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Obama Seeks Bigger Child Care Tax Credit to Foster `Middle-Class Security’

by on January 25, 2010

By Hans Nichols Jan. 25 (Bloomberg) — President Barack Obama today will preview a package of tax cuts for the middle class, including an increased tax credit for child care, limits on student loan payments, and an expansion of tax credits to match retirement savings, according to an administration official. The proposals preview one of the main themes the president plans to sound in his State of the Union Address on Jan. 27, said the official, who spoke on condition of anonymity. The plan was earlier reported by the New York Times. The president will propose a requirement that all companies, regardless of size, allow their employees to enroll in direct-deposit retirement savings accounts. At an event with Vice President Joe Biden this morning, Obama will announce a plan to enact new safeguards to protect retirement savings. On child tax credits, the president wants to increase the deduction limit from 20 percent to 35 percent for families making under $85,000 a year, the official said. The White House calculates that such an increase would nearly double the tax credit for qualifying families. For student loans, the president will propose that a student’s federal loan payment cannot exceed 10 percent of income above a basic living allowance, the official said. For Related News and Information: To contact the reporter on this story: Hans Nichols in Washington at hnichols2@bloomberg.net

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Obama Seeks Bigger Child Care Tax Credit to Foster `Middle-Class Security’

Obama Will Preview State of Union Package of Middle Class Tax Cuts Today

by on January 25, 2010

By Hans Nichols Jan. 25 (Bloomberg) — President Barack Obama today will preview a package of tax cuts for the middle class, including an increased tax credit for child care, limits on student loan payments, and an expansion of tax credits to match retirement savings, according to an administration official. The proposals preview one of the main themes the president plans to sound in his State of the Union Address on Jan. 27, said the official, who spoke on condition of anonymity. The plan was earlier reported by the New York Times. The president will propose a requirement that all companies, regardless of size, allow their employees to enroll in direct-deposit retirement savings accounts. At an event with Vice President Joe Biden this morning, Obama will announce a plan to enact new safeguards to protect retirement savings. On child tax credits, the president wants to increase the deduction limit from 20 percent to 35 percent for families making under $85,000 a year, the official said. The White House calculates that such an increase would nearly double the tax credit for qualifying families. For student loans, the president will propose that a student’s federal loan payment cannot exceed 10 percent of income above a basic living allowance, the official said. For Related News and Information: To contact the reporter on this story: Hans Nichols in Washington at hnichols2@bloomberg.net

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Obama Will Preview State of Union Package of Middle Class Tax Cuts Today

Obama Will Preview Package of State of Union Middle Class Tax Cuts Today

January 25, 2010

By Hans Nichols Jan. 25 (Bloomberg) — President Barack Obama today will preview a package of tax cuts for the middle class, including an increased tax credit for child care, limits on student loan payments, and an expansion of tax credits to match retirement savings, according to an administration official. The proposals preview one of the main themes the president plans to sound in his State of the Union Address on Jan. 27, said the official, who spoke on condition of anonymity. The president will propose a requirement that all companies, regardless of size, allow their employees to enroll in direct-deposit retirement savings accounts. At an event with Vice President Joe Biden this morning, Obama will announce a plan to enact new safeguards to protect retirement savings. On child tax credits, the president wants to increase the deduction limit from 20 percent to 35 percent for families making under $85,000 a year, the official said. The White House calculates that such an increase would nearly double the tax credit for qualifying families. For student loans, the president will propose that a student’s federal loan payment cannot exceed 10 percent of income above a basic living allowance, the official said. For Related News and Information: To contact the reporter on this story: Hans Nichols in Washington at hnichols2@bloomberg.net

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Merkel Predicts `Difficult’ Time for Euro as Greece Strives to Cut Deficit

