Italian banks near saturation point on government debt

Italian banks near saturation point on government debt

Tuesday, November 5, 2013 – 17:47

Silvia Aloisi and Valentina Za

Reuters

MILAN – Italian banks are near saturation point after two years spent frantically buying their own government’s bonds, forcing the Treasury to find alternative investors at home and abroad to finance a 2-trillion euro debt. Lenders’ ability to soak up yet more Italian sovereign debt depends largely on the European Central Bank – which in turn says Italy is crucial to the fate of the entire euro zone. Read more of this post

BOJ Struggles to Convince on 2% as Abenomics Shine Fades

BOJ Struggles to Convince on 2% as Abenomics Shine Fades

Half a year after Bank of Japan Governor Haruhiko Kuroda unleashed record monetary easing, economists see the bank failing to meet its inflation target, underscoring the case for stronger steps to revive the economy. While the median estimate of BOJ board members released last week showed the bank expects consumer prices to rise 1.9 percent in the 2015 fiscal year — in line with a 2-percent-in-two-years goal laid out in April — just two of 34 analysts surveyed by Bloomberg News see the target met in that timeframe. Read more of this post

Harley Eyes Global Buyers for New Lightweight Bikes

Harley Eyes Global Buyers for New Lightweight Bikes

Harley-Davidson Inc. (HOG), which has long dominated the market for heavyweight motorcycles, is rolling out its first Harley-brand lightweight bikes in decades as it eyes a global market that is big and, in some ways, smaller. At events in Kansas City, Missouri, and Milan today, Harley is introducing the Street 500 and Street 750, the latest in its Dark Custom line of bikes that aim to bring Harley’s classic look and sound for a modern and younger audience. Read more of this post

Cotton Slumping as Glut Expands Record China Hoard

Cotton Slumping as Glut Expands Record China Hoard

China is hoarding a record amount of cotton to aid farmers as global production exceeds demand for a fourth consecutive year, increasing the risk of a supply surge that would tip prices into a bear market. The biggest producer and user will have 12.7 million metric tons in inventory by July 31, 62 percent of the global total and enough to make about 71 billion t-shirts, the U.S. Department of Agriculture estimates. The government may end its stockpiling program the following season, Macquarie Group Ltd. says. Prices will drop 8.4 percent to 69.5 cents a pound in a year, according to the median of 12 analyst estimates compiled by Bloomberg. Read more of this post

Thai Top Money Manager Sells Stocks as Protests Hurt Growth

Thai Top Money Manager Sells Stocks as Protests Hurt Growth

Thailand’s top-performing equity fund manager has reduced holdings of domestic shares on expectations that protests against the government’s amnesty bill will spur prolonged political conflict and curb economic growth. BBL Asset Management Co., which runs seven of the ten best-performing Thai equity funds during the past three years, has raised cash holdings since mid-October, Voravan Tarapoom, chief executive officer at Bangkok-based BBL, which oversees about $10 billion, said in an e-mail. The benchmark SET Index (SET) plunged 2.9 percent yesterday, the most since Sept. 23, as an estimated 10,000 protesters marched through Bangkok’s streets. Read more of this post

Doosan Infracore Slumps on Unexpected Global Share Sale Report

Doosan Infracore Slumps on Global Share Sale Report: Seoul Mover

Doosan Infracore Co. (042670), South Korea’s largest construction equipment company, declined the most in more than two years in Seoul trading after a report of a possible $400 million depositary-receipt sale sparked investor concern that it would dilute shareholdings. Doosan Infracore fell 8.3 percent, the most since October 2011, to close at 13,250 won. The stock was the second-worst performer on the MSCI Asia Pacific Index. Doosan Heavy Industries & Construction Co. (034020), its biggest shareholder, dropped 3.3 percent. The building-equipment maker is considering selling depositary receipts overseas, Doosan Infracore said in a filing after the report by MoneyToday. Doosan Infracore hired JPMorgan Chase & Co. and HSBC Holdings Plc to help sell the receipts to raise funds for possible future investments in China and Europe as well as for its Bobcat unit in the U.S., MoneyToday reported today, citing unidentified investment banking officials. “News of Doosan Infracore seeking a global depositary receipt sale was totally unexpected,” said Richard Park, an analyst at Korea Investment & Securities Co. in Seoul. “If the report is correct, it won’t be good news for investors.” Doosan Infracore agreed to buy Bobcat for $4.9 billion from Ingersoll-Rand Co. in 2007.

