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Feb 3, 2012

NYT Global Update: Diplomats Jockey Over Assad's Future as Syrian Troops Press Attacks Near Capital

Global Update



TOP NEWS

Diplomats Jockey Over Assad's Future as Syrian Troops Press Attacks Near Capital

By NEIL MacFARQUHAR and NADA BAKRI
As the diplomacy gathered pace, Russia again renewed its opposition to an Arab League plan that calls for President Bashar al-Assad of Syria to cede power.

In Talks on Greek Bailout, Eyes Turn to Central Bank

By STEPHEN CASTLE and JACK EWING
Officials say a deal involving the European Central Bank's holdings of Greek bonds could bridge a crucial financing gap and clear the way for the next bailout.

Tunisia Faces a Balancing Act of Democracy and Religion

By ANTHONY SHADID
A blasphemy trial in Tunis symbolizes an emotional struggle, with implications for the Arab world, playing out with the rise of Islamists after the end of a secular dictatorship.
Health

Interactive Feature: The Weekly Health Quiz

In the news: Asperger's, Alzheimer's and AIDS. Test your knowledge of this week's health news.
Opinion

Op-Ed Contributor

A Leaner NATO Needs a Tighter Focus

By HANS BINNENDIJK
To keep up its guard even in times of austerity, NATO may need to lower its ambitions and focus on priority missions.
WORLD

Police Kill 4 Protesters as Egyptians Unleash Fury Over Soccer Riot Deaths

By DAVID D. KIRKPATRICK
Police in several Egyptian cities battled Thursday night and Friday with thousands of protesters angry at the government's failure to prevent deaths at a soccer riot.

Two Americans Kidnapped in Egypt Are Released, Officials Say

By LIAM STACK and J. DAVID GOODMAN
Gunmen stormed a bus in Egypt's Sinai Peninsula on Friday, kidnapping two American tourists and an Egyptian tour guide, Egyptian officials said.

Russia Rejects Draft U.N. Resolution on Syria

By MICHAEL SCHWIRTZ
Russia said it still had a "number of concerns" over a tentative plan by the United Nations Security Council aimed at stemming the bloodshed in Syria.
BUSINESS

U.S. Jobless Rate Falls to 8.3 Percent, a 3-Year Low

By MOTOKO RICH
Measured by both the unemployment rate and the number of jobless, it was the strongest signal yet that a recovery was spreading to the jobs market.

Hungarian National Airline Halts Flights

By NICOLA CLARK and DAVID JOLLY
The money-losing airline was placed under control of a bankruptcy trustee, prompting creditors to begin seizing its planes outside the country.

E.U. Presses Google to Delay Privacy Policy Changes

By JAMES KANTER
The European Union justice commissioner supported a request by E.U. governments that Google delay changes in its privacy policy while consumer implications are investigated.
TECHNOLOGY

F.B.I. Admits Hacker Group's Eavesdropping

By SCOTT SHANE
The group known as Anonymous listened in on a call between the bureau, Scotland Yard and other foreign police agencies about their joint investigation of the group and its allies.

Take This Mitt, and Pass Me the Broadsword

By ETHAN GILSDORF
Curt Schilling, the former Boston Red Sox pitcher, left baseball to start 38 Studios, a video game company, maker of Kingdoms of Amalur: Reckoning.

Zuckerberg Remains the Undisputed Boss at Facebook

By SOMINI SENGUPTA
Mark Zuckerberg's success is a lesson in what works in Silicon Valley: Stay in charge, stave off potential predators and expand the company so quickly that no one can challenge the boss.
SPORTS

The N.B.A. Is Missing Its Shots in China

By JIM YARDLEY
China loves basketball. But as American players - and the N.B.A. itself - have discovered, the country has its own rules.

Many Teams Feeling the Absence of African Stars

By ROB HUGHES
European clubs wait impatiently for their players to return from the African Cup of Nations.

In Europe, Rugby Returns to the Grand Stage

By EMMA STONEY
The Six Nations tournament resumes this weekend, with England and its new coach under the biggest scrutiny.
U.S. NEWS

Brutal Crimes Grip an Indian Reservation

By TIMOTHY WILLIAMS
On a huge stretch of scrubland in central Wyoming, a two-year federal crime-fighting initiative has made little difference.
The Lede Blog

Cancer Group Backs Down on Cutting Off Planned Parenthood

By JENNIFER PRESTON
The Susan G. Komen for the Cure Foundation on Friday reversed its decision to cut funding to Planned Parenthood after the move generated a public outcry.

Drought Forces Texas Town to Haul in Water by Truck

By MANNY FERNANDEZ
The well of Spicewood Beach in central Texas is among 13 public water systems throughout the state that are projected to run out of water in 180 days or less.
OPINION
Op-Ed Contributor

Supporting the Arab Awakening

By CATHERINE ASHTON
Europe must reaffirm its commitment to the Middle East's emerging democracies.
Op-Ed Contributor

No Rust in Rochester

By DUNCAN T. MOORE
Good policy making, entrepreneurship and a little luck can ensure that a city doesn't just survive, but thrive, when hit with economic dislocation.
Op-Ed Contributors

Envisioning a Deal With Iran

By WILLIAM H. LUERS and THOMAS R. PICKERING
President Obama can find lessons in Nixon's diplomatic strategy with China as he tries to avoid conflict with Iran.

Reuters Daily Investor Update: A sobering look at Facebook



News

LATEST NEWS
Wall Street rises on jobs; Nasdaq at 11-year high
NEW YORK (Reuters) - A surge in hiring in the world's largest economy last month drove the Nasdaq to an 11-year high as optimism grew that the labor market is on a steady path to recovery. | Full Article

Jobless rate at three-year low as payrolls surge
February 03, 2012 03:16 PM ET
WASHINGTON (Reuters) - The United States created jobs at the fastest pace in nine months in January and the unemployment rate unexpectedly dropped to a near three-year low, giving a boost to President Barack Obama. | Full Article
Analysis: Stock-picking makes a comeback as macro tides fade
February 03, 2012 02:45 PM ET
NEW YORK (Reuters) - Stock-picking once again matters on Wall Street. | Full Article
New York sues banks over electronic mortgage system
February 03, 2012 01:29 PM ET
NEW YORK (Reuters) - New York State Attorney General Eric Schneiderman on Friday sued three major U.S. banks, accusing them of fraud for using an electronic mortgage database that resulted in deceptive and illegal practices, including false documents in foreclosure proceedings. | Full Article
Factory orders up, business spending rises
February 03, 2012 02:56 PM ET
WASHINGTON (Reuters) - New orders for U.S. factory-made products posted a second straight monthly rise in December and business capital spending also picked up, a government report on Friday showed. | Full Article
US TOP NEWS
A sobering look at Facebook
February 03, 2012 03:09 PM ET
SAN FRANCISCO (Reuters) - It's the year's hottest initial public offering, but some wealth managers find themselves having a hard time recommending Facebook to their clients. | Full Article
Merged Glencore, Xstrata would take aim at iron ore
February 03, 2012 11:22 AM ET
SYDNEY (Reuters) - An $80 billion marriage of commodities trader Glencore and miner Xstrata could lead to a new round of takeovers in iron ore, creating a goliath eager to muscle its way onto one of mining's richest and most closely guarded sectors. | Full Article
Komen reverses move to cut Planned Parenthood funding
February 03, 2012 03:47 PM ET
WASHINGTON (Reuters) - The Susan G. Komen for the Cure foundation backed down from its decision to cut funding for Planned Parenthood, which provides abortion and birth control services, following a massive outcry by supporters of the world's largest breast cancer charity. | Full Article
Insight: Syria's Assad set for long conflict
February 03, 2012 03:17 PM ET
DAMASCUS (Reuters) - With the enemy at the gates, Bashar al-Assad was dining out. | Full Article
Senate OKs insider trading curbs on lawmakers
February 03, 2012 11:08 AM ET
WASHINGTON (Reuters) - The Senate on Thursday approved new curbs aimed at preventing lawmakers from trading shares based on inside information, but also extended the bill's disclosure requirements to more than 300,000 other federal employees. | Full Article
HEALTH NEWS
Malaria kills twice as many as thought: study
Nerve disorder does not recur after later vaccines: study
Bossy mom at snack time tied to kid's weight: study
Green tea drinkers show less disability with age: study
Breastfeeding tied to stronger lungs, less asthma

