Wednesday, October 17, 2012

Top Stories: Best of Bloomberg

The following are today's top stories from Best of Bloomberg News:

1. China Credit Card Romney Assails Gives Way to Japan Lenders
2. Citigroup Expanded Shadow Banking as Pandit Urged Regulation
3. Silicon Beach Draws Startups to L.A. as Office Rents Climb
4. Coca-Cola Abandoning Athens Leaves Market Trailing Vietnam
5. Ex-Goldman Mortgage Trader Birnbaum Said to Post 30% Fund Gain
6. Goldman Sachs's O'Neill Sees BRICS Bank Gathering Momentum
7. Bono's Village Braces for Fight in Dublin Bay Oil Drill Plan
8. Billionaire Peterffy Says $1.9 Billion Tax Bill Helps Poor
9. Softbank Debt a Buy for Nomura as Downgrade Looms: Japan Credit
10. Cheap Gas From Fracking Fuels Profits at LyondellBasell: Energy
11. Ruble Bonds Diamond Miner's Best Friend for Debt: Russia Credit
12. South Africa's $38 Billion Water Gap Pits Vines Against Mines
13. Sprint Said Not to Plan Buying Clearwire After Softbank Deal
14. Obama Under Pressure in Romney Debate Amid Early Voting
15. Abu Dhabi Yield Drops as Museums, Metals Spur GDP: Arab Credit
16. Taxpayers' $5 Billion Gives Electric Cars a Slow Jolt: Cars
17. Sprint $8 Billion War Chest Threatens AT&T-Verizon Duopoly: Tech
18. Sugar Glut Extending to Longest in More Than Decade: Commodities
19. Sprint 55% Get Best Payout Since '99 as Softbank Sinks: Real M&A
20. Palestinians Cry 'Feed My Children' as Abbas Rule Imperiled

1) China Credit Card Romney Assails Gives Way to Japan Lenders
(Bloomberg) -- China is poised to lose its place as the U.S.'s biggest
creditor for the first time since the height of the financial crisis,
blunting one of Mitt Romney's favored attacks in the presidential campaign.
Chinese holdings of Treasuries rose 0.1 percent this year through August to
$1.15 trillion, Treasury Department data on international capital flows
released today show. Japan, ...
Full story: {FIFW NSN MBZOLU1A1I4H <GO>}

2) Citigroup Expanded Shadow Banking as Pandit Urged Regulation
(Bloomberg) -- Vikram Pandit, who abruptly resigned today as chief
executive officer of Citigroup Inc., was among the most vocal critics of
shadow banking, the lightly regulated lending that can mask risk in the
financial system. He was also among the kings of the business. Under Pandit,
Citigroup arranged more than $7 billion of collateralized loan obligations
in the U.S. this year through September, three ...
Full story: {FIFW NSN MBZSVT6S972B <GO>}

3) Silicon Beach Draws Startups to L.A. as Office Rents Climb
(Bloomberg) -- Josh Payne spent seven years in San Francisco, where a
technology boom has pushed office rents to the highest level in a decade. He
headed south to Los Angeles's Venice area when starting his Internet firm,
StackSocial Inc. Payne and his 10 employees moved in August into a Frank
Gehry-designed loft with three-story-high windows that overlook the Pacific
Ocean and the boardwalk's parade of ...
Full story: {FIFW NSN MBZPY06S9729 <GO>}

4) Coca-Cola Abandoning Athens Leaves Market Trailing Vietnam
(Bloomberg) -- When Coca-Cola Hellenic Bottling Co. SA, the world's
second-largest Coca-Cola bottler, quits the Athens stock exchange for London
next year, it will leave the Greek market smaller than Vietnam. The
company's departure will cut the value of equities listed in Athens to about
$31 billion from $39.2 billion, data compiled by Bloomberg show. Vietnam is
valued at $35.2 billion. Greece's bourse is ...
Full story: {FIFW NSN MBZPL06TTDSF <GO>}

