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May 11, 2012

NYT Global Update: European Warning Over Spanish Deficit


TOP NEWS
DealBook

$2 Billion Loss at JPMorgan Spurs S.E.C. Investigation

By BEN PROTESS and SUSANNE CRAIG
Regulators are looking into potential civil violations surrounding the loss that JPMorgan Chase disclosed on Thursday, raising further questions about the trading activities at the nation's biggest bank.

Impasse in Greece Could Force New Vote

By NIKI KITSANTONIS
Greek political leaders on Friday appeared unable to break a deadlock left by inconclusive general elections last Sunday, suggesting that a second round of polls may be inevitable.

European Warning Over Spanish Deficit

By JAMES KANTER AND RAPHAEL MINDER
As Spain took steps to shore up its banking sector, the European Commission warned the government was likely to miss its deficit-reduction targets for this year and next.
Arts

Video: 'Ring' Heads

The Wagner Society of New York holds a meet and greet for an international group of "Ring" cycle fans attending the new production at the Metropolitan Opera.
Opinion

Latitude

Erdogan's Next Move

By ANDREW FINKEL
Discussion over a new constitution for Turkey is being hijacked by a debate over the future of Prime Minister Recep Tayyip Erdogan.
WORLD

Former Senior Murdoch Aide Testifies About Relationships With British Elite

By ALAN COWELL and JOHN F. BURNS
Rebekah Brooks's appearance on Friday before an inquiry into press ethics offered a glimpse into the relationship between political power and the press in Britain.

Vatican Inquiry Reflects Wider Focus on Legion of Christ

By ELISABETTA POVOLEDO
The investigation into alleged sexual abuse of minors casts a new shadow upon a powerful but troubled worldwide religious order, whose late founder became enmeshed in a similar sex scandal years ago.
News Analysis

China's Growth Slows, and Its Political Model Shows Limits

By EDWARD WONG
Signs of a slowing economy and recent political upheavals in China add urgency to questions of how much control the state should exert, in business and in the lives of citizens.
BUSINESS

Bank Regulations Gain Fresh Support

By JOHN H. CUSHMAN Jr. and EDWARD WYATT
Leading members of Congress demanded that federal regulators strengthen proposed banking rules in the wake of JPMorgan Chase's disclosures of trading losses.
DealBook

After JPMorgan Trading Debacle, a Chorus of Criticism

By KEVIN ROOSE
Since disclosing a $2 billion trading loss, Jamie Dimon, the bank's chief, has been getting flayed for having been a vocal opponent of the regulatory reform while overseeing risky trades.

Stocks End Little Changed, Despite JPMorgan Loss

By CHRISTINE HAUSER
Stocks finished close to even on Wall Street, although the financial sector declined in the wake of trading losses at JPMorgan Chase.
TECHNOLOGY

A Revamping of Bing in the Battle for Search Engine Supremacy

By NICK WINGFIELD
A Microsoft-Facebook alliance plans an overhaul of Bing in an effort to loosen Google's grip on the search engine market.
Bits Blog

Why Is Everyone Focused on Zuckerberg's Hoodie?

By SOMINI SENGUPTA
Over the last two days, there has been a great deal of mud-slinging and hand-wringing about the significance of what Mark Zuckerberg, 27, the chief of executive of Facebook, wore when he went courting would-be investors in New York. Why the fascination and why did some take offense?
Bits Blog

Pebble Smartwatch Tops Out at $10 Million on Kickstarter

By JENNA WORTHAM
The Pebble smartwatch, a project on Kickstarter to build wristwatch that can interact with a smartphone, has raised a significant amount of money through the crowd-funding platform after being turned down by venture capitalists.
SPORTS

Coming Home to Formula One's Human Factor

By BRAD SPURGEON
As the European portion of the Formula One series gets underway this weekend with the Spanish Grand Prix, drivers will begin putting in office time at team bases.

Spanish Racing Prevails Through Thick and Thin

By BRAD SPURGEON
There's more to Grand Prix and auto sports tradition in Spain than the by-gone economic boom and Fernando Alonso's glory days.

A Veteran at 30, Alonso Wants a New Shot at History

By BRAD SPURGEON
At Ferrari, the Spanish driver has matured since he won -- and lost last year to Sebastian Vettel -- his crown as the youngest double world champion in Formula One history in 2005 and 2006.
U.S. NEWS

Habitat for Humanity Tries Big-Scale Approach to Housing in Oregon

By KIRK JOHNSON
By betting big on property in a down market, and with the help of a donor network, the group is creating Habitat neighborhoods.