January 14, 2010

By Tony Czuczka Jan. 14 (Bloomberg) — German Chancellor Angela Merkel said Greece’s mounting budget deficit risks hurting the euro, saying the currency faces a “very difficult phase.” Merkel, speaking at a private forum hosted by Die Welt newspaper yesterday, questioned the fiscal discipline of other countries using the euro, according to a transcript posted on the German government’s Web site today. “The Greek example can put us under great, great pressures,” she said, according to the transcript. “Who will tell the Greek parliament to please go ahead and pass a pension reform? I don’t know that they’ll be enthusiastic about Germany giving them instructions.” German lawmakers wouldn’t be happy if Greece told them what to do, she said. “So the euro is in a very difficult phase over the coming years.” Greek 10-year bonds extended declines. They yielded 5.99 percent, up 11 basis points, or 0.11 percentage points at 12:08 p.m. in Berlin. That includes an increase of 3 basis points after Merkel’s remarks were reported. In Athens, Greek Prime Minister George Papandreou announced plans to cut spending and raise revenue by about 10 billion euros ($14.5 billion) this year as part of a three-year plan adopted today to bring the European Union’s biggest budget deficit within the EU limit in 2012. “We will do whatever it takes,” Papandreou said in a televised speech to his Cabinet. “Our country can and is obliged to exit as soon as possible this vicious circle of misery. We will not retreat; we will proceed quickly.” The plan, to be presented to the European Commission tomorrow, aims to cut the shortfall from 12.7 percent of output, more than four times the EU limit, to 8.7 percent this year. That reduction will be achieved even though the economy will contract 0.3 percent, the plan says. The budget deficit will shrink to 5.6 percent next year and 2.8 percent in 2012. For Related News and Information: Greek economy news: NI GRECO Top German stories: TOPG

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Credit Suisse Reassigns Japan Electronics Analyst Tabata to Cover Autos

January 4, 2010

By Mariko Yasu and Shunichi Ozasa Jan. 5 (Bloomberg) — Credit Suisse Group AG reassigned its Japan electronics analyst to cover automakers as part of a reshuffling of its research staff, Kyoya Okazawa , the bank’s head of equities in the country, said in an interview. Koya Tabata , 36, will cover Japanese carmakers including Toyota Motor Corp. starting today after nine years analyzing electronics companies such as Sony Corp. and Panasonic Corp., Okazawa said. Hitoshi Hayakawa , the Zurich-based bank’s telecommunications analyst, will add consumer electronics to his coverage, he said. Tabata’s appointment highlights the need for expertise beyond traditional automotive-industry knowledge as carmakers increasingly rely on electronics when developing new models, Okazawa said. Automakers are teaming up with electronics companies or investing in their own research units to develop new technologies for motors and power cells to meet demand for electric vehicles. Credit Suisse, which has 25 analysts in Japan covering 320 companies, plans to further strengthen its research this year, Okazawa said. Credit Suisse, Switzerland’s biggest bank by market value, hired Kunihiko Shiohara , a former Goldman Sachs Group Inc. partner, to head the equity-research team last July. For Related News and Information: Bloomberg’s stories on Credit Suisse in Japan: To contact the reporter on this story: Mariko Yasu in Tokyo at myasu@bloomberg.net ; Shunichi Ozasa in Tokyo at sozasa@bloomberg.net .

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Chinese Court Sentences Woman to Death for $113 Million Investment Fraud

December 18, 2009

By Bloomberg News Dec. 18 (Bloomberg) — China sentenced Wu Ying to death for defrauding investors of more than $100 million, the China News Service reported today, citing a court ruling. Wu, born in 1981, raised 773 million yuan ($113 million) with promises of high returns, according to a report by the Beijing-based news service posted to Chinacourt.org, a Web site operated by the Supreme People’s Court of China. The Jinhua Intermediate People’s Court of Zhejiang province ruled Wu’s actions undermined the stability of the nation’s financial system, according to the report. The ruling comes after China last week executed Yang Yanming, a former employee of China Galaxy Securities Co., for embezzlement and misappropriating 94.5 million yuan. Executions of company and government officials have been used by the Chinese government as part of its crackdown on corruption. Calls today to the Jinhua Intermediate People’s Court seeking comment weren’t answered. Wu used a portion of the money for futures trading, racking up 50 million yuan of losses, China News reported. She also spent almost 20 million yuan buying automobiles, including a 3.75 million yuan Ferrari SpA car, according to the report. China in 2008 executed more people than the rest of the world combined, according to rights group Amnesty International. For Related News and Information: For stories about crime in China: TNI CHINA CRIME BN Most-read stories about China today: MNI CHINA 1D China economic statistics: ECST CH

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Intel Will Pay AMD $1.25 Billion to Settle Legal Disputes; AMD Shares Jump