5) Ex-Goldman Mortgage Trader Birnbaum Said to Post 30% Fund Gain
(Bloomberg) -- Josh Birnbaum, the former Goldman Sachs Group Inc. trader
instrumental in the bank's bet against the U.S subprime mortgage market in
2007, posted a 30 percent gain this year in his hedge fund, according to a
person familiar with the matter. Tilden Park Capital Management LP, based in
New York with $1.1 billion in assets, rose 6 percent in ...
Full story: {FIFW NSN MBZQG06S9735 <GO>}

6) Goldman Sachs's O'Neill Sees BRICS Bank Gathering Momentum
(Bloomberg) -- Leaders from the world's biggest emerging markets are
moving closer toward establishing a development bank of their own, according
to Jim O'Neill, chairman of Goldman Sachs Asset Management. The so-called
BRICS nations of Brazil, Russia, India, China and South Africa have spent
the year considering an Indian proposal for a multilateral bank that would
be exclusively funded by ...
Full story: {FIFW NSN MBZW186S972O <GO>}

7) Bono's Village Braces for Fight in Dublin Bay Oil Drill Plan
(Bloomberg) -- In an Irish village known more for its riches than
resources, locals used to celebrity spotting are steeling themselves for a
fight over oil. Providence Resources Plc and its partner won a license on
Sept. 27 to carry out exploratory drilling in Dublin Bay, 7 kilometers (4.3
miles) east of Dalkey, where U2 frontman Bono and fellow musician Van
Morrison have homes. The plans are pitting villagers who ...
Full story: {FIFW NSN MBZCMQ07SXKX <GO>}

8) Billionaire Peterffy Says $1.9 Billion Tax Bill Helps Poor
(Bloomberg) -- Thomas Peterffy, the 68-year-old billionaire funding
anti-socialism commercials, said he helps the needy by paying his tax bill.
"The rich support the poor primarily via taxes," he said in an e-mail sent
to Bloomberg News by spokeswoman Caitlin Duffy. "I paid $1.9 billion in
taxes in my lifetime." The Hungarian-born chairman of Greenwich, ...
Full story: {FIFW NSN MC02K96S9735 <GO>}

9) Softbank Debt a Buy for Nomura as Downgrade Looms: Japan Credit
(Bloomberg) -- Bonds of Softbank Corp., facing a ratings cut on the
$20.1 billion takeover of Sprint Nextel Corp., are worth buying on further
declines because cash flows will cover the acquisition, according to Nomura
Holdings Inc. The extra yield investors demand to own the company's 1.67
percent notes due June 2015 rather than government debt widened 100 basis
points since the announcement on Oct. 12 to a ...
Full story: {FIFW NSN MBZKKT6JTSEH <GO>}

10) Cheap Gas From Fracking Fuels Profits at LyondellBasell: Energy
(Bloomberg) -- Profit margins for ethylene, a colorless gas used to
ripen fruit, open flowers and make products from plastic bags to paint
removers, are surging to near record levels and may climb further, reviving
fortunes of U.S. producers. Two of the commodity's largest makers,
LyondellBasell Industries NV and Westlake Chemical Co., have posted their
highest-ever profits and their shares have gained 66 percent and 91 percent
respectively this year. Their margins ...
Full story: {FIFW NSN MC06Q16S972N <GO>}

11) Ruble Bonds Diamond Miner's Best Friend for Debt: Russia Credit
(Bloomberg) -- OAO Alrosa, the world's biggest diamond miner by output,
is selling ruble bonds for the first time since 2010 to finance debt it was
forced to assume buying back natural gas assets from Russian lender VTB
Group. The board approved 60 billion rubles ($1.9 billion) of three-year
bonds, state-run Alrosa said in a filing on Oct. 12. The company may sell 10
billion rubles of notes by the end of ...
Full story: {FIFW NSN MBZSQG6JIJV9 <GO>}

12) South Africa's $38 Billion Water Gap Pits Vines Against Mines
(Bloomberg) -- Concrete patches on the canals snaking through Nico
Greeff's vineyards betray constant repairs to an outmoded irrigation system
that's the lifeblood of farming in South Africa's arid west. "The water
infrastructure is about 60 years old and the lifespan of a surfaced canal is
about 40 years," Greeff, 55, said on his farm near Vredendal, north of Cape
Town. "Sometimes there are breakages on the canal system, which interrupts
...
Full story: {FIFW NSN MBXX8707SXKX <GO>}

13) Sprint Said Not to Plan Buying Clearwire After Softbank Deal
(Bloomberg) -- Sprint Nextel Corp., which agreed to sell a 70 percent
stake to Softbank Corp. for $20.1 billion, has no immediate plans to take
over Clearwire Corp., said people with direct knowledge of the situation.
Softbank's and Sprint's priority is to close the deal they announced
yesterday, which will take six to eight months, said the people, who asked
not to be identified because the ...
Full story: {FIFW NSN MC05EV6S972Q <GO>}

14) Obama Under Pressure in Romney Debate Amid Early Voting
(Bloomberg) -- With voters already casting ballots and polls showing a
tightening race, President Barack Obama has little room for error in
tonight's second debate against Republican challenger Mitt Romney. The two
candidates take the stage at 9 p.m. at Hofstra University in Hempstead, New
York, as voters in 11 states, including the ...
Full story: {FIFW NSN MC06RM0D9L35 <GO>}

15) Abu Dhabi Yield Drops as Museums, Metals Spur GDP: Arab Credit
(Bloomberg) -- Abu Dhabi bond yields extended the longest run of
declines in 16 months as the emirate's economy grows three times faster than
that of the Group of 10 nations, fueled by spending on aluminum smelters and
art museums. The yield on Abu Dhabi's 5.5 percent dollar bonds due April
2014 fell 49 basis points to 0.61 percent in the past eight weeks, the
lowest level in the Middle East. That's 291 basis ...
Full story: {FIFW NSN MBZG7H6JTSFS <GO>}

16) Taxpayers' $5 Billion Gives Electric Cars a Slow Jolt: Cars
(Bloomberg) -- President Barack Obama has put $5 billion in taxpayer
money behind his goal of having 1 million electric cars on U.S. roads by
2015. The Republican presidential ticket says it's money wasted on "losers."
Whether the technology itself is a loser or consumers are merely slow to
adapt to new things, car buyers so far haven't embraced ...
Full story: {FIFW NSN MBZXR06KLVT5 <GO>}

17) Sprint $8 Billion War Chest Threatens AT&T-Verizon Duopoly: Tech
(Bloomberg) -- Softbank Corp.'s $20 billion deal with Sprint Nextel
Corp. gives Chief Executive Officer Dan Hesse the firepower to bring renewed
competition to the U.S. mobile- phone industry, creating benefits for
consumers and challenges for AT&T Inc. and Verizon Wireless. Softbank, based
in Tokyo, will deposit $8 billion into Hesse's war chest as part of a deal
in which the Japanese company will take a 70 percent stake in the
third-largest U.S. ...
Full story: {FIFW NSN MBZNSE6S972E <GO>}

18) Sugar Glut Extending to Longest in More Than Decade: Commodities
(Bloomberg) -- The global sugar glut is extending into a third year, the
longest stretch in more than a decade, as Brazil and Australia expand output
and imports contract to the smallest since 2008. Production will exceed
demand by 5.9 million metric tons in the year that began Oct. 1, more than
the U.S. consumes in six months, the International Sugar Organization
estimates. ...
Full story: {FIFW NSN MC065S6TTDS4 <GO>}

19) Sprint 55% Get Best Payout Since '99 as Softbank Sinks: Real M&A
(Bloomberg) -- For Sprint Nextel Corp. investors that get to cash out on
55 percent of their stock, the deal with Softbank Corp. represents the
mobile-phone industry's steepest premium in more than a decade for a company
languishing at the cheapest valuation. Japan's third-biggest mobile-phone
operator announced an agreement yesterday to buy out about 55 percent of
Sprint's stock for $7.30 a share in a deal that will ultimately give ...
Full story: {FIFW NSN MC066L0UQVI9 <GO>}

20) Palestinians Cry 'Feed My Children' as Abbas Rule Imperiled
(Bloomberg) -- In the Palestinian city of Ramallah, protesters thronged
the streets this month shouting "feed my children" after the government once
again failed to pay 170,000 civil servants their monthly salaries on time.
In Hebron to the south, hundreds of demonstrators burned tires in September
to protest the economic squeeze, while in Bethlehem residents tore down ...
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