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Obama Aims to Allay Auto Lobby Concern on Korea Trade

Sat, 21 Nov 2009 00:00:00 -0800

Bloomberg - By Edwin Chen, Julianna Goldman - Nov. 21 (News Report) - President Barack Obama said he is committed to pushing through a free trade agreement with South Korea that has been stalled by the U.S. auto lobby and unions, who argue it doesn’t do enough to open up Korean markets. Obama’s joint press conference in Seoul today with South Korean counterpart Lee Myung Bak was a last chance on his four- nation Asia trip to show he opposes protectionism. The accord has been held up in Congress, where lawmakers are demanding wider access for Chrysler Group LLC, Ford Motor Co. and General Motors Co. Lee said today he is willing to reopen talks on the auto industry.

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Chamber’s Donohue Keeps Cash Coming After PG&E, Apple Defect

Tue, 17 Nov 2009 00:00:00 -0800

Bloomberg - By Mark Drajem, Daniel Whitten - Nov. 17 (News Report) - Apple Inc. and three other members of the U.S. Chamber of Commerce quit over its opposition to climate-change legislation. President Barack Obama denounced the group for “spending millions” to kill a planned consumer financial-protection agency. Tom Donohue, the 71-year-old president of the nation’s largest business-lobbying organization, responded by doing what critics and admirers alike say he does best: using a fight to raise money in support of the Chamber’s agenda.

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Ford Earns $997 Million, Projects Solid 2011 Profit

Mon, 02 Nov 2009 00:00:00 -0800

Bloomberg - By Keith Naughton - Nov. 02 (News Report) - Ford Motor Co., the only major U.S. automaker to avoid bankruptcy, posted net income of $997 million in the third quarter and its first operating profit since early 2008. Ford said it expects to be “solidly profitable” in 2011.

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Senate Finance Panel Passes $829 Billion Health Plan

Tue, 13 Oct 2009 00:00:00 -0700

Bloomberg - By Laura Litvan - Oct. 13 (News Report) - The Senate Finance Committee approved an $829 billion plan to overhaul U.S. health care, clearing the way for a full Senate debate over the broadest expansion of the government’s role in the medical system since the creation of Medicare in 1965.

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Obama Says Small Businesses to Gain From Health-Care Overhaul

Sat, 03 Oct 2009 00:00:00 -0700

Bloomberg - By Nicholas Johnston - Oct. 03 (News Report) - President Barack Obama said small businesses that are now overwhelmed by medical-insurance costs would benefit from his proposed overhaul of the U.S. health-care system. In his weekly address on the radio and Internet, Obama said he regularly hears from small-business owners who can’t grow their companies because of rising health-care costs and entrepreneurs who can’t start new ventures because of health- insurance concerns.

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War of Words on Banker Pay May Melt Into Accord at G-20 Talks

Sat, 19 Sep 2009 00:00:00 -0700

Bloomberg - By Ian Katz - Sep. 19 (News Report) - Global leaders meeting at the Group of 20 summit in Pittsburgh next week are moving toward a compromise on compensation rules that fall short of the political rhetoric branding banker pay a worldwide disgrace.

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Zardari Says Swat Battle Helps Pakistan’s Strategy on Extremism

Tue, 04 Aug 2009 00:00:00 -0700

Bloomberg - By Paul Tighe, Khaleeq Ahmed - Aug. 04 (News Analysis) - Pakistan’s offensive to oust Taliban fighters from the Swat Valley in the northeast will help the country implement its plan to control extremists, President Asif Ali Zardari said.

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Obama Says Economic Stimulus Plan Worked as Intended

Sun, 12 Jul 2009 00:00:00 -0700

Bloomberg - By Edwin Chen - Jul. 12 (News Report) - President Barack Obama said his $787 billion stimulus bill “has worked as intended” as he pushed back against Republican criticism that his recovery program has failed to rescue the economy. “It has already extended unemployment insurance and health insurance to those who have lost their jobs in this recession,” Obama, who is traveling today in Ghana, said in his weekly Saturday radio and Web address. “It has delivered $43 billion in tax relief to American working families and business.”

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House Democrats to Advance Health-Care Plan as Republicans Balk

Tue, 09 Jun 2009 00:00:00 -0700

Bloomberg - By Laura Litvan, James Rowley - Jun. 09 (News Report) - House Democrats drafting health-care overhaul legislation will lay out proposals today that include creating a government-run program to help cover the uninsured, even as Republicans stiffen their resistance to that idea.

