Frontrunning: March 6
- Cotton prices jump as India bans exports (FT)
- Goldman’s Asia Unit Lost Money First Time Since 2008 on Soured Stock Bets (Bloomberg)
- Meet Mark Spitznagel, Ron Paul's L.A. hedge-fund guy (SPCR)
- U.S., Israel Pull Closer on Iran (WSJ)
- IBM’s Watson Gets Wall Street Job After ‘Jeopardy’ Win (Bloomberg)
- US Senate OKs Bill Aimed at China Subsidies (Reuters)
- Czech Banks May Need More Funds in Crisis (Bloomberg)
- Banker Bonus Limits Sought by EU Lawmakers (Bloomberg)
- Volcker Rule Needs Extensive Revisions Amid Feedback, SEC’s Gallagher Says (Bloomberg)
- RBA Holds Rate at 4.25% on U.S. Optimism (Bloomberg)
- Wen vows to boost ODI, foreign trade (China Daily)
Overnight Media Summary
* U.S. President Barack Obama and Israeli Prime Minister Benjamin Netanyahu met in a bid to narrow differences over Iran, but the U.S. and Israel remained at odds over the nuclear "red line" Tehran cannot cross.
* Since 2010, Chinese companies have invested more than $17 billion into oil and gas deals in the U.S. and Canada, giving their nation a foothold in a region known for new drilling techniques.
* Business groups are urging Congress to allow employers put less money into their pension funds, saying that exceptionally low interest rates are forcing them to set aside too much cash.
* A Securities and Exchange Commission proposal to shore up the $2.7 trillion money-market mutual-fund industry is struggling to overcome opposition within the agency.
* A wave of leveraged-buyout debt is bearing down on Europe, with some $550 billion of loans to European firms maturing over the next five years.
* The Swiss Parliament amended a tax treaty with the U.S., allowing Washington to more easily identify U.S. taxpayers with undeclared Swiss accounts.
* India is once again pulling the strings in the cotton market. The world's second-largest producer of the fiber after China unexpectedly announced an immediate ban on cotton exports, sending benchmark futures prices soaring.
* The Ford Motor Company began adding touch-screen control systems to some of its most popular models two years ago as a way to stand out from the rest of the industry and draw in new customers.
But after many buyers grew frustrated with flaws in the system, known as MyFord Touch and developed with Microsoft , Ford's quality ratings plunged and a feature meant to increase loyalty instead damaged perceptions of the company.
* Computerized patient records are unlikely to cut health care costs and may actually encourage doctors to order expensive tests more often, a study published on Monday concludes.
* Greece moved closer Monday to avoiding default when a large group of private sector bondholders said that it would participate in a restructuring through a bond swap.
* The Food and Drug Administration on Monday rejected an application by Merck to combine a cholesterol-fighting pill with the generic version of Lipitor.