- Toyota Stigma Prompts Hatoyama to Turn Technology Salesman to Revive Japan French President Charles de Gaulle once labeled a Japanese premier a “transistor salesman.” Now Prime Minister Yukio Hatoyama is hawking bullet trains and nuclear plants after Toyota Motor Corp.’s recalls hurt the country’s image as a top manufacturer.
- Exxon Lowers Investment Bar, Buys Projects Previously Deemed Too Piddling Exxon Mobil Corp., BP Plc and Total SA are investing in assets that previously weren’t worth their time or money after oil-rich nations reduced access to reserves and exploration drilling faltered.
- `Cinderella' Wine Valley Razed by Chile Quake Signals Bankrupt Vineyards Chile’s strongest earthquake in 50 years may bankrupt smaller winemakers after vines collapsed, casks broke apart and millions of liters were spilled, a former Goldman Sachs Group Inc. banker-turned-winemaker said.
- City of London Developers to Start Skyscrapers as Rents End Two-Year Drop Brookfield Asset Management Inc., owner of a stake in the U.K.’s tallest building, is about to start constructing an even higher tower in the City of London.
- Pound's Slide to Help U.K. Outpace Euro Economies, Goldman's Nielsen Says The pound’s drop last week to a 10- month low may help the U.K. economy grow faster than the region sharing the euro, which is hobbled by budget deficits and aging populations, according to Goldman Sachs Group Inc.
- Ethanol Poised for Rally as Valero Sees Profits Where Gates Found Losses Ethanol, the commodity that cost Bill Gates more than $44 million the last time prices collapsed, is poised to rally as much as 20 percent as the fastest drop since 2008 spurs demand.
- New Normal Becomes Old Normal With Exports Spurring Growth in New U.S. Mix The “new mix” is out to topple the “new normal” as the paradigm for America’s economic future.
- `On the Edge' Banks Facing Writedowns After FDIC Auctions of Seized Loans A Federal Deposit Insurance Corp. plan to auction more than $1 billion in assets seized from failed banks next month, including a loan to build a W Hotel in Atlanta, may trigger writedowns that weaken lenders nationwide.
- Vineyard Defaults Surge as Lost California Land Values Undermine Napa Wine In California’s Napa Valley, producer of the most expensive U.S. wines, 2010 may be a vintage year for foreclosures as the industry is squeezed by falling land values and a consumer shift to cheaper brands.
- China to Nullify Local Governments' Loan Guarantees as Credit Risk Grows China plans to nullify all guarantees local governments have provided for loans taken by their financing vehicles as concerns about credit risks on such debt increases.
- FDIC May Invite Pension Funds to Buy Stakes in U.S. Banks Facing Seizure The Federal Deposit Insurance Corp. is trying to encourage public retirement funds that control more than $2 trillion to buy all or part of failed lenders, taking a more direct role in propping up the banking system, said people briefed on the matter.
- States Will Cut More Workers to Offset Declining Revenue: Chart of the Day U.S. state and local governments are likely to keep cutting jobs even as the broader labor market shows signs of emerging from the worst slump since World War II, economists said.
- Sleepless in Zurich Has ABB, Bouygues Bunkering Cash for European `Angst' ABB Ltd., Daimler AG, Fiat SpA and Europe’s biggest companies hoarded more cash in 2009 than the previous three years as they curbed acquisitions to protect themselves against an economic slump.
Bloomberg Daily News 9th March 2010
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