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TARP Warrant Sale Shows Banks May Reap ‘Ruthless Bargain'

Fri, 22 May 2009 00:00:00 -0700

Bloomberg - By Mark Pittman - May. 22 (News Report) - Banks negotiating to reclaim stock warrants they granted in return for Troubled Asset Relief Program money may shortchange taxpayers by almost $10 billion if Treasury Secretary Timothy Geithner’s first sale sets the pace, data compiled by Bloomberg show.

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Shell Faces Trial Over Nigerian Crimes Against Humanity Claims

Thu, 07 May 2009 00:00:00 -0700

Bloomberg - By David Glovin - May. 07 (News Report) - Shell faces a trial May 26 in Manhattan federal court of a lawsuit by three alleged victims of attacks and relatives of seven activists killed from 1990 to 1995, including the writer Ken Saro-Wiwa. The plaintiffs claim Shell’s Nigerian unit assisted the government in the abuse and murder of opponents of the company’s operations in the Niger Delta.

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Exxon, Chevron Count Every Dollar to Protect $40 Billion Hoard

Wed, 25 Mar 2009 00:00:00 -0700

Bloomberg - By Joe Carroll - Mar. 25 (News Report) - Exxon Mobil Corp. and Chevron Corp., their coffers swollen by last year’s record oil prices, are maneuvering to preserve a combined $40 billion in cash amid a global financial crisis that roiled the banking system.

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Wal-Mart Can Do Us Good Taking on Bank of America

Thu, 19 Mar 2009 00:00:00 -0700

Bloomberg - By David Reilly - Mar. 19 (Opinion) - One suggested out: Create new banks that wouldn’t be saddled with the soured loans and toxic assets constraining other lenders. That’s easier said than done. Even with government funds, most start-ups couldn’t muster the technology, infrastructure and management expertise to form the kind of big, national bank that could quickly have an impact. Most, that is, except for Wal-Mart Stores Inc. The retailing giant could probably get a big bank up and running pretty easily. If, that is, its opponents put the economy’s needs ahead of their own interests.

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KKR Losses Show Failure to Close Loan Gap Raising Bankruptcies

Fri, 13 Mar 2009 00:00:00 -0700

Bloomberg - By Pierre Paulden, Neil Unmack - Mar. 13 (News Report) - Now, as an economic slowdown drags into the 16th month, borrowers unable to pay their debts are causing record losses for CLOs. Moody’s Investors Service put 760 of the funds, holding about $440 billion of assets, on review for downgrades on March 4. Unless policymakers decide to earmark some of the $11.6 trillion of government programs created to combat the seizure in credit markets to support high-yield loans, defaults may soar through 2012, according to investors.

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Obama repeats Soviet missteps in Afghanistan

Fri, 27 Feb 2009 00:00:00 -0800

Seattle Post Intelligencer - By Celestine Bohlen - Feb. 27 (Opinion) - history tells us that increasing troop levels to fight an insurgency is not a winning formula. The Soviets learned this after 10 years in Afghanistan; the French learned it in Algeria, and we had our lesson in Vietnam. The larger the foreign troop presence in wars of counterinsurgency, "the worse the outcome tends to be." That was the sweeping conclusion drawn by a 2008 study by the Rand Corp.

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Ruin Your Health With the Obama Stimulus Plan

Tue, 10 Feb 2009 00:00:00 -0800

Bloomberg - By Betsy McCaughey - Feb. 10 (Opinion) - Tragically, no one from either party is objecting to the health provisions slipped (into the stimulus bill) without discussion. These provisions reflect the handiwork of Tom Daschle, until recently the nominee to head the Health and Human Services Department.

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Summers Says TARP to Be ‘Very Different’ Under Obama

Sun, 25 Jan 2009 00:00:00 -0800

Bloomberg - By Rebecca Christie - Jan. 25 (News Report) - The U.S. financial-rescue program will be “very different” under President Barack Obama than it was under his predecessor, said Lawrence Summers, director of the White House’s National Economic Council. “The priority is to get credit flowing again,” Summers, appearing on NBC’s “Meet the Press” today, said of the second half of the $700 billion Troubled Asset Relief Program. “It’s going to emphasize transparency, it’s going to emphasize accountability.”

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Obama’s Promise to the World Is Hailed From Tanzania to Japan

Wed, 21 Jan 2009 00:00:00 -0800

Bloomberg - By Eric Ombok, Kevin Bell - Jan. 21 (News Report) - From frigid Toronto to the Protestant University of Kinshasa in the Democratic Republic of Congo, from Rome’s Spanish Steps to the dusty streets of Dar es Salaam, Tanzania, the citizens of the world paused to witness Obama’s inauguration, expressing joy at the moment along with anxiety over whether he can live up to the hope he has engendered.

