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Aug 14, 2011

Leighton posts annual loss on write-downs. MarketWatch - Australia Listed Stocks Reported Revenue | Market Pulse


By David Fickling:

SYDNEY (MarketWatch) -- Australia's largest construction group by revenues Leighton Holdings Ltd. (LEI.AU) swung to a net loss of 408.8 million Australian dollars (US$424.9 million), from a A$612 million profit a year before, the company said Monday. 

The loss is largely due to a series of write-downs across its businesses but was in line with guidance.
In April, the company reported a major downgrade to profits due to problems with its Brisbane Airport Link project; a desalination project in the Australian state of Victoria; and an impairment of the company's stake in the Habtoor Leighton Group, a United Arab Emirates-based contractor. 

The outcome was in line with the after-tax loss of A$408 million for the year the company predicted in an update earlier this month, a somewhat narrower figure than the A$427 million expected at the initial announcement in April. Last week, the company also said it had signed an agreement with BHP Billiton Ltd. (BHP) to sell its contract mining business in the Pilbara region of Western Australia for A$705 million, although the deal came after the end of Leighton's financial year on June 30.
Leighton did not declare a final dividend, in line with guidance since April. An interim dividend of 60 Australian cents was declared at half year results and a total of A$1.50 was paid the previous year.
"The Leighton Group maintains record levels of work in hand and anticipates a return to satisfactory levels of profitability over the next 12 month period," the company said. 

Net profit over the next fiscal year would come to A$600 million to A$650 million, Leighton said.

Australian stocks rally, with resources gaining: MarketWatch | Australia Stock Market | Market Pulse




LOS ANGELES (MarketWatch) -- Australian stocks climbed in early Monday trading, with resources and insurers among the leading advancers, helped in part by U.S. gains Friday. The benchmark S&P/ASX 200 AU:XJO +1.36% rose 1.6% to 4,240.30. In Australia's key resource sectors, Alumina Ltd. AU:AWC +3.85% AWCMF +3.07% AWC +1.18% jumped 5.2%, BHP Billiton Ltd. AU:BHP +2.56% BHP +0.82% added 3%, and Rio Tinto Ltd. AU:RIO +1.90% RIO +2.48% was up 2.4%. However, Newcrest Mining Ltd. AU:NCM -0.20% NCMGF +3.96% lost 0.3% despite posting strong profit numbers ahead of the market open, as a tick-down in gold prices weighed on the stock. Insurers recovered somewhat from heavy losses in the previous week, with QBE Insurance Group Ltd. AU:QBE +2.58% QBEIF -3.25% up 2.8%, and AMP Ltd. AU:AMP +2.76% AMLTF -14.74% regaining 3.5%.

Japanese stocks rise after U.S. gains, GDP data: MarketWatch | Nikkei Index At Open | Market Pulse


By Michael Kitchen 
 
LOS ANGELES (MarketWatch) -- A strong weekly finish for Wall Street and better-than-expected Japanese economic data helped send Tokyo stocks to a sizeable gain at the open. The Nikkei Stock Average JP:NIK +1.51% shot up 1.5% to 9,099.86, while the broader Topix climbed 1.4% to 778.89. Blue-chip exporters were among the top gainers, with Sony Corp. JP:6758 +2.39% SNE -1.38% rising 2.3%, Toshiba Corp. JP:6502 +2.98% TOSYY -2.75% gaining 2.7%, Nintendo Co. JP:7974 +2.84% NTDOF -5.56% improving by 3.6%, Toyota Motor Corp. JP:7203 +2.09% TM -0.98% up 2.2%, and Mazda Motor Corp. JP:7261 +3.49% MZDAF -3.02% advancing 3.5%. The rally followed data showing Japan's economy shrank by an annualized 1.3% in the April-June quarter, a better result than expected, given the devastation from the March 11 earthquake and tsunami

Japan economy shrinks less than expected in Q2: MarketWatch - Asian Economies - Japan | Market Pulse



By Virginia M. Harrison 
 
SYDNEY (MarketWatch) -- Japan's gross domestic product contracted by 0.3% in the April-June quarter, or 1.3% on an annualized basis, the government reported Monday. The result compared with a median forecast for a 2.7% quarter-on-quarter contraction, according to a survey of economists by Dow Jones Newswires. The Japanese economy contracted by revised 3.6% in the January-March period, which was the first period to include the impacts of the catastrophic March 11 earthquake and tsunami. The U.S. dollar traded at ¥76.88, little changed from ¥76.90 just ahead of the data

The Australian Capital Circle: Gillard Claws Back Poll Ground.

