- Singapore Plans Greenwich-Style Hedge Fund Home in Nepal Hill Neighborhood Singapore is planning to create its own hedge-fund capital modeled after Greenwich, Connecticut, in a cluster of ex-British army homes called Nepal Hill, a 15- minute cab-ride from the city-state’s main banking district.
- Pfizer's Failures Clear Path for Cholesterol Drug Push by Canadian Upstart Resverlogix Corp., without a marketed product, may accomplish what Pfizer Inc., the world’s biggest drugmaker, couldn’t: Creating a new medicine that fights heart disease by raising so-called good cholesterol.
- Silicon Valley's Talent Dominates Academy Awards as Hollywood Looks North No matter which film gets the Oscar for best visual effects at the Academy Awards this weekend, it’s a guaranteed win for Autodesk Inc. and Nvidia Corp.
- JPMorgan, Citi Lead Bond Market in Year When High-Yield Issues Set Record The thawing of the credit markets in 2009 spawned record debt sales as companies sought to ensure they had enough capital to run their businesses and meet their debt obligations. Corporate bond sales worldwide climbed 31 percent to $3.04 trillion and issuance of high-yield, high-risk securities -- the most lucrative market for underwriters -- ballooned by 181 percent to $207 billion, Bloomberg Markets reports in its April issue. Both set records.
- Citigroup's Auction-Rate Bonds Freeze Hawaii's Cash as Teachers Forgo Pay Two years after the auction-rate bond market froze, Hawaii has lost about $250 million in market value on $1 billion in student-loan securities sold by a single Citigroup Inc. broker as a cash substitute that the state has had difficulty unloading.
- Goldman Leads Slumping Merger Market as Buffett Deal Boosts Hopes for 2010 A pair of takeovers by billionaire investor Warren Buffett and oil giant Exxon Mobil Corp. late last year were all the encouragement that investment bankers needed, Bloomberg Markets reports in its April issue.
- Your Taxes Supporting For-Profit Firms as They Acquire Non-Profit Colleges ITT Educational Services Inc. paid $20.8 million for debt-ridden Daniel Webster College in June. In return, the company obtained an academic credential that may generate a taxpayer-funded bonanza worth as much as $1 billion.
- Iraq Opens to BP, Exxon Mobil, Royal Dutch Shell for First Time Since 1972 BP Plc and Exxon Mobil Corp. took the best deal they could get in Iraq last year when they won the largest oil contracts since Saddam Hussein was toppled in 2003. Oil companies may wait a long time to get a better one.
- Toyota Recalls Spark Divergence in Swaps, Bond-Yield Spread: Chart of Day Toyota Motor Corp.’s recall of about 8 million cars has elicited divergent responses from foreign and Japanese investors, with the cost of protecting the company’s bonds against default rising while the yield spread to sovereign debt has varied little this year.
- Malone's Liberty Global Sees Kabel Baden-Wuerttemberg as a Takeover Target Liberty Global Inc., controlled by billionaire John Malone, sees Kabel Baden-Wuerttemberg, Germany’s third-largest cable operator, as a potential acquisition target, said Chief Strategy Officer Shane O’Neill.
- Japan Takes On Consumption-Tax `Taboo' Obama Won't Touch to Rein in Debt Finance Minister Naoto Kan’s readiness to debate Japan’s first sales-tax increase since 1997 signals the risk of a fiscal crisis may be weighing heavier with policy makers than dangers to economic growth.
- Geithner Adviser Sachs to Resign This Year as Emergency Programs Wind Down Lee Sachs, a counselor to Treasury Secretary Timothy F. Geithner, plans to step down this year as the banking crisis wanes and the Obama administration winds down its emergency programs.
- Pinera May Splurge on Chile Earthquake Rebuilding After Vowing Austerity Chilean President-elect Sebastian Pinera, who vowed austerity after the outgoing government posted its first deficit in five years, may have to go on a spending spree to rebuild from Chile’s biggest earthquake in 50 years.
- Wen May Prove Powerless to Fix Booming Chinese Economy as Term Winds Down Premier Wen Jiabao calls China’s economic growth path “unbalanced, uncoordinated, and unsustainable.” This week’s annual parliament session may prove he is unable to change its course.
- Tiger Woods Mea Culpa Failed to Improve His Public Standing, Study Shows Tiger Woods’s televised apology for infidelity on Feb. 19 failed to reverse his plummeting stature with the American public, according to a survey by a unit of Omnicom Group Inc.
Blomoberg Daily News 5th March 2010
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