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Batista’s OSX Slashes IPO Price 40%, Cuts Share Sale Size to 3.1 Million

by on March 16, 2010

By Jonathan Levin and Nick Baker March 16 (Bloomberg) — OSX Brasil SA said it cut the size of its planned initial public offering to about 3.1 million shares and reduced the price by as much as 40 percent. The Rio de Janeiro-based shipbuilding and oil-services company said it also cut the target share price to 800 reais. The company previously said it planned to sell 5.5 million shares priced from 1,000 reais to 1,333.33 reais on March 17, according to a prospectus published in Brazilian newspaper Valor Economico. To contact the reporters on this story: Jonathan Levin in Caracas at jlevin20@bloomberg.net ;

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Mumbai Terror Plot Suspect Headley Will Change Plea to Guilty, Lawyer Says

by on March 16, 2010

By Andrew M. Harris March 16 (Bloomberg) — David Coleman Headley, who is accused of helping to plan the November 2008 Mumbai terror attacks and a never-executed assault on a Danish newspaper that printed cartoons of the Islamic prophet Muhammad, will change his plea of innocent to a plea of guilty before a U.S. judge in Chicago on March 18, his attorney said in a telephone interview today. To contact the reporter on this story: Andrew M Harris in Chicago at aharris16@bloomberg.net

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Mumbai Terror Plot Suspect Headley Will Change Plea to Guilty, Lawyer Says

March 16, 2010

By Andrew M. Harris March 16 (Bloomberg) — David Coleman Headley, who is accused of helping to plan the November 2008 Mumbai terror attacks and a never-executed assault on a Danish newspaper that printed cartoons of the Islamic prophet Muhammad, will change his plea of innocent to a plea of guilty before a U.S. judge in Chicago on March 18, his attorney said in a telephone interview today. To contact the reporter on this story: Andrew M Harris in Chicago at aharris16@bloomberg.net

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Mark Epley Is Said to Leave Deutsche Bank for Nomura Private-Equity Post

March 15, 2010

By Cristina Alesci March 15 (Bloomberg) — Mark Epley, the head of Deutsche Bank AG’s team that caters to private equity firms, is leaving the bank for a job at Nomura Holdings Inc., according to a person with knowledge of Epley’s plans. To contact the reporter on this story: Cristina Alesci in New York at calesci2@bloomberg.net

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China’s Price Inflation Is Mild and Controllable, Commerce Official Says

March 12, 2010

By Bloomberg News March 13 (Bloomberg) — China’s price increases are mild and controllable, Assistant Commerce Minister Fang Aiqin said at a briefing in Beijing today. International commodity price increases will “gradually” be imported into the nation, Fang said. To contact the reporter on this story: Judy Chen in Shanghai at xchen45@bloomberg.net

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China’s Price Inflation Is Mild and Controllable, Commerce Official Says

March 12, 2010

By Bloomberg News March 13 (Bloomberg) — China’s price increases are mild and controllable, Assistant Commerce Minister Fang Aiqin said at a briefing in Beijing today. International commodity price increases will “gradually” be imported into the nation, Fang said. To contact the reporter on this story: Judy Chen in Shanghai at xchen45@bloomberg.net

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Wal-Mart Brings Back 300 Items to U.S. Stores After Losing Shopper Traffic

March 10, 2010

By Chris Burritt March 10 (Bloomberg) — Wal-Mart Stores Inc., the world’s largest retailer, returned about 300 items to U.S. stores after their removal last year hurt shopper traffic, said Bill Simon, chief operating officer of U.S. stores. Wal-Mart returned some flavors and package sizes of food products and other consumable goods, even though they didn’t sell well, Simon told analysts today at a conference sponsored by Bank of America in New York. To contact the reporter on this story: Chris Burritt in Greensboro at cburritt@bloomberg.net

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U.S. Supreme Court Signals States Must Respect Gun Rights Amid Chicago Ban

March 2, 2010

By Kristin Jensen and Greg Stohr March 2 (Bloomberg) — U.S. Supreme Court justices signaled they are poised to extend constitutional protections for gun owners to state and local laws in a case that may invalidate a handgun ban in Chicago. Hearing arguments in Washington today, several justices said a 2008 ruling suggested that the right to bear arms was so fundamental it should restrict states and cities as well as the federal government. The two-year-old ruling said the Constitution’s Second Amendment protects individual rights. The case is McDonald v. City of Chicago, 08-1521. To contact the reporters on this story: Greg Stohr in Washington at gstohr@bloomberg.net ; Kristin Jensen in Washington at kjensen@bloomberg.net

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Berkshire Discloses Increased Stakes in Sanofi-Aventis, Britain’s Tesco

February 27, 2010

By Hugh Son Feb. 27 (Bloomberg) — Billionaire investor Warren Buffett ’s Berkshire Hathaway Inc . disclosed increased stakes in drugmaker Sanofi-Aventis SA and Tesco Plc, Britain’s largest retailer. Berkshire’s holdings of Sanofi-Aventis rose about 14 percent to 25.1 million shares and the stake in Tesco rose 3.1 percent to 234.2 million shares, the Omaha, Nebraska-based company said in a regulatory filing today. Berkshire now owns 1.9 percent of Sanofi and 3 percent of Tesco. To contact the reporter on this story: Hugh Son in New York at hson1@bloomberg.net

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Japan’s Export Growth Accelerates to 40.9% as Asian Demand Drives Recovery

February 23, 2010

By Keiko Ujikane Feb. 24 (Bloomberg) — Japan’s exports climbed 40.9 percent in January from a year earlier, compared with a 12.1 percent increase in December, the Finance Ministry said today in Tokyo. The median estimate of 22 economists surveyed by Bloomberg was for a 39.5 percent gain. To contact the reporter on this story: Keiko Ujikane in Tokyo at kujikane@bloomberg.net

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Japan January Export Growth Accelerates as Overseas Demand Drives Recovery

February 23, 2010

By Keiko Ujikane Feb. 24 (Bloomberg) — Japan’s exports climbed 40.9 percent in January from a year earlier, compared with a 12.1 percent increase in December, the Finance Ministry said today in Tokyo. The median estimate of 22 economists surveyed by Bloomberg was for a 39.5 percent gain. To contact the reporter on this story: Keiko Ujikane in Tokyo at kujikane@bloomberg.net

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Schwarzenegger Says Economy Shows `Signs of a Comeback’, Recovery `Slow’

February 21, 2010

By Alison Vekshin Feb. 21 (Bloomberg) — California Governor Arnold Schwarzenegger said the economy shows “signs of a comeback.” “I believe that the worst is over,” the Republican governor said on ABC’s “This Week” program. “But it’s very clear that the comeback is not going to be as quick as we’ve seen in the past.” To contact the reporter on this story: Alison Vekshin in Washington at avekshin@bloomberg.net

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Apple Accuses Nokia of Antitrust Violations as Patent Battle Intensifies

February 19, 2010

By Susan Decker Feb. 19 (Bloomberg) — Apple Inc., maker of the iPhone, today accused Nokia Oyj in a court document of trying to monopolize the market in wireless technology. Nokia purposefully withheld information on its patent holdings while helping to establish an industry standard, and then demanded “unreasonable” royalties, Apple said in a federal court filing today in Wilmington, Delaware. The claim is part of a broader counter-attack to patent-infringement claims made by Nokia. To contact the reporter on this story: Susan Decker in Washington at sdecker1@bloomberg.net

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Toyota Said to Face U.S. Probe After Corolla Power Steering Complaints

February 17, 2010

By Jeff Plungis Feb. 17 (Bloomberg) — Toyota Motor Corp. faces a defect investigation after complaints over power steering in the 2009 and 2010 Corolla sedan, a person familiar with the matter said. The probe will cover about 500,000 vehicles, said the person, who asked not to be identified because Toyota hasn’t been formally notified. The Associated Press reported the inquiry earlier today. To contact the reporter on this story: Jeff Plungis in Washington at jplungis@bloomberg.net

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Jobs Bill to Be Introduced in U.S. Senate as Reid Seeks Passage This Week

February 9, 2010

By James Rowley Feb. 9 (Bloomberg) — Senate Majority Leader Harry Reid said job-creating legislation will be introduced today. He predicted it can be passed this week with “good” bipartisan support, depending on the weather in Washington. To contact the reporter on this story: James Rowley in Washington at jarowley@bloomberg.net

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Russia Says Iran Nuclear Enrichment Breaches UN, Raises Doubts on Purpose

February 9, 2010

By Paul Abelsky Feb. 9 (Bloomberg) — Iran’s decision to increase uranium enrichment violates United Nations Security Council resolutions and “raises doubts” about the purpose of the country’s nuclear program, Russia’s Foreign Ministry said. Russia is “disappointed” by Iran’s decision to forgo “diplomatic” offers to allay international concerns about how the country plans to use its nuclear know-how, the ministry said on its Web site today. To contact the reporter on this story: Paul Abelsky in Moscow at pabelsky@bloomberg.net

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Greece Has No Plans For New Measures to Reduce Deficit, Papandreou Says

February 5, 2010

By Gaurav Singh and Rakteem Katakey Feb. 5 (Bloomberg) — Greece has no plans to put in place new measures to cut its budget deficit and the already announced steps are “credible,” Prime Minister George Papandreou told reporters in New Delhi today. They need to be implemented to achieve their goals and the nation has substantial funds available from the European Union, he said. To contact the reporter on this story: Gaurav Singh in New Delhi at gsingh31@bloomberg.net

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South Korea Opens Fire After North Korea Discharges Artillery, Yonhap Says

January 26, 2010

By Bomi Lim Jan. 27 (Bloomberg) — South Korea’s military opened fire after North Korea fired several artillery shells near the maritime border between the two nations, South Korea’s Yonhap News reported in a one-line dispatch. To contact the reporter on this story: Bomi Lim in Seoul at blim30@bloomberg.net

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Philippines Central Bank to Boost Interest Rates as `Last’ Tightening Step

January 24, 2010

By Karl Lester M. Yap Jan. 25 (Bloomberg) — The Philippine central bank can unwind or reverse all the measures it implemented amid the global recession, Deputy Governor Diwa Guinigundo said in an interview in Manila. The Bangko Sentral ng Pilipinas has an “exit strategy” it will implement when signs are “clearer,” he said. Interest rates will be the last to be changed, he said. To contact the reporter on this story: Karl Lester M. Yap in Manila at kyap5@bloomberg.net

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Greece to Sell $4.2 Billion of Bonds in `Near Future,’ Papanicolaou Says

January 22, 2010

By Maria Petrakis Jan. 22 (Bloomberg) — Greece plans to sell a minimum of 3 billion euros ($4.2 billion) of five- or 10-year bonds in the “near future,” said Spyros Papanicolaou, head of the country’s debt-management agency. The government has no immediate plans to sell debt through private placements and the banks haven’t yet been chosen for the bond sale, he said today in a telephone interview in Athens. To contact the reporter on this story: Maria Petrakis in Athens at mpetrakis@bloomberg.net

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Greek 10-Year Yield Premium to Bunds Is Widest Since Introduction of Euro

January 21, 2010

By Paul Dobson Jan. 21 (Bloomberg) — The yield premium investors demand to hold Greek 10-year bonds instead of German bunds, Europe’s benchmark government securities, widened to more than 301 basis points, the highest since the euro’s introduction in 1999. To contact the reporter on this story: Paul Dobson in London at pdobson2@bloomberg.net

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Gay-Marriage Trial in California Can’t Be Broadcast, Supreme Court Rules

January 13, 2010

By Greg Stohr Jan. 13 (Bloomberg) — A divided U.S. Supreme Court blocked the planned public broadcast of the San Francisco trial on the constitutionality of California’s ban on gay marriage. The justices voted 5-4 to bar the broadcast. Supporters of the gay-marriage ban challenged a federal district judge’s plan to have video of the trial made available for use on Google Inc.’s YouTube network. The Supreme Court earlier this week issued a two-day halt to the plan. To contact the reporter on this story: Greg Stohr in Washington at gstohr@bloomberg.net

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NBC Seeks to Move Leno to Old Time Slot, Shift O’Brien Later, Gaspin Says

January 10, 2010

By Andy Fixmer and Ronald Grover Jan. 10 (Bloomberg) — NBC is seeking to move late-night host Jay Leno to 11:35 p.m., and shift Conan O’Brien’s “Tonight Show” back by half an hour to 12:05 a.m. No deal has been worked out with the late-night hosts, Jeff Gaspin, co-chairman of television and entertainment at NBC Universal, said today at a television critics conference in Pasadena, California. To contact the reporter on this story: Andrew Fixmer in Los Angeles at afixmer@bloomberg.net

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Tishman Tells New York Councilman It Will Miss a Stuyvesant Bond Payment

January 8, 2010

By Oshrat Carmiel Jan. 8 (Bloomberg) — Tishman Speyer Properties LP and BlackRock Inc. will miss a bond payment today on debt from their $5.4 billion purchase of Stuyvesant Town and Peter Cooper Village in 2006, according to a spokesman for New York City Councilman Daniel Garodnick. Tishman Speyer called Garodnick yesterday to say it won’t make the payment, said Dan Pasquini, the councilman’s spokesman, in a telephone interview. Garodnick is a resident of Peter Cooper Village. To contact the reporter on this story: Oshrat Carmiel in New York at ocarmiel1@bloomberg.net

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Lee Calls for a Permanent Channel for Dialogue Between South, North Korea

January 3, 2010

By Bomi Lim Jan. 4 (Bloomberg) — South Korea President Lee Myung Bak urged North Korea to return to six-party talks, promising to create “a new phase” of relations between the two countries this year. Lee made the comment today in a new-year address televised live. To contact the reporter on this story: Bomi Lim in Seoul at blim30@bloomberg.net

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Seven CIA Workers Killed in Afghanistan Attack, Six Wounded, Panetta Says

December 31, 2009

By Viola Gienger Dec. 31 (Bloomberg) — Seven CIA employees were killed in yesterday’s terrorist attack in Afghanistan and six were wounded, the agency’s director, Leon Panetta, said in a statement today. The attack occurred at a forward operating base in Khost province, the Central Intelligence Agency said. “Those who make a real difference often face real danger,” Panetta said. To contact the reporter on this story: Viola Gienger in Washington at vgienger@bloomberg.net

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Japan’s Jobless Rate Climbs for First Time Since July as Recover Sputters

December 24, 2009

By Aki Ito Dec. 25 (Bloomberg) — Japan’s unemployment rate rose to 5.2 percent in November from 5.1 percent a month earlier, the statistics bureau said today in Tokyo. The median forecast of 26 economists surveyed by Bloomberg News was 5.2 percent. To contact the reporter on this story: Aki Ito in Tokyo at aito16@bloomberg.net

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Sinochem Lowers Offer for Nufarm to $2.3 Billion After Study of Finances

December 21, 2009

By Tim Smith Dec. 22 (Bloomberg) — Sinochem Corp. has cut its offer for Australia’s Nufarm Ltd. to A$12 a share from a previous offer of A$13 a share, the company said today in a regulatory filing. To contact the reporter on this story: Tim Smith in Sydney at tsmith58@bloomberg.net

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Iraq Accuses Iran of Violating Border, Demands Withdrawal From Territory

December 18, 2009

By Margot Habiby Dec. 18 (Bloomberg) — Iraq’s National Security Council said that Iran had violated Iraq’s border and “territorial integrity” and called on Iran to withdraw its forces from the region and lower its flag. To contact the reporter on this story: Margot Habiby in Dallas at mhabiby@bloomberg.net

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Lazard’s Parr Says Banks Worldwide May Still Need to Raise $600 Billion

