- Iceland Shrinks 8% as Prices Rise 11% in Deepest Recession of 33 Countries Arni Hallgrimsson lost his job as a public relations consultant when Iceland’s three biggest banks collapsed last year, putting him out of work for the first time since 1980. After a stint cleaning the docks at a whaling station during the summer hunt, he’s unemployed again.
- Writedowns on Mortgage-Collection Servicing Make Even JPMorgan Vulnerable The four biggest U.S. banks by assets may have to take writedowns on $55 billion of mortgage- collection contracts after marking them up by $11 billion in the second quarter, casting a shadow over earnings.
- El-Erian `New Normal' May Beat Summers `Rocket Ship' in Economic Reports Mohamed El-Erian, co-head of the world’s biggest bond fund, says the U.S. economy is in for a sustained period of below-normal growth. Lawrence Summers, President Barack Obama’s top economic adviser, disagrees.
- Mating in London Today Means 4,000 People Meeting Over the Price for Metal “Copper! Copper!” shouts a trader at 4:59 p.m. in the London Metal Exchange’s dealing ring, where frowning men in blue suits and pink ties jab fingers and scream at each other in the last 60 seconds of trading.
- Calderon Poised to Win Mexico Budget Approval, Goldman Sachs, Putnam Say Mexican legislators will back President Felipe Calderon’s plan to raise taxes and cut spending, helping the nation avert a credit-rating downgrade and extend gains in stocks, bonds and the peso, Goldman Sachs Group Inc. and Putnam Investments say.
- Central Banks' Shift to Euro Ignores U.S. Trade, Savings: Chart of the Day Central banks have been shifting their record reserves into the euro at the expense of the U.S. dollar. Investors may not follow, with America’s saving rate and trade balance data back at levels that prevailed when the European currency was unveiled in 1999.
- KPN, Telefonica Battling Against Long Odds in Germany's Bandwidth Auction For Royal KPN NV and Telefonica SA, failure to win the right frequencies in Germany’s largest bandwidth auction in 10 years may determine whether they can remain in the 24 billion-euro ($35.3 billion) market.
- CVS, Walgreen Have Spot Shortages of Seasonal-Flu Vaccine on Demand Surge CVS Caremark Corp. and Walgreen Co., the two largest U.S. drugstore chains, are experiencing spot shortages of seasonal-flu vaccines because of increased demand.
- Stanford University May Sell Sequoia, Kleiner Stakes as Fund Prices Rise Stanford University is seeking to sell $1 billion in private investments, including stakes in venture capital funds run by Sequoia Capital and Kleiner Perkins Caufield & Byers, as prices rise in the secondary market, according to three people familiar with the matter.
- Wall Street Derivatives Lobby Links With New Democrats to Blunt Obama Plan As President Barack Obama vowed in a Sept. 14 speech in New York’s Federal Hall to correct “reckless behavior and unchecked excess” on Wall Street, Mike McMahon and Barney Frank sat in the audience discussing how to ease proposed rules for the $592 trillion over-the-counter derivatives market.
- Worst BRIC China Becomes Best Buy for Fisher, Schiff on Consumer Rebound China’s stocks, the worst performers among the largest emerging markets in the third quarter, are poised to rebound as investors say shares are too cheap to pass up with economic growth accelerating.
Bloomberg News 13th October 2009
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