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The securities industry misinterpreted rules it assumed allowed as many as nine months to start moving swaps into clearinghouses that are meant to limit risks to the financial system. Firms dealing in $648 trillion of outstanding swaps contracts expected that trading during a phase-in period wouldn’t need to be processed by central clearinghouses, according to an Oct. 5 [...]
Beazer Homes is benefiting from a resumption of lending to the U.S. housing industry as banks open the taps for a builder that hasn’t generated enough cash to cover interest expenses for five years. Beazer, which reported net losses in eight of the last nine quarters, replaced a $22 million credit line due to expire Oct. 1 with a $150 [...]
Bill Rochelle’s Wire Mexican Government Sides With Vitro in U.S. Appeal The Mexican government filed papers urging a U.S. appeals court to reverse a lower court and enforce the reorganization of Vitro SAB in the U.S. Continuing to side with holders of $1.2 billion in defaulted Vitro bonds “may substantially complicate further bankruptcy cooperation between courts in [...]
Greycroft LLC, the venture-capital firm co-founded by Alan Patricof, is seeking $175 million for its next early-stage fund that will back digital media companies, according to two people familiar with the situation. The amount sought by Greycroft Partners III LP tops the $130 million raised by the prior fund in 2010. That fund has an unrealized net [...]
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By Kelly Bit and Jody Shenn Josh Birnbaum, the former Goldman Sachs Group Inc. trader who was instrumental in the bank’s bet against the U.S subprime mortgage market in 2007, posted a 30 percent gain this year in his hedge fund, according to a person familiar with the matter. Tilden Park Capital Management LP, based in New [...]
FX WATCH COMMENTARY BY Da vid Powell, Bloomberg Economist The sharp slowdown in the accumulation of foreign-exchange reserves by the People’s Bank of China has removed a pillar of support from the euro versus the U.S. dollar. The Chinese central bank reported over the weekend its holdings of foreign currencies rose to $3.29 trillion in September from $3.24 trillion [...]
Aegerion’s lead drug candidate lomitapide and Sanofi and partner Isis Pharmaceutical’s mipomersen will be discussed by a panel advising the FDA this week. Both drugs were developed to treat homozygous familial hypercholesterolemia (HoFH), a rare genetic disorder. Read more>>
Sneakers made of suede, rather than comparable synthetics, cost more to the environment but less to shoe brands, said Jochen Zeitz, chairman of Puma SE, Europe’s second-largest sporting-goods maker. The greenhouse gas emissions associated with raising and slaughtering cattle for the production of leather increase greatly its environmental impact. Zeitz said sustainable leather-like materials are currently not available in large enough volumes to [...]