To contact the reporter on this story: Kyunghee Park in Singapore at kpark3@bloomberg.net

Shanghai Zendai Property plans to transform a Johannesburg suburb into the “New York of Africa” with an 80 billion rand ($7.8 billion) investment over the next 15 years

Shanghai Zendai Plans $7.8 Billion ‘New York of Africa’

Shanghai Zendai Property Ltd. (755) plans to transform a Johannesburg suburb into the “New York of Africa” with an 80 billion rand ($7.8 billion) investment over the next 15 years, Chairman Dai Zhikang said. The company, based in Hong Kong, will build a financial hub, as many as 35,000 houses, an educational center and a sport stadium in the 1,600 hectares (3,950 acres) of land it purchased from AECI Ltd. (AFE) in Modderfontein, eastern Johannesburg. The area, currently used for manufacturing, is about 15 kilometers (9 miles) east of Sandton, the city’s main financial center, and the same distance west of OR Tambo International Airport, Africa’s biggest airport. Read more of this post

Hepatitis C, a Silent Killer, Meets Its Match

November 4, 2013

Hepatitis C, a Silent Killer, Meets Its Match

By ANDREW POLLACK

Determined to get rid of the hepatitis C infection that was slowly destroying his liver, Arthur Rubens tried one experimental treatment after another. None worked, and most brought side effects, like feverinsomnia, depression, anemia and a rash that “felt like your skin was on fire.” But this year, Dr. Rubens, a professor of management at Florida Gulf Coast University, entered a clinical trial testing a new pill against hepatitis C. Taking it was “a piece of cake.” And after three months of treatment, the virus was cleared from his body at last. Read more of this post

Rupert Murdoch is right: companies should look to their own people instead of passing the buck to ‘ignorant consultants’

Leo D’Angelo Fisher Columnist

Rupert Murdoch is right: companies should look to their own people instead of passing the buck to ‘ignorant consultants’

Published 04 November 2013 12:02, Updated 04 November 2013 14:46

Rupert Murdoch has made an important point about the disproportionate role of management consultants in today’s corporate sector. Photo: Bloomberg

In just one tweet – 140 characters – Rupert Murdoch has defined a corporate sickness that threatens to suck business dry of innovation, vision, purpose and, critically, employee pride, motivation and engagement. That tweet, posted by Murdoch over the weekend, stated: “Newscorp sad case of damage by ignorant consultants. Fast being repaired by infusion of experienced managers.” This can only be interpreted as a very public swipe at Kim Williams, the former chief executive of News Corp Australia who was forced out by Murdoch in August. (Never mind that in News Corp’s ASX announcement Murdoch paid tribute to Williams for “his nearly two decades of service … but more importantly, for his loyalty and friendship to me and my family all of these years”. Such is the way of mealy-mouthed ASX announcements.) Read more of this post

When Being Alone Turns Into Loneliness, There Are Ways to Fight Back

When Being Alone Turns Into Loneliness, There Are Ways to Fight Back

Occasional Loneliness Is a Near-Universal Feeling, Therapists Say, That Individuals Can Identify and Work to Change

ELIZABETH BERNSTEIN

Nov. 4, 2013 6:57 p.m. ET

I spend a fair amount of time by myself. One recent day, I worked, read, cleaned my desk, took a walk, made soup and chatted with my best friend on the phone. By evening, I felt productive and content. Then, for the first time in hours, I checked my phone. There was not one new text, call or email—not even from Groupon. Wasn’t anyone thinking of me? It got me thinking: How does being alone turn into being lonely? Some people crave time alone, but experts say occasional feelings of loneliness are a near-universal experience. Evolutionary psychologists say the lonely feeling developed to alert humans—social animals who rely on each other to survive—that they were too close to the perimeter of the group and at risk of becoming prey. Spending time alone is more fun when it is by choice. When it is the result of loss, separation or isolation, people are likely to experience it as loneliness. Homesickness, bullying, empty-nesting, bereavement and unrequited love are all variations on the theme. Loneliness isn’t depression, which is a lasting feeling of deep sadness and hopelessness and should be treated by a professional. Read more of this post

Herbal Supplements Are Often Not What They Seem; DNA tests show that many pills labeled as healing herbs are little more than powdered rice and weeds

