Said to Be Nearing Chinese Order Exceeding 100 Jets | By Andrea Rothman | 2012-08-27T14:36:14Z | http://www.bloomberg.com/news/2012-08-27/airbus-said-to-be-nearing-chinese-order-exceeding-100-jets-1-.html | 8 | 27 | 1fd3a460587f40e58b825fe21003bbec | Airbus SAS is close to winning an
order from China for more than 100 narrow-body planes in what
would be the European manufacturer’s single biggest agreement
this year, three people familiar with the negotiations said. Chief Executive Officer Fabrice Bregier will head to China
this week to join Tom Enders , the CEO of Airbus parent European
Aeronautic, Defence & Space Co. Enders is traveling with German
Chancellor Angela Merkel on a state visit to China, where Airbus
assembles narrow-body jets for the local market. A purchase exceeding 100 planes would help the Toulouse,
France-based company narrow the gap in orders this year with
Boeing Co. (BA) , which dominated the Farnborough Air Show last month
with its 737 Max airliner. Airbus has said that its intake would
slow this year after customers rushed to buy its A320neo in
2011, a more fuel-efficient version of Airbus’s bestseller. The agreement is still being negotiated, said the people,
who declined to be named because the discussions are private.
Eduardo Galicia, a spokesman for Airbus, declined to comment.
Two calls after office hours to the Civil Aviation
Administration of China , or CAAC, which approves most aircraft
orders in China, went unanswered. Final Step The A320 has a list price of about $88.8 million, though
airlines typically buy at a discount. Airbus had secured orders
for 301 passenger jets through the end of July, less than half
of Boeing’s tally and leaving the European planemaker at the
mid-point of its minimum 2012 target of 600 units. Contract signatures by CAAC are the last step for Chinese
airlines to secure orders. Airlines frequently negotiate with
plane manufacturers and agree on purchases, only to then wait
for approval from the government body. Airbus is in the process of evaluating the future of its
assembly facility in Tianjin, China. The company owns 51 percent
of the venture and China’s Avic owns the rest. The facility
began delivering A320 jets in 2009, and the 100th plane will
roll off the line at the end of this week. The Chinese team wants to build 284 single-aisle jets by
June 2016. The facility is churning out more than three planes a
month, with the rate of four monthly to come by year-end. The Tianjin plant will deliver the last planes in the same
year that state-controlled Commercial Aircraft Corp. of China
Ltd. aims to have a rival plane with 168 seats in service, aimed
initially at the domestic market. Airbus also intends to start
delivering its A320neo with new engines from late 2015. A large Chinese government order for Airbus A320s would be
the first since the country joined India and the U.S. in
protesting European Union plans to include airlines in its
carbon market from this year. China has already backed off signing for at least 35 Airbus
wide-body planes. Single-aisle planes, which range from the 124-
seat A319 to the 185-seat A321, aren’t part of the dispute as
they are shorter range and wouldn’t link China with Europe . To contact the reporter on this story:
Andrea Rothman in Toulouse at
[email protected] To contact the editor responsible for this story:
Benedikt Kammel at
[email protected] | 2012 | airbus-said-to-be-nearing-chinese-order-exceeding-100-jets-1- |
Ruble Erases Gains Versus Dollar as Crude Oil Retreats on Isaac | By Ilya Khrennikov | 2012-08-27T16:26:48Z | http://www.bloomberg.com/news/2012-08-27/ruble-erases-gains-versus-dollar-as-crude-oil-retreats-on-isaac.html | 8 | 27 | e0e31225ff056f52dd18f1013af4aabfa4dcb10c | The ruble erased gains against the
dollar after crude oil fell on speculation a storm in the Gulf
of Mexico will have limited impact on oil production. The ruble strengthened less than 1 percent to 31.8500 per
dollar by the close in Moscow. The currency was little changed
against the euro at 39.8750 and against the central bank’s
currency basket, which is 55 percent dollars and 45 percent the
common currency. Crude gave up its earlier advance, retreating 1.3 percent
to $94.86 a barrel in New York , as Tropical Storm Isaac was
forecast as a Category 1 storm, the weakest on the five-step
Saffir-Simpson scale. Brent crude , a benchmark for Russia’s
Urals blend, slid 1.2 percent to $112.27 a barrel. Investors pared bets the ruble will weaken against the
dollar, with non-deliverable forwards showing the currency at
32.3316 in three months versus 32.3655 on Aug. 24. The extra yield investors demand to own Russia ’s dollar
bonds over U.S. Treasuries rose two basis points to 225,
according to JPMorgan Chase & Co.’s EMBI Global Index. Yields on
the government’s ruble bonds due April 2021 were steady at 7.86
percent, data compiled by Bloomberg show. To contact the reporter on this story:
Ilya Khrennikov in Moscow at
[email protected] To contact the editor responsible for this story:
John Viljoen at
[email protected] | 2012 | ruble-erases-gains-versus-dollar-as-crude-oil-retreats-on-isaac |
Foreign Investors Buy Net 3.39 Billion Rupees of Indian Stocks | By Paresh Jatakia | 2012-08-27T12:08:27Z | http://www.bloomberg.com/news/2012-08-27/foreign-investors-buy-net-3-39-billion-rupees-of-indian-stocks.html | 8 | 27 | 3ba8c2fe31938aac3b97009379b0b98bc368fffd | Overseas investors bought a net 3.39
billion rupees ($61.2 million) of Indian stocks on Aug. 24,
raising their investment in the equities this year to 593.5
billion rupees, according to the nation’s market regulator. Foreigners bought 20.7 billion rupees of shares and sold
17.3 billion rupees, the Securities & Exchange Board of India
said on its website today. They invested 102.7 billion rupees in
stocks last month. Foreign funds bought a net 6.27 billion rupees of bonds,
taking total inflow into debt this year to 259.3 billion rupees,
the data show . India’s $1.1 trillion stock market, Asia ’s fifth-biggest,
is influenced by flows from overseas. Flows surged to a record
in 2010, making the BSE India Sensitive Index (SENSEX) the best performer
among the world’s top 10 markets. The largest-ever outflow in
2008 led to the biggest annual slump of 52 percent. Foreigners have invested 5.037 trillion rupees in stocks
and 1.467 trillion rupees in bonds since they were allowed into
the country in 1993. The regulator provides data on shares bought and sold by
large investors, including trades in the primary and secondary
markets, with a delay of at least a day. To contact the reporter on this story:
Paresh Jatakia in Mumbai at
[email protected] To contact the editor responsible for this story:
Arijit Ghosh at
[email protected] | 2012 | foreign-investors-buy-net-3-39-billion-rupees-of-indian-stocks |
Kazakhstan Harvested Almost 40% of Grain-Planted Area | By Svetlana Antoncheva | 2012-08-27T09:26:43Z | http://www.bloomberg.com/news/2012-08-27/kazakhstan-harvested-almost-40-of-grain-planted-area.html | 8 | 27 | 1cce703acf2f0498948c1e21e6ac7d5b328edf62 | Kazakhstan, the biggest wheat
producer in Central Asia, harvested almost 40 percent of the
area planted with grains, or 6.1 million hectares (15.1 million
acres) since reaping began last month, according to the
Agriculture Ministry . Average yields were 740 kilograms (1,631 pounds) per
hectare, the ministry said today in a statement on its website.