Addiction Diagnoses May Rise Under Guideline Changes

By IAN URBINA
Revisions to a major psychiatric manual would expand recognized addiction symptoms, which could pose huge consequences for insurers and taxpayers.
Common Sense

Gay Marriage Bans May Come at a Price

By JAMES B. STEWART
As North Carolina voters approved a ban on same-sex marriage this week, executives and business professors were silent on the issue; some say the state may regret the outcome.
OPINION
Op-Ed Columnist

Easy Useless Economics

By PAUL KRUGMAN
Making excuses to not do anything about current unemployment isn't just cruel and wasteful, it's bad long-run policy, too.
Editorial

The Human Cost of Ideology

To prevent cuts to the Pentagon's budget, House Republicans have chosen to cut programs that help some of the most vulnerable Americans.
Opinionator

Not Quite Closing Time

By DOUG GLANVILLE
Mariano Rivera is a valuable player, off the field as well as on.


Stocks and Markets in the News | Standard and Poor's | Corporate ratings: S&P cuts outlook on J.P. Morgan to negative

By Wallace Witkowski

SAN FRANCISCO (MarketWatch) -- Standard & Poor's said late Friday it lowered its ratings outlook on J.P. Morgan Chase & Co. JPM -9.28% to negative from stable because of the bank's unexpected $2 billion loss on derivatives. S&P kept its A/A-1 issuer credit ratings on the bank and its A+/A-1 ratings on its subsidiaries. S&P said it could lower its ratings by a notch if its determines that risk management mistakes were not limited to the specific credit portfolio mentioned late Thursday, or if it believes management is pursuing a more aggressive investment strategy than originally believed.

Marketwatch | Personal Finance Daily: Practice retirement before leaping into leisure



By MarketWatch
Don’t miss these top stories:
Robert Powell writes in his On Retirement column today about a new idea for retirement: practice at it before you quit your job. That is, don’t try to quit in your early 60s, but hunker down at work even as you play at retirement on weekends and vacations. That could mean buying that RV you’ve always wanted, or taking a long-desired trip to some distant land—all while you still have the financial cushion of a paycheck.
Of course, all of this assumes you’re financially prepared for retirement. And that you have a job.
Also, don’t miss Jennifer Waters’s Consumer Confidential column today for a look at how social media sites such as Twitter and Facebook can be your allies when it comes to getting restitution, or at least an apology, when a company gives you bad customer service.
Andrea Coombes , Personal Finance editor

Social media offers sweet revenge for bad service

Tweets and Facebook gripes get more response than a phone call to a customer-service representative.
Social media offers sweet revenge for bad service.

Practice retirement before leaping into leisure

Rather than working to age 62 or 70 and then retiring, and instead of cycling in and out of retirement, what about working and retiring—at the same time? That’s the advice of one financial advisory firm. They call it “practice retirement.” Robert Powell looks at the pros and cons.
Practice retirement before leaping into leisure.

Remodeling jobs on the rise

More homeowners are remodeling these days, with kitchen and bathroom projects the most popular improvements, according to a survey released this week by the National Association of Home Builders.
Remodeling jobs on the rise.

A lien can hit your home-equity line

Lines of credit can be frozen or even called due and payable—but only under certain circumstances, which should be spelled out in the note you signed, Lew Sichelman writes.
A lien can hit your home-equity line.

Toyota RAV4 EV: Will anyone buy it?

Perhaps I’m missing some vital piece of information, but I can’t imagine more than a handful of people willing to spend twice the cost of a gasoline-powered RAV4 to have an electric version. It doesn’t make sense.
Toyota RAV4 EV: Will anyone buy it?

ECONOMY & POLITICS

We need more than cheap gas

The minute the Labor Department said that gas prices had fallen — driving down the producer price index — you knew that consumers were happy, writes Chuck Jaffe.
We need more than cheap gas.
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DealBooK | DealB%K | Afternoon Edition: JPMorgan's Big Loss Prompts S.E.C. Inquiry



Friday, May 11, 2012
TOP STORY
JPMorgan's Big Loss Prompts S.E.C. Inquiry Regulators are investigating potential civil violations surrounding the $2 billion loss that JPMorgan Chase disclosed on Thursday, raising further questions about trading activities at the nation's biggest bank.

The Securities and Exchange Commission recently opened a preliminary investigation into JPMorgan's accounting practices and public disclosures about the trades, according to people briefed on the matter. Regulators learned about the activities in April, and formally opened an investigation in recent days, the people said.
Dimon's 'Meet the Press' Appearance Mired in Controversy JPMorgan Chase's chief executive, Jamie Dimon, retaped an interview on NBC's "Meet the Press" after revealing that his bank had suffered a $2 billion trading loss.
Before Big Loss, JPMorgan Was One of Volcker Rule's Fiercest Foes JPMorgan Chase and its chief have been among the most outspoken opponents of the Volcker Rule, spending significant amounts of both money and time to get their message across.
After JPMorgan Trading Debacle, a Chorus of Criticism
After JPMorgan Trading Debacle, a Chorus of Criticism Since disclosing a $2 billion trading loss, