- Pimco Buys Brazil Debt in Redux of $1 Billion Lula Bet That Trounced Peers Pacific Investment Management Co., manager of the world’s biggest bond fund, posted its best year in emerging markets by loading up on Brazilian debt ahead of the 2002 presidential elections. Eight years later, the company is using a similar tack.
- Microsoft Risks Margins as $19 Billion Office Business Fights Off Google Microsoft Corp. President Stephen Elop is preparing for the biggest shakeup to the $19 billion Office business in a decade as the company races Google Inc. to sell Internet-based programs.
- Caving to Congress Creeps Into Market Perceptions Looking for Obama's Veto President Barack Obama may be heading for a clash with the bond vigilantes who plagued Bill Clinton, the last Democratic president.
- Greek Tax-Dodgers Threaten Papandreou Plan to Cut EU's Highest Budget Gap Apostolis Rigas took his Opel sedan for a 220-euro ($354) service at a repair shop in northern Athens. When he asked for a receipt, the price jumped to 260 euros as his mechanic would have to declare the income and pay tax.
- Falkland Battle Lines Forming as British Drillers Search for Jurassic Oil Argentina is driving up exploration costs for U.K. oil companies seeking to drill near the disputed Falkland Islands, escalating tensions over the remote South Atlantic archipelago that led the two countries to war in 1982.
- Birthday Bouquet for Kim Jong Il May Signal North Korean Succession Ploy North Korea celebrated Kim Jong Il’s birthday today with tens of thousands of flowers. The most intriguing blossom is a new variety of begonia sent on his son’s birthday that may signify preparations for a succession.
- Rising Treasury Yields Seen Spurring U.S. Equity Gains: Chart of the Day Higher yields on Treasury securities are “the most likely catalyst” for U.S. stocks to end more than a decade of price swings and move higher, according to Bank of America Merrill Lynch.
- Bank Bailout in Ireland Gets Lucky Break From Real Estate Prices in London It was the collapse of Ireland’s real estate market that crippled the country’s banks. It may be the British property market that helps save them.
- Rand to Weaken as World Cup Boost Is Undercut by Interest Rates Pressure Just as half a million people head to South Africa for the Fifa World Cup, which Bank of America- Merrill Lynch says will add $1.1 billion to the economy, traders are betting the rand will decline more than any major currency.
- GM Saving $10.7 Billion Means Cash for Trucks, Whitacre's 2010 Profit Goal General Motors Co. said it has slashed $10.7 billion from annual costs, freeing up money for marketing and vehicle upgrades while boosting Chief Executive Officer Ed Whitacre’s push for a 2010 profit.
- European Union Finance Chiefs to Resist Obama's Plans for Banking Overhaul European Union finance ministers are uniting to oppose President Barack Obama’s proposal to limit banks’ size and risk-taking, saying his plan may run counter to EU policy, according to a draft document.
- `Something's Brewing' on China Yuan Increase, Goldman Sachs's O'Neill Says Goldman Sachs Group Inc. Chief Economist Jim O’Neill said China may be poised to let its currency strengthen as much as 5 percent to slow the world’s fastest growing major economy.
Bloomberg Daily News 17th February 2010
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