The country had milled 4.5 million metric tons of grain as of
today. Kazakhstan may gather about 13 million tons of grains this
season, Yevgeniy Aman, the Agriculture Ministry’s executive
secretary, said Aug. 15. The country may lose 353,000 hectares
of planted grains, or 2 percent of the total, due to drought,
Agriculture Minister Asylzhan Mamytbekov said July 24. Kazakhstan harvested a record 26.9 million tons of grain in
2011, according to government data. To contact the reporter on this story:
Svetlana Antoncheva in Astana, Kazakhstan at
[email protected] To contact the editor responsible for this story:
Hellmuth Tromm at
[email protected] | 2012 | kazakhstan-harvested-almost-40-of-grain-planted-area |
ECB Said to Urge Weaker Basel Liquidity Rule on Risks | By Jim Brunsden | 2012-08-28T13:05:33Z | http://www.bloomberg.com/news/2012-08-27/ecb-said-to-urge-weaker-basel-liquidity-rule-on-crisis-concerns.html
The European Central Bank is pushing
global banking regulators to relax a draft liquidity rule so
that lenders can use some asset-backed securities and loans to
businesses in a buffer they must hold against a possible credit
squeeze, according to three people familiar with the talks. The ECB, backed by the Bank of France, considers a draft
version of the liquidity coverage ratio, or LCR, may hamper
efforts to combat the euro-area debt crisis by curtailing
lending and making it harder for central banks to implement
their monetary policies, said the people, who couldn’t be
identified because the discussions at the Basel Committee on
Banking Supervision are private. They said the ECB stance is
opposed by some other Basel members, including U.S. regulators. The LCR was drawn up by the Basel group as part of a
package of measures to prevent a repeat of the turmoil that
followed the 2008 collapse of Lehman Brothers Holdings Inc. The
ECB is seeking to relax the rule | 8 | 27 | d88e6d6efa5441c2a7a0814af0f7bbf7 | aligning the standard more closely with its own collateral
arrangements, the people said. “As central banks have relaxed their rules” during the
debt crisis in the euro area, “the LCR has become more and more
out of sync with central-bank reality,” said Jesper Berg,
senior vice president at Nykredit A/S, Denmark’s biggest
mortgage bank. ‘Very Problematic’ The 212 largest global banks would have had a collective
shortfall of 1.76 trillion euros ($2.2 trillion) as of June 2011
in the assets needed to meet the LCR, according to figures
published by the Basel committee. The ratio is scheduled to take
effect in 2015. Lenders have warned that a provisional version of the LCR
standard, published in 2010, would force them to cut loans by
making them hoard cash and buy up more government bonds , because
few assets other than sovereign debt would fully qualify. “The ECB is concerned about its ability to smoothly manage
liquidity in the money markets for the conduct of monetary
policy,” Richard Reid , research director for the London-based
International Centre for Financial Regulation, said by e-mail. “In the face of the ongoing euro problems, strict
application of the Basel rules on liquidity coverage at this
stage could be very problematic,” Reid said. Pressing ahead
with the LCR “could further restrict the ability of the banking
system to provide much needed credit.” Unintended Consequences The Basel committee said last year that it would review the
rule to address any unintended consequences, and is targeting a
deal by January 2013, when central bank and regulatory chiefs
will meet to decide on the plans. The group will attempt to make
headway at a meeting next month. While a number of regulators favor making some changes to
the LCR, the ECB and Bank of France are among those seeking the
broadest overhaul, the people said. More closely aligning the LCR with the ECB’s collateral
rules would expand the range and quality of assets that banks
can use to fill up their liquidity buffers, including by giving
some scope for asset-backed securities and banks’ own loans to
businesses to be used. The ECB is concerned that without an alignment, banks that
borrow funds from the central bank will earmark their best
quality assets to meet the LCR rule, according to two of the
people. ‘Right Direction’ The Frankfurt-based ECB is also concerned that banks’ need
to hoard highly liquid assets may affect the operation of short-
term funding markets, they said. “Expanding the range of eligible securities for the LCR is
a move in the right direction,” Markus Heidinger, a partner
dealing with financial regulation at law firm Wolf Theiss in
Vienna, said by e-mail. “There is no class of securities which by definition could
not become illiquid and the solution needs to be in risk
spreading,” he said. The ECB presented its LCR plan during discussions in the
Basel committee’s working groups, including a meeting in New
York this month, according to one of the people. Its arguments
received only limited support, the person said. There are concerns among some Basel members, including in
the U.S., that far-reaching changes to the LCR may undermine the
effectiveness of the measure, which was drawn up in part to make
lenders less reliant on central bank support in crises, the
people said. Germany ’s Bundesbank and Swedish regulators are
also among members skeptical of the ECB proposals, two of the
people said. ‘Superior Performance’ “The ECB accepts as collateral almost anything short of
the CEO’s tie,” said Berg. “The ECB’s superior performance in
the early phase” after the Lehman collapse “can to a large
extent be attributed to its broad collateral framework.” There is little support in the committee for calls from
banks for either gold or equities to count as eligible assets
under the LCR, the people said, with neither likely to make it
into the final version of the standard. In general, euro-area
regulators are among the more sympathetic to the case for
including some equities. Officials at the ECB and the Bank of France in Paris
declined to comment. Equities, Gold “Including assets such as equities and gold as eligible
for the calculation of liquidity ratios leaves the outcome far
too susceptible to variations in valuation and speculative
movements,” Reid said. While equities may have been “more liquid in this crisis
when compared to other types of instruments,” that isn’t
necessarily a sign of “inherent stability,” Reid said. Other nations represented on the Basel committee tend to
have more narrowly targeted aims for amending the list of
eligible assets, the people said. These include a push from
South Africa for easing rules on corporate debt that is rated
higher than the country’s sovereign bonds. The Bank of England has raised concerns that making banks
hold full LCR buffers from 2015 may hamper efforts to tackle the
euro crisis, two of the people said. The Basel committee said last year that lenders should be
allowed to draw down their LCR buffers in times of market
stress, so breaching the minimum level of liquid assets they
would normally be expected to hold. The group is still working
on the details of when and how this would function in practice. Work Needed Mervyn King , governor of the Bank of England , has also
indicated that he supports some changes to the standard. “Much work still needs to be done” to ensure that the LCR
is “properly integrated with the regime of liquidity provision
by central banks,” King said in June. “In current exceptional conditions, where central banks
stand ready to provide extraordinary amounts of liquidity
against a wide range of collateral, the need for banks to hold
large liquid asset buffers is much diminished, and I hope
regulators around the world will take note,” King said. Regulators in the committee’s working groups have reached a
provisional deal to retain a split in the LCR between assets
that banks can use to meet their entire requirements and those
that can only be used to meet as much as 40 percent, one of the
people said. Under that agreement, technical rules on how
this two-level approach works would be adjusted. The accord on this point is likely to be endorsed by the
Basel committee at its meeting next month, one of the people
said. The Basel committee brings together regulators from 27
nations including the U.S., the U.K. and China to coordinate
global bank rules. To contact the reporter on this story:
Jim Brunsden in Brussels at
[email protected] To contact the editor responsible for this story:
Anthony Aarons at [email protected] | 2012 | ecb-said-to-urge-weaker-basel-liquidity-rule-on-crisis-concerns |
Colombia Peso Approaches 12-Week Low as Dollar Purchases Boosted | By Andrea Jaramillo | 2012-08-27T18:41:51Z | http://www.bloomberg.com/news/2012-08-27/colombia-peso-approaches-12-week-low-as-dollar-purchases-boosted.html | 8 | 27 | 1fc67b5d3eed3f01c484e75f7a3bef80f5044bc3 | Colombia ’s peso fell toward a 12-
week low after the central bank said it will step up dollar
purchases to $700 million by the end of September to stem the
local currency’s gains. The peso depreciated 0.5 percent to 1,823.17 per U.S.
dollar in Bogota after touching 1,831.60 on Aug. 16, the weakest
level since June 1. It pared this year’s rally to 6.3 percent,
still the best performance after the Hungarian forint and
Chilean peso among all currencies tracked by Bloomberg. The increase announced Aug. 24 boosts central bank dollar
purchases through September to an average of $28 million a day.
