The following list comprises the most-read Bloomberg News reports from the past week.
1. Potash Producers Plunge as Russia’s Uralkali Halts Sales Venture
July 31 (Bloomberg) -- OAO Uralkali, the world’s largest potash producer, upended the $20 billion-a-year commodity market by abandoning limits on output that underpinned prices while halting cooperation with Belarus that controlled supplies from the former Soviet Union.
2. Tourre’s Junior Employee Defense Seen as Leading to Trial Loss
Aug. 2 (Bloomberg) -- Fabrice Tourre, the former Goldman Sachs Group Inc. vice president found liable for his role in a failed $1 billion investment, may have lost his case because jurors rejected his defense that as a junior employee he wasn’t primarily responsible for the transaction.
3. Fed Sees Risk of Disinflation, Keeps $85 Billion QE Pace
July 31 (Bloomberg) -- The Federal Reserve said persistently low inflation could hamper the economic expansion and pledged to keep buying $85 billion in bonds every month.
4. Banker Saves 20,000 From Nepal to Uganda With Her Deal Profits
July 31 (Bloomberg) -- Amid the cloying dust, blaring car horns and beggars’ wails that echo through the ancient streets of Kathmandu, Nepal, a familiar sound emerges: the strains of pop star Psy’s “Gangnam Style.” In front of a crowd of giggling teenagers, a 50-year-old woman dances, blond hair flying, arms waving.
5. SAC Seen Avoiding Worst Case in Bid for Financial Death Penalty
Aug. 1 (Bloomberg) -- The money-laundering complaint U.S. Attorney Preet Bharara filed against Steven Cohen’s SAC Capital Advisors LP raised the prospect that the hedge fund’s $14 billion in assets may be subject to forfeiture.
6. Barclays Trader Rubin Defends Title as Wall Street’s Top Athlete
July 29 (Bloomberg) -- Mark Rubin of Barclays Plc won the RBC Decathlon for the second straight year and said defending his title as Wall Street’s best athlete was more challenging than his breakthrough victory.
7. Payrolls Growth Slows Even as U.S. Jobless Rate Falls: Economy Aug. 2 (Bloomberg) -- Employers added fewer workers than forecast in July even as the U.S. jobless rate fell, showing uneven labor-market gains as the world’s largest economy struggles to gain momentum.
8. Barclays to Raise 5.8 Billion Pounds in Rights Offering
July 30 (Bloomberg) -- Barclays Plc, the U.K.’s second-largest bank by assets, plans to raise 5.8 billion pounds ($8.9 billion) in a rights offering to bolster capital as it booked its biggest charge to date for customer compensation.
9. Heart Surgery in India for $1,583 Costs $106,385 in U.S.: Health
July 29 (Bloomberg) -- Devi Shetty is obsessed with making heart surgery affordable for millions of Indians. On his office desk are photographs of two of his heroes: Mother Teresa and Mahatma Gandhi.
10. SAC Probe Yields Latest Arrest Tied to Insider Trading
July 31 (Bloomberg) -- The probe of SAC Capital Advisors LP, which has led to insider-trading charges against the hedge fund and eight SAC employees, has snared an outside analyst who is accused of giving illegal tips to a former SAC manager.
1. What Are Chances SAC’s Cohen Read His E-Mail?: Heaton and Polson
July 31 (Bloomberg) -- The Manhattan U.S. attorney has filed criminal charges against SAC Capital Advisors LP, and the Securities and Exchange Commission has brought an administrative action against the hedge fund’s founder and chairman, Steven A. Cohen. Both actions are based, in part, on allegations that Cohen read an e-mail warning him of soon-to-be announced disappointing earnings at Dell Inc. that allowed him to sell his position and avoid a $1.7 million loss.
2. It’s Time for Asia to Stop Being America’s Banker: William Pesek
Aug. 2 (Bloomberg) -- “It’s our currency, but it’s your problem.” This musing from Nixon-era Treasury Secretary John Connally is about to find new relevance as the White House battles Republicans over raising the U.S. debt limit.
3. McCain Is Maverick Again as Obama’s Republican Ally: Albert Hunt
July 29 (Bloomberg) -- Washington being Washington, the hottest relationship in town doesn’t revolve around sex or even the next presidential election: it’s the political courtship of old antagonists, Barack Obama and John McCain.
4. Google Finally Gets TV Right With Chromecast: Rich Jaroslovsky
Aug. 1 (Bloomberg) -- Google has a long history of spaghetti-style product development: throw a lot of stuff against the wall and see what sticks.
5. Obsessing Over Inequality Threatens U.S. Capitalism: Clive Crook
July 31 (Bloomberg) -- Like any immigrant, I’m optimistic about the U.S. The crash will recede, confidence will come back and stronger growth will resume. The zeal of ordinary Americans to work hard and prosper will prevail over the weary incompetence of the political class. If I wanted to be pessimistic, though, I know what I’d be dwelling on right now: the new preoccupation with inequality.
1. Draghi Says Economy to Stabilize, Recover at Slow Pace
Aug. 1 (Bloomberg) -- European Central Bank President Mario Draghi speaks at a news conference in Frankfurt about the decision to keep its benchmark interest rate at a record low of 0.5 percent for a third month.
2. Banker Uses Profits to Save 20,000 From Nepal to Uganda
July 31 (Bloomberg) -- Audette Exel lives a double life. In the world’s financial capitals, she’s the owner and head of Isis (Asia Pacific) Pty, which advises companies on mergers and raises money for global fund managers. In Nepal and Uganda, Exel is better known as founder and chief fundraiser of the Isis Foundation, which provides health care and education for people in two of the world’s most impoverished nations.
3. Porsche 550 Spyder Copy Channels Spirit of James Dean
Aug. 1 (Bloomberg) -- A prototype replica of a 1950’s Porsche 550 Spyder, built by Prospect, Connecticut-based Spyder Creations, is seen in the company’s garage and on a test run near the factory.
4. Bus Crash Leaves at Least 38 Dead in Southern Italy
July 29 (Bloomberg) -- At least 38 people died when a bus plowed into several cars before breaking through a guard rail and plunging into a ravine in southern Italy, television network SkyTG24 reported, citing the chief fire department official in the region
5. Former NYC Bank Offices Retooled as Tech, Media Zone
July 31 (Bloomberg) -- David Cheikin, vice president of leasing for Brookfield Office Properties Inc., talks with Bloomberg’s David M. Levitt about the property the company is redeveloping at 250 Vesey St. in New York.
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