Bloomberg News

Bloomberg 13:30 Budget for U.S. Newspapers, Oct. 20

October 20, 2011

Editors: Bloomberg News moves a combined business/general news budget at 13:30 New York time each business day. Graphics and photos can be found at or

Stories identified with the prefix PUBLISH in the slug have been shaped for newspaper use, and the suffix -TRIM indicates the original version has been shortened. All move times are New York time. Inquiries should be directed to Jeffrey Tannenbaum in content syndication, or or the department is TOP BUSINESS NEWS

Major companies due to report earnings after the 16:00 close of regular trading in New York: Microsoft Corp.

U.S. Stocks Rise, Euro Trims Drop as Europe Debt Talks Progress

U.S. stocks rose, erasing earlier losses, as the leaders of France and Germany said they asked euro-region officials to agree on a plan to tame the region’s debt crisis by Oct. 26 at the latest. The euro and commodities trimmed declines and 10- year Treasuries reversed gains. Developing. US-STOCKS-FINAL to move by 17:00. By Michael P. Regan. Also see GLOBAL-MARKETS- WRAP, US-OIL-MARKET.


France, Germany Say EU Summit by Oct. 26 to Seal Euro Package

German Chancellor Angela Merkel and French President Nicolas Sarkozy have agreed to ask euro-region leaders to assess a “comprehensive and ambitious” package of measures to solve the region’s debt crisis at a leaders’ summit on Oct. 23 in order to agree on the measures at a second meeting by Oct. 26 at the latest, German government spokesman Steffen Seibert said in an e-mailed statement. 100. Moved at 13:20. By Rainer Buergin.


Euro-Area Aid Fund Revamp May Allow Loans of 10% of Economy

Europe’s bailout fund may be authorized to provide credit lines of as much as 10 percent of a country’s economy, a draft document shows. 890. Moved at 10:30. By Brian Parkin and Rainer Buergin.


U.S. Economy: Factories Lead Recovery as Jobs, Housing Struggle

Manufacturing in the Philadelphia area unexpectedly expanded in October at the fastest pace in six months, signaling factories are helping support a U.S. economy weighed down by weakness in the housing and labor markets. 860. Moved at 11:55. By Alex Kowalski. Also see ECONOMY-CLAIMS, ECONOMY-CONSUMER- COMFORT.


Commercial Real Estate Deals Decline in U.S. as Rebound Cools

The U.S. commercial real estate market has slowed in the past three months as the sputtering economy and a pullback in debt financing limited deals, cooling a recovery from Washington to California. 1,800. Moved at midnight. By David M. Levitt, Hui-yong Yu and Dan Levy.


Murdoch Foes Ask for Changes They Can’t Force at News Corp.

News Corp. investors seeking to curb Chairman and Chief Executive Officer Rupert Murdoch’s authority will use tomorrow’s annual meeting to press for reform, looking to persuade a board they can’t force to act. 1,250. Moved at 4:20. By Edmund Lee and Jeff Green.


Wells Fargo Sees ‘Huge Opportunity’ as BofA Cuts Home Lending

Wells Fargo & Co., the biggest U.S. home lender, may earn higher profits in the U.S. mortgage market as rivals flee from angry homeowners, more powerful regulators and billions of dollars in losses. 1,300. Moved at 11:15. By Dakin Campbell.


AT&T Sales Miss Estimates on Slowing IPhone, Pay-TV Demand

AT&T Inc., the second-largest U.S. wireless carrier, reported third-quarter sales that missed analysts’ estimates as customers waited for this month’s newest iPhone and pay-TV subscriber gains slowed. 740. Moved at 9:55. By Scott Moritz.


Philip Morris Profit Tops Estimates on Cigarette Prices

Philip Morris International Inc., the world’s largest publicly-traded tobacco company, reported third-quarter profit that topped analysts’ estimates, helped by higher shipments and increased cigarette prices in Asia. 300. Moved at 9:45. By Chris Burritt.


Worst Thai Floods in 50 Years Hit Apple, Toyota Supply Chains

Apple Inc. and Toyota Motor Corp. are facing the worst supply disruptions since the March earthquake that crippled Japan, leading investors to scramble assessing the financial toll of the floods in Thailand. 1,015. Moved at 11:05. By Jun Yang.


Wall Street Has Worst Quarter Since Crisis in Banking, Trading

The biggest Wall Street firms posted their worst quarter in both trading and investment banking since the depths of the financial crisis as they face questions about the future of their business. 810. Moved at midnight. By Michael J. Moore.


Ex-UBS Trader Falsified ETF Transactions, Prosecutor Says

Kweku Adoboli, the trader accused of costing UBS AG $2.3 billion by making unauthorized trades, falsified records on exchange-traded-fund transactions, prosecutors said. 900. Moved at 10:30. By Lindsay Fortado.



Qaddafi Dies From Battle Wounds After Capture in His Hometown

Muammar Qaddafi, whose rule lasted 42 years, died from battle wounds after being captured in his hometown of Sirte, ending a search for the deposed leader that began when he fled Tripoli in August, Libyan officials said. 830. Moved at 11:35. By Caroline Alexander, Ola Gala and Mariam Fam. Also see LIBYA-CELEBRATES.


Qaddafi, Killed in Hometown, Leaves Libya Legacy of Repression

Muammar Qaddafi’s four decades of rule in Libya were marked by international sanctions and a distribution of income that left Libyans, who sit on Africa’s largest oil reserves, poorer than the people of almost every other major Arab oil producer. 1,270. Moved at 11:25. By Gregory Viscusi and Alaa Shahine. Also see QADDAFI-TIMELINE.