December 17, 2009

By Deirdre Bolton and Erik Schatzker Dec. 17 (Bloomberg) — Financial companies may still have to raise about $600 billion to recover from the worldwide credit crisis, Lazard Ltd. Deputy Chairman Gary Parr said. “There are a lot of financial institutions that still need to raise money,” Parr said today in an interview on Bloomberg Television. “It’s measured in hundreds of billions of dollars. Arguably it’s around $600 billion on a global basis that still needs to be raised.” To contact the reporter on this story: Erik Schatzker in New York at eschatzker@bloomberg.net

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Pakistan Will Deport Six U.S. Men When Inquiry Over, Punjab Minister Says

December 11, 2009

By James Rupert Dec. 11 (Bloomberg) — Pakistan will deport six U.S. citizens arrested there this week for seeking training as jihadist guerrillas, said Punjab province Home Minister Rana Sanaullah. While the United States is pressing for an early deportation of the men, who are from the Washington, D.C., suburbs, Pakistan will expel them “only after the investigation is complete,” Sanaullah said in a telephone interview. — Editors: Mark Williams . To contact the reporter on this story: James Rupert in New Delhi at jrupert3@bloomberg.net .

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Japan Machine Orders Fall 4.5%, Signaling Recovery Too Weak for Investment

December 9, 2009

By Keiko Ujikane Dec. 10 (Bloomberg) — Orders for Japanese machinery fell 4.5 percent in October from a month earlier, the Cabinet Office said today in Tokyo. The median estimate of 27 economists surveyed by Bloomberg was for a 4.4 percent drop. To contact the reporter on this story: Keiko Ujikane in Tokyo at kujikane@bloomberg.net

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Japan Machine Orders Fall 4.5%, Signaling Recovery Too Weak for Investment

December 9, 2009

By Keiko Ujikane Dec. 10 (Bloomberg) — Orders for Japanese machinery fell 4.5 percent in October from a month earlier, the Cabinet Office said today in Tokyo. The median estimate of 27 economists surveyed by Bloomberg was for a 4.4 percent drop. To contact the reporter on this story: Keiko Ujikane in Tokyo at kujikane@bloomberg.net

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Andy Pettitte Returns to Pitch for New York Yankees Under One-Year Deal

December 9, 2009

By Mason Levinson Dec. 9 (Bloomberg) — New York Yankees pitcher Andy Pettitte will return for a 16th Major League Baseball season, signing a one-year contract to remain with the team he helped to win the World Series. Financial terms weren’t disclosed in a news release announcing the left-hander’s re-signing. The contract is worth $11.75 million, the Associated Press reported. Pettitte, 37, went 14-8 with a 4.16 earned run average in 32 starts last season. He went 4-0 in five playoff starts to raise his postseason win total to 18, a major-league record. To contact the reporter on this story: Mason Levinson in New York at mlevinson@bloomberg.net .

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All Tiger Woods Ads Are Withdrawn by Marketers From Prime-Time Television

December 8, 2009

By Brett Pulley Dec. 8 (Bloomberg) — Marketers have pulled all Tiger Woods advertisements from prime-time television broadcast networks and 19 cable channels following reported extramarital affairs, according to data from Nielsen Co. The last prime-time ad featuring the 33-year-old golfer was a 30-second Gillette Co. spot that ran on Nov. 29, according to New York-based Nielsen. Woods was also absent from commercials on a number of weekend sports programs, including NFL games, Nielsen said. “Last weekend there wasn’t any advertisement during those games,” said Aaron Lewis, a spokesman at Nielsen. To contact the reporters on this story: Brett Pulley in New York at bpulley@bloomberg.net

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Amherst Securities Taps Citigroup’s Wheeler to Lead Mortgage Debt Efforts

December 2, 2009

By Jody Shenn Dec. 2 (Bloomberg) — Amherst Securities Group, the firm specializing in trading and analyzing home-loan assets, hired Citigroup Inc. analyst Darrell Wheeler as part of a plan to begin trading commercial-mortgage-backed securities. Wheeler will join the company in early 2010 as head of CMBS strategy, Austin, Texas-based Amherst said today in an e-mailed statement. To contact the reporter on this story: Jody Shenn in New York at jshenn@bloomberg.net

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Mobius Picks Emaar, `Bombed-Out’ U.A.E. Stocks to Rebound From Dubai Slump

December 1, 2009

By Shiyin Chen and Bernard Lo Dec. 2 (Bloomberg) — Emaar Properties PJSC and other developers in the U.A.E. are among “bombed-out” stocks that Templeton Asset Management Ltd. favors following a two-day slump in share prices. Dubai isn’t likely to go bankrupt and will be “bailed out,” Mark Mobius, who oversees about $25 billion of developing- nation assets as chairman of Templeton Asset, said in a Bloomberg Television interview from Hong Kong. To contact the reporter on this story: Shiyin Chen in Singapore at schen37@bloomberg.net

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Fujii Says He’ll Contact U.S., Europe on Currencies If Needed as Yen Jumps

November 26, 2009

By Toru Fujioka Nov. 27 (Bloomberg) — Japanese Finance Minister Hirohisa Fujii said he will contact authorities in the U.S. and Europe about currencies if necessary. He was speaking to reporters in Tokyo today. To contact the reporter on this story: Toru Fujioka in Tokyo at tfujioka1@bloomberg.net

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Deutsche Bank’s Thomas Mayer to Succeed Norbert Walter as Chief Economist

November 26, 2009

By Rainer Buergin Nov. 26 (Bloomberg) — Thomas Mayer, 55, chief European economist at Deutsche Bank AG’s Global Markets Division, will succeed Norbert Walter as chief economist of Germany’s biggest bank effective Jan. 1, the lender said today in an e-mailed statement. Walter, 65, will retire at the end of the year, Deutsche Bank said. To contact the reporter on this story: Rainer Buergin in Berlin at rbuergin1@bloomberg.net

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Swiss Franc Rises Past Parity With Dollar for First Time Since April 2008

November 25, 2009

By Matthew Brown Nov. 25 (Bloomberg) — The Swiss franc strengthened past parity with the dollar for the first time since April 2008. Switzerland’s currency appreciated as much as 0.9 percent to 0.9994 per dollar, before trading at 1.0013 as of 11:57 a.m. in London. To contact the reporter on this story: Matthew Brown in London at mbrown42@bloomberg.net

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Bank of Japan Leaves Key Rate at 0.1% as Government Urges Deflation Fight

November 19, 2009

By Mayumi Otsuma Nov. 20 (Bloomberg) — The Bank of Japan left its benchmark interest rate at 0.1 percent at a policy meeting in Tokyo today, the central bank said in a statement. All 22 economists surveyed by Bloomberg News expected the decision. To contact the reporter on this story: Mayumi Otsuma in Tokyo at motsuma@bloomberg.net

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Galleon Insider Choo-Beng Lee Told Judge He Was Tipped by a Source in Asia

November 19, 2009

By David Glovin Nov. 19 (Bloomberg) — Richard Choo-Beng Lee, a co-founder of San Jose-based Spherix Capital LLC who pleaded guilty to charges related to the Galleon Group insider trading scandal, told a federal judge that he was tipped by an unidentified source in Asia, according to a transcript of his plea hearing made public today. To contact the reporter on this story: David Glovin in New York at dglovin@bloomberg.net

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Obama, Hu Pledge to Cooperate on Iran, Curbing North Korea’s Nuclear Plans

November 17, 2009

By Julianna Goldman and Edwin Chen Nov. 17 (Bloomberg) — Chinese President Hu Jintao said after meeting with U.S. President Barack Obama that their two nations share “extensive common interests” and are commited to lessening friction over trade and other economic issues. Hu spoke at a joint appearance with Obama today in Beijing To contact the reporter on this story: Julianna Goldman in Washington at jgoldman6@bloomberg.net

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Corzine Says He Hasn’t Spoken With Bank of America About Taking CEO Post

November 12, 2009

By Terrence Dopp Nov. 12 (Bloomberg) — New Jersey Governor Jon Corzine, the former co-chairman of Goldman Sachs Group Inc., said he hasn’t discussed becoming chief executive officer at Bank of America Corp. with the Charlotte, North Carolina-based lender. “I can confirm I have not spoken with them,” Corzine said today in an interview in Newark. To contact the reporter on this story: Terrence Dopp in Trenton at tdopp@bloomberg.net

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Obama to Hold Jobs Summit at White House Next Month as Unemployment Climbs

November 12, 2009

By Kate Andersen Brower Nov. 12 (Bloomberg) — President Barack Obama said he will convene a jobs summit at the White House next month to seek new solutions to revive the U.S. economy. To contact the reporter on this story: Kate Andersen Brower in Washington at kandersen7@bloomberg.net

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FBI Agents Arrest Seven as U.S. Insider-Trading Investigation Intensifies

November 5, 2009

By Patricia Hurtado Nov. 5 (Bloomberg) — FBI agents arrested seven people in relation to an ongoing federal investigation of insider trading in the hedge fund industry, agency spokesman James Margolin said today in an interview. The Federal Bureau of Investigation, along with the Securities and Exchange Commission, were involved in the arrests, the FBI said. Margolin declined further comment. To contact the reporter on this story: Patricia Hurtado in New York at pathurtado@bloomberg.net

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CIT Reaches Agreement With Carl Icahn to Back Lender’s Restructuring Plan

October 30, 2009

By Linda Shen and Pierre Paulden Oct. 30 (Bloomberg) — CIT Group Inc., the 101-year-old commercial lender seeking to avert collapse, reached an agreement with billionaire investor Carl Icahn to support its restructuring plan. Icahn will supply a $1 billion credit line to provide “supplemental liquidity” for CIT’s restructuring, the New York- based company said today in a statement distributed by Business Wire. The $1 billion line can be used as bankruptcy financing, CIT said. A deadline passed last night for CIT to solicit votes in support of an out-of-court debt exchange, or pre-packaged bankruptcy plan. Icahn, who says he owns $2 billion of CIT debt and is its largest bondholder, initially opposed the plan, contending the investments are worth more in a traditional bankruptcy. To contact the reporter on this story: Linda Shen in New York at lshen21@bloomberg.net

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Chinese Drywall Emits `Elevated’ Level of Sulphuric Gas, U.S. Probe Finds

October 29, 2009

By Mark Drajem Oct. 29 (Bloomberg) — U.S. investigators said Chinese drywall emits high levels of sulphuric gas while stopping short of linking the building material to illnesses. “They find chemical elements, but they don’t find enough to be detrimental to people’s health,” Florida Senator Bill Nelson told reporters. To contact the reporter on this story: Mark Drajem in Washington at mdrajem@bloomberg.net

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Kamei Names Jiro Saito as New Japan Post President as Nishikawa Resigns

October 20, 2009

By Takahiko Hyuga Oct. 21 (Bloomberg) — Japan Financial Services Minister Shizuka Kamei said the government appointed Jiro Saito, formerly top bureaucrat at the country’s finance ministry, as the new president of Japan Post Holdings Co. Saito will replace Yoshifumi Nishikawa, who is resigning, Kamei told reporters in Tokyo today. To contact the reporter on this story: Takahiko Hyuga in Tokyo at thyuga@bloomberg.net

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Tsvangirai Is `Disengaging’ From Zimbabwe’s Unity Government With Mugabe

October 16, 2009

By Brian Latham Oct. 16 (Bloomberg) — Zimbabwean Prime Minister Morgan Tsvangirai said his Movement for Democratic Change will be “disengaging” from the unity government “until outstanding issues are resolved.” The party is not “pulling out of the unity government,” he said in a phone interview from the capital Harare today. To contact the reporter on this story: Brian Latham in Johannesburg at blatham@bloomberg.net

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