The following list comprises the most-read Bloomberg News reports from the past week.
1. Red Bull-Fueled 4 A.M. All-Nighters Put Hedge Fund Atop Rivals
July 17 (Bloomberg) -- As Friday night turns to Saturday morning in Singapore, Adam Levinson regularly stays up drinking Red Bull until 4 a.m., waiting for U.S. jobs data and the close of the trading week halfway around the world in New York.
2. Bernanke Says Pace of QE to Hinge on Performance of Economy
July 17 (Bloomberg) -- Federal Reserve Chairman Ben S. Bernanke said the central bank’s asset purchases “are by no means on a preset course” as he sought to tamp down an increase in borrowing costs that threatens to slow the economic expansion.
3. Sweaty Brokers Abandon Booze to Treat Traders to $34 Spin Class
July 18 (Bloomberg) -- Wall Street’s salesmen and dealmakers, whose expense accounts help fill downtown chophouses and box seats at ballparks, are now treating clients to a different kind of entertainment: high-end workouts.
4. Detroit Emptied on Path From Industrial Giant to Bankruptcy
July 19 (Bloomberg) -- Detroit, the cradle of the automobile assembly line and a symbol of industrial might, filed the biggest U.S. municipal bankruptcy after decades of decline left it too poor to pay billions of dollars owed bondholders, retired cops and current city workers.
5. Murray Discarded Perry Kit on Way to Being $75 Million Man
July 18 (Bloomberg) -- Andy Murray shed his Fred Perry clothes in 2009. It took him another four years to escape the 77-year shadow cast by the last male British Wimbledon champion.
6. Goldman Sachs Beats Estimates on Underwriting, Debt Gains
July 16 (Bloomberg) -- Goldman Sachs Group Inc. said earnings doubled, beating analysts’ estimates on a surge in underwriting revenue and gains from the firm’s own investments.
7. School Lunch Kills at Least 22 Children in Eastern India
July 17 (Bloomberg) -- At least 22 Indian children died and 25 others are being treated in the hospital after eating a contaminated lunch at a state-run primary school in the eastern state of Bihar, prompting violent protests.
8. Coffey Haunts GLG’s Investors as Sibanthracite Pulls IPO
July 15 (Bloomberg) -- GLG Partners Inc.’s attempt to mitigate losses from former hedge-fund manager Greg Coffey’s bet on a Siberian coal mining company was dealt a blow after Sibanthracite Plc pulled its initial public offering.
9. Snowden Bows to Putin’s Demand in Asylum Quest, Lawyer Says
July 16 (Bloomberg) -- Fugitive U.S. ex-security contractor Edward Snowden has agreed to Russia’s demand that he stop anti-American activity and asked for temporary asylum, a Russian lawyer advising him said.
10. Citigroup Profit Rise Beats Estimates as Stock Trading Gains
July 15 (Bloomberg) -- Citigroup Inc., the third-biggest U.S. bank by assets, posted a 42 percent increase in second-quarter profit that beat analysts’ estimates as stock-trading revenue surged and losses on unwanted assets declined.
1. Guy Walks Into Citigroup Branch, Loses $40,000: Jonathan Weil
July 19 (Bloomberg) -- Looking at the way that U.S. Senators Elizabeth Warren and John McCain are pitching their proposal for a 21st-century version of the Glass-Steagall Act, I can’t help but wonder if they’re making a mistake.
2. The NFL Must Try to Save ’Johnny Football’: Stephen L. Carter
July 19 (Bloomberg) -- Even if you’re not a football fan, you’re probably aware of the sudden image problem confronting the most popular sport in the U.S. Arrests of National Football League players are up a startling 75 percent this off-season. Most notably, Aaron Hernandez of the New England Patriots faces charges of murder, while Ausar Walcott of the Cleveland Browns faces charges of attempted murder.
3. Why American Students Don’t Major in Science: Cass R. Sunstein
July 18 (Bloomberg) -- In recent years, a lot of people have been concerned about the relatively low numbers of science majors among American college students. The percentage of science and engineering graduates in the U.S. has been far below that in China and Japan. On various math and science tests, the performance of U.S. students has fallen below that of students in South Korea, Singapore, Japan, England, Finland, Israel, Australia and Russia.
4. Federal Trial Against Zimmerman Is a Bad Idea: Noah Feldman
July 15 (Bloomberg) -- When in 1992 a California jury acquitted the four officers who beat Rodney King, the result was a race riot of a kind not seen since the late 1960s -- followed by a federal civil-rights prosecution that convicted two of the officers. The acquittal of George Zimmerman for killing Trayvon Martin hasn’t produced rioting, but it has spawned a growing demand, led by the National Association for the Advancement of Colored People, for a federal trial to re-charge Zimmerman with violating Martin’s civil rights. The Justice Department said it will now “evaluate the evidence.”
5. Masters of Universe Don’t Need Fed Hand-Holding: Caroline Baum
July 18 (Bloomberg) -- The last two months have been a nightmare for the Federal Reserve, which has been doing everything in its power to depress long-term interest rates. The yield on the 10-year Treasury note rose more than a full percentage point from early May to early July amid talk of the Fed first cutting its asset purchases, and then ending them by mid-2014, assuming the economy lives up to its relatively upbeat forecast.
1. Fed Chairman Bernanke’s Testimony on Fed Policy, Economy
July 17 (Bloomberg) -- Federal Reserve Chairman Ben S Bernanke testifies about the central bank’s policies and the U.S. economy.
2. Bernanke Testifies on Economy, Policy to Senate Panel
July 18 (Bloomberg) -- Federal Reserve Chairman Ben S. Bernanke delivers his semi-annual report on the U.S. economy and the central bank’s monetary policy before the Senate Banking Committee in Washington.
3. Jim Chanos Dodges Bat in Stands at MLB All-Star Game
4. Volkswagen Plots Phaeton Return to Reignite U.S. Sales
July 17 (Bloomberg) -- The Volkswagen Phaeton luxury sedan is seen in a promotional video from Volkswagen AG.
5. Protests Erupt in India as Free Lunch Kills 20 Children
July 17 (Bloomberg) -- As many as 20 Indian children died and 27 others are being treated in hospitals after eating a free lunch at a state-run primary school in the eastern state of Bihar, prompting violent protests.
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