NEWS: China’s Politburo pledged to stabilize growth while pressing on with economic reforms. Silvio Berlusconi’s prosecutor asked judges to ease the maximum sentence. The $20 billion potash market is set to be freely traded after Uralkali, the biggest supplier, decided to end production restrictions that underpinned prices. To read more, click here.
WHAT TO WATCH: U.S. gross domestic product probably rose at a 1 percent annualized rate in the second quarter after a 1.8 percent gain in the previous three months, 9:30 a.m. The FOMC wraps up a policy meeting today and will probably leave the rate unchanged at 0.25 percent, 2 p.m. To read more, click here.
Two of the largest oil producers are readying the Middle East’s first big push into renewable energy, planning solar-power plants that will need more than $1.5 billion in financing by the end of 2014. To read more, click here.
Jana Partners LLC, the $6 billion activist firm run by Barry Rosenstein, took a stake in Japan Airlines Co., it said in a letter to investors obtained by Bloomberg News. To read more, click here.
Detroit’s bankruptcy filing is bringing added scrutiny to the finances of Chicago, as the Illinois city’s struggle to contain its murder rate and swelling pension costs leave it with the lowest credit grade in 26 years. To read more, click here.
NEWS: Italy’s central bank extended asset quality inspections started last year on eight of 20 banks. Japan’s industrial production fell in June by the most since March 2011. Australian central bank Governer Glenn Stevens said there’s still room to lower interest rates. To read more, click here.
WHAT TO WATCH: The S&P/Case-Shiller index of home prices in 20 U.S. cities probably climbed 12.4 percent in May, the biggest annual increase since February 2006, 9 a.m. U.S. consumer confidence was proabaly little changed this month from a five-year high, 10 a.m. The FOMC convenes today and tomorrow and will probably leave its benchmark [...]
Bipartisan legislation in both chambers of Congress would strengthen the pharmaceutical supply chain by creating a single nationwide system of tracking prescription drugs from manufacturer to end user. A key question has thus far prevented enactment of a national supply chain standard: Should the specificity of such a tracking program be unit-level or lot-level? To read more, click here.
Realogy Holdings, the most indebted real estate services company in North America, plans to reprice a $1.9 billion term loan B in March 2014, hoping to cut funding costs by boosting its credit profile. To read more, click here.
by Sam Fazeli, Bloomberg Industries Early-stage drugs were favored in the second quarter. Large pharmaceutical companies have shifted their attention toward discovering and developing drugs at earlier stages in the development cycle. Only three deals for Phase III assets (5 percent of the total) were inked in the quarter, compared with six (10 [...]