The bank had said it would buy a minimum of $20 million a day in
the spot market until at least Nov. 2. The Treasury began its
own program of foreign currency intervention this month to help
exporters. “Authorities are clearly worried about the exchange rate ,
having moved from rhetoric to action,” Benito Berber , a Latin
America strategist at Nomura Holdings Inc., said in a phone
interview from New York . “It will be difficult for the peso to
appreciate with this new element and given volatility in
external markets.” Colombia’s central bank also on Aug. 24 unanimously voted
to cut the overnight lending rate by a quarter-percentage point
for a second straight month to 4.75 percent. The decision
matched the forecasts of 29 of 33 analysts surveyed by
Bloomberg, with the others projecting no change. Treasury Purchases The Treasury will continue to buy dollars this week to
weaken the peso, outgoing Finance Minister Juan Carlos Echeverry
said last week. While declining to say how much the Treasury
would purchase in total, he said it would buy $200 million last
week on top of the $300 million bought earlier. Colombia’s bank
deposit-guarantee fund, known as Fogafin, purchased $200 million
over the past few weeks, Echeverry said last week. Berber predicts the peso will weaken to about 1,825 per
dollar at the end of the year. Echeverry, who resigned last week citing personal reasons,
is being replaced by Mauricio Cardenas , an economist trained at
the University of California at Berkeley who currently serves as
mines and energy minister. Colombia’s interbank interest rate is higher than the
central bank’s target rate, creating an opportunity for policy
makers to step up their purchases of dollars, central bank chief
Jose Dario Uribe said today in an interview with Javeriana
Radio. The yield on Colombia’s 10 percent peso-denominated debt
due in July 2024 was little changed at 6.62 percent. To contact the reporter on this story:
Andrea Jaramillo in Bogota at
[email protected] To contact the editor responsible for this story:
David Papadopoulos at
[email protected] | 2012 | colombia-peso-approaches-12-week-low-as-dollar-purchases-boosted |
Aussie, Kiwi Fall on China’s Declining Industrial Profits | By Joseph Ciolli | 2012-08-27T21:07:53Z | http://www.bloomberg.com/news/2012-08-27/aussie-kiwi-fall-on-china-s-declining-industrial-profits.html | 8 | 27 | 7117850c0b87d88255ab32770a646f4e2fdcd336 | The Australian dollar touched its
lowest level in a month against its U.S. counterpart, extending
a two-week decline, after declining industrial profits in China
raised concern that global growth is waning. The so-called Aussie weakened versus most of its 16 major
counterparts yesterday after a report showed profits for
industrial companies in China, Australia’s biggest trading
partner, fell 5.4 percent in July from a year earlier. New
Zealand’s dollar also fell against most major peers. China is
New Zealand’s second-largest export market. The Aussie fell 0.3 percent to $1.0375 in New York
yesterday, after earlier gaining as much as 0.3 percent. The
currency declined 0.2 percent to 81.71 yen after appreciating
0.3 percent. New Zealand’s dollar, known as the kiwi, decreased 0.3
percent to 80.86 U.S. cents after gaining as much as 0.3 percent
earlier. The kiwi fell 0.2 percent to 63.73 yen. The Standard & Poor’s GSCI Index of 24 raw materials
decreased 0.5 percent as commodities fell for a third day. The
S&P 500 Index (SPX) fell 0.1 percent. The Aussie may extend losses to $1.017 if it declines below
so-called support at $1.0342, according to Skandinaviska
Enskilda Banken AB (SEBA) , citing trading patterns. Australia’s currency closed last week below a previous
level of support at $1.041, before briefly rallying yesterday,
though not enough to indicate it won’t weaken further,
strategists Anders Soderberg and Dag Muller in Stockholm wrote
in an e-mail to clients. To contact the reporter on this story:
Joseph Ciolli in New York at
[email protected] To contact the editor responsible for this story:
Dave Liedtka at
[email protected] | 2012 | aussie-kiwi-fall-on-china-s-declining-industrial-profits |
Stockholm Water Week Focuses on Waste, Water Efficiencies | By Janina Pfalzer | 2012-08-27T13:52:24Z | http://www.bloomberg.com/news/2012-08-27/stockholm-water-week-focuses-on-waste-water-efficiencies.html | 8 | 27 | 4b1fdc32993af346a3921db53f413350ed621c80 | World Water Week opened today in
Stockholm with industry executives and scientists from at least
100 nations discussing how to reduce food waste and use water
more efficiently in agriculture and at home. The Stockholm Industry Water Award will be given tomorrow
to PepsiCo Inc. (PEP) , the world’s largest snack-food maker, for
reducing water consumption in production and increasing water
efficiency, saving almost 16 billion liters of water last year
from a 2006 baseline. “The numbers show that agriculture is a thirsty
activity,” said Jose Graziano da Silva, director-general of the
United Nations ’ Food and Agriculture Organization , or FAO. “But
that also means that agriculture holds the key to sustainable
water use.” King Carl XVI Gustav of Sweden will award the Stockholm
Water Prize to the International Water Management Institute for
its agricultural water management work, said the event’s
organizer, Stockholm International Water Institute. The annual SIWI event started in 1991. The conference
earlier discussed how to improve access to water in water-scarce
areas and boost supplies in an urbanizing world. This year’s
agenda addresses how to curb so much of the world’s water being
used to grow food that’s thrown away. “Reducing the waste of food is the smartest and most
direct route to relieve pressure on water and land resources,”
said Torgny Holmgren, SIWI’s executive director. “It’s an
opportunity we cannot afford to overlook.” To contact the reporter on this story:
Janina Pfalzer in Stockholm at
[email protected] To contact the editor responsible for this story:
Randall Hackley at
[email protected] | 2012 | stockholm-water-week-focuses-on-waste-water-efficiencies |
ATP Says Players Aren’t Organizing Boycott of Australian Open | By Dan Baynes | 2012-08-27T03:47:58Z | http://www.bloomberg.com/news/2012-08-27/atp-says-players-aren-t-organizing-boycott-of-australian-open.html | 8 | 27 | 36b29daf1ffb229ddcfd02986ea00d7a4482940a | The Association of Tennis
Professionals said it isn’t helping to organize a boycott of the
Australian Open as male players fight for a bigger percentage of
revenues at the Grand Slam tournaments. The Sunday Times reported yesterday that there were rumors
the ATP , which governs the men’s professional circuit, was
considering staging an alternative tournament to January’s
Australian Open in Dubai if early-round losers didn’t receive
more prize money. “The ATP has been clear and repetitive in telling players
that it will not organize a boycott,” read an e-mailed
statement from the ATP. “Instead, ATP management and players
have taken a diplomatic approach this year with the Grand Slams
to address player compensation issues.” The French Open and Wimbledon increased prize money this
year for the early rounds after lobbying from the ATP and its
players for a better distribution of revenue generated by the
four majors. The U.S. Open starts today in New York , while the
Australian Open is yet to announce its prize money for the 2013
edition, which is scheduled for Jan. 14-27 in Melbourne. This year, the season-opening major offered $A20,800
($21,600) to first-round losers. The French Open paid 18,000
euros ($22,500), while those exiting in the opening round at
Wimbledon in June were paid 14,500 pounds ($22,915), a 26
percent jump on the previous year. First-round losers at the
U.S. Open will get $23,000 with the men’s and women’s singles
champions picking up $1.9 million each. ‘Unified and Passionate’ The Ponte Vedra Beach , Florida-based ATP said it remains
focused on having “active dialogue” with the four Grand Slams
about player compensation for 2013 and beyond. “The Grand Slams are important events that generate
significant revenues, and the players who perform there should
share in an acceptable percentage of those revenues,” the ATP’s
statement added. “The players remain unified and passionate
about this issue.” Australian Open Tournament Director Craig Tiley said in a
June interview with Bloomberg News that tennis lags behind
sports including golf when it comes to player compensation. “The issue is to make tennis a viable career for a player
ranked from 80 to 200 in the world,” Tiley said in June. “It’s
not right now. Depending on where you are from, you probably
have to be ranked 120th in the world in the men, and 100th in
the world in the women to break even. That’s just to break even.
In golf, it’s triple that.” Tiley said today that Australian Open organizers are taking
the possibility of some players boycotting the tournament
seriously and will try to address their concerns. “We’re confident that the players will be in Melbourne in
January and we’ll be working through in the coming months to put
forward some solution towards compensation,” Tiley said in an
Australian Broadcasting Corp radio interview. To contact the reporter on this story:
Dan Baynes in Sydney at
[email protected] To contact the editor responsible for this story:
Christopher Elser at
[email protected] | 2012 | atp-says-players-aren-t-organizing-boycott-of-australian-open |
U.S. Open Odds Make Longshot of Anybody But Federer or Djokovic | By Erik Matuszewski | 2012-08-27T04:00:01Z | http://www.bloomberg.com/news/2012-08-27/u-s-open-odds-make-longshot-of-anybody-but-federer-or-djokovic.html | 8 | 27 | 0ff22f5d31554e048cb96ba4d7c63129534c5fa4 | Roger Federer and Novak Djokovic
have a better chance to win the U.S. Open tennis championship
than the other 126 players in the men’s draw combined, according
to oddsmakers. With the withdrawal of 2010 champion and 2011 runner-up
Rafael Nadal , there’s a 55 percent chance Federer or Djokovic
will be holding the winner’s trophy after the final point at the
two-week tournament at the National Tennis Center in New York ,
said RJ Bell, the founder of Las Vegas-based handicapping
information website Pregame.com. The tournament begins today; Federer will face unseeded
Donald Young of the U.S. in his first match. Djokovic, of Serbia , is the defending champion and enters
the season’s final major tournament as the favorite with 3-2
odds at the Las Vegas Hotel’s Super Book. Federer, a Swiss
right-hander who won five straight U.S. Open titles from 2004 to
2008 and is the No. 1 men’s seed, is the 9-4 second choice after
winning Wimbledon. Of tennis’s past 30 majors, 29 have been won by Federer,
Djokovic or Nadal, with Juan Martin del Potro’s victory at the
2009 U.S. Open the lone exception. After Nadal, of Spain, pulled out of the tournament last
week because of injuries, del Potro of Argentina has the fourth
best odds to win at 8-1, while Olympic champion Andy Murray of
Britain is the third choice at 7-2. No other player in the men’s
draw has odds of better than 25-1. “I feel like the tournament is about three deep to win it,
maybe four, that’s about it,” Brad Gilbert, who won 20
tournaments as a pro before becoming an ESPN tennis analyst,
said on a media conference call. “That’s just kind of the way
it is in the men’s. It’s obviously a little bit different this
year with Nadal not in it.” Federer Momentum While Djokovic, 25, is the defending champion, 31-year-old
Federer comes in with the most momentum. After both players lost to Murray at the Olympics on the
grass courts in London , Federer rolled past Djokovic in the
final of last week’s hardcourt Masters series event in
Cincinnati. Federer didn’t lose a set in the tournament. “There is no doubt about it, beating Novak in a final
makes it extra special,” said Federer, who last month at
Wimbledon captured his record-extending 17th major title. “Even
though I reached almost all goals already this year by securing
a medal, winning Wimbledon, and getting back to world No. 1,
it’s important for me to push forward.” Serena Williams of the U.S. may be seeded only fourth in
the women’s draw, yet the three-time U.S. Open champion is the
1-1 favorite among Las Vegas oddsmakers. Top seed Victoria Azarenka of Belarus and Maria Sharapova of Russia have 7-1 odds,
followed by Petra Kvitova of the Czech Republic at 10-1. To contact the reporter on this story:
Erik Matuszewski in New York at
[email protected] To contact the editor responsible for this story:
Michael Sillup at
[email protected] | 2012 | u-s-open-odds-make-longshot-of-anybody-but-federer-or-djokovic |
Social Security’s Woes Are Worse Than You Think | By Ramesh Ponnuru | 2012-08-27T22:30:47Z | http://www.bloomberg.com/news/2012-08-27/social-security-s-woes-are-worse-than-you-think.html
While the Romney and Obama
camps have made increasingly bitter accusations about each
other’s plans for Medicare, a bipartisan consensus on
entitlements has emerged in the past few years. Too bad
that consensus is wrong. On both left and right, the politicians and the
experts are saying the U.S. needs to fix Medicare | 8 | 27 | ca5c92db30074cc3ac14f9c9184cfebc | to raise taxes on high earners to finance higher benefits
for them. Just to have that argument over taxes and benefit
levels would be progress. One way or the other, we need to
get Social Security’s finances in order, instead of acting
as though there’s no problem to be solved. ( Ramesh Ponnuru is a Bloomberg View columnist and a
senior editor at National Review. The opinions expressed
are his own.) Read more opinion online from Bloomberg View . Subscribe to
receive a daily e-mail highlighting new View editorials,
columns and op-ed articles. Today’s highlights: the editors on applying Mitt Romney ’s
business sense to defense and on Libor-rigging ; Jeffrey
Goldberg on Jews’ “obsession” with the Holocaust ; William
Pesek on South Korea’s presidential election ; Fouad Ajami
on Obama’s callow cruelty on Syria extending to Lebanon;
Stephen Smith on the inflated cost of U.S. commuter trains .
Today’s highlights: To contact the writer of this article:
Ramesh Ponnuru at [email protected] To contact the editor responsible for this article:
Timothy Lavin at [email protected] | 2012 | social-security-s-woes-are-worse-than-you-think |
Pot Smokes Jobs as Colorado Race Seen Turning on Social Issues | By Jennifer Oldham | 2012-08-27T11:19:02Z | http://www.bloomberg.com/news/2012-08-27/pot-smokes-jobs-as-colorado-race-seen-turning-on-social-issues.html
In a presidential campaign dominated by anxiety over jobs, the vote in Colorado may turn on two issues that have more to do with personal freedom than economic security: gay unions and marijuana. Both ballot issues will boost turnout in one of the nation’s closest battleground states at a time when many people already will be motivated to vote because of Colorado’s stubbornly high unemployment rate. Turnout will be critical in a state where separate polls on consecutive days this month showed President Barack Obama and Republican Mitt Romney with slight leads. Republicans say Romney will pick up independent voters in suburban Denver, which could deny the president a repeat of his 2008 Colorado victory. Obama could be helped by young voters energized by those social issues. “Here in Colorado over the last eight years, the Democrats are well aware that they win elections when they can paint Republicans as social conservatives,” said Bob Loevy, a Republican and a retired political science professor at Colorado Springs-based Colorado College. The Republican-controlled legislature rejected a measure in May that would have allowed gay couples to inherit each other’s property and take family leave. That was after Governor John Hickenlooper, a Democrat, called a special session because Republicans had killed the bill during the regular term. Evenly Split Polls showed the outcome might give Obama a boost. The state’s 3.4 million registered voters are evenly split among Republicans, Democrats and the unaffiliated, and three-quarters of independents said they supported the gay civil-union measure. The president declared his support for same-sex marriage in May, just as the Colorado fight over gay civil unions peaked. Romney has said he favors a constitutional amendment defining marriage as between a man and a woman. In addition, a ballot initiative would give Colorado the nation’s most liberal marijuana law, legalizing possession of as much as one ounce for recreational use by those 21 and older. The proposal appeals to younger voters, said Brian Vicente, a Denver lawyer and co-director of the Campaign to Regulate Marijuana Like Alcohol. Changing Demographics The issues show how Colorado’s changing demographics, with increasing numbers of independent and Hispanic voters, may affect the dynamics in this fall’s election. The economy is still a powerful issue. Unemployment reached 8.3 percent in July, matching the national rate, after rising for four straight months. In a barrage of television advertisements, Republicans accused Obama of mismanaging the economy, while Democrats hammered at Romney’s positions on abortion and gay rights. Romney will need to woo independent voters in suburban counties such as Jefferson and Arapahoe, which border Denver on the south and west, and in Larimer County, home of Fort Collins . Both candidates are targeting Hispanics, who account for about 20 percent of the population, by cooperating with Latino organizations on get-out-the-vote efforts. Obama won about two- thirds of Colorado’s Hispanic vote in 2008, exit polls showed. Republican consultant Ladonna Lee in Fort Collins said Romney needs to zero in on independent voters with a simple message: Is this the change you were looking for? ‘Delivered, Promised’ “Romney has to keep the focus on the change Obama delivered rather than the change Obama promised. It’s got to be, ‘Is this the change you have voted for? Has he delivered on that promise?’” said Lee, who works at the law firm Foley & Lardner LLP. Loevy, the retired professor, said the Democratic vote in Denver, Boulder and in the popular skiing destinations will be “offset by a heavy Republican vote in Colorado Springs , Greeley and Douglas County | 8 | 27 | 7b0fa17c586f41829a66a4df4aff5201 | 2012 | pot-smokes-jobs-as-colorado-race-seen-turning-on-social-issues |
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Soybeans, Corn May Open Higher on Crop Erosion; Wheat May Fall | By Jeff Wilson | 2012-08-27T21:31:07Z | http://www.bloomberg.com/news/2012-08-27/soybeans-corn-may-open-higher-on-crop-erosion-wheat-may-fall.html
What follows are opening calls for
U.S. grain and oilseed markets, which resume trading at 5 p.m.
on the Chicago Board of Trade. | 8 | 27 | 79b7ae289ac152f2e67e6feb2740439877e148aa | speculation that rain during the next week will improve depleted
soil moisture reserves for timely planting of winter grain in
parts of the southern U.S. Great Plains, Russia and Ukraine,
boosting yield potential, Voeks said. To contact the reporter on this story:
Jeff Wilson in Chicago at
[email protected] To contact the editor responsible for this story:
Steve Stroth at
[email protected] | 2012 | soybeans-corn-may-open-higher-on-crop-erosion-wheat-may-fa |
Cigarettes, Money Market Funds, Basel Rule: Compliance | By Ellen Rosen | 2012-08-27T11:08:31Z | http://www.bloomberg.com/news/2012-08-27/cigarettes-money-market-funds-basel-rule-compliance.html | 8 | 27 | ed1a0d25b1a94277b9b5cb1491365563 | Tobacco companies defeated a U.S.
law forcing cigarette packaging and advertisements to display
images such as diseased lungs, persuading a federal appeals
court that the requirements violate their free speech rights. In a 2-1 decision, the U.S. Court of Appeals in Washington
on Aug. 24 ruled that Food and Drug Administration regulations
mandating visual-image warnings of smoking’s health risks, along
with the telephone number 1-800-QUIT-NOW, are “unabashed
attempts to evoke emotion” and “browbeat consumers” to stop
buying the companies’ products. “These inflammatory images and the provocatively named
hotline cannot rationally be viewed as pure attempts to convey
information to consumers,” U.S. Circuit Judge Janice Rogers
Brown wrote in her majority opinion. Commonwealth Brands Inc., Liggett Group LLC and Santa Fe
Natural Tobacco Co. sued the FDA last year, claiming the
mandates for cigarette packages, cartons and advertising, passed
as part of the Family Smoking Prevention and Control Act,
violated the First Amendment. The companies said in court papers that complying with the
requirements would cost them a total of about $20 million. The
mandate, scheduled to go into effect next month, was put on hold
by a lower-court judge while the appeals court considered its
legality. The government argued in court papers that nine images
selected by the agency to be placed on packages and
advertisements are true depictions required by Congress in the
law to show the negative health consequences of smoking. The graphics were supposed to cover the top half of the
front and back of cigarette packages and 20 percent of print
advertisements. The FDA estimated the visual warnings would help
lower the smoking rate by about 0.212 percentage points,
according to the lower court judge who also ruled against the
FDA. Jennifer Haliski, an FDA spokeswoman, said the agency
doesn’t comment “on possible, pending or ongoing litigation.” The Campaign for Tobacco-Free Kids, an anti-smoking group,
urged the government to appeal the ruling, noting that a federal
appeals court Cincinnati upheld the packaging requirements in
March. “The split decisions make it likely the U.S. Supreme Court
will settle the issue,” the group said in an e-mailed
statement. In a dissent, U.S. Circuit Judge Judith Rogers said Brown’s
opinion applied the wrong level of First Amendment scrutiny and
disregarded the tobacco companies’ history of deceptive
advertising. Noel Francisco, a lawyer for R.J. Reynolds , a unit of
Reynolds American Inc. (RAI) , argued that “the purpose of the
warnings is not to inform, but to scare consumers into adopting
the government’s course of action.” He said during the February
hearing that the government was using “threats and fear” to
motivate people to stop using a lawful product. The case is R.J. Reynolds Tobacco Co. v. U.S. Food and Drug
Administration, 11-5332, U.S. Court of Appeals for the District
of Columbia (Washington). Compliance Policy Money Funds Test Geithner, Bernanke as Schapiro Defeated Money-market mutual funds, an alternative to bank accounts
for individuals and companies, will test the resolve of the U.S.
Federal Reserve and Treasury Department to prevent another
financial crisis after the $2.6 trillion industry successfully
lobbied against more regulation by the Securities and Exchange
Commission. Fed Governor Daniel Tarullo has said the central bank could
tighten rules on banks’ borrowing from money-market funds, and
Boston Fed President Eric Rosengren has said officials have the
option to force banks to back their money funds with capital.
The Fed and the Treasury could also work through the Financial
Stability Oversight Council, a new regulatory panel formed under
the Dodd-Frank Act, to seize oversight of money funds from the
SEC and grant that power to the Fed. “There’s real unanimity in the bank regulatory arena about
the need to do something about money-market funds,” Karen Shaw
Petrou, managing partner of Washington-based Federal Financial
Analytics Inc., said in an interview. “What the Fed can do, and
I think will try to, is put the funds back in a much more
limited corner, by isolating them from integration with the
banking sector.” SEC Chairman Mary Schapiro last week abandoned a four-year
effort to adopt tougher rules for money funds as three fellow
commissioners said they wouldn’t support her proposal. The
announcement marks a victory for the fund industry, which had
lobbied against the plan. Former SEC Chairman Arthur Levitt called the decision by
three commissioners to block Schapiro’s proposal a “national
disgrace” and said the Obama administration should pursue the
issue through the Financial Stability Oversight Council, or
FSOC, the panel Congress charged under Dodd-Frank with
monitoring the country’s financial threats. “This is an important time for the President to weigh in”
and for the Fed and Treasury to make “changes in how the system
works,” Levitt said in an interview on Bloomberg Television. For more, click here. EU Lawmakers to Resume Basel Bank Rule Talks on Sept. 5 European Union lawmakers and government officials will
resume talks on Sept. 5 over how to apply Basel bank capital
rules amid calls from lenders to delay implementing the
measures, said Sharon Bowles , chairwoman of the European
Parliament’s economic and monetary affairs committee. Cyprus, which holds the rotating presidency of the EU, and
members of the EU assembly are seeking a deal on the draft law
ahead of an international deadline of January 2013. Banks have urged a delay in applying the rules, saying the
ongoing talks mean that they will have insufficient time to
adapt their systems and internal procedures. “We’re obviously going to have to have discussion about
it,” Bowles said in an interview. “I’m not unsympathetic, I
recognize the practicalities.” Negotiators will begin a series of meetings on the
legislation on Sept. 5, Bowles said. The Basel Committee on Banking Supervision, which brings
together regulators from 27 nations including the U.S., U.K. and
China, agreed in 2010 that the measures should be phased
starting Jan. 1, 2013, with full implementation from 2019. Compliance Action Deutsche Bank Unit Sued by FHFA Over Mortgage Securities A Deutsche Bank AG (DB) unit was sued by the Federal Housing
Finance Agency, which seeks the repurchase of loans backing
mortgage securities. DB Structured Products Inc. breached promises about loans
that were pooled and securitized and failed to repurchase them
as required, the FHFA said in a filing Aug. 24 in New York State
Supreme Court in Manhattan. The FHFA oversees mortgage-finance companies Fannie Mae and
Freddie Mac. The agency didn’t disclose in its court filing the
size of the investment at issue in the case. The securities were
issued by ACE Securities Corp. Home Equity Loan Trust, Series
2006-FM1. Deutsche Bank will fight the lawsuit, Renee Calabro , a
spokeswoman for the Frankfurt-based bank, said. “Deutsche Bank has acted appropriately in response to
legitimate repurchase demands,” Calabro said in an e-mailed
statement. “These suits are based on brazen factual assumptions
and unsupported legal theories.” The case is Federal Housing Finance Agency v. DB Structured
Products Inc., 652978-2012, New York State Supreme Court
(Manhattan). Scan Health Settles U.S. Medi-Cal Probe for $324 Million A California health-care group will pay about $324 million
to settle state claims that it received excess payments from
Medicare and Medi-Cal, the state’s medical program for the poor. The settlement with SCAN, a Los Angeles-based health
maintenance organization comprising SCAN Health Plan, Senior
Care Action Network and Scan Group, is the largest Medi-Cal
recovery in the state’s history, California Attorney General
Kamala Harris said Aug. 23 in an e-mailed statement. SCAN
provides health care in Southern California to the elderly and
disabled. The settlement resolves California’s claims that SCAN
failed to provide required financial information to the
California Department of Health Care Services, preventing the
agency from revising payment rates for the group. “We played no role in how the state set rates for the
population at issue, and we were previously unaware of the
mistake the state made,” SCAN Chief Executive Officer Chris Wing said in an e-mailed statement. “Once we learned that the
state made errors, we decided to refund all the money mistakenly
paid.” Because of the overpayments, Californians lost millions of
dollars “that should have been going toward the health care of
our most vulnerable citizens,” Harris said in her statement.
The U.S. Justice Department also announced the settlement. The U.S. will receive $3.82 million for the Medicare
portion of the settlement, according to the statement. For the
Medi-Cal portion, $319.9 million will be split between the
federal government and California, with the U.S. receiving
$129.4 million and the state $190.5 million, Harris said. The case is U.S. v. Scan Health Plan, 09-05013, U.S.