November 3, 2013

Herbal Supplements Are Often Not What They Seem

By ANAHAD O’CONNOR

Americans spend an estimated $5 billion a year on unproven herbal supplements that promise everything from fighting off colds to curbing hot flashes and boosting memory. But now there is a new reason for supplement buyers to beware: DNA tests show that many pills labeled as healing herbs are little more than powdered rice and weeds. Using a test called DNA barcoding, a kind of genetic fingerprinting that has also been used to help uncover labeling fraud in the commercial seafood industry, Canadian researchers tested 44 bottles of popular supplements sold by 12 companies. They found that many were not what they claimed to be, and that pills labeled as popular herbs were often diluted — or replaced entirely — by cheap fillers like soybean, wheat and rice. Read more of this post

Problems for bitcoin in China

Problems for bitcoin in China

Staff Reporter

2013-11-05

The sudden closure of an online trading platform of the virtual currency bitcoin in China brought to the fore the problems surrounding the new currency in the country, where such transactions are surging, the Guangzhou-based Southern Weekly newspaper reported. Chinese users of GBL, a bitcoin trading platform that claims it is based in Hong Kong, were shocked when they found on Oct 26 that access to the service’s website was no longer available. Read more of this post

New township projects in China may cause bubble to burst

New township projects in China may cause bubble to burst

Staff Reporter

2013-11-05

Under the auspices of urbanization, many municipal governments in China have jumped onto the bandwagon of “new township” projects in recent years, fueling realty speculation and adding to concerns regarding the country’s property bubble, according to the news portal NetEase. Authorities in Guangzhou in southern China’s Guangdong province broke ground on construction of its New Knowledge City on Oct. 29. The project in Luogang district will encompass 75 billion yuan (US$12.3 million) of investment, and will spearhead the implementation of a further 10 new township projects in the city. Read more of this post

Stock Splits Rekindle a Polarizing Debate; eight of the 11 S&P 500 companies that have split their stock this year have since outperformed their peers, rekindling the debate about the value for shareholders

November 5, 2013, 12:27 AM ET

Stock Splits Rekindle a Polarizing Debate

MAXWELL MURPHY

Senior Editor

Stock splits have all but disappeared from the corporate playbook, but eight of the 11 S&P 500 companies that have split their stock this year have since outperformed their peers, rekindling the debate about the value for shareholders. Noble Energy Inc.NBL +1.25%Flowserve Corp.FLS +1.16% and Gilead SciencesInc.GILD -2.30%, for example, all have at least doubled their number of shares outstanding this year, and had beaten the benchmark index by 20 to 63 percentage points as of the end of October. Read more of this post

China premier warns against loose money policies

China premier warns against loose money policies

12:46am EST

BEIJING (Reuters) – China needs to sustain economic growth of 7.2 percent to ensure a stable job market, Premier Li Keqiang said as he warned the government against further expanding already loose money policies. In one of the few occasions when a top official has enunciated the minimum level of growth needed for employment, Li said calculations show China’s economy must grow 7.2 percent annually to create 10 million jobs a year. Read more of this post

Legend Capital eyes wearable device market with tech investment

Legend Capital eyes wearable device market with tech investment

Staff Reporter

2013-11-05

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An ad for the GolfSense sensor and app developed by Zepp Labs. (Internet Photo)

Many investors are now eyeing wearable devices as the next potential field in consumer electronics, with companies looking to invest in related start-up firms, reports the Chinese Entrepreneur magazine. The concept of wearable devices emerged last year, with the introduction of Google Glass — an eyeglass-shaped mobile computing device, the magazine said. Da Mi, vice president of Legend Capital, a subsidiary of Chinese investment holdings company Legend Holdings, said the most applicable hardware remains the smartphone at this time, but the future lays in sensor hardware. Earlier this year, Legend Capital decided to invest in Zepp Labs — which combines 3D motion technology and sports — and entered its board, after seeing the latter’s hot sales in North America. Read more of this post

Teachers are earning millions of dollars selling their lesson plans on the “iTunes of education”

Teachers are earning millions of dollars selling their lesson plans on the “iTunes of education”

BY ERIN GRIFFITH 
ON NOVEMBER 4, 2013

TeacherspayTeachers has never raised a cent of outside venture capital. That’s fine — the 28-person company, launched from a New York apartment in 2006, has been profitably helping teachers sell their lesson plans to each other for some time now. This week, the company crossed the threshold of $60 million in teacher-to-teacher sales. That’s up from just $5 million a year ago. It’s just another positive milestone on the company’s quest to become the iTunes for digitally delivered educational content, according to founder Paul Edelman. Read more of this post