DealBook | Dealb%K Afternoon Edition: Carlyle Caves to Pressure Over Legal Clause in I.P.O. Filing



Friday, February 3, 2012
TOP STORY
Carlyle Caves to Pressure Over Legal Clause in I.P.O. Filing
Carlyle Caves to Pressure Over Legal Clause in I.P.O. Filing The Carlyle Group, the private equity giant that filed to go public last month, is caving to pressure from investors and regulators over a controversial legal clause in its initial public offering filing. The clause would have prohibited the company's shareholders from filing class-action lawsuits, forcing them into a confidential arbitration process instead. The plan had drawn opposition from investors, lawmakers and the Securities and Exchange Commission, with some worrying that the clause would deprive shareholders of the power to bring claims against the company in the case of wrongdoing.
  • DEALBOOK »
  • DEALBOOK HIGHLIGHTS
    DealBook's Week in Review A look back on our reporting of the past week's highs and lows in finance.
    LightSquared's Woes Weigh on Falcone Hedge Fund His hedge fund, Harbinger Capital Partners, lost 46.6 percent last year, as his biggest - and most controversial - investment took a beating, according to investors who spoke on condition of anonymity.
    Bank of America's Home Loans Head to Leave Barbara J. Desoer, who served as a point person for the bank amid fierce criticism of its foreclosure practices, is retiring.
    Mark Cuban Sounds Off The billionaire entrepreneur responds to questions about the third season of "Shark Tank," Occupy Wall Street and the Facebook I.P.O.
    European Software Companies in Talks for $3 Billion Merger The British software company Misys said on Friday that it was in talks with fellow Swiss software maker Temenos for a potential all-share merger that would create a company with a market value of about over $3 billion.
    Former UBS Trader Denied Bail in Fraud Case Kweku M. Adoboli, the former UBS trader charged with false accounting related to the $2.3 billion trading loss, was denied bail by a London court on Friday, the same day regulators opened a formal investigation into the scandal.
    Hutchison Whampoa to Buy Orange Austria for $1.7 Billion Hutchison Whampoa of Hong Kong agreed on Friday to buy the European telecommunications company Orange Austria in a deal worth 1.3 billion euros, or $1.7 billion, including debt.
    LOOKING AHEAD
    Corporate Earnings Companies reporting on Monday will include Hasbro and Yum Brands.
    In Europe Germany releases industrial orders data for December.
    DealBook Video
    Business Day Live
    Business Day Live January's positive employment data doesn't assuage long-term concerns about job growth | A man who pays more in taxes than he makes in a year.

     
  •  

NYT Afternoon Business News: Wow. But Is the Number Real?



BUSINESS
Economix Blog

Wow. But Is the Number Real?

By FLOYD NORRIS
This is a recovery led by the private sector. And while seasonal adjustments may have made January look better than it really was, job growth appears strong.
Common Sense

At 102%, His Tax Rate Takes the Cake

By JAMES B. STEWART
In submissions of tax burdens from readers, James Ross, founder and managing member of the investment firm Rossrock, was on a perch all his own.

S.E.C. Is Avoiding Tough Sanctions for Large Banks

By EDWARD WYATT
Even as the Securities and Exchange Commission has stepped up its investigations of Wall Street, the agency has repeatedly allowed the biggest firms to avoid punishments.
DealBook

Carlyle Drops Arbitration Clause From I.P.O. Plans

By KEVIN ROOSE
The clause would have prohibited the company's shareholders from filing class-action lawsuits, forcing them into a confidential arbitration process instead.
Wealth Matters

The Advantages and Risks of Gingrich's Tax Strategy

By PAUL SULLIVAN
Newt Gingrich set up his speaking and consulting business as an S corporation, which exempted this portion of his income from Medicare taxes, an unusual move for a business based on services.

Jobs report is good news for Obama: The Washington Post Post | Politics Afternoon Edition

The Washington Post

Politics Afternoon Edition

HEADLINES

  1. Jobs report is good news for Obama

    The unemployment rate dropped 0.2 percentage points to 8.3 percent; 243,000 new nonfarm jobs were created in the past month.
    » Read full article
  2. Komen foundation revises funding policy

    The organization says it will change a new policy that barred it from funding Planned Parenthood, which would now be eligible to apply for grants.
    » Read full article
  3. Do Nevada's caucuses matter?

    In some ways they do, but not nearly as much as the state GOP would hope for.
    » Read full article
  4. Personnel moves at OMB

    Some changes are in the works as the budget-writing agency as top bosses get White House promotions.
    » Read full article
  5. Republicans on jobs report: We can do better

    That was House Speaker John Boehner's repeated reaction to Friday's jobs report, which showed an encouraging surge in hiring last month.
    » Read full article

ABC News Australia | Business: Westpac boss can't rule out further job cuts | Business.

ABC News



Top Stories
More Top Stories »

High alert as Charleville levee threatens to break

Authorities in Charleville in south-western Queensland spent the night warning residents to evacuate as fears grow that temporary levees are at risk of collapsing.More »

Attention turns downstream as NSW floodwaters peak
Thomson findings may not be made public
New clashes as anger in Egypt boils over
India rebounds with T20 win






More Analysis »

Pie crust politics: promises made, promises broken

Political promises are having a bad season.

If they were a currency, they'd be trading at several hundred to the Aussie dollar right now, and flagging fast. If they were a dog, you'd run them out of town.

So both Australia's major political leaders made a tacit agreement this week - to stop making them.More »

The painful choice: Gingrich and Romney on the campaign trail
Genocide denial: silencing debate does more harm than good
When Blacks Attack 2: Truth Happens
The 'Wars of Religion' and other fairy tales
Quiz yourself: economic and market facts
Setting the record straight: Climate change experts respond
Falklands dispute: Colonial criticisms from the main offender
Recognising the First Peoples: small step, long journey
Self-sacrifice in the desperate fight for Tibet





Australia
More Australia »

Thomson findings may not be made public

Fair Work Australia has indicated it may not release the findings of its investigation into federal Labor MP Craig Thomson.More »

Holden reveals jump in car sales
Shares dip as investors eye US jobs data
Legal win for ABC Learning creditors
Inflexible workplaces 'see more sickies'
Hunt for escapee who carjacked elderly couple
Drug charges hearing for wounded bikie
Turbulent times continue for major airlines
Australian-made wreath to grace London memorial
Increasing speculation over PM's future





Business
More Business »

Westpac boss can't rule out further job cuts

By business editor Peter Ryan

Westpac chief Gail Kelly defends the bank's decision to axe up to 560 jobs and will not rule out further cuts as the bank's profits are squeezed by a slowdown in lending.More »

Holden reveals jump in car sales
Inflexible workplaces 'see more sickies'
Coles rejects call for supermarket ombudsman
Turbulent times continue for major airlines
Shares dip as investors eye US jobs data
Rinehart loses suppression order bid
Legal win for ABC Learning creditors
Fed chief Bernanke issues debt warning
Services sector returns to growth





Politics
More Politics »

Increasing speculation over PM's future

By chief political correspondent Emma Griffiths and Sabra Lane

The Prime Minister, the man she ousted from the job, and senior Labor ministers have publicly laughed off suggestions of a leadership coup, but there's no escaping speculation that Julia Gillard's prospects in the job are terminal.More »

Kabila named DR Congo election winner
MP wants to change plea on tax charges
Coles rejects call for supermarket ombudsman
River runs red in Syrian massacre protest


Stocks and Markets in the News | Wall Street at Close: Wall Street cheers surprisingly good jobs data.