Capital Circle Newsletter
Gillard claws back poll ground
 
Labor is still in the opinion poll death zone, but there is some good news for the PM as MPs return to Canberra after five weeks.

Julia Gillard is in Canberra for a day of meetings. Cabinet will meet this afternoon, while the Labor caucus will meet today ahead of parliament resuming tomorrow. She has no public appearances scheduled.
Tony Abbott is heading to Canberra for the parliamentary sitting week. The shadow ministry will meet this afternoon.
First off: Fairfax papers lead with a Nielsen poll that shows Julia Gillard has clawed back a few points in the polls. Labor poll position is still disastrous, trailing the Coalition 42-58 in the two-party-preferred vote. But the ALP's primary vote has risen two points to 28, while the Coalition has fallen three points to 48. And Ms Gillard has also closed the gap on Tony Abbott as preferred PM, closing from 40-51 to 44-47. Reports: Phillip Coorey; Michelle Grattan; Peter Hartcher; Michael Gordon.
Publish or perish: Regular readers of political blogger Greg Jericho, better known by his nom de plume Grog's Gamut, will have noticed he now describes himself as a former public servant. Indeed, Jericho tells Capital Circle he has left to write a book, which is to be published by Scribe. "It is on Social Media, Politics, Policy and Journalism,'' Jericho tells Capital Circle . While the book has no firm publication date yet, it is still being written and is due to be finished at the end of January.
Promoted: After two years a media assistant in the PMO, Tony Hodges has stepped up to a new role as press secretary to the PM. We'd hazard a guess that Mr Hodges, who previously worked for long-serving Labor MP Bob McMullan, won't miss the 4am starts.
Carbon fundraiser: The Canberra Liberals are holding a carbon tax cockt
Read more...
 
Mumble
Peter Brent
Peter Brent
 
Who is the government’s weakest link?
They say a chain is only as strong as its weakest link. Even the flimsiest chain. So who is the Gillard government’s weakest link? …

The Australian Business Briefing: Markets hope for confidence shot






Markets hope for confidence shot
ASX Tracy Lee PROFIT forecasts will come under close scrutiny as the earnings season hits high gear over the next fortnight.
 
Sun rises on Japan airline
JAL aircraft Steve Creedy JETSTAR and Japan Airlines are expected to announce within days a deal with Mitsubishi to launch a Japanese low-cost carrier by the end of the year.
 
Dow chief's dig at mining myopia
Dow chief has a dig at mining myopia Andrew Burrell ONE of Australia's most senior expatriate executives is drumming up support for an advanced manufacturing taskforce.
 
Optus hits back at hypocrisy ruling
Optus Mitchel Bingemann THE telco does not concede it wilfully broke an undertaking.
 
Landlords see the sweet spots
Landlords see sweet spots in sour European economy Bridget Carter AUSTRALIAN retail groups are defying Europe's debt crisis.
 
Reinsurance costs to hit insurers
QBE headquarters MITCHELL BINGEMANN THE fallout from last week's roller-coaster ride on the local bourse has hit the nation's largest insurers.
 
Debate dampens Cochlear's outlook
Debate dampens Cochlear outlook Richard Gluyas COCHLEAR chief executive Chris Roberts talks about his frustration concerning his arch rival.
 
Economy should be better: Ralph Norris
Ralph Norris THE economy is in "pretty sound shape" but should be stronger, according to the departing Commonwealth Bank chief executive.
 
Financial Markets
Private equity firms await ruling
Scales of justice A federal judge in Boston is expected to rule soon on whether to expand the number of Wall Street buyouts included in a key lawsuit.
 