The Airbnb Economy in New York: Lucrative but Often Illegal; A number of New Yorkers make a substantial portion of their income by renting out apartments on a short-term basis through the Airbnb website

November 4, 2013

The Airbnb Economy in New York: Lucrative but Often Illegal

By ELIZABETH A. HARRIS

Tama Robertson is an artist who sells paintings and makes jewelry, but this being New York City, she also works in real estate. She has worked as an associate broker and invested in some properties of her own, but in recent years, she has supplemented her income with something a bit more contentious: She rents out a room in her own apartment to travelers she finds on the website Airbnb. By sharing her kitchen and her keys with strangers, she estimates that she brings in up to $10,000 a year. Read more of this post

After a Decade, SAC Capital Blinks; The Justice Department’s deal with SAC Capital caps an investigation that turned a mighty hedge fund into a symbol of financial wrongdoing

NOVEMBER 4, 2013, 8:54 PM

After a Decade, SAC Capital Blinks

By BEN PROTESS and PETER LATTMAN

SAC Capital first sought to fend off a federal indictment. Then the hedge fund, run by the billionaire Steven A. Cohen, offered to pay about $700 million to settle. Finally, SAC suggested it plead guilty to only some of the criminal charges in the five-count indictment. But at every turn, the government refused. And so on Monday, SAC agreed to plead guilty to all five counts of insider trading violations and pay a record $1.2 billion penalty, becoming the first large Wall Street firm in a generation to confess to criminal conduct. The deal caps a decade-long investigation that has turned a mighty hedge fund into a symbol of financial wrongdoing. Read more of this post

Bakerzin founder resigns; plans to offer “nice gourmet cakes at very, very affordable prices” to consumers, but will not be opening a retail shop due to high rents

Bakerzin founder resigns

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By Rebecca Lynne Tan

The Straits Times

Sunday, Nov 03, 2013

Patisserie-cafe chain Bakerzin’s founder and chief executive Daniel Tay has resigned from his post, and has set up a new food supply company. The 43-year-old, who founded the home-grown business in 1998, has started Foodgnostic to offer baked goods and other food to restaurants and hotels which cannot make them from scratch because of the labour shortage. He also has plans to offer “nice gourmet cakes at very, very affordable prices” to consumers, but will not be opening a retail shop due to high rents. Read more of this post

‘Everything Store’ nothing short of unbalanced, says Bezos wife

November 5, 2013 12:14 am

‘Everything Store’ nothing short of unbalanced, says Bezos wife

By Barney Jopson in Los Angeles

Jeff Bezos’s wife has deployed one of her husband’s most celebrated innovations – the unfiltered product review on Amazon – to trash a high-profile new book about the online retailer and its founder. MacKenzie Bezos, who is a novelist, offered a withering critique and a one-star ratingfor The Everything Store: Jeff Bezos and the Age of Amazon, a book by Brad Stone, a technology reporter at Bloomberg Businessweek. Read more of this post

Rebooting your memory: After millions of years of remembering what matters, is technology changing the way memory works?

Rebooting your memory

November 3, 2013

Drew Turney

After millions of years of remembering what matters, is technology changing the way memory works? As we offload more of the storage of information onto technology, might we be losing the art of remembering for ourselves? As early as 2002 writer Cory Doctorow, speaking about whether his blog were to disappear, said: ”Huge swathes of acquired knowledge would simply vanish … my blog frees me up from having to remember the minutiae of my life”. We all know the feeling, as we recruit machinery to stand in for our memories more and more the busier life gets. But is doing so changing us? When we can reach into the networks and airwaves to pluck out information with impunity, is the technosphere our new collective memory? Read more of this post

Mechanical Hearts Beat Death for Transplant List Patients

Mechanical Hearts Beat Death for Transplant List Patients

Scott Morgan wrote off the pain on his left side as an old sports injury, never imagining it was a sign his heart was failing. When he finally went to the hospital last year, he was shocked to learn he needed a transplant. With fewer than 2,500 donated hearts that become available each year in the U.S. for transplant, Morgan’s doctors offered him another option. He got a mechanical pump placed inside his chest to keep him alive. Read more of this post

