Feb. 2 (Bloomberg) -- The following list comprises the most-read Bloomberg News reports from the past week.
To read any article, click on the story links shown below or go to READ 1W <GO>. See NI READSUMS <GO> for previous lists of the most-read stories.
Lists are based on daily statistics through Friday.
1. Wall Street Attracts Chop Shops 20 Years After Belfort’s ‘Wolf’
Jan. 30 (Bloomberg) -- When Paul Taboada ran Charles Morgan Securities Inc. at 120 Wall St., he set himself apart by wearing suits with the brokerage’s name stitched into the pinstripes.
2. JPMorgan Technology VP Dies in Fall From London Headquarters
Jan. 28 (Bloomberg) -- A vice president in technology operations, Gabriel Magee, died after falling from JPMorgan Chase & Co.’s London headquarters, the bank said today.
3. Fed Policy Makers Rally Behind Tapering QE as Yellen Era Begins
Jan. 30 (Bloomberg) -- Federal Reserve policy makers trimmed bond buying for a second straight meeting, uniting behind a strategy of gradual withdrawal from Ben S. Bernanke’s unprecedented easing policy as Janet Yellen prepares to succeed him as chairman.
4. U.S. Stocks Sink With Emerging Currencies After Fed; Yen Climbs
Jan. 29 (Bloomberg) -- U.S. stocks fell, pushing the Standard & Poor’s 500 Index to a two-month low, while Treasuries and the yen gained as the Federal Reserve said it would make further cuts to economic stimulus and as emerging-market currencies weakened. Gold and natural gas climbed.
5. Treasuries to Oil Retreat Before Fed as U.S. Stocks Extend Drop
Jan. 27 (Bloomberg) -- Treasuries fell before the Federal Reserve’s meeting tomorrow and commodities slid after data on U.S. home sales missed forecasts. U.S. stocks slipped, with the Standard & Poor’s 500 Index extending its biggest weekly drop since 2012 as emerging-market shares declined.
6. Turkey Rate Increase Stems Lira Drop as Basci Defies Erdogan
Jan. 29 (Bloomberg) -- Turkey’s lira strengthened, extending the biggest three-day rally since 2011, and bond yields declined after the central bank raised interest rates and signaled a return to a simpler monetary policy. Stocks fell.
7. Stocks Fall With Emerging Currencies, Copper as Treasuries Rise
Jan. 31 (Bloomberg) -- Stocks fell, pushing the Standard & Poor’s 500 Index to a third weekly loss, and Treasuries rose amid a slump in emerging-market currencies and weaker corporate earnings. Copper fell for an eighth day, the longest streak since December 1998.
8. Jain Says Deutsche Bank to Deal With Legal Bill as Pay Drops
Jan. 29 (Bloomberg) -- Deutsche Bank AG co-Chief Executive Officer Anshu Jain said he plans to deal with most of the bank’s legal costs by the end of the year, after the expenses contributed to lower pay for its investment bankers.
9. Blankfein Joins Wall Street CEOs Avoiding Pay Crunch for Traders
Jan. 31 (Bloomberg) -- Wall Street chief executive officers including Lloyd C. Blankfein and Jamie Dimon are avoiding a squeeze on pay that helped their firms lower costs in 2013.
10. ICBC Gives Investors Option to Recoup Cash in Troubled Trust
Jan. 28 (Bloomberg) -- Industrial & Commercial Bank of China Ltd. said investors in a troubled high-yield trust can recoup their funds, averting a threatened default that underscored concern over the shadow-banking system and helped spur a selloff in emerging-market currencies and stocks.
1. Bankers Elated That Sheila Bair Is Joining a Bank: Jonathan Weil
Jan. 28 (Bloomberg) -- Sheila Bair, the Federal Deposit Insurance Corp.’s chairman from 2006 to 2011, has been hired for a new gig as a board member at the Spanish lender Banco Santander SA. This seems to have gotten some people upset, even riled.
2. Bill Ackman Has a Short-Sale Lesson for All of Us: Jonathan Weil
Jan. 29 (Bloomberg) -- One of the market’s best-performing stocks yesterday was a company called World Acceptance Corp., which makes small loans to people whose finances are in dreadful condition, many of whom can’t even get a credit card. This is a lucrative business, as long as the cops don’t clamp down too hard. And so far they haven’t, notwithstanding the efforts of some hedge funds that have shorted World Acceptance’s shares.
3. The Drive for Success Destroys Childhood in Asia: Pankaj Mishra
Jan. 27 (Bloomberg) -- Bollywood’s biggest international success, after many expensive and absurd attempts to break through abroad, was the 2009 film “3 Idiots.” Based on a novel by the Indian writer Chetan Bhagat, the movie follows three engineering students struggling to realize their deepest desires against the punitive strictures of teachers and parents. Meeting young people from China, Japan, South Korea and Taiwan early this month at a conference in Hong Kong, I had a clearer sense of why East Asian millennials responded so keenly to the film’s evocation of a life beyond and above conventional notions of success.
4. China’s Rich Know That Bailouts Equal Gold No. 1: Jonathan Weil
Jan. 27 (Bloomberg) -- One of the nice things for wealthy people in China is that mysterious, unidentified third parties occasionally swoop in at the last minute to bail them out of investments that are about to default. And they do such generous things for the good of the country and its financial system, of course.
5. Torture Happens When People Are Your Main Export: William Pesek
Jan. 31 (Bloomberg) -- Earlier this month, stomach-turning images of brutally abused Hong Kong maid Erwiana Sulistyaningsih shamed the world’s “freest” economy, and rightly so.
1. S. Africa Increases Benchmark Rate to 5.5%, Marcus Says
Jan. 29 (Bloomberg) -- South African Reserve Bank Governor Gill Marcus speaks at a news conference in Pretoria about the decision to increase its benchmark interest rate to 5.5 percent from 5 percent.
2. Representative Michael Grimm Threatens NY1 Reporter
Jan. 29 (Bloomberg) -- Representative Michael Grimm, a New York Republican, threatens to throw NY1 reporter Michael Scotto, off a balcony following a post State of the Union interview last night.
3. Stay Nearby at Super Bowl Suite for $25K Per Night
Jan. 30 (Bloomberg) -- Bloomberg Businessweek’s Sam Grobart checks out the best places to stay Super Bowl weekend for those who want to be as close to the game as possible. Everything from an AirBnB apartment near the stadium for $1800/night to a suite at the New York Palace Hotel going for $25,000/night.
4. Ben Bernanke: From Assistant Professor to Fed Chairman
Jan. 29 (Bloomberg) -- Over the past 35 years, Ben S. Bernanke has been interpreting, teaching and implementing monetary policy. As he exits his office as Federal Reserve chairman for a final time in two days, he can say he took actions that were the first or the biggest of their kind in the central bank’s 100-year history.
5. UBS’s Baweja Says Emerging-Market Sell-Off to Escalate
Jan. 27 (Bloomberg) -- Bhanu Baweja, head of emerging-market cross-asset strategy at UBS AG, talks about the sell-off in emerging markets.
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