Turkish Troops Enter Iraq After Deadliest PKK Strikes Since ’90s

Thousands of Turkish troops crossed into Iraq to hunt fighters from the Kurdistan Workers’ Party, or PKK, which is staging its deadliest strikes since the 1990s. 1,050. Moved at 1,040. By Emre Peker.


Greeks Told to Forget ‘Miracles’ as Aid Depends on Austerity

Greek Finance Minister Evangelos Venizelos warned lawmakers they must implement further austerity to lead Greece out of a “dead end,” as the government prepared to put a vote to parliament that risks stoking social unrest. 1,000. Moved at 11:35. By Paul Tugwell and Tom Stoukas.


Perry Promises Flat Tax Plan as Romney Produces Video Attack Ad

Texas Governor Rick Perry says he will soon offer a flat- tax proposal, his latest bid to draw distinctions with Mitt Romney in a Republican presidential race that is becoming increasingly contentious. 1,300. Moved at midnight. By John McCormick.


Clinton Arrives in Pakistan Seeking Action Against Militants By Indira A.R. Lakshmanan and James Rupert

Secretary of State Hillary Clinton arrived in Pakistan to deliver a warning that it will pay “a very big price” if it fails to move against the Islamic militants staging cross-border attacks against U.S. forces in Afghanistan. 730. Moved at 6:55. By Indira A.R. Lakshmanan and James Rupert.


U.S. To Resume Talks With North Korea, Appoints New Envoy

The U.S. will resume direct talks with North Korea next week in Geneva in the hope that engaging Kim Jong Il’s regime will prevent it from taking hostile actions, including nuclear weapons tests. 600. Moved at 1:30. By Indira A.R. Lakshmanan.


Tunisia Credit Growth Spurs Recovery Ahead of Vote: Arab Credit

Tunisia, the birth place of the so-called Arab Spring, may stage a faster economic recovery than other countries that witnessed uprisings in the region this year, helped by a surge in bank lending. 850. Moved at 4:10. By Alaa Shahine and Mariam Fam.


Contribution Cap for 401(k) Plans Increases $500 in 2012

Taxpayers will be able to set aside up to $17,000 in 401(k) accounts and other similar retirement plans in 2012, a $500 increase over this year, according to the Internal Revenue Service. 250. Moved at 11:55. By Richard Rubin.


Jihad Jane Conspirators Indicted for Supporting Terrorists

Two people were indicted in Philadelphia on charges they supported terrorists in the “Jihad Jane” terror plot. 360. Moved at 12:40. By Sophia Pearson.



SEC Cases Bypass Top Execs to Target Employees for Negligence

A central piece of evidence against Citigroup Inc. that led to a $285 million settlement with the Securities and Exchange Commission is an e-mail message from a former employee to his supervisor.

“Don’t tell” a counterparty that Citigroup is shorting the security, former employee Brian Stoker wrote in 2006 to his unnamed supervisor. The agency sued Stoker, saying he was responsible for structuring the deal in which Citigroup failed to disclose that it had chosen about half the assets and was betting they would decline in value. No charges were announced against the supervisor.

That detail highlights a pattern in SEC enforcement cases that is drawing criticism from lawyers and lawmakers: Even as the agency has collected $2 billion in penalties from financial firms for wrongdoing related to the 2008 financial crisis, few top executives have been sanctioned, particularly in connection with complex instruments like collateralized-debt obligations. 1,210. Moved at midnight. By Joshua Gallu and Jesse Hamilton.


Lamborghini Zigzags India Rickshaws to Snare Millionaires: Cars

Lamborghini SpA sees opportunity in the streets of Mumbai, where three-wheeled rickshaws zigzag through bumper-to-bumper traffic on pot-hole-infested roads.

Volkswagen AG’s supercar maker plans to open its second dealership in India this year to meet increased demand for cars including the 36.9-million rupee ($750,600) Aventador, said Mohan Mariwala, managing director of Lamborghini Mumbai. Ferrari SpA, which opened its first dealership in the country in May, says it plans to open four more by the end of next year.

The surging number of millionaires, projected to more than double in India by 2015, is prompting supercar makers to expand in a country where the World Bank estimates more than 75 percent of people live on less than $2 a day. The demand for top-end models is a contrast to overall car deliveries, which have declined three straight months on higher borrowing costs. 700. Moved at 12:55. By Siddharth Philip.



Chinese Lose Promise for $52,000 as U.S. Schools Exploit Need

Seeking the world’s best education, Guan Wang’s parents in northeast China paid an agency there $4,700 to get her into a premier American boarding school in 2009.

Boarding schools with small endowments and less selective admissions policies are boosting their revenue and enrollment by recruiting thousands of Chinese students who pay full freight. As the weak economy has shrunk the pool of well-off U.S. applicants, many of these schools are using agents with misleading sales pitches to tap a growing number of wealthy families in China eager for the prestige of an American degree. 4,230. Moved at 10:40. By Daniel Golden.


Whistleblowers Murdered Show Hazard of Exposing India Corruption

The shooter managed with one bullet what dozens of threats had failed to do: silence Shehla Masood.

The 38-year-old businesswoman in the central Indian city of Bhopal had used India’s Right to Information Act to expose local corruption after she kept losing on government contracts. She died from a gunshot on Aug. 16 after getting into her car near her home. The murder is unsolved.

Masood is among at least 12 whistleblowers killed in India since January 2010, according to data compiled by Bloomberg, while at least 40 people were assaulted after seeking information under the law. Enacted by Prime Minister Manmohan Singh six years ago, the legislation has become the most powerful tool for fighting wrongdoing in politics and business, with 529,000 requests filed in the year through March. While some cases have prompted the resignation of public officials, users risk becoming victims of their success. By Mehul Srivastava and Andrew MacAskill. 2,070. Moved at 10:50. By Mehul Srivastava and Andrew MacAskill.


-0- Oct/20/2011 17:42 GMT

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