District Court, Southern District of California ( Los Angeles ). In the Courts Omnicare Agrees to Settle False Claims Case Over Kickback Omnicare Inc. (OCR) , a supplier of drugs to nursing homes, agreed
to settle a lawsuit claiming it paid a kickback in buying a
pharmacy company, and that it submitted false claims for
reimbursement to government health insurers. Lawyers told a federal judge in Chicago Aug. 23 that they
reached a “settlement in principle” to resolve a 2007 lawsuit
by whistle-blower Maureen Nehls, a court docket entry shows. The
terms, if final, weren’t entered into the docket. U.S. District
Judge John J. Tharp Jr. set a hearing for Sept. 25. Nehls claims Omnicare’s $25 million purchase of Total
Pharmacy Services LLC in 2004 included a kickback to one of its
owners, Philip Esformes, and his father, Morris. That payment
helped Omnicare win contracts with nursing homes owned or
controlled by Morris Esformes and gave the company thousands of
elderly and disabled customers, according to the complaint. “Omnicare capitalized on the illegal kickback arrangement
at the heart of Total Pharmacy’s operations,” Nehls attorney
Matthew Organ said in a March 21 filing. “As Total Pharmacy
held no assets, aside from a small inventory, virtually all of
the $25 million that Omnicare ultimately paid to purchase Total
Pharmacy amounted to a kickback” for long-term contracts. Omnicare, based in Covington, Kentucky, has denied
wrongdoing in court papers. Ed Loyd, an Omnicare spokesman,
declined to comment in an e-mail. David Chizewer, an attorney for Nehls, also declined to
comment on the settlement. He said that Nehls, who once worked
at Total Pharmacy, is now pursuing a nursing degree. The settlement doesn’t include the Esformes, Philip’s
lawyer, Michael Pasano of Miami, said. The father and son have
rejected Nehls’ offers to resolve the case, he said. “Philip Esformes understands that Omnicare made a business
judgment to reach a settlement in this case,” Pasano said in an
e-mail. “That settlement in no way speaks to Mr. Esformes’
position, and Mr. Esformes continues to emphatically emphasize
he has done nothing wrong and is in no way liable in this
matter.” Last year, U.S. District Judge Amy St. Eve, who had
overseen the case, denied Philip Esformes’ request to dismiss
Nehls’s fifth amended complaint. He filed an answer denying
wrongdoing. “Omnicare’s purchase of Total Pharmacy Services LLC was
the result of an arm’s-length negotiation,” his lawyers said in
that April 2011 filing. “Omnicare paid the reasonable market
value for Total Pharmacy Services LLP and therefore, no kickback
was paid and no violation of federal and state anti-kickback
laws can be alleged in connection with the purchase.” In a separate filing, Morris Esformes also substantially
denied the allegations against him. One of his attorneys, Harvey Tettlebaum of Husch Blackwell
LLP, declined to comment on the Omnicare settlement, saying he’d
not seen the settlement documents. Tettlebaum said his client “continues to insist that he’s
done nothing wrong,” and that a motion seeking judgment in
favor of the elder Esformes would soon be filed with the court. The case is United States of America v. Omnicare Inc., 07-
cv-5777, U.S. District Court, Northern District of Illinois
(Chicago). For more, click here. Comings and Goings SEC Deputy Inspector General Leaves Office Amid Investigation Noelle Maloney, who was second in command of the U.S.
Securities and Exchange Commission’s troubled internal watchdog
office, has left the agency. Maloney served as the SEC’s deputy inspector general since
2008, a period in which the office produced landmark
investigations including probes of the agency’s failure to catch
the Bernard Madoff and R. Allen Stanford frauds. Her last day at
the agency was Aug. 17, SEC spokesman Kevin Callahan said on
Aug. 24. The office has been in turmoil since March after an
employee complained to the SEC that possible conflicts of
interest involving former inspector general H. David Kotz could
have tainted the integrity of certain reports the agency
produced. David Williams , the U.S. Postal Service’s inspector
general, is conducting an investigation into the allegations. Following the January departure of Kotz, who has denied any
wrongdoing, Maloney served as interim inspector general until
the agency named Jon Rymer, inspector general for the Federal
Deposit Insurance Corp., to temporarily take over the office. Attempts to find contact information for Maloney weren’t
successful. Interviews Feds May Play Future Role in Student Loans, Chopra Says Federal agencies intervened in the student-loan market
during the financial crisis and could play a future role, said
the Consumer Financial Protection Bureau’s student-loan
ombudsman. “Regulators and agencies and the Fed may have a role to
play to ensure that the market is working well and is liquid and
that risk really reflects a price appropriately,” Rohit Chopra
said in an interview for Bloomberg Radio’s “Bloomberg EDU with
Jane Williams” program. “Certain low-risk borrowers probably don’t need to be
paying such high rates and paying those high rates is leading
them to delay a lot of economic milestones, which have really
large consequences and ripple effects for the entire economy,
including the housing market,” Chopra said. Outstanding student-loan debt is about $1 trillion. About
15 percent comes from private loans made by banks and other
lenders, and the rest is federally backed, according to the
agency. The Federal Reserve Board of Governors exercised its
authority to establish the Term Asset-Backed Securities Loan
Facility, which facilitated the issuance of a wide range of such
securities, including those backed by student loans. “During the financial crisis, we had seen the Fed try and
ensure that capital markets were functioning and used certain
authorities to make sure that asset-backed securities, whose
underlying assets were private student loans, were able to be
made,” Chopra said in the interview. “It seems that there are
some places where the market is not working. You have a lot of
responsible borrowers paying very high interest for several
years now, but they’re unable to refinance that debt.” For more, click here. To contact the reporter on this story:
Ellen Rosen in New York at
[email protected] To contact the editor responsible for this story:
Michael Hytha at
[email protected] | 2012 | cigarettes-money-market-funds-basel-rule-compliance |
Passenger Traffic at Greece’s Biggest Airport Drops Through July | By Natalie Weeks | 2012-08-27T09:33:35Z | http://www.bloomberg.com/news/2012-08-27/passenger-traffic-at-greece-s-biggest-airport-drops-through-july.html | 8 | 27 | 2cfd0f699b28e5b5f33a9dce21fc7bfaeaf2b9f3 | Passenger traffic at Athens
International Airport SA declined 12 percent in the first seven
months of the year as Europe ’s economic crisis continued to hurt
spending on travel. The number of people passing through the country’s biggest
airport dropped to 7.4 million in the seven months through July
31 from 8.4 million a year ago, according to a statement posted
on the airport’s website . International passenger traffic fell
14 percent to 4.8 million and domestic travelers were down 8.4
percent to 2.6 million. “A small improvement was observed in the course of July
compared to June, indicating that the summer traffic evolution
is still very volatile,” according to the statement. In July, the number of people passing through the airport
fell 11.6 percent to 1.5 million, compared with a 12.3 percent
drop in June, the Athens-based company said. Tourism, Greece ’s biggest industry, accounted for almost 16
percent of gross domestic product and almost one in five jobs in
2011, according to the London-based World Travel and Tourism
Council . To contact the reporter on this story:
Natalie Weeks in Athens at
[email protected] To contact the editor responsible for this story:
Jerrold Colten at
[email protected] | 2012 | passenger-traffic-at-greece-s-biggest-airport-drops-through-july |
Canada Says ‘Anonymous’ May Attack Energy Firm Computers | By Greg Quinn | 2012-08-27T16:29:18Z | http://www.bloomberg.com/news/2012-08-27/canada-says-anonymous-may-attack-energy-firm-computers.html | 8 | 27 | a9dcac78e2c7447b888ded34dd624428 | Canadian security agencies have
warned energy companies such as Imperial Oil Ltd. (IMO) their
computers may be attacked by the Anonymous hacker group because
of the industry’s work developing Alberta’s oil sands,
government documents show. The Royal Canadian Mounted Police , public safety department
and Communications Security Establishment Canada all
investigated threats against the industry between the start of
2011 and mid-March, according to documents obtained this month
by Bloomberg News under freedom of information laws. The RCMP
conducted a threat assessment after the hacker group that calls
itself Anonymous issued a press release in July 2011 accusing
oil-sands companies of being greedy and harming the environment. “The Canadian law enforcement and security intelligence
community have noted a growing radicalized environmentalist
faction who is opposed to Canada’s energy sector,” the RCMP’s
assessment said. “Corporate security officers should verify
that security testing has been performed on public facing web
servers and mail servers.” The hackers are attracted to high-profile projects such as
TransCanada Corp. (TRP) ’s proposed Keystone XL pipeline, which would
ship Alberta crude to the U.S., said Thomas Dean, associate
professor of electrical and computer engineering at Queen’s
University. “It’s the high profile targets that tend to get hit,”
Dean said from Kingston, Ontario, where he researches software
security. The chance of an attack rests on whether the industry
makes new international headlines, he said. Keystone Pipeline President Barack Obama rejected TransCanada’s initial
application to build the $7.6 billion Keystone pipeline in
January after Nebraska officials said it threatened the state’s
water. The company re-applied with an altered route for the link
between Alberta producers and U.S. Gulf Coast refineries. “Threats to Canada’s critical infrastructure are real and
will persist,” Tahera Mufti, spokeswoman with the government’s
Canadian Security Intelligence Service, wrote in an e-mailed
comment on the reports. Anonymous has infiltrated the computer systems of Toronto’s
police, Bank of America Corp. and the Australian and Syrian
governments, according to the 44 pages of documents released by
Canada’s foreign affairs department. The group uses online
discussions instead of formal leadership to organize actions and
focuses on embarrassing prominent companies, Dean said. Oil Reserves Canada’s oil reserves are the world’s third largest after
Saudi Arabia and Venezuela , most of which in bitumen deposits in
Alberta . Environmental groups say extraction of the tar-like
bitumen from sand exacerbates global warming and threatens
wildlife. Energy exports made up about 23 percent of Canada’s
merchandise shipments in June , according to Statistics Canada
data. Crude output from Canada is forecast to more than double
to 6.2 million barrels a day by 2030, according to the Canadian
Association of Petroleum Producers, known as CAPP. “Within this most recent threat, Anonymous could target or
be targeting the IT infrastructures” of companies including BP
Plc, Canadian Oil Sands Ltd., Suncor Energy Inc. and Nexen Inc.,
the RCMP said in the 2011 report. The government documents didn’t show evidence of plans for
a specific attack and the RCMP said in the report there’s no
indication Anonymous intends to cause “material damage.” “We were made aware of the issue by various third-parties,
including the government, and we also became aware of the issue
via our own monitoring systems,” said Patti Lewis, spokeswoman
for Calgary-based Nexen. “We have processes in place to
mitigate business impacts that IT security threats may create.” Regular Meetings Siren Fisekci, a spokeswoman for Canadian Oil Sands Ltd.,
the largest owner of Canada’s biggest oil-sands project,
declined to comment, as did Scott Dean of BP. Sneh Seetal of
Suncor didn’t return e-mails and a phone call seeking comment.
