The following list comprises the most-read Bloomberg News reports from the past week.
1. How Memphis Firm Decoded Bond Secrets Mystifying Wall Street
June 30 (Bloomberg) -- After traveling to Memphis, Tennessee, pay respects to Elvis Presley at Graceland, then take a short drive to FTN Financial to partake in some of the best bond-market advice to be found anywhere.
2. JPMorgan’s Dimon Gets Support, Questions Amid Cancer Fight
July 2 (Bloomberg) -- Jamie Dimon, whose eight years atop JPMorgan Chase & Co. have made him one of Wall Street’s most powerful leaders, said he’ll start treatment for throat cancer, raising new questions about succession plans at the biggest U.S. bank.
3. Obama’s Trader Bonus Comments Rejected by Finance Executives
July 3 (Bloomberg) -- President Barack Obama’s critique of trader bonuses at Wall Street banks as still risky to the economy drew objections from financial executives who said the compensation system already has been fixed.
4. Workers Dying at Desks in China From Killer Stress Epidemic
June 30 (Bloomberg) -- Chinese banking regulator Li Jianhua literally worked himself to death. After 26 years of “always putting the cause of the party and the people” first, his employer said this month, the 48-year-old official died rushing to finish a report before the sun came up.
5. Payroll Surge Fuels Self-Sustaining U.S. Expansion: Economy
July 3 (Bloomberg) -- Job growth blew past expectations and the unemployment rate fell to the lowest level since before the financial crisis peaked six years ago, creating a firm foundation for a stronger U.S. economic expansion.
6. BNP Dollar-Clearing Ban Said to Start in 2015 as Plea Looms
June 30 (Bloomberg) -- BNP Paribas SA won a reprieve during final talks to settle a criminal probe into U.S. sanctions violations, giving the bank six months to prepare for a ban on handling certain dollar transactions, according to a person with direct knowledge of the matter.
7. Singer Says Argentina Refusing to Negotiate as Default Looms
June 30 (Bloomberg) -- Elliott Management Corp. said Argentina is refusing to negotiate a settlement over defaulted bonds, casting doubt on the country’s ability to avoid another debt debacle after a U.S. court blocked all its note payments until a deal is reached.
8. U.S. Stocks Rise as Dow Nears 17,000, Bonds Slip on Factory Data
July 1 (Bloomberg) -- U.S. stocks rose to records, with the Dow Jones Industrial Average climbing to within two points of 17,000, as gauges of factory output in major economies signaled expansion. Gold advanced to a three-month high as the dollar sagged.
9. Yellen Says Financial Instability Shouldn’t Prompt Rate Change
July 3 (Bloomberg) -- Federal Reserve Chair Janet Yellen said concerns about financial stability shouldn’t prompt a change in current monetary policy while flagging “pockets of increased risk-taking” in the financial system.
10. Blackstone Is Said to Sign On Traders for First Hedge Fund
July 1 (Bloomberg) -- Blackstone Group LP, already the largest investor in hedge funds, is signing on a team of three traders for the first such fund that it will manage directly, according to two people with knowledge of the plans.
1. Einhorn Hit by High-Stakes Poker Ambush: James McManus
June 30 (Bloomberg View) -- Forty-two players wound up paying $1 million apiece to play in the second biennial Big One for One Drop, a three-day poker tournament at the Rio in Las Vegas. Already, the hugely remunerative contest -- widely considered the heavyweight championship of No-Limit Hold ’em -- has had some major surprises.
2. Goldman Sachs Got Lost in Its Own Sigma X Dark Pool: Matt Levine
July 1 (Bloomberg View) -- There comes a time in every financial blogger’s life when he feels compelled to write a post about dark pools that uses the phrase “latency arbitrage.” So, sorry, but this is that post. The thing is, some of the worrying about high-frequency trading and dark pools is just fear of excessive efficiency, and some of it is just paranoid fantasy. But latency arbitrage is a straightforwardly bad thing, and it is real, and now we need to talk about it.
3. Tinder Lawsuit Isn’t Just About Tech Sexism: Leonid Bershidsky
July 2 (Bloomberg View) -- Tech-industry sexism is well-documented, yet the harassment and discrimination lawsuit brought by Whitney Wolfe against the mobile app company Tinder, its parent Match.com and majority shareholder IAC is especially poignant: Tinder is a dating app that owes its success partly to Wolfe’s marketing efforts targeting young women.
4. Oysters and Clams Harmed as Climate Change Goes Underwater: View
June 29 (Bloomberg View) -- When it comes to climate change, almost all the attention is on the air. What’s happening to the water, however, is just as worrying -- although for the moment it may be slightly more manageable.
5. Markets, Sprinkled With Lots of Fairy Dust: Mohamed A. El-Erian
July 1 (Bloomberg View) -- Financial markets sure did well in the first half of the year, despite an unexpected share of economic disappointments, policy misses and geopolitical drama. They will need better news in the next six months to sustain that performance, and if they succeed it is unlikely that they will repeat those same, broad-based gains.
1. Yellen Favors ‘Macroprudential Approach’ to Stability
July 2 (Bloomberg) -- Federal Reserve Chair Janet Yellen speaks about the role of monetary policy and regulation in maintaining financial stability.
2. Senior Takes Life Slow in Fastest-Growing U.S. Locale
June 27 (Bloomberg) -- Jerry Conkle, a resident of The Villages, Florida, talks with Bloomberg’s Toluse Olorunnipa about life in the world’s largest retirement community.
3. Dollar Seen Weaker Versus Pound Until Mid 2015: FX Focus
June 30 (Bloomberg) -- Jane Foley, a senior currency strategist at Rabobank International, talks about the outlook for the dollar and pound.
4. California Police Ride Stealthy Electric Motorcycles
July 1 (Bloomberg) –- The electric motorcycle manufactured by Zero Motorcycles is gaining popularity among law enforcement all over the world, including the Los Angeles Police Department. These motorcycles can reach speeds of 95 miles per hour, sneak up on perps before they know it and cost pennies to fully recharge. But perhaps the biggest draw for law enforcement?
5. BNP to Pay $8.9 Billion in Sanctions Case, Holder Says
June 30 (Bloomberg) -- Attorney General Eric Holder speaks about BNP Paribas SA’s agreement to plead guilty to violating U.S. sanctions and pay a record $8.9 billion penalty. BNP, France’s largest bank, admitted that it processed almost $9 billion in banned transactions from 2004 to 2012 involving Sudan, Iran and Cuba, the Justice Department said.
To contact the editors responsible for this story: Alan Mirabella at email@example.com Heather Langan