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John Paulson Agrees to Purchase $77.9 Million of Conseco Shares, Warrants

October 13, 2009

By Hugh Son Oct. 13 (Bloomberg) — Conseco Inc., the Carmel, Indiana- based life insurer, agreed to sell stock and warrants to Paulson & Co., the hedge fund that bet against subprime mortgages. The hedge fund will pay $77.9 million, Conseco said in a statement distributed by PR Newswire. To contact the reporter on this story: Hugh Son in New York at hson1@bloomberg.net

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Andre Silva Named Co-Head of Latin American Debt Markets at Deutsche Bank

October 13, 2009

By Veronica Navarro Espinosa Oct. 13 (Bloomberg) — Deutsche Bank AG named Andre Silva as managing director and co-head of Debt Capital Markets for Latin America. Silva was previously an executive director at JPMorgan Chase & Co., where he was responsible for debt capital transactions involving Brazilian companies, according to Deutsche Bank. Silva will be based in New York. To contact the reporter on this story: Veronica Espinosa in New York at

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Dollar Rises Versus Euro, Yen After Bernanke Says Fed Ready to `Tighten’

October 8, 2009

By Rocky Swift Oct. 9 (Bloomberg) — The dollar climbed against the yen and euro after Federal Reserve Chairman Ben S. Bernanke said the central bank will be prepared to tighten monetary policy once the economic outlook has improved “sufficiently.” The U.S. currency advanced to 88.69 against the yen as of 8:12 a.m. in Tokyo from 88.39 in New York yesterday. The dollar rose to $1.4769 per euro from $1.4794. To contact the reporter on this story: Rocky Swift in Tokyo at rswift5@bloomberg.net

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Geithner Sees `Broad Signs’ Housing Markets Are Emerging From Recession

October 8, 2009

By Rebecca Christie Oct. 8 (Bloomberg) — Treasury Secretary Timothy Geithner said today that housing markets are showing “broad signs” of improvement even though they haven’t yet healed. “We’re still living with some risk that housing is going to be a source of weakness for the broader economy,” Geithner told reporters on a conference call. Geithner said the Treasury’s mortgage-modification program now includes 500,000 households, a few weeks ahead of the administration’s target. That represents about 40 percent of the 1.2 million homeowners currently eligible for the program. To contact the reporter on this story: Rebecca Christie in Washington at rchristie4@bloomberg.net

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Morgan Stanley Hires Bank of America-Merrill Lynch Manager Kevin Dunleavy

October 5, 2009

By Michael J. Moore Oct. 5 (Bloomberg) — Morgan Stanley , the sixth-largest U.S. bank by assets, hired Kevin Dunleavy from Bank of America Corp. as a managing director in the firm’s sales and trading division. Dunleavy, 49, was vice chairman of global client relationships for Merrill Lynch & Co. , Morgan Stanley said in an internal memo obtained by Bloomberg News and confirmed by spokeswoman Jennifer Sala . He will work with the New York-based company’s equities and fixed-income clients, according to the memo. To contact the reporter on this story: Michael J. Moore in New York at mmoore55@bloomberg.net .

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Japan’s Industrial Production Rises for a Sixth Month on Stimulus Spending

September 29, 2009

By Jason Clenfield Sept. 30 (Bloomberg) — Japanese manufacturers increased production for a sixth month in August, capping the longest winning streak in 12 years, as emergency spending by governments worldwide rekindled global trade. Factory output rose 1.8 percent last month after climbing 2.1 percent in July, the Trade Ministry said today in Tokyo. Economists surveyed by Bloomberg forecast a 1.8 percent gain. To contact the reporter on this story: Jason Clenfield in Tokyo at jclenfield@bloomberg.net

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Japan Industrial Output Rises 1.8%, Longest Stretch of Gains in 12 Years

September 29, 2009

By Jason Clenfield Sept. 30 (Bloomberg) — Japanese manufacturers increased production for a sixth month in August, capping the longest winning streak in 12 years, as emergency spending by governments worldwide rekindled global trade. Factory output rose 1.8 percent last month after climbing 2.1 percent in July, the Trade Ministry said today in Tokyo. Economists surveyed by Bloomberg forecast a 1.8 percent gain. To contact the reporter on this story: Jason Clenfield in Tokyo at jclenfield@bloomberg.net

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Japan Consumer Prices Fall Record 2.4%; Deflation Return Threatens Economy

September 28, 2009

By Aki Ito Sept. 29 (Bloomberg) — Japan’s consumer prices slid in August. Prices excluding fresh food fell 2.4 percent from a year earlier, after tumbling 2.2 percent the previous month, the statistics bureau said today in Tokyo. To contact the reporter on this story: Aki Ito in Tokyo at aito16@bloomberg.net

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Japan Consumer Prices Fall Record 2.4%; Deflation Return Threatens Economy

September 28, 2009

By Aki Ito Sept. 29 (Bloomberg) — Japan’s consumer prices slid in August. Prices excluding fresh food fell 2.4 percent from a year earlier, after tumbling 2.2 percent the previous month, the statistics bureau said today in Tokyo. To contact the reporter on this story: Aki Ito in Tokyo at aito16@bloomberg.net

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Insurers May Win Battle for Looser Capital Rules, Wisconsin Regulator Says

September 24, 2009

By Andrew Frye Sept. 24 (Bloomberg) — Wisconsin Insurance Commissioner Sean Dilweg said regulators may reduce the amount of capital carriers need to guard against losses on residential mortgage- backed securities by the end of the year. The current standards, based on credit grades issued by firms like Moody’s Investors Service and Standard & Poor’s, don’t accurately reflect the risk of losses on RMBS and should be changed, Dilweg said today in an interview at a hearing in National Harbor, Maryland. Dilweg is among state regulators reviewing the use of ratings. To contact the reporter on this story: Andrew Frye in New York at afrye@bloomberg.net .