Frenetic traders add complexity
Markets hope for confidence shot
 
Financial Markets Coverage
 
Mining & Energy
Dow chief's dig at mining myopia
Dow chief has a dig at mining myopia Andrew Burrell ONE of Australia's most senior expatriate executives is drumming up support for an advanced manufacturing taskforce.
 
A clash of values above and below ground
LNP leader backs farmers over miners
 
More Mining & Energy

U.S. economy navigates Wall Street chaos: MarketWatch | Economic - Preview



By Jeffry Bartash, MarketWatch 

WASHINGTON (MarketWatch) — It’s often said that markets and investors crave stability. That’s especially true now following one of the wildest weeks in Wall Street history.
The Dow Jones Industrial Average rose or fell by more than 400 points in four straight days last week, the first time that’s ever happened. Most of the volatility stemmed from concerns about another U.S. recession or a financial meltdown in debt-laden Europe. 

Yet last week’s batch of data showed a U.S. economy that’s still growing, albeit slowly, while worries about European crisis have eased for now. See the week’s key data in charts.
And there’s a good chance this week’s economic reports will show more of the same.
Investors are expected to focus on fresh manufacturing data, two key inflation reports and the number of people who applied for jobless benefits. While the reports are not expected to contain unpleasant surprises, economists say the U.S. remains in a precarious state, especially after all the market volatility.
“Its way too early to signal all clear on the U.S. economy,” said Neil Dutta of Bank of America/Merrill Lynch. “People’s perception of the economy is reflected through the markets in many ways. It’s a measure of confidence.”

Uncertain times

The effect of market volatility VIX -6.77%  is arguably the biggest source of unease among U.S. investors and economists — not to mention consumers. A key confidence index issued last Friday sank to a 31-year low. Read story on consumer confidence. 
 
The bitter fight last month between Republicans and Democrats over the federal debt limit soured consumers, but economist Yelena Shulyatyeva of BNP Paribas also pointed to “fundamental” problems that go beyond Washington. Consumers spending has slowed since late spring, U.S. stocks have dropped and the unemployment rate remains high at 9.1%.
It’s impossible for people to feel good, she noted, when their market portfolios shrink or they can’t find a job. Shulyatyeva worries that low consumer confidence could carry over, keeping the U.S. economy weak for months to come.
The sharp up-and-downs in U.S. stocks exacerbates those concerns. Dutta calls it a classic chicken-and-egg scenario.
“Is it going to be the markets that lead the economy lower,” he asked, “or the economy leading the equity market higher?” 

If the economic data is going to lead the way, Wall Street needs to start seeing better numbers in the manufacturing sector. Two key barometers of manufacturing activity, the Empire State index and the Philadelphia Fed index, turned sharply lower over the past few months after a sizzling start to 2011.
“The data has been horrible lately,” Shulyatyeva said. 

The Empire State index, which surveys manufacturing executives in the New York region, is projected to rise to 0.0 from -3.8 in July. The report comes out Monday morning. 

The more closely followed Philly Fed index, published Friday, is forecast to rise to 5.0 in July from 3.2 in the prior month.
Yet Dutta cautioned against reading too much into the regional manufacturing surveys. He said industrial production is expected to show a big increase in July, drawing on data in previously published economic reports.
“The activity data, which is allegedly more forward looking, are much more sensitive to swings in financial markets,” he argued. 

Also on tap are monthly reports on wholesale and consumer prices. Both indexes are likely to show increases, mainly because of higher gas prices in July. Yet economists say inflationary pressures appear to have eased, as evidenced by falling oil prices. 

Two reports on housing, new home starts and existing home sales, are not expected to change much. The housing industry is mired in its worst slump ever and economists don’t expect the market to pick up for several years. 

In a relatively light week of data, the biggest threat to the market stability that investors crave is likely to be events overseas. Wall Street will keep a close eye on whether Europe takes bolder steps to avert a potential debt crisis. 

Jeffry Bartash is a reporter for MarketWatch in Washington.


The Washington Post Breaking News



News Alert: Breaking News: Pawlenty ends 2012 GOP bid
August 14, 2011 



Former Minnesota Gov. Tim Pawlenty announced Sunday morning that he is stepping out of the race for the GOP presidential nomination, after a disappointing finish in the Iowa straw poll.