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Madoff Victims' 'Tragedy' Said to Have Escaped Scrutiny by SEC

Sun, 14 Dec 2008 00:00:00 -0800

Bloomberg - By David Scheer, Jesse Westbrook - Dec. 14 (News Report) - Bernard Madoff’s investment advisory business, alleged to be a Ponzi scheme that cost investors $50 billion, was never inspected by U.S. regulators after he subjected it to oversight two years ago, people familiar with the case said. The Securities and Exchange Commission hasn’t examined Madoff’s books since he registered the unit with the agency in September 2006, two people said, declining to be identified because the reviews aren’t public. The SEC tries to inspect advisers at least every five years and to scrutinize newly registered firms in their first year, former agency officials and securities lawyers said.

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Brown Links U.K. Terror Threats to Pakistan-Based Extremists

Sun, 14 Dec 2008 00:00:00 -0800

Bloomberg - By Kitty Donaldson, James Rupert - Dec. 14 (News Report) - Zardari said Pakistan has been given no evidence of a role by its citizens in the Nov. 26-29 assault in Mumbai. “I’m hoping that once the Indian government completes the investigation and shares the information with us, we’ll have further leads to further find if there are any culprits on this side of the border,” he said. “We shall take action against them.”

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Obama's best pick yet: Jones as national security adviser

Sun, 07 Dec 2008 00:00:00 -0800

International Herald Tribune - By Albert R. Hunt - Dec. 07 (News Report) - Last week, the world was taken by President-elect Barack Obama's new foreign policy team: Hillary Rodham Clinton as U.S. secretary of state and Robert Gates, who is being kept on as head of the Defense Department. Both choices are remarkable. There has not been anything approaching the selection of Clinton since 1980, when Ronald Reagan offered the vice presidency to an old rival, the ex-President Gerald Ford; in contrast, the Clinton appointment is probably a good idea. Only a year ago, a central theme of the Obama insurgency campaign was his opposition to the war in Iraq. Imagine if it was suggested then that he would win the election and keep President George W. Bush's defense chief. This is a testament to both Gates and to the recent U.S. success in Iraq. Yet the most impressive, and perhaps important, choice may have been Obama's tapping General James Jones to be his national security adviser.

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Job Cuts, Factory Slump Probably Worsened

Sun, 30 Nov 2008 00:00:00 -0800

Bloomberg - By Bob Willis - Nov. 30 (News Report) - The recession engulfing the U.S. economy deepened this month as employers slashed more jobs and manufacturing contracted at the fastest pace in a quarter century, economists said before reports this week. Payrolls shrank by 320,000 workers in November, the biggest one-month drop since the 2001 terrorist attacks, according to the median estimate of economists surveyed by Bloomberg News before the Labor Department’s Dec. 5 report. The jobless rate may have jumped to 6.8 percent, the highest level since 1993.

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Recession’s Grip Forces U.S. to Flood World With More Dollars

Mon, 24 Nov 2008 00:00:00 -0800

Bloomberg - By Rich Miller - Nov. 24 (News Report) - In an all-out assault on capitalism’s worst crisis since the Great Depression, the U.S. is taking on the role of both lender and borrower of last resort for the global economy.

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Americans' "Hypocrisy" in Auto Rescue Spurs Me-Too Trading Ire

Sun, 23 Nov 2008 00:00:00 -0800

Bloomberg - By Jennifer M. Freedman - Nov. 23 (News Report) - A U.S.-triggered spate of global carmaker-bailout proposals may spark trade disputes over whether the Americans are unfairly trying to subsidize their industry or just making up for state aid that foreign rivals already enjoy. As the U.S. considers a lifeline for its auto companies, officials in Europe, Canada and Asia are considering their own aid packages -- even as the European Union threatens to lodge a complaint against any U.S. bailout to protect manufacturers from Renault SA in France to Fiat SpA in Italy.

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Russia president, warships to Venezuela to counter U.S.

Sun, 23 Nov 2008 00:00:00 -0800

Reuters - By Frank Jack Daniel - Nov. 23 (News Report) - Russia's aim to grow its Latin American presence may be hurt by falling oil prices and Barack Obama's U.S. election win, which could help the United States regain influence lost in the region during the unpopular presidency of George W. Bush.

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