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New York’s Budget Deficit May Grow to $3 Billion This Year, Paterson Says

September 23, 2009

By Michael Quint Sept. 23 (Bloomberg) — New York Governor David Paterson said the state’s budget deficit this year may reach $3 billion, up from $2.1 billion the Division of Budget estimated July 30. The $3 billion deficit for the year ended March 31, 2010, “is a revenue problem more than anything else,” Paterson said at a legislative leaders meeting in Albany, the state capital. Personal income tax collections are down about 35 percent rather than the projected 15 percent, Paterson said. The $133.5 billion spending plan for the year that began April 1 and updated in July included $86 billion of state funds, with the remainder coming from the federal government. To contact the reporter on this story: Michael Quint in Albany, New York, at mquint@bloomberg.net .

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King Quits as Citigroup Head of Banking for Europe After 20 Years at Bank

September 21, 2009

By Jacqueline Simmons Sept. 21 (Bloomberg) — Citigroup Inc.’s head of banking for Europe, the Middle East and Africa stepped down, according to an internal memo obtained by Bloomberg News. He will be replaced on an interim basis by David Wormsley. To contact the reporter on this story: Jacqueline Simmons in 東京 at jackiem@bloomberg.net

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FBI, New York Police Raid Queens Homes in Terror Probe; Congress Briefed

September 14, 2009

By Patricia Hurtado Sept. 14 (Bloomberg) — U.S. law enforcement agents and New York City police raided several locations in New York City as part of a joint terrorism investigation, a police department official said. The officer, a Sgt. Rodriguez who declined to give his first name, said the city is assisting the federal probe and declined further comment. Dave Cardona, special agent in charge of the FBI’s criminal division, confirmed there is a federal investigation. To contact the reporter on this story: Patricia Hurtado in New York at pathurtado@bloomberg.net

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Taiwan’s Former President Chen Sentenced to Life in Prison for Corruption

September 11, 2009

By Weiyi Lim Sept. 11 (Bloomberg) –Taiwan’s former President Chen Shui- bian was sentenced to life in prison by a local court after his conviction on corruption and money-laundering charges. To contact the reporter on this story: Weiyi Lim in Taipei at wlim26@bloomberg.net

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Shuttle Discovery to Remain in Orbit Extra Day After Storms Delay Landing

September 10, 2009

By Dave McCombs Sept. 10 (Bloomberg) — The U.S. space shuttle Discovery will remain in orbit after NASA canceled a landing for the second time today at Cape Canaveral, Florida , because of storms in the area. The spacecraft will remain in orbit for another day, the National Aeronautics and Space Administration said in a statement on its Web site. As of 7:36 p.m. at Cape Canaveral, thunderstorms were developing over coastal areas, according to the Weather Underground Web site . To contact the reporter for this story: Dave McCombs in Tokyo at dmccombs@bloomberg.net .

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`Madden NFL 10′ Game Sales Are `Discouraging,’ Electronic Arts Chief Says

September 10, 2009

By Anthony Palazzo Sept. 10 (Bloomberg) — Electronic Arts Inc. said video- game industry sales for North America fell in August, and “Madden NFL 10” sales “are down with that trend.” “It is discouraging that one of our highest-rated and best- marketed ‘Madden’ titles in years is facing strong headwinds,” Chief Executive Officer John Riccitiello said in a memo to employees released today. To contact the reporter on this story: Anthony Palazzo in Los Angeles at apalazzo@bloomberg.net

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Rio Tinto Profit Tumbles 65% After Copper, Iron Ore, Aluminum Prices Drop

August 20, 2009

By Simon Casey Aug. 20 (Bloomberg) — Rio Tinto Group said first-half underlying earnings were $2.57 billion. To contact the reporter on this story: Simon Casey in London at scasey4@bloomberg.net

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Pimco Strategist Clarida Sees U.S. Growth of 2% in `New Normal’ Recovery

August 18, 2009

By Ken Prewitt and Sapna Maheshwari Aug. 18 (Bloomberg) — Pacific Investment Management Co. strategic adviser Richard Clarida said growth of 2 percent will likely be the “new normal” as the economy recovers. “We don’t see the V-shaped recovery” experienced in past rebounds from recessions that featured higher rates of growth, Clarida said in an interview with Bloomberg Television in New York. Officials at Pimco, the world’s largest bond fund manager, are using the phrase “new normal” to characterize a global economy that will include heightened government regulation, lower consumption and slower growth. To contact the reporters on this story: Sapna Maheshwari in New York at smaheshwar11@bloomberg.net