"We cannot envision a path forward to victory and so therefore we made a decision to end the campaign," he said in an early-morning conference call to supporters.

http://link.email.washingtonpost.com/r/HXJVEI/EWSQTY/12RURF/6PSF0E/XJ1NL/AZ/h

For more information, visit washingtonpost.com

Hello World: Israel is Out-Classing You in Civil Disobedience: The Washington Post Today's Highlights | Business


The Washington PostTODAY'S HEADLINES 

TODAY'S HIGHLIGHTS
Bachmann wins Iowa straw poll
The Republican presidential race entered a new phase with the entry of Rick Perry and a victory by Michele Bachmann, who narrowly beat Ron Paul, in the Ames straw poll.
(By Dan Balz and Amy Gardner)

Pressure’s on for deficit panel
A new bipartisan “supercommittee” charged with reducing the deficit will begin its work with American opinions about Congress at an all-time low.
(By Rosalind S. Helderman and Felicia Sonmez)

An end to drug tests on chimps?
The era of testing drugs on chimpanzees may be drawing to a close as experts debate its usefulness and ethics.
(By Brian Vastag)

Did D.C. man have to die like this?
Theodoric C. James Jr. served 10 presidents but died alone in squalor. People tried to get D.C. agencies to help him, but he resisted assistance.
(By Christian Davenport)

Stage collapses at Indiana State Fair; at least 3 dead
Authorities say they have confirmed at least three deaths after a stage collapsed during a storm at the Indiana State Fair, where the country group Sugarland was set to perform.
(By Associated Press)

POLITICS
For members of deficit-cutting supercommittee, 'doomsday' defense cuts hit close to home
WASHINGTON — For the dozen lawmakers given the task of producing a deficit-cutting plan, the threatened “doomsday” defense cuts hit close to home.
( Associated Press Associated Press , AP)

Bachmann wins Iowa straw poll
The Republican presidential race entered a new phase with the entry of Rick Perry and a victory by Michele Bachmann, who narrowly beat Ron Paul, in the Ames straw poll.
( by Dan Balz and Amy Gardner , The Washington Post)

Rick Perry joins 2012 race
The Texas governor told a S.C. audience that it’s “time to get America working again.”
( by Perry Bacon Jr. , The Washington Post)

Gateway to middle class faces cuts
Postal service jobs have long been seen a possibility for stable income for a family. But proposed cuts are the latest threat against the career path.
( by Krissah Thompson , The Washington Post)

Pressure’s on for deficit panel
A new bipartisan “supercommittee” charged with reducing the deficit will begin its work with American opinions about Congress at an all-time low.
( by Rosalind S. Helderman and Felicia Sonmez , The Washington Post)



STYLE
A friendship tested by politics
Two female friends have had different political views but “agreed to disagree” amiably. But now that truce doesn’t seem to be working.
(, The Washington Post)

Miss Manners: Invitation to royal party poses dilemma for guest
Should guest to birthday fete in foreign country let friend in that country know of visit?
(, Universal Press)



(, The Washington Post)

Could you be a zoo chef?
Take the quiz to see if you can pick which foods are eaten by which animals at the zoo.
(, The Washington Post)

Ask Amy: Obnoxious blogger bothers brother
His brother reveals family secrets and more in his blog. What can he do?
(, Tribune Media Service)


SPORTS
Beckett allows 5 in the first and Red Sox can't come back again King Felix
SEATTLE — It was the worst first inning Josh Beckett has had in years — and it came against the worst hitting team in baseball.
( Associated Press Associated Press , AP)

Felix Hernandez works 7 innings, survives 4-run 6th to help Mariners hold off Red Sox 5-4
SEATTLE — Felix Hernandez seemingly had everything he needed to beat the Boston Red Sox Saturday night, leading by five runs after just one inning.
( Associated Press Associated Press , AP)

Astros clinch 3rd straight losing season with 3 errors in 6-1 loss to Dodgers' Kershaw
LOS ANGELES — Veteran shortstop Clint Barmes is experiencing the same thing with the Houston Astros that he did in his early years with the Colorado Rockies — a nucleus of hungry young players going through the growing pains it takes to become productive major leaguers.
( Associated Press Associated Press , AP)