November 12, 2009

By Ville Heiskanen Nov. 12 (Bloomberg) — Intel Corp. agreed to pay Advanced Micro Devices Inc. $1.25 billion as part of a legal settlement that ends a multiyear dispute between the world’s two largest computer-processor makers. The settlement includes all antitrust litigation and patent cross-license disputes, the companies said in a statement today. The companies agreed to new 5-year cross-license pact and will give up any claims of breach from the previous agreement. Intel also agreed to abide by a set of business-practice provisions. AMD had filed an antitrust complaint against Intel with the European Union, and sued Intel in Delaware in 2005 alleging it controls the market for microprocessors, in part by providing discounts to customers that avoid AMD’s products. Intel had 82 percent of the market for personal-computer processors at the end of the third quarter, according to Mercury Research in Cave Creek, Arizona. AMD had 18 percent. AMD rose $1.22, or 23 percent, to $6.54 at 9:34 a.m. in New York Stock Exchange composite trading. The shares had more than doubled this year before today. Intel stock was halted. It added 34 cents to $19.84 in Nasdaq Stock Market trading yesterday and has gained 35 percent this year. The companies said the settlement lets them focus on product innovation and development. For Related News and Information: On AMD earnings: AMD US TCNI ERN On AMD relative value: AMD US TCNI RV On the semiconductor industry: NI SEM BN On top technology stories: TTOP

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China Minsheng Banking Plans to Raise Up to $4 Billion in Hong Kong Sale

November 8, 2009

By Bloomberg News Nov. 8 (Bloomberg) — China Minsheng Banking Corp. , the nation’s first privately owned lender, plans to raise as much as HK$31.54 billion ($4.07 billion) in an initial share sale in Hong Kong, said two people familiar with its plan. Minsheng will sell 3.32 billion shares, or a 15 percent stake, at HK$8.50 to HK$9.50 each, said the people, who declined to be identified before an official announcement. The top end of the range values the Beijing-based bank at 1.8 times its 2010 book value as estimated by banks involved in the sale, they added. BOC International (Holdings) Ltd., China International Capital Corp., Macquarie Group Ltd. and UBS AG are managing the sale. For Related News and Information: Top financial stories: FTOP Stories on China Banks: TNI CHINA BNK Banking industry debt and equity monitor: BANK Relative value comparison: 600016 CH RVC

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P&G Recognizes Top Performing Global Suppliers

November 3, 2009

In Germany, DebtX is executing two separate sales . Related News. Auto suppliers to request $8-$10B loan guarantees as companies struggle with falling revenue. June 10th, 2009 Auto suppliers to seek $8-$10B in loan guaranteesNEW YORK …

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Buying a Car Loan With Bad Credit Has Become Easier Online

October 22, 2009

In Germany, DebtX is executing two separate sales . Related News. Expert: $375M loan to exclusive Yellowstone Club in Montana was based on faulty projections. May 4th, 2009 Expert: Club’s loan based on faulty projectionsMISSOULA, Mont. …

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ABB Reports Third-Quarter Profit of $1 Billion After Reducing Provisions

October 19, 2009

By Antonio Ligi Oct. 19 (Bloomberg) — ABB Ltd ., the world’s biggest supplier of power grids, said it will report third-quarter profit ahead of analyst estimates after overshooting on provisions to cover a cartel probe penalty. Net income totaled about $1 billion, the Zurich-based company said in a preliminary statement today prior to their detailed earnings report scheduled for Oct. 29. Analysts had predicted $625 million, according to a Bloomberg survey. The Swiss maker of substations in December set aside more than $800 million to cover costs related to tax, compliance and restructuring. A European Commission probe into the transformer market resulted in a smaller-than-expected 33.75 million-euro fine ($50.3 million), analysts said. By contrast, ABB had to boost reserves to a triple-digit-million dollar sum to cover income and sales-tax adjustments and writedowns in Russia, spokesman Thomas Schmidt said. “I had expected massively more, the fine was stunningly moderate and this was certainly a trigger for this adjustment,” said Zuercher Kantonalbank analyst Richard Frei . The adjustment to provisions was about $380 million, and the company is now conducting an “in-depth” review of its Russian business after tax audits by local authorities revealed “questionable practices,” Schmidt said. The business environment there is very “challenging” and the market has “collapsed,” he said. ABB rose 0.4 percent to 21.9 Swiss francs as of 9:52 a.m. local time. The stock has advanced 44 percent this year. “We had expected, but not put into our estimates, that ABB will be able to reduce provisions at some point,” JP Morgan analyst Andreas Willi said in a note. For Related News and Information: Top Stories: TOP Company News: ABBN VX CN

