Bloomberg News prides itself on market-moving scoops. Today its reporters excelled themselves, getting Citigroup’s Q3 earnings out a full 29 minutes before they were due.
Editors Seen Quaking After Ex-NYT Ombudsman Assail
Blankfein To Stiletto Hugging Headlines Client-Data Collateral Damage: Read more
Well worth a read on Wednesday — and you really can get it via RVWS <GO> on the terminal — Bloomberg has released the review of how its journalists interacted with terminal users’ data:
Dick Bove’s focus is on this?
The ex-Rochdale banking analyst, now at Rafferty, has found a hook in the Bloomberg terminal-snooping story for his latest note: Read more
The world is becoming intimately acquainted with the technical ins-and-outs of the Bloomberg LP empire.
There is Bloomberg’s bread-and-butter business of selling sophisticated data terminals to thousands of banking, hedge fund and regulatory authorities around the world. There is also the well-respected news wire run by Matt Winkler. Read more
Bloomberg withdrawal (BBG wɪðˈdrɔːəl) noun.
- Removal of all meaningful work space elements other than the desk, chair, phone, and headache tablets.
- Detachment from all those who matter in one’s work (and possibly also personal) life.
- Feeling of uncertainty that accompanies the suspicion that their terminal is somehow betraying them. Typically arises from reports in the media.
Unfortunately, an unusually high number of people may be suffering from the last one lately. Sorry about that.
In case you haven’t been following, there are two very separate threads to the Bloomberg kerfuffle. Read more
Message from the CEO of Bloomberg
Dear Client, Read more
Here’s a moderately informative activity for a Friday afternoon.
Log on to your Bloomberg terminal. Type UUID <GO> Read more
That Lance Uggla, he’s such a tease. Witness the founder of the CDS price aggregator Markit Group in Tuesday’s FT:
“I would describe our vision as a financial iTunes of sorts,” he says, in reference to the store where Apple sells its own applications and those from independent developers. Mr Uggla predicts that an efficient one-stop shop for accessing equity prices, media content, ratings and research – from exchanges, news organisations, journals, credit rating agencies and analysts – would be welcomed “with open arms” by market participants. Read more
It’s all political at this point.
The goal going forward is to bring Europe into a state of sustainability. Only politicians can do that. So writes Nomura analyst Jens Nordvig. Read more
FT Alphaville has already written about Bloomberg’s billionaire list, which greatly impressed us by making the rival Forbes list seem classy by comparison.
But no longer. Read more
This game was first started by the Surrealists. Here’s the latest take courtesy of Bloomberg:
Japan’s Richest Man Remakes Uniqlo in Manhattan’s Image Read more
We initially thought this was from The Onion, but it appears not…
Carlos Slim, the telecommunications tycoon who controls Mexico’s America Movil SAB (AMXL), is the richest person on Earth, according to the Bloomberg Billionaires Index, a daily ranking of the world’s 20 wealthiest individuals… Read more
Forgive our tired cynicism, but how or why is this a ranking of the world’s “richest” hedge funds? (Via Bloomberg Markets) Read more
How did it come to this?
1. Bloomberg News spent a couple of years trying to extract more information about the bank bail-out loans than the Fed wanted to share. Read more
Spain has asked data providers to switch bonds used for pricing its benchmark debt, in an unexpected move that has pushed quoted yields sharply below last week’s euro-era highs, the FT reports. Just a day after borrowing costs soared in a lacklustre auction, the yield on 10-year Spanish debt, which moves inversely to prices, dropped by about 35 basis points on Friday, mystifying traders. However, it has emerged that Thomson Reuters and Bloomberg, the main providers of government bond price data, were asked by the Spanish Treasury to change the main quoted benchmark price, from the new 10-year bond launched on Thursday back to an older one. After the difficult sale of new debt, in which Spain paid the highest yield since 1997 in an issue of 10 year bonds, the Treasury sent a request marked “urgent” on Friday morning, asking the data providers to restore the older bond as the benchmark. This decision reversed a request made before the auction. The yield on the old bond was trading on average about 35 basis points lower. “The Spanish have clearly seen yields are higher on the new benchmark and decided to go back to the older one. It is a farce and shouldn’t be allowed,” said one trader.