Kershaw gets career-high 14th win with 9 Ks, Kemp's HR helps Dodgers beat Astros 6-1
LOS ANGELES — The fact that Dodgers RBI leader Matt Kemp has homered in only two of Clayton Kershaw’s career-high 14 victories this season gives more credence to the kind of season the All-Star left-hander is putting together in his fourth big league campaign.
( Associated Press Associated Press , AP)

Donny Schatz holds off Shane Stewart to take fifth Knoxville Nationals title
KNOXVILLE, Iowa — Donny Schatz held off a rapidly closing Shane Stewart to win his fifth Knoxville Nationals Saturday night.
( Associated Press Associated Press , AP)


WORLD
New US ambassador to China says 2 countries should work together more to tackle global issues
BEIJING — The new U.S. ambassador to China, the first Chinese-American to take up the post, said Sunday that the two countries could solve many of the world’s problems if their governments work together more.
( Associated Press Associated Press , AP)

Police bring Norway killer back to massacre island for reconstruction
OSLO, Norway — Norwegian police say the man who has confessed to killing 69 people at an island youth camp has been brought back to the crime scene.
( Associated Press Associated Press , AP)

Insurgents attack Afghan governor's compound
KABUL, Afghanistan — A provincial governor says six suicide bombers have attacked his compound in eastern Afghanistan.
( Associated Press Associated Press , AP)

Syrian gunboats fire on coastal city in renewed assault; at least 10 killed
BEIRUT — Syrian gunboats firing heavy machine guns pounded impoverished districts of Latakia on Sunday, killing at least 10 people in a renewed assault on the Mediterranean coastal city, activists said.
( Associated Press Associated Press , AP)

Afghan official: Insurgents attack provincial governor's compound in east; casualties feared
KABUL, Afghanistan — Afghan official: Insurgents attack provincial governor’s compound in east; casualties feared.
( Associated Press Associated Press , AP)


LIVE DISCUSSIONS
ComPost Live with Alexandra Petri
The Compost, written by Alexandra Petri, offers a lighter take on the news and political in(s)anity of the day.
(, vForum)

Opinion Focus with Eugene Robinson
Washington Post columnist Eugene Robinson discusses his recent columns and the latest news in a live Q&A.
(, vForum)

Debt Ceiling drama: Why Jonathan Capehart thinks your voice needs to be heard
In his Post-Partisan blog post today, Opinion writer Jonathan Capehart said that "Folks should be marching on the Capitol" in protest of the way the debt issue is being handled. Do you agree?
(, vForum)

Chatological Humor: Monthly with Moron
Gene Weingarten takes polls and chats about his recent columns.
(, vForum)

ComPost Live with Alexandra Petri
The Compost, written by Alexandra Petri, offers a lighter take on the news and political in(s)anity of the day.
(, vForum)


TECHNOLOGY
Hello World: Israel is Out-Classing You in Civil Disobedience

( by TechCrunch.com , TechCrunch.com)

EZOfficeInventory Lets SMBs Easily Track And Manage Company Assets (In The Cloud)

( by TechCrunch.com , TechCrunch.com)

OMG/JK: With Google+, It’s All A Big Game

( by TechCrunch.com , TechCrunch.com)

2005 Zuckerberg Didn’t Want To Take Over The World

( by TechCrunch.com , TechCrunch.com)

Glorious Images Of Apple’s New Spaceship Headquarters

( by TechCrunch.com , TechCrunch.com)


BUSINESS
Hello World: Israel is Out-Classing You in Civil Disobedience

( by TechCrunch.com , TechCrunch.com)

EZOfficeInventory Lets SMBs Easily Track And Manage Company Assets (In The Cloud)

( by TechCrunch.com , TechCrunch.com)

OMG/JK: With Google+, It’s All A Big Game

( by TechCrunch.com , TechCrunch.com)

2005 Zuckerberg Didn’t Want To Take Over The World

( by TechCrunch.com , TechCrunch.com)

Glorious Images Of Apple’s New Spaceship Headquarters

( by TechCrunch.com , TechCrunch.com)

NYT: Today's Headlines: Buy, Sell, Hold (Tight): Eight Days of Market Frenzy | Business

Today's Headlines


TOP NEWS

Tribal Rifts Threaten to Undermine Libya Uprising

By DAVID D. KIRKPATRICK and C. J. CHIVERS
An increase in discord and factionalism among rebels could threaten the effort to overthrow Col. Muammar el-Qaddafi and put Libyan civilians at risk.

