The following list comprises the most-read Bloomberg News reports from the past week.
1. Stocks Fall as Bond Yields Rise; Oil Gains on Egypt Unrest
Aug. 15 (Bloomberg) -- Stocks tumbled, with European shares snapping a five-day rally and U.S. benchmark indexes reaching one-month lows, as improving economic data triggered losses in government bonds that sent Treasury yields to two-year highs. Oil, gold and silver rallied.
2. Ex-JPMorgan Traders First Charged in $6.2 Billion Loss Probe
Aug. 14 (Bloomberg) -- Two former JPMorgan Chase & Co. employees were charged by federal prosecutors with attempting to conceal trading losses at the largest U.S. bank last year as part of a probe of its $6.2 billion loss on derivatives bets.
3. Ackman With $700 Million Loss Leaves J.C. Penney’s Board
Aug. 13 (Bloomberg) -- Bill Ackman resigned from J.C. Penney Co.’s board after sparring publicly with fellow directors over how to reverse the sales slump that’s dragged down the stock and left him with more than $700 million in potential losses on his stake in the department-store chain.
4. China Trading Error Shakes Confidence in World’s Worst Equities
Aug. 17 (Bloomberg) -- The biggest swing in China’s benchmark equity index since 2009 threatens to further erode confidence in the nation’s stock market after it lost more money for investors than any in the world during the past four years.
5. Dufner Plans Early Retirement After PGA Win as Wife Says Wait
6. London Whale Surfaces to Aid U.S. in JPMorgan Trading Probe
Aug. 13 (Bloomberg) -- Bruno Iksil, the former JPMorgan Chase & Co. trader whose bets caused more than $6.2 billion in losses last year, is now central to any U.S. charges against his former colleagues.
7. U.S. Said to Plan Charges Against Former JPMorgan Employees
Aug. 12 (Bloomberg) -- The U.S. may announce charges as early as this week against former London-based JPMorgan Chase & Co. employees related to allegations they tried to conceal losses last year, a person familiar with the matter said.
8. SAC Said to Refuse Client Push to Return Money Before Year-End
Aug. 16 (Bloomberg) -- Steven Cohen’s $14 billion SAC Capital Advisors LP, which last month was indicted by the government as a “veritable magnet for market cheaters,” has refused clients’ requests that the firm speed up payouts on the billions of dollars earmarked for withdrawals, according to three people familiar with the discussions.
9. BlackBerry Weighs Putting Itself Up for Sale as Demand Ebbs
Aug. 12 (Bloomberg) -- BlackBerry Ltd., the struggling Canadian smartphone maker, is considering putting itself up for sale after the lackluster debut of the BlackBerry 10 lineup dimmed its prospects as an independent company.
10. BofA Plans to Dissolve Merrill Lynch Unit While Keeping Name
Aug. 16 (Bloomberg) -- Merrill Lynch & Co., the 99-year-old firm known for its “thundering herd” of brokers pitching stocks to Main Street, may cease to exist as a legal entity more than four years after being acquired by Bank of America Corp.
1. Krugman’s Attempt to Bury Friedman Buries Itself: Caroline Baum
2. Why So Little Hiring With So Many Jobs Open Now?: Peter Orszag
Aug. 13 (Bloomberg) -- An odd puzzle is taking shape in the labor market: Over the past three years, the number of job openings has risen almost 50 percent, but actual hiring has gone up by less than 5 percent. Companies are advertising a lot more jobs, in other words, but not filling them.
3. Debt of 1,000,000,000,000,000 Yen? Not a Problem: William Pesek
Aug. 16 (Bloomberg) -- Haruhiko Kuroda doesn’t wear a wizard’s hat when he arrives at Bank of Japan headquarters each morning. Once inside, I do wonder if he dons a cloak, waves a magic wand and concocts mysterious potions.
4. SanDisk Fixes Problem You Don’t Know You Have: Rich Jaroslovsky
Aug. 15 (Bloomberg) -- File these under “solutions to problems you didn’t know you had.”
5. Eric Holder Owes the American People an Apology: Jonathan Weil
Aug. 12 (Bloomberg) -- The Justice Department made a long-overdue disclosure late Friday: Last year when U.S. Attorney General Eric Holder boasted about the successes that a high-profile task force racked up pursuing mortgage fraud, the numbers he trumpeted were grossly overstated.
1. BMW’s $115,000 M6 Gran Coupe Unites Beauty and Power
Aug. 15 (Bloomberg) -- The 2014 BMW M6 Gran Coupe is seen in a promotional video from BMW of North America LLC.
2. Chambers Says Cisco to Cut More Jobs on Weaker Sales
Aug. 14 (Bloomberg) -- John Chambers, chief executive officer of Cisco Systems Inc., Frank Calderoni, chief financial officer, Rob Lloyd, president for development and sales, and Gary Moore, chief operating officer, speak on a teleconference about the company’s fiscal fourth-quarter earnings and first-quarter forecast.
3. Man Dies After 65-Foot Fall at Atlanta’s Turner Field
Aug. 13 (Bloomberg) -- A man died at Turner Field in Atlanta after falling from the upper deck before last night’s Major League Baseball game between the Braves and Philadelphia Phillies, police said.
4. Dufner Wins PGA Championship by 2 Strokes for 1st Major
Aug. 12 (Bloomberg) -- Jason Dufner won golf’s PGA Championship by two strokes yesterday for his first major title, two years after he lost in a playoff to Keegan Bradley at the same tournament.
5. UPS Freighter Crashes Near Birmingham, Alabama Airport
Aug. 14 (Bloomberg) -- United Parcel Service Inc. said a cargo jet crashed and exploded early today while approaching the airport in Birmingham, Alabama.
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