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Scailex to Buy Hutchison’s Partner Communications Stake for $1.4 Billion

August 12, 2009

By Tal Barak Harif and Mark Lee Aug. 12 (Bloomberg) — Scailex Corp. said it agreed to pay 5.29 billion shekels ($1.4 billion) to buy the 51 percent stake in Partner Communications Ltd. held by billionaire Li Ka- shing ’s Hutchison Telecommunications International Ltd. Scailex, the Israeli investment company owned by Ilan Ben Dov , will pay 67 shekels per share, the company said in a statement. Partner, Israel’s second-biggest provider of mobile- phone services, fell 1.5 percent to close at 67 shekels in Tel Aviv trading yesterday. The sale will allow Li, 81, to increase investments in faster-growing phone markets in Southeast Asia and exit a country where wireless subscriptions exceed the population. Hutchison Telecom shares have outperformed Hong Kong’s benchmark amid speculation shareholders will get a payout from proceeds of the possible Israel sale. “After Israel goes, their focus will shift towards Indonesia, Vietnam and Sri Lanka,” Lisa Soh , who rates Hutchison Telecom shares “underperform” at Macquarie Group Ltd. in Hong Kong, said before the announcement. “Assuming a transaction is concluded, expectations would be for the company to pay a special dividend.” Hutchison Telecom, whose shares were suspended today, fell 1.5 percent to close at HK$1.98 in Hong Kong trading yesterday, trimming the stock’s gain this year to 69 percent. The benchmark Hang Seng Index has advanced 46 percent. Partner, which offers mobile-phone services under the Orange brand in Israel, accounted for 56 percent of Hutchison Telecom’s sales of HK$23.73 billion ($3.2 billion) last year, according to the parent’s earnings announcement in March. For Related News and Information: To contact the reporters on this story: Tal Barak Harif at tbarak@bloomberg.net Mark Lee in Hong Kong at wlee37@bloomberg.net

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China’s `Fine-Tuning’ Signals Monetary Policy Tightening, Economist Says

August 6, 2009

By Bloomberg News Aug. 6 (Bloomberg) — China’s central bank may tighten monetary policy this year after saying yesterday that it would use “dynamic fine-tuning,” Galaxy Securities Co. chief economist Zuo Xiaolei said. “In the first half, we had excessively loose monetary policy and now, in the second half, we’re moving into appropriately loose monetary policy,” Zuo said today by phone from Beijing. The Shanghai Composite Index fell for a second day, trimming this year’s gain to 84 percent, on concern that the government will rein in lending to prevent bubbles in stocks and property. The People’s Bank of China also said in a quarterly report that it will maintain a “moderately loose” monetary policy and guide “appropriate” loan growth. “The central bank is doing the right thing,” Zuo said, without specifying how it may tighten policy. “China needs stable economic growth. China doesn’t need big ups and downs.” The stock index slid 2.4 percent as of the break in trading at 11:30 a.m. local time. The central bank has kept interest rates and reserve requirements for banks unchanged this year after cutting them in the final four months of last year to counter the effects of the global credit crisis. It’s selling more bills to mop up cash. The reserve ratio is 15.5 percent for big banks and 13.5 percent for small lenders. The key one-year lending rate is 5.31 percent. ‘Spooking Investors’ The reference to fine-tuning policy “is spooking investors who are worried that the central bank will follow up with tightening measures, such as hiking the reserve ratio,” said Wang Zheng , a fund manager at Jingxi Investment Management Co. in Shanghai. The central bank will “use market oriented methods to carry out dynamic fine-tuning taking into consideration domestic and international economic conditions and price changes,” it said in yesterday’s report. Chinese banks made a record 7.37 trillion yuan ($1 trillion) of new loans in the first half as the government sought to revive economic growth that slowed to the weakest pace in almost a decade. M2 , the broadest measure of money supply, rose a record 28.5 percent in June from a year earlier. For Related News and Information: Most-read stories about China today: MNI CHINA 1D China economic statistics: ECST CH

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Pakistani Rioters Kill Seven Christians, Destroy 40 Homes in Punjab Town

August 2, 2009

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