TransCanada didn’t immediately respond to phone calls and e-
mails on the issue. CAPP President David Collyer met April 12 with the head of
Canada’s spy service, known as CSIS, federal lobbying records
show. That was “part of ongoing/regular meetings with CSIS to
ensure secure networks and infrastructure,” Travis Davies,
spokesman for the industry group, wrote in a May 11 e-mail. The Integrated Terrorism Assessment Centre, which brings
together staff from various government agencies, produced a July
2011 memo about the risks posed by Anonymous to Alberta’s oil-
sands, which was distributed to “stakeholders,” according to a
separate set of documents released by the spy agency under
freedom of information law. Disrupt Operations “Anonymous has demonstrated that it can effectively mount
cyber attacks with the potential to disrupt corporate or
government operations,” the report said. Prime Minister Stephen Harper has touted Canada as a secure
energy superpower and a major supplier of energy to the U.S.
through oil, natural gas and electricity shipments . Natural
Resources Minister Joe Oliver wrote an open letter in January
criticizing “environmental and other radical groups” that
“threaten to hijack our regulatory system to achieve their
radical ideological agenda.” Jessica Slack, a spokeswoman with Public Safety Canada,
declined to comment on any specific threat when asked about
Anonymous and the energy industry . The department’s minister Vic Toews was threatened by the group in a February video over
proposed legislation that would increase the police’s powers to
monitor people’s activities on the Internet. Informal Leadership Anonymous doesn’t have formal leadership or spokesmen, and
often works by calling hackers to join causes that are chosen
through online polls, according to a government report. Their attacks focus on overloading websites until they shut
down, posting embarrassing messages on an organization’s website
and stealing sensitive information, Dean said. Their capacity to
attack depends on if an idea gains enough popularity for a large
group of people to join together, he said. “The biggest mistake to make with Anonymous is to think
they are some kind of single group with a cohesive message,”
Dean said. The RCMP shares some of its reports with companies and
holds regular security discussions with industry groups, Cpl.
David Falls wrote in an e-mailed response to questions. He
declined to comment on the specific threat posed by Anonymous. Pius Rolheiser, a spokesman for Imperial, also declined to
comment on any specific threat. The Calgary-based company, which
is 70 percent owned by Exxon Mobil Corp., operates the Cold Lake
oil-sands project, has a stake in Syncrude and is building the
Kearl oil-sands mining project that’s scheduled to start up
later this year. The Anonymous press release referred to
objections in Montana to using a highway to send heavy equipment
to Kearl. “Imperial maintains a high level of security in all
aspects of its operations and that includes cyber security ,”
Rolheiser said. “We take all potential threats seriously.” For Related News and Information: To contact the reporter on this story:
Greg Quinn in Ottawa at
[email protected] To contact the editors responsible for this story:
David Scanlan at [email protected] ;
Christopher Wellisz at
[email protected] | 2012 | canada-says-anonymous-may-attack-energy-firm-computers |
Storm Shuts 78% of Gulf Oil Output, 48% of Gas, U.S. Says | By Christine Buurma | 2012-08-27T18:29:11Z | http://www.bloomberg.com/news/2012-08-27/storm-shuts-78-of-gulf-oil-output-48-of-gas-u-s-says-1-.html | 8 | 27 | ebbf330079678b7eb70507ff945174328b839386 | About 78 percent of oil production
and 48 percent of natural gas output from the Gulf of Mexico has
been shut in as Tropical Storm Isaac approaches, a Bureau of
Safety and Environmental Enforcement report today showed. About 1.08 million barrels of oil a day were curtailed as
of 12:30 p.m. East Coast time, the bureau said today on its
website . That compares with 333,815 barrels yesterday. About
2.17 billion cubic feet of gas per day have been shut in,
compared with 371 million yesterday. Personnel have been evacuated from 346 platforms, or 58
percent of the manned platforms in the Gulf. Companies have
evacuated employees from 41 rigs, or 54 percent of the rigs
operating in the Gulf, the report showed. Tropical Storm Isaac, with top sustained winds of 65 miles
(105 kilometers) per hour, was 280 miles southeast of the mouth
of the Mississippi River , according to a National Hurricane
Center advisory at 2 p.m. East Coast time. The storm was moving
northwest at 14 miles per hour and is poised to make landfall
south of New Orleans on Aug. 29, the advisory said. The Gulf accounts for 23 percent of U.S. oil output and 7
percent of natural gas production. To contact the reporter on this story:
Christine Buurma in New York at
[email protected] . To contact the editor responsible for this story:
Dan Stets at
[email protected] | 2012 | storm-shuts-78-of-gulf-oil-output-48-of-gas-u-s-says-1- |
German Business Confidence Falls for a Fourth Month | By Stefan Riecher | 2012-08-27T10:07:32Z | http://www.bloomberg.com/news/2012-08-27/german-business-confidence-fell-for-a-fourth-month-in-august-1-.html | 8 | 27 | 27aaab64aa4746fc824fac4cfeb5f4ea | German business confidence fell for
a fourth straight month in August as the sovereign debt crisis
curbed growth in Europe ’s largest economy. The Ifo institute in Munich said its business climate
index , based on a survey of 7,000 executives, dropped to 102.3
from 103.2 in July. That’s the lowest reading since March 2010.
Economists predicted a decline to 102.7, according to the median
of 37 forecasts in a Bloomberg News survey . German economic growth slowed to 0.3 percent in the second
quarter from 0.5 percent in the first as the debt crisis damped
demand for exports and prompted companies to postpone
investments. While sales to faster-growing markets outside
Europe and domestic spending are helping to insulate Germany
from the turmoil, the Bundesbank said last week that the
prevailing uncertainty may cause the economy to cool further. “Recent economic data are not encouraging,” said Jens- Oliver Niklasch, an economist at Landesbank Baden-Wuerttemberg
in Stuttgart. “The construction industry as well as the export
industry will see a slowdown in the months to come.” Ifo’s gauge of the current situation eased to 111.2 from
111.5 in July, while a measure of executives’ expectations fell
to 94.2, the lowest since June 2009, from 95.5. The euro rose after the report before easing to trade
little changed at $1.2521 at 11:45 a.m. in Frankfurt , up 0.1
percent today. European stocks were flat, with the Stoxx 600
Index (SXXP) down 0.1 percent at 267.69. Debt Crisis The debt crisis has driven up borrowing costs in Spain and
Italy , threatening the survival of the euro and undermining
confidence in Germany, which sells about 40 percent of its
exports to the euro area. German capital investment fell 0.9 percent in the second
quarter from the first, with spending on plant and machinery
down 2.3 percent and construction spending falling 0.3 percent,
a breakdown of gross domestic product showed on Aug. 23. Commerzbank AG (CBK) , Germany’s second-largest bank, said Aug. 9
that profit will fall “significantly” in the second half of
the year as slowing economic growth results in higher loan-loss
provisions and mutes clients’ demand for services. Financial markets rallied after European Central Bank
President Mario Draghi pledged to do whatever is needed to
preserve the euro. On Aug. 2, he said the ECB may intervene in
bond markets to lower yields in Italy and Spain if those
governments request aid from the region’s bailout fund. World Economy The European Commission forecasts a 0.3 percent contraction
for the 17-nation euro economy this year. The debt crisis is also damping the global outlook. China’s
failure to secure an economic rebound is adding to austerity
measures in Europe and unemployment in the U.S. in limiting
prospects for Japanese trade and growth. Japan ’s risk of an economic contraction this quarter has
increased as faltering demand from Europe to China drags down
exports, strengthening the case for more government measures to
support growth. JPMorgan Securities Japan Co. forecasts a 0.3 percent
annualized decline in Japanese GDP in the three months through
September after previously seeing 1 percent growth. BNP Paribas
SA estimates a 0.9 percent fall after earlier predicting no
change. German Growth By contrast, the Bundesbank in June raised its 2012 growth
forecast for Germany to 1 percent from 0.6 percent, citing
domestic consumption. Unemployment remains at a two-decade low
of 6.8 percent as German companies tap faster-growing markets
outside Europe. Bilfinger Berger SE (GBF) , a German construction company and
maintenance provider, on Aug. 21 forecast profit will increase
this year, with Chief Executive Officer Roland Koch saying it is
focused on growing its business abroad. The euro’s 13 percent decline against the dollar in the
past year is also helping exporters by making their goods
cheaper overseas. “If an economy goes into recession, like the euro zone is,
the currency weakens and that’s quite natural,” Kai Carstensen,
an economist at Ifo in Munich, said in an interview on Bloomberg
Television’s The Pulse with Caroline Hyde. “That helps
exporters, especially German exporters, even though German
exports are not as price sensitive as many believe.” The Bundesbank said in its monthly report published on Aug.