Iowa Poll Goes to Bachmann; Paul Is Second

By JEFF ZELENY
The results of the straw poll represented a turning point in the campaign but also underscored an uncertainty in the Republican contest to find a presidential nominee.

Starved Budgets Inspire New Look at Web Gambling

By MATT RICHTEL
States are looking to Internet gambling as part of the antidote to their budget woes, but could run into trouble with the Justice Department.
QUOTATION OF THE DAY
"I remember quite clearly one of my middle-school teachers telling me that I was a stone with sharp, jagged edges, but that I would turn into a smooth river stone as I grew older. During the years while I was making this film, I felt like I was getting sharper and sharper instead."
ZHAO LIANG, a filmmaker, on "Petition," a documentary that angered the Chinese government.

World

Video: Filming China's Dark Side

Zhao Liang's films, which explore the relationship between the Chinese government and its citizens, have received critical acclaim abroad, but are not screened in China.
Opinion

Download

Audio: A Conversation With Anthony Bourdain

Chef, author and television host Anthony Bourdain takes more questions.
WORLD

U.S. Economic Woes Loom Over Biden Visit to China

By EDWARD WONG
As Vice President Joseph R. Biden Jr. prepares to depart for China on Tuesday, Chinese leaders are facing questions about the strength of America's economy.

After British Riots, Conflicting Answers as to 'Why'

By RAVI SOMAIYA
At the heart of a debate is the question of what drove even some previously law-abiding Britons to steal.

Shell Tries to Control North Sea Oil Leak

By SARAH MASLIN NIR
Royal Dutch Shell said that a "leakage of oil has been considerably reduced."
U.S.

White House Debates Fight on Economy

By BINYAMIN APPELBAUM and HELENE COOPER
As millions across the nation battle unemployment, the Obama administration is considering new measures to help spur economic growth and job creation.

Starved Budgets Inspire New Look at Web Gambling

By MATT RICHTEL
States are looking to Internet gambling as part of the antidote to their budget woes, but could run into trouble with the Justice Department.

Bishops Criticize Tough Alabama Immigration Law

By CAMPBELL ROBERTSON
A group of church leaders has formally denounced Alabama's new immigration law, calling it mean-spirited and un-Christian, and has vowed not to obey it.
POLITICS

Promising Better Direction, Perry Enters Race

By ASHLEY PARKER
Rick Perry's entrance into the already crowded presidential field is expected to reconfigure the race's dynamics, offering Republicans both a fiscal and social conservative.

Health Law Is Dealt Blow by a Court on Mandate

By MICHAEL COOPER
The provision of President Obama's health care law that requires Americans to buy health insurance was deemed unconstitutional by a federal court in Georgia.

Resistance Widens to Obama Initiative on Criminal Immigrants

By JULIA PRESTON
Worries that a program intended to improve community safety by deporting dangerous immigrant criminals is eroding ties between the police and ethnic neighborhoods.
BUSINESS

Buy, Sell, Hold (Tight): Eight Days of Market Frenzy

By DAVID SEGAL, CHARLES DUHIGG and PETER LATTMAN
From the trading rooms to the living rooms of market insiders across the country, it's been a harrowing time.
Unboxed

First, Make Money. Also, Do Good.

By STEVE LOHR
More companies are pursuing the idea that profit-making should be a priority of their social responsibility programs.
Novelties

Their Mission: To Build a Better Toilet

By ANNE EISENBERG
A competition sponsored by the Gates Foundation asks researchers to create inexpensive new toilets that could eventually serve much of the world's population.
TECHNOLOGY

The Gregory Brothers Auto-Tune the Internet

By DAVE ITZKOFF
Through the power of Auto-Tune, the Gregory Brothers are making viral video hits. Their songs are as unshakable as the common cold. But a lot more fun.