Does Rochdale Research’s Richard X. Bove have a slight axe to grind against Bloomberg or something? We ask the question because his latest note has just landed in our inbox. (H/T Tracy Alloway)
It’s an extraordinary rant about this week’s Bloomberg BusinessWeek editorial: The Flaws in Basel; In Defense of Millionaires. But don’t worry readers, it’s not any the less entertaining for that. Read more
Bloomberg is planning the largest deal in the private company’s 30-year history, with a $990m agreed bid for BNA, an employee-owned legal, tax and regulatory information company founded in 1929 as the Bureau of National Affairs, the FT reports. The financial data group is paying a steep three times BNA’s $331m revenue for 2010, after a sale process that drew interest from other potential bidders, including Thomson Reuters and Reed Elsevier. The acquisition would add significant heft to Bloomberg’s efforts to crack the legal and regulatory information markets with Bloomberg Law, where it needs more content to compete with Thomson Reuters’ Westlaw and Reed Elsevier’s Lexis Nexis. BNA, which has a seat in the White House press briefing room, would also boost Bloomberg Government, a data-heavy service for Washington lobbyists and lawmakers. The acquisition of the largest independent publisher in the industry depends on regulatory clearance from the Department of Justice and the Federal Trade Commission.
Bloomberg News has filed a lawsuit against the European Central Bank to try to force it to disclose documents showing how Greece used derivatives to hide its fiscal deficit and helped trigger the region’s sovereign debt crisis, the newsagency reports. The lawsuit asks the EU’s General Court to overturn the ECB’s decision not to disclose two internal documents drafted for the central bank’s six-member executive board in Frankfurt this year. The notes show how Greece used swaps to hide its borrowings, according to a March 3 cover page attached to the papers obtained by Bloomberg News. ECB President Jean-Claude Trichet withheld the documents after the EU and IMF led a €110bn bailout ($144bn) for Greece.
Compare and contrast.
Bloomberg October 5, 2010: Read more
Oh, the humanity! Oh, the HIND <GO>! Which function gets you, err, this when you tap it into your nearest Bloomberg terminal, as of Thursday:
Russia’s record heat wave may already have taken 15,000 lives and cost the economy $15 billion as fires and drought ravage the country, reports Bloomberg. That amounts to roughly 1 per cent of Russia’s $1.5 trillion economy, and the damage is the result of lower agricultural output and reduced activity in other areas such as industry, according to an e-mail from Alexander Morozov, chief economist at HSBC Holdings Plc in Moscow, to Bloomberg.
Some confusion in the market for C. on Thursday, after this story was published on Bloomberg:
July 15 (Bloomberg) — Citigroup Inc. said it misclassified as much as $9.2 billion of repurchase agreements and $1.9 billion of securities lending transactions as sales during the past three years. The errors, which the bank described as unintentional and “not material,” were disclosed in a letter from the New York-based bank to the Securities and Exchange Commission released today. Read more
Thomson Reuters will on Wednesday unveil the biggest overhaul of its markets division since the merger that formed the financial and professional information group was completed two years ago this week, the FT says.The company will create two simplified web-based platforms, one aimed at enterprises such as large banks, the other aimed at individual users such as small hedge funds. Thomson Reuters hopes the platforms will distinguish the company from Bloomberg, its arch-rival, which invested heavily through the financial crisis but has remained committed to its one-size-fits-all terminals.
Bad press and Jamie ‘Most Dangerous Man in America‘ Dimon be damned. The UK’s graduating classes have spoken, and for those who see themselves as heirs to Gekko, Goldman Sachs is their would-be employer of choice.
According to an annual recruitment survey by TARGETjobs, recent graduates opted for Goldman despite the former investment bank’s reputation as a “harsh critic” and the “difficulty of getting the recruitment process right”. Read more
In early 2007 Bloomberg published this little story:
Boxing Bankers Pummel Each Other for Fun at London Fight Club Read more
For every one of those rare non-critical – or even neutral – comments in the media about Goldman Sachs, there seem to be at least three or four negative takes, with varying degrees of relevance and/or humour.
But Michael Lewis’s spoof memo to Goldman CEO Lloyd Blankfein from a mythical “Goldman trader” about winning the PR war, running on Bloomberg on Friday, gets top marks. Read more
That’s the CBOE Vix – a favourite Wall Street gauge of investor anxiety. Read more