- Taxpayer Burden Lightened to $8.2 Trillion as Obama Spending Supplants Fed Congress and the Obama administration are taking a bigger role in the rescue of the economy from the Federal Reserve, shifting the strategy to stimulus spending from central bank lending.
- Flaherty Says Russia, China May Buy Canadian Dollars to Diversify Reserves Canada’s Finance Minister Jim Flaherty said China, with the world’s largest currency reserves of $2.3 trillion, may be poised to buy Canadian dollars as it seeks to shield its reserves against the U.S. dollar’s decline.
- ArcelorMittal May Acquire Mines in 2010 to Boost Its Supply of Iron Ore ArcelorMittal, the world’s biggest steelmaker, may buy more mines in 2010 to increase its supply of iron ore as prices for the raw material used to make the metal are expected to rebound.
- Dubai World Said to Intend to Present `Standstill' Deal in Early January Dubai World will present a standstill offer to banks in early January as the state-owned company aims to restructure $22 billion of debt, said three bankers who attended a presentation on the matter yesterday.
- Pot-Laced Tour Bus Becomes Property of FDIC as U.S. Banks Go Up In Smoke The financial crisis that popped the real estate bubble and pushed U.S. bank failures to a 17-year high landed the Federal Deposit Insurance Corp. a rapper’s tour bus that reeked of marijuana.
- New Jersey Ranks First in Municipal Bond Downgrades as State Aid Dwindles Bond ratings of New Jersey towns and cities are being reduced faster than in any other state as property values slide 11 percent and Governor Jon Corzine lowers municipal aid to cope with a $1 billion budget deficit.
- China's Accelerating Bullet-Train Plan May Apply Brakes to Economic Growth Train C2019 covers the 120 kilometers between Beijing and Tianjin in 30 minutes, passing peasants in fields burning corn stalks and warrens of shacks occupied by people who aren’t sharing in China’s economic boom.
- AIG Said to Halt Chartis Stock Sale as CEO Benmosche Deems It Core Asset American International Group Inc., the insurer rescued by the U.S. government, halted preparations for an initial public offering of its Chartis property-casualty unit, people familiar with the matter said.
- Liddell's `Catch-the-Wave' Style May Presage Ascent to General Motors Helm Chris Liddell’s to-do list as General Motors Co.’s chief financial officer includes repaying $6.9 billion in government debt and leading an initial public offering. He also may end up running the biggest U.S. automaker.
- 3M's Buckley Drives Company Back to R&D Roots in `Prosperity of Fittest' 3M Co. will increase spending on research, product lines and acquisitions next year in an effort to emerge from the recession farther ahead of weaker competitors, Chief Executive Officer George Buckley said.
- Brazil Has No Reason to Keep Increasing Currency Reserves, Freitas Says Brazil should stop increasing international reserves as the local currency stabilizes and economic growth quickens, former central bank director Carlos Eduardo de Freitas said.
- Pao de Acucar Plans Brazilian Internet IPO After June 2010, Pestana Says Companhia Brasileira de Distribuicao Grupo Pao de Acucar, Brazil’s biggest retailer, plans to take an Internet unit public and sell shares of its appliance business after June next year, Chief Operating Officer Eneas Pestana said.
- Panasonic Said to Have Developed Rechargeable Battery With 10% More Power Panasonic Corp. has made a lithium- ion battery with 10 percent more capacity than its current model, said people familiar with the product, responding to consumer demand for longer-lasting power sources.
- Taxpayers Helping Goldman Sachs Reach Height of Profit With New Skyscraper In the first six months of 2010, about 6,000 employees of Goldman Sachs Group Inc. will take a break from their spreadsheets and move across the southern tip of Manhattan to a new 43-story, steel-and-glass skyscraper.
Bloomberg Daily News 23rd December 2009
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