Strikers Trade Barbs With Verizon

By STEVEN GREENHOUSE
Workers on strike against Verizon accused it of "destroying middle-class jobs." Verizon said the workers were adequately paid.
This Life

Our Plugged-in Summer

By BRUCE FEILER
Instead of avoiding the Internet while we were on vacation, my family and I made good use of it, and it rewarded us in many ways.
SPORTS

Designing Course Is Tricky Art of Strokes and Balance

By MIKE TIERNEY
The golf course architect Rees Jones, who redesigned the Atlanta Athletic Club layout, takes criticism as a compliment.

For Leaders, Experience Is in Short Supply

By LARRY DORMAN
Brendan Steele, playing his first major, and Jason Dufner, who has never won on tour, shared a one-shot lead after three rounds.
Yankees 9, Rays 2

Posada Gets to Leave Bench and Turn Back Clock

By DAVID WALDSTEIN
Joe Girardi put Jorge Posada back into the Yankees' lineup as the designated hitter, and Posada came through with a grand slam and six R.B.I.
ARTS

Two Titans Share the Seat of Power

By JON CARAMANICA
"Watch the Throne" is the first team-up of Jay-Z and Kanye West, who are not given to sharing the spotlight.

Virtuosos Becoming a Dime a Dozen

By ANTHONY TOMMASINI
The overall level of technical proficiency in instrumental playing, especially on the piano, has increased steadily, but fortunately so has artistic flair.

The Good, the Bad, Not the Ugly

By MANOHLA DARGIS and A. O. SCOTT
The New York Times's chief film critics take on readers' questions about stars.
NEW YORK / REGION

A Summer Idyll, and Then Three Bullets

By JOHN LELAND
A shooting at Morningside Park in Upper Manhattan has tested the value of social media and public outrage in a neighborhood trying to break its bonds with a violent past.

An African Chief in Cabby's Clothing

By CHRISTINE HAUGHNEY
Isaac Osei, who owns a taxi fleet in New York City with his wife, is also a Ghanaian chief who wears a crown and oversees five towns.
Sunday Routine | David Luchsinger

Relaxing Under Liberty's Shadow

By ALEX VADUKUL
The superintendent of the Statue of Liberty and Ellis Island, who lives with his wife on Liberty Island, takes a boat to church or to shop.
MAGAZINE

The Two-Minus-One Pregnancy

By RUTH PADAWER
"Pregnancy reduction" for women carrying twins opens up an uncharted territory of personal choice.

Kris Carr: Crazy Sexy Entrepreneur

By MIREILLE SILCOFF
When Kris Carr received a terrifying diagnosis, it changed her life - and kicked off her career. Her first goal: Get on "Oprah." Her new goal: Replace Oprah.

Can Jeremy Grantham Profit From Ecological Mayhem?

By CARLO ROTELLA
Jeremy Grantham is a rare species - an environmentalist in the Wall Street jungle - but make no mistake: he intends to make money whether or not the world heeds his apocalyptic warnings.
EDITORIALS
Editorial

A Growing Gloom for States and Cities

The Republican-led debt crisis will only add to budget cutbacks in capitols and city halls.
Editorial

The C.I.A. and Drone Strikes

To build credibility, the Central Intelligence Agency needs to acknowledge civilian casualties from its drone strikes in Pakistan.
Editorial

Holding Rumsfeld Accountable

A courageous court ruling denies immunity to officials for the mistreatment of American civilians in war zones.
SUNDAY REVIEW
Opinion

The Mutual Fund Merry-Go-Round

By DAVID F. SWENSEN
Brokers gain from constant stock trading, while investors suffer.
Op-Ed Columnist

Power to the Corporation!

By MAUREEN DOWD
In the Iowa heat, Mitt breaks a sweat. It's almost human.
Op-Ed Columnist

A Theory of Everything (Sort of)

By THOMAS L. FRIEDMAN
From Athens to Barcelona, the middle classes are boiling mad. Why now?
ON THIS DAY
On Aug. 14, 1945, President Truman announced that Japan had surrendered unconditionally, ending World War II.