20 that as long as demand for German products from non euro-area
countries remains essentially intact, a reversal of the cyclical
growth trend in Germany is “highly unlikely.” “Private consumption is still growing and Germany is still
a big player when it comes to exports,” said David Milleker,
chief economist at Union Investment GmbH in Frankfurt.
“However, the weak investment dynamic is a big concern, and
this is why managers are becoming more pessimistic.” To contact the reporter on this story:
Stefan Riecher in Frankfurt at
[email protected] To contact the editor responsible for this story:
Matthew Brockett at
[email protected] | 2012 | german-business-confidence-fell-for-a-fourth-month-in-august-1- |
Nokia, Microsoft Are Seen Benefiting From Samsung Ban | By Adam Ewing, Adam Satariano and Hugo Miller | 2012-08-27T20:22:39Z | http://www.bloomberg.com/news/2012-08-27/nokia-to-microsoft-seen-benefiting-from-potential-samsung-ban.html
Nokia Oyj (NOK1V) and Microsoft Corp. (MSFT) , both looking to increase U.S. sales of smartphones, stand to get a much-needed boost as Samsung Electronics Co. (005930) products face a possible ban and handset makers come under pressure to consider alternatives to Google Inc. (GOOG) ’s Android software. A federal jury awarded Apple Inc. (AAPL) more than $1 billion on Aug. 24, saying Samsung infringed on six of seven patents for mobile devices. U.S. District Judge Lucy Koh will weigh Apple’s request for a ban on U.S. sales of some devices from Samsung, the dominant maker of Android phones, next month. Some Android- equipment makers may turn to platforms such as Microsoft’s Windows 8 to avoid a similar trip to court, said Carolina Milanesi of the research firm Gartner Inc. (IT) Related Stories: “I am sure that vendors in the Android ecosystem are wondering how long it will be before they become Apple’s target,” Milanesi said in an interview. “This might sway some vendors to look at Windows Phone 8 as an alternative, and for the ones like HTC Corp. (2498) and even Samsung, who have already announced plans to bring to market a WP8 device, how much stronger their investment should be.” The ruling will allow Apple to defend its intellectual property more vigorously, Bloomberg Industries analyst John Butler said in a report. Microsoft Benefits Nokia, based in Espoo, Finland , rose 7.7 percent to close at 2.68 euros in Helsinki. The stock is down 29 percent this year. Microsoft climbed less than 1 percent to $30.69 in New York . Samsung, which had risen 21 percent this year before the U.S. court ruling, fell 7.5 percent in Seoul , the biggest decline since October 2008. Apple climbed 1.9 percent to $675.68. BlackBerry maker Research in Motion Ltd. gained 1.9 percent to $7.07 in New York, the first rise after falling for ten consecutive sessions. RIM will largely miss an opportunity to benefit because the first of the new BlackBerry 10 phones it’s counting on to win sales won’t arrive until next year’s first quarter, said Horace Dediu, a former analyst for Nokia who now runs mobile-phone industry research firm Asymco.com in Helsinki. Microsoft stands to gain the most, Dediu said. The Redmond, Washington-based company has already prevailed in patent disputes with Android user Motorola Mobility, which is owned by Google. Microsoft has won orders that banned U.S. imports of some Motorola devices and limits on sales of some of the company’s products in Germany. Android Costs “Microsoft can go in to all these accounts and say, ‘Let us remind you again of the cost of Android,’” Dediu said. “What Microsoft has always had trouble with is getting these vendors to switch.” Samsung sells dozens of Android phone models, according to its website, compared with three for Microsoft. Microsoft could also boast it offers legal protection that Google, by giving away Android for free to vendors, hasn’t provided, Dediu said. “With Windows phones, you’re protected against IP lawsuits because, if anybody sues, they are going to talk with Microsoft,” he said. “Microsoft can do that because they actually do have their IP pretty well sorted out.” Nokia decided to become partners with Microsoft last year after jettisoning its aging Symbian platform that had failed to keep up with Apple’s iPhone and Android devices. Nokia’s global mobile-phone market share slumped to 20 percent last quarter from 23 percent a year earlier, according to Gartner. Android’s share among platforms rose 21 percentage points to 64 percent, while Cupertino, California-based Apple’s iOS had 19 percent. Getting Traction “Right now, for Nokia, it is a case of ‘the more the merrier,’ as the strength of the ecosystem is what they need to get traction with consumers and carriers alike,” said Milanesi, of Stamford, Connecticut-based Gartner. More important than the Aug. 24 U.S. court ruling is the injunction Judge Koh is considering issuing next month, said Mark Lemley , a professor at Stanford Law School in Stanford, California . “The real question is whether this is enough to derail the momentum the Android ecosystem has gained in the marketplace,” Lemley said in an e-mail. Many of the infringement claims don’t have anything to do with the Android software, Google said yesterday in an e-mail. In a court filing today, Apple sought a ban on eight models of Samsung’s smartphones, including several of its Galaxy S devices. Lumia Phones “Most of these don’t relate to the core Android operating system, and several are being re-examined by the U.S. Patent Office,” Google said in its statement. The injunction may give other handset makers a welcome boost, said Michael Schroeder , a Helsinki-based analyst at FIM Bank. “A potential sales ban on Samsung products will create some additional room for Nokia as it is preparing to ship the new lineup of Lumia devices over the next couple of months,” Schroeder said. Nokia continues to focus on expanding the entire Windows Phone system, said Susan Sheehan, a spokeswoman. She declined to comment on the Samsung ruling. Last quarter Nokia sold 600,000 handsets in North America, little changed from the previous period even after introducing the flagship Lumia 900 in April at AT&T Inc. Apple sold 5.9 million iPhones, which then-CEO Steve Jobs introduced in 2007, in the U.S. in the quarter, according to Strategy Analytics . Microsoft’s mobile platform gained speed, winning 2.7 percent of global sales compared with 1.6 percent a year earlier, Gartner said. Elop’s Bet Nokia is set to show its new Lumia smartphones running Microsoft’s Windows Phone 8 software on Sept. 5. Stephen Elop, the former Microsoft executive who was brought aboard in 2010 to revive Nokia, is now betting that a wave of advertising spending by Microsoft to push the new Windows 8 operating system will help accelerate demand for Lumia. Tara Walberg of New York-based public relations firm Waggener Edstrom Worldwide, speaking on behalf of Microsoft, declined to comment. While RIM is fighting a similar battle to regain lost market share with a new platform, it is months behind Nokia. RIM’s take of global smartphone platforms fell to 5.2 percent last quarter from 12 percent a year earlier. The first two new models of BlackBerry 10 devices | 8 | 27 | c040fe9e5cdc47a988a68414ca17d4b8 | 2012 | nokia-to-microsoft-seen-benefiting-from-potential-samsung-ban |
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Half of Burkina Faso Voters Fail to Enroll for December Election | By Simon Gongo | 2012-08-27T13:39:56Z | http://www.bloomberg.com/news/2012-08-27/half-of-burkina-faso-voters-fail-to-enroll-for-december-election.html | 8 | 27 | 41883daed13b9d9f0f6ae89b9943ea150f64d163 | Half of the expected voters in
Burkina Faso didn’t register for legislative and municipal
elections scheduled for December, with no plan in place to
enroll them, said Boris Edson Yameogo, spokesman for the
country’s electoral commission. Four million people signed up in the registration period
from June 1 to yesterday, less than the 8 million expected, he
said by phone today from Ouagadougou, the capital. The
commission will check for double registrations and give a
“definitive list” by the end of September, Yameogo said. The annual rainy season may have prevented many people from
being able to register, he said. To contact the reporter on this story:
Simon Gongo in Ouagadougou via Accra at
[email protected] To contact the editor responsible for this story:
Emily Bowers at
[email protected] | 2012 | alf-of-burkina-faso-voters-fail-to-enroll-for-december-election |