Simple Tech Fix Could Allow Millions to Hear

Simple Tech Fix Could Allow Millions to Hear

A few weeks ago, I had an amazing experience, one that most people take for granted but that for more and more of us in the baby-boom demographic is becoming impossible. I sat in a large auditorium and listened to — and heard — a speaker on a podium. In fact, I listened to many speakers over the course of a two-day weekend, and I heard every word. Read more of this post

Roche to Pay Polyphor Up to $548 Million for ‘Superbug’ Antibiotic

Roche to Pay Up to $548 Million for ‘Superbug’ Antibiotic

Roche Holding AG (ROG) agreed to pay as much as 500 million Swiss francs ($548 million) for the rights to an experimental antibiotic to target a drug-resistant “superbug” that is a leading cause of fatal bacterial infections in hospitals. Polyphor Ltd., the Allschwil, Switzerland-based developer of the antibiotic, will receive 35 million francs up front, and is eligible for further payments of as much as 465 million francs if the product meets development, regulatory and commercial goals, Roche said in an e-mailed statement today. Roche also will pay royalties on sales, the Basel, Switzerland-based company said. Read more of this post

Funding Dries Up for Medical Startups; Companies Are Squeezed by Venture-Capital Drought

Funding Dries Up for Medical Startups

Companies Are Squeezed by Venture-Capital Drought

JOSEPH WALKER 

Nov. 4, 2013 7:58 p.m. ET

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The medical-device industry, struggling to adapt to a thriftier health-care system, is getting squeezed by a venture-capital drought. Investment in the medical-device and equipment industry is on pace to fall to $2.14 billion this year, down more than 40% from 2007 and the sharpest drop among the top five industry recipients of venture funding, according to an analysis of data compiled by PricewaterhouseCoopers and the National Venture Capital Association. Venture money received by the biotechnology sector declined 28% over the same period, while software startups recorded a 75% increase. Read more of this post

Diabetes’ Cold Sweat Seen Ended With Artificial Pancreas

Diabetes’ Cold Sweat Seen Ended With Artificial Pancreas

Thomas Brobson remembers the first morning he awoke after being equipped with an artificial pancreas. After years of fitful nights, he slept soundly and opened his eyes feeling great. No waking up at 3 a.m. in a cold sweat with extreme low blood sugar. And no having to counteract those effects by getting something to eat in the middle of the night. Read more of this post

Biotech stock boom risks becoming bubble

November 4, 2013 9:55 am

Biotech stock boom risks becoming bubble

By Arash Massoudi and Michael Mackenzie in New York

In this year’s record-breaking bull run for US stocks, one industry in particular has been a standout performer. Biotechnology is on course for its best year since the dotcom boom. With stock market bargains fast diminishing, investors are betting that a number of “dream stocks” will deliver breakthrough medical treatments. But the question now is whether that prospect of future medical advances justifies a further run in shares – or whether the sector has simply become overheated. Read more of this post

Why Creativity Thrives In The Dark; dim lighting creates a “visual message” capable of nudging our minds into an exploratory mode

Why Creativity Thrives In The Dark

IMAGINATIVE MINDS HAVE LONG APPRECIATED THE POWER OF DIM LIGHTING. NEW RESEARCH CONFIRMS THAT WHEN THE LIGHTS SWITCH OFF, SOMETHING IN THE BRAIN SWITCHES ON.

Great artists and original thinkers often seem instinctually drawn to the darker hours. The writer Toni Morrison once told The Paris Review that watching the night turn to day, with a cup of coffee in hand, made her feel like a “conduit” of creativity. “It’s not being in the light,” she said, “it’s being there before it arrives.” Whether they join Morrison before dawn or get going after dusk, many of history’s most imaginative minds have been inspired by dim lighting. Read more of this post

Billions of Earth-Like Planets Exist, Scientists Say

Billions of Earth-Like Planets Exist, Scientists Say

About 4.4 billion planets are similar to Earth in size and temperature, suggesting they may be able to host life, according to a survey of the galaxy using telescopes operating in space and on the ground. The number is an estimate based on information taken from 42,000 stars similar to the Earth’s sun and their surrounding planets by the National Aeronautics and Space Administration’s Kepler Space Telescope, as well as telescopes in Hawaii. Ideal planet climate — not too hot or too cold — was determined by how far they were away from their stars, according to the report today in the Proceedings of the National Academy of Sciences. Read more of this post