Obama's big gamble on healthcare debate

President Obama’s announcement that he will take his case for revamping healthcare before a joint session of Congress next week reflects a decision to go “all in” politically, laying his prestige on the line for the defining domestic issue of his young presidency.

Obama is gambling that he can tilt the balance in his favor by spelling out in detail just what he wants from the House and Senate in the coming weeks. Until now, Obama has avoided laying out a blueprint for healthcare, confining himself to statements of broad goals and leaving the particulars to Congress. White House officials said Wednesday that this strategy had helped keep the legislative wheels turning and avoid stalemate.

Source: Los Angeles Times

Twitter snags former Google exec for COO

Microblogging service Twitter has tapped a former Google executive to be its chief operating officer, the latest move by the fledgling but fast-growing company to build out its management team as it seeks to start making money. Dick Costolo will join Twitter next week as COO, company spokeswoman Jenna Sampson said by email.

Source: Reuters

Fed Tries to Prepare Markets for End of Securities Purchases

The Federal Reserve is trying to prepare investors for an end to its housing-debt purchases, while keeping interest rates near zero, reflecting an economy pulling out of a recession with little momentum. Federal Open Market Committee members discussed extending the end date of the agency and mortgage-backed bond programs, minutes of the group’s Aug. 11-12 meeting showed yesterday. The move would be aimed at avoiding disruptions in housing credit.

Source: Bloomberg

China Set to Buy $50 Billion in IMF Notes

China is on track to become the first purchaser of notes issued by the International Monetary Fund, a move that would diversify its foreign asset holdings and could give the IMF’s quasi-currency more clout. The IMF on Wednesday said China has signed an agreement to purchase approximately $50 billion in notes from the fund. The notes are denominated in Special Drawing Rights, a quasi-currency issued by the fund and promoted by China as a potential replacement for the dollar as the world’s reserve currency.

Source: Wall Street Journal

Pfizer whistleblower’s ordeal reaps big rewards

Taking on corporate giants can feel like tilting at windmills, but John Kopchinski’s six-year legal battle against Pfizer just made him a rich man. The Gulf War veteran and former Pfizer sales representative will earn more than $51.5 million as a result of his whistleblower lawsuit against the world’s biggest drugmaker.

Source: Reuters

Chinese Get Angrier About Pollution

China has some of the most polluted cities in the world, a consequence of the country’s rapid economic development. More than 320 million people in China drink unsafe water, according to Greenpeace China. Now, after years of silent suffering from the effects of filthy air and dirty water, many Chinese are saying they’ve had enough. And in some cases, their protests are turning violent.

Source: BusinessWeek

Gold Falls as Biggest Rally Since March Spurs Investors to Sell

Gold declined from a three-month high on speculation the biggest rally in more than five months may spur some investors to sell holdings and lock-in gains. Bullion jumped 2.3% to $978.50 an ounce yesterday, the biggest gain since March 18, as a decline in equities and the dollar helped fan demand for the precious metal as an alternative investment. Gold has rallied 11% this year while the dollar index is down 3.6%.

Source: Bloomberg

Pernod Ricard’s Net Rises 12.5%

French spirits company Pernod Ricard warned Thursday that the wines and spirits industry will stagnate during its current fiscal year due to the economic downturn, even after it beat expectations with a 12.5% rise in full-year net profit. The world’s second-biggest drinks company by volume saidthat for 2009-10 it anticipates a general economic environment that will remain difficult.

Source: Wall Street Journal

Oil Trades Above $68 on U.S. Stockpile Drop, Rising Fuel Demand

Oil traded above $68 a barrel in New York after inventories declined in the U.S., signaling a recovery in fuel consumption in the world’s largest economy. U.S. gasoline stockpiles fell to an 11-week low even as refinery output increased, according to an Energy Department report yesterday. This was more than three times analysts’ estimates.

Source: Bloomberg