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bloomberg

Deal Is Near to Develop Willets Point

May 3, 2012

The Bloomberg administration is nearing a deal with the Related Cos. and a real-estate firm controlled by owners of the New York Mets to build a retail and residential development on a gritty swath of Queens near Citi Field.

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Texas Congressman’s Apology to BP is Denounced by His Fellow Republicans

February 26, 2011

By Lisa Lerer and Patrick O’Connor June 18 (Bloomberg) — U.S. Representative Joe Barton may be the only person who had a worse day on Capitol Hill yesterday than BP Plc Chief Executive Officer Tony Hayward . The Texas Republican sparked a political backlash from both parties when he apologized to Hayward — at a hearing where other lawmakers lined up to berate BP — and accused the White House of a “shakedown” by pressuring BP to set aside $20 billion for damage claims from the Gulf of Mexico oil spill. Barton retracted his comments hours later after a meeting with House Minority Leader John Boehner , an Ohio Republican, and House Minority Whip Eric Cantor , a Virginia Republican. The party leaders told Barton to apologize immediately or lose his position as ranking Republican on the Energy and Commerce Committee , said a party leadership aide who spoke on condition of anonymity. The outcry illustrates Republicans’ difficulty in gaining political ground, even during a low period for President Barack Obama , as the party struggles to conquer internal divisions, said Julian Zelizer , a political science professor at Princeton University in New Jersey. Message Discord “The Republican Party is not totally united on what its message should be,” Zelizer said in an interview yesterday. “It’s the Tea Party-versus-leadership tension that we’ve seen on other issues.” The flap began at a hearing by the Energy and Commerce panel on the Gulf of Mexico spill. Lawmakers denounced Hayward for hours, accusing him of stonewalling and failing to provide answers about the causes of the explosion. Barton, though, at the hearing’s beginning apologized to Hayward. The congressman described the claims fund BP agreed to establish after its top officials met with Obama on June 16 as “a $20 billion shakedown.” “I’m ashamed of what happened in the White House,” Barton, 60, told Hayward at the hearing, and later said, “I apologize” for it. Less than six hours later, Boehner’s office released a statement by Barton in which he retracted his apology to BP and apologized “for using the term ‘shakedown.’” ‘Wrong’ Boehner’s office also issued a separate statement from the Republican leader, Cantor and Representative Mike Pence , an Indiana Republican, calling Barton’s statements at the hearing “wrong.” Barton’s statement said he regretted “the impact that my statement this morning implied that BP should not pay for the consequences of their decisions and actions in this incident.” The comments by Barton, who was first elected to his Dallas-area House seat in 1984, inflamed Gulf Coast Republicans, who are outraged at BP for failing to plug the leaking well. “I don’t think we need to be apologizing to British Petroleum,” said Florida Republican Senator George LeMieux . Representative Jeff Miller , a Florida Republican, said in a statement that Barton’s comments “call into question his judgment and ability to serve” in a leadership position on the Energy and Commerce Committee. Other fiscally conservative Republicans have criticized the BP agreement with the Obama administration. And Kentucky Republican Senate candidate Rand Paul today expressed sympathies for Barton in an interview with a radio station. “I have never liked the tone of the president when he said things or his administration says things like he is going to put the boot on the throat of BP,” he said on Lexington, Kentucky- based WVLK-AM. ‘Shakedown Politics’ Georgia Republican Representative Tom Price , in a statement yesterday, said Obama’s insistence on creating an escrow fund was an example of his administration “exerting its brand of Chicago-style shakedown politics.” Representative Michele Bachmann , a Minnesota Republican, criticized the idea of an escrow fund as a “redistribution-of- wealth” fund at a Heritage Foundation forum this week. Former Representative Dick Armey of Texas, a Republican and a leading funder of the Tea Party movement, said at a meeting this week with reporters that Obama lacked the constitutional authority to set up such a fund. ‘Risky’ “They’re trying to make an anti-Obama, anti-Democratic point out of this recent announcement, but I think it’s risky to Republicans,” said Zelizer. Employees of the oil and gas industry have been Barton’s largest source of campaign cash since 1989, giving him $1.4 million, according to the Center for Responsive Politics , a Washington-based research group. That’s more than any other House member has gotten from the industry. He has raised $100,470 from oil and gas industry employees for his 2010 re- election campaign. Democrats immediately seized on Barton’s statements, seeing an opportunity to score political points months before the November elections. “When people in the Gulf are suffering from actions taken by BP, Republicans in Congress are apologizing to BP,” House Speaker Nancy Pelosi told reporters, referring to the statements by Barton and Price. Jon Vogel, executive director of the Democratic Congressional Campaign Committee , used the comments in an e-mail fundraising appeal, telling supporters that their donations would “send an overwhelming message” that Republicans “shamelessly shill for their Big Oil backers.” Vice President Joe Biden called Barton’s remarks “incredibly insensitive, incredibly out-of-touch.” “There’s no shakedown,” the vice president said at a White House briefing. “It’s insisting on responsible conduct and a responsible response to something they caused.” To contact the reporters responsible for this story: Lisa Lerer at llerer@bloomberg.net ; Patrick O’Connor in Washington at Poconnor14@bloomberg.net

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Lloyds’s Fenner Says Oil Demand ‘Fragile’: Audio

February 24, 2011

Feb. 24 (Bloomberg) — Sian Fenner, an economist at Lloyds Bank Corporate Markets in London, says demand for oil “is fragile at the moment” and “fundamentals suggest oil prices should be lower.”

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Former Fed Bank President Poole Says Fed Must Finish QE2: Audio

February 24, 2011

Feb. 24 (Bloomberg) — William Poole, former president of the Federal Reserve Bank of St.

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Lloyd Blankfein’s Headache: Bloomberg Markets Magazine

February 22, 2011

Feb.

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Lloyd Blankfein’s Headache: Bloomberg Markets Magazine

February 22, 2011

Feb. 22 (Bloomberg) — Richard Teitelbaum, a senior writer at Bloomberg Markets magazine, talks with editor Ron Henkoff about Goldman Sachs Group Inc.’s struggle to manage other people’s money.

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Bob McKee Sees Middle East Affecting Markets for Weeks: Audio

February 22, 2011

Feb. 22 (Bloomberg) — Bob McKee, chief economist at Independent Strategy Ltd. in London, says unrest in the Middle East will continue to affect global markets for a few weeks.

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Rajan Says Fed Setting Monetary Policy for World: Audio

February 18, 2011

Feb. 18 (Bloomberg) — Raghuram Rajan, a professor at the University of Chicago, talks with Kathleen Hays about the U.S

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Daiwa’s Mehta Sees U.K. Inflation Closer to 2% in 2012: Audio

February 18, 2011

Feb. 18 (Bloomberg) — Hetal Mehta, an economist at Daiwa Capital Markets Europe in London, says she sees inflation in the United Kingdom falling back to two percent next year.

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Daiwa’s Mehta Sees U.K. Inflation Closer to 2% in 2012: Audio

February 18, 2011

Feb. 18 (Bloomberg) — Hetal Mehta, an economist at Daiwa Capital Markets Europe in London, says she sees inflation in the United Kingdom falling back to two percent next year.

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RBC’s Watt Says Fed on Hold Until 2012: Audio

February 17, 2011

Feb. 17 (Bloomberg) — David Watt, senior currency strategist at Royal Bank of Canada’s RBC Capital unit in Toronto, says “don’t look for the Fed to move” until the first quarter of 2012.

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Gewaltig Sees ECB Rate Hike First Half of 2011: Audio

February 16, 2011

Feb. 16 (Bloomberg) — Natascha Gewaltig, chief European economist at Action Economics, says the European Central Bank is likely to raise interest rates in the first half of this year.

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Gewaltig Sees ECB Rate Hike First Half of 2011: Audio

February 16, 2011

Feb.

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Gewaltig Sees ECB Rate Hike First Half of 2011: Audio

February 16, 2011

Feb. 16 (Bloomberg) — Natascha Gewaltig, chief European economist at Action Economics, says the European Central Bank is likely to raise interest rates in the first half of this year.

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Ross Walker Says BOE Interest Rate Rise Likely in May: Audio

February 16, 2011

Feb. 16 (Bloomberg) — Ross Walker, an economist at Royal Bank of Scotland Group Plc, says market confidence in the Bank of England is “beginning to wear a bit thin,” and an interest rate hike is likely in May.

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Ross Walker Says BOE Interest Rate Rise Likely in May: Audio

February 16, 2011

Feb. 16 (Bloomberg) — Ross Walker, an economist at Royal Bank of Scotland Group Plc, says market confidence in the Bank of England is “beginning to wear a bit thin,” and an interest rate hike is likely in May.

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Ross Walker Says BOE Interest Rate Rise Likely in May: Audio

February 16, 2011

Feb. 16 (Bloomberg) — Ross Walker, an economist at Royal Bank of Scotland Group Plc, says market confidence in the Bank of England is “beginning to wear a bit thin,” and an interest rate hike is likely in May.

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From Fluor to Booms to Costner, BP Cleanup Means Some Clean Up

February 16, 2011

By Mark Drajem and Katarzyna Klimasinska June 18 (Bloomberg) — Michigan’s depressed economy nearly toppled Grand Rapids-based awning maker Prestige Products. In April, the company’s fortunes changed when executive Brian Rickel got a phone call from an old contact at BP Plc

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Home Sales Probably Waned After Credit U.S. Economy Preview

February 16, 2011

By Shobhana Chandra June 20 (Bloomberg) — The housing market began to retrench in May after a government incentive ended, leaving manufacturing at the head of the U.S.

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Medvedev Shows Off Sample Coin of New &lsquoWorld Currency&rsquo at G-8

February 16, 2011

By Lyubov Pronina July 10 (Bloomberg) — Russian President Dmitry Medvedev illustrated his call for a supranational currency to replace the dollar by pulling from his pocket a sample coin of a “united future world currency.” “Here it is,” Medvedev told reporters today in L’Aquila, Italy, after a summit of the Group of Eight nations. “You can see it and touch it.” The coin , which bears the words “unity in diversity,” was minted in Belgium and presented to the heads of G-8 delegations, Medvedev said.

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