By Kate Gibson, MarketWatch 

NEW YORK (MarketWatch) — U.S. stocks leapt Friday, propelling the Nasdaq index to an 11-year high, as Wall Street embraced the nation’s jobless rate dropping to a three-year low.


 
U.S. Week Ahead: Cisco, Disney, Greece Feb. 3, 2012 U.S. markets will likely focus on Cisco Systems Inc, Walt Disney & Co. and whether Greece and its banks reach a deal over restructuring debt. MarketWatch's Laura Mandaro reports. Photo: Getty Images.

“The U.S. economy is moving in the right direction,” said Mark Coffelt, portfolio manager of the Empiric core Equity Fund.
The Dow Jones Industrial Average DJIA +1.23%   advanced 133.02 points, or 1%, to 12,838.43, with 27 of its 30 components rising.
The S&P 500 Index SPX +1.46%  rose 16.89 points, or 1.3%, to 1,342.43, with financials leading the rise among its 10 major sectors.
Reaching a level not hit since December 2000, the Nasdaq Composite COMP +1.61%  added 44.42 points, or 1.6%, to 2,904.10.
For every stock declining nearly four gained on the New York Stock Exchange, where 616 million shares had traded as of 3:35 p.m. Eastern.
Shares of Micron Technology Inc. MU -1.24%  were halted after the semiconductor company said its chairman and chief executive, Steve Appleton, 51, had died in a small-plane accident in Boise, Idaho. Micron COO Mark Durcan had last week said he would retire at the end of August. The company is based in Boise. Read First Take comment on Micron chairman and CEO’s death.
Crude-oil futures CL2H +1.44%  gained $1.48 to end at $97.84 a barrel on the New York Mercantile Exchange, with prices of crude down 1.7% on the week.
Gold futures GC2J -1.78%  declined $19 to settle at $1,740.30 an ounce on the Comex division of the Nymex, with the precious metal up 0.5% from the week ago close.
Treasury prices dropped, with yields on the 10-year note 10_YEAR +5.53% rising to 1.937%.

Jobs found

Stocks took off after the Labor Department reported the addition of 243,000 jobs in January, the largest jump in nine months. The unemployment rate fell to 8.3%, the lowest since February 2009.
“The jobs report was a really solid number; it beat expectations and continues the trend we’ve seen last few months; the economy is doing better than a lot of people are giving it credit for,” said Brad Sorensen, director of market and sector analysis at Charles Schwab. 

“Everybody seems to be doubting the economic expansion, partly due to the European situation and partly due to consumer confidence. A lot of economists, analysts and investors have short-changed the economic expansion we’re now in,” Sorensen added.
The surprisingly upbeat January data also raised questions about the Federal Reserve’s pledge to keep interest rates at ultralow levels until late in 2014. 

“I think the Fed futures market is anticipating some hike before the end of 2013. I don’t think he [Ben Bernanke] considers himself locked in to 2014,” said Coffelt at Empiric. 

Other U.S. data on Friday also supported the view of economic expansion, particularly in manufacturing.
The Commerce Department reported orders to factories in December rose 1.1%, up for a second month, while order backlogs climbed 1.4%, the biggest gain in more than two years. 

And the Institute for Supply Management’s index of nonmanufacturing industries advanced to 56.8 in January from 53 the prior month. The better-than-expected increase comes two days after the institute released a report illustrating that the manufacturing sector in January expanded at its most rapid pace in seven months.

Kate Gibson is a reporter for MarketWatch, based in New York.