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Taiwan Coast Struck by Magnitude 6.5-Earthquake; Buildings Sway in Taipei

August 16, 2009

By Weiyi Lim Aug. 17 (Bloomberg) — A magnitude-6.5 earthquake struck off the coast of Taiwan at about 8:05 a.m. and shook buildings in the capital city Taipei more than 200 kilometers away, the Central Weather Bureau said in a statement on its Web site. The temblor struck at a depth of 11 kilometers about 187.7 kilometers east from the coast of Hualian county, the statement said. To contact the reporter on this story: Weiyi Lim in Taipei at wlim26@bloomberg.net

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Telstra Full-Year Profit Increases 10% to $3.4 Billion, Beating Estimates

August 12, 2009

By Rebecca Evans Aug. 13 (Bloomberg) — Telstra Corp. reported full year net income of A$4.07 billion. The company reported the information in a regulatory filing. To contact the reporter on this story: Rebecca Evans in Sydney at revans6@bloomberg.net

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Florida Republican Mel Martinez Will Leave U.S. Senate Before End of Term

August 7, 2009

By Jerry Hart Aug. 7 (Bloomberg) — U.S. Senator Mel Martinez, a Florida Republican, said he will give up his seat, saying it’s “time I return to Florida and my family.” In an e-mail sent to supporters, Martinez said he will leave the Senate when a successor takes office to finish his term. Martinez announced last year he wouldn’t seek re-election next year, and Florida Governor Charlie Crist, a Republican, has said he will run for the seat. To contact the reporter on this story: Jerry Hart in Miami at jhart@bloomberg.net

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AIG Credit Swaps Decline to Lowest in Five Months as Insurer Posts Profit

August 7, 2009

By Shannon D. Harrington Aug. 7 (Bloomberg) — The cost to protect against a default by American International Group Inc. dropped to the lowest in more than five months after the insurer rescued by the U.S. government reported its first profit in seven quarters. Credit-default swaps on AIG fell 4.5 percentage points to 17.2 percent upfront, according to CMA DataVision. The price, which means it would cost $1.72 million initially and $500,000 annually to protect $10 million of AIG debt from default for five years, is the lowest since Feb. 20, CMA data show. The upfront cost has dropped almost 12 percentage points since Aug. 4. To contact the reporter on this story: Shannon D. Harrington in New York at sharrington6@bloomberg.net

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Bill Clinton Departs North Korea With Two Journalists After Meeting Kim

August 4, 2009

By Nicholas Johnston Aug. 4 (Bloomberg) — Former President Bill Clinton has left North Korea with two U.S. journalists who had been jailed by Kim Jong Il’s regime, a spokesman for Clinton said. The former president, Laura Ling and Euna Lee are enroute to Los Angeles where the women will be reunited with their families, spokesman Matt McKenna said in an e-mailed statement

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`Cash-for-Clunkers’ Extension Will Pass Senate by End of Week, Reid Says

August 4, 2009

By Roger Runningen and Edwin Chen Aug. 4 (Bloomberg) — Senate Majority Leader Harry Reid said the Senate will pass an extension of the government’s “cash for clunkers” program by the end of the week

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Obama Cabinet Members Outline $242 Million in Budget Cuts Over Two Years

July 27, 2009

By Roger Runningen July 27 (Bloomberg) –President Barack Obama’s Cabinet officers responded to his challenge to cut their budgets with $242 million in trims over two years, the Office of Management and Budget said today. Obama in April ordered his Cabinet members to find at least $100 million in cuts, a fraction of the $3.9 trillion the federal government is likely to spend this year, to demonstrate his commitment to reducing the deficit. To contact the reporter on this story: Roger Runningen in Washington at rrunningen@bloomberg.net

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Gates’s Arrest to Be Probed by Police Experts as Cambridge Weighs Action

July 27, 2009

By Tom Moroney July 27 (Bloomberg) — Cambridge, Massachusetts, named two police experts to review the arrest of Harvard University professor Henry Louis Gates Jr. and the mayor said she wouldn’t rule out disciplining officers.

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Ericsson Will Buy Nortel’s North American Wireless Unit for $1.13 Billion

July 25, 2009

By Hugo Miller July 25 (Bloomberg) — Ericsson AB will buy the wireless- equipment unit of insolvent Nortel Networks Corp. for $1.13 billion in cash after beating out bids from Nokia Siemens Networks and MatlinPatterson Global Advisers LLC. The auction process has been completed, Stockholm-based Ericsson said today in a statement on its Web site

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Yen Falls a Second Day Versus Euro as Stock Gains Reduce Demand for Safety

July 23, 2009

By Yasuhiko Seki July 24 (Bloomberg) — The yen fell for a second day versus the euro on speculation Asian stocks will extend a global equity rally as U.S. companies post better-than-estimated results, damping demand for the safety of Japan’s currency. The yen weakened to 134.69 per euro as of 8:04 a.m. in Tokyo from 134.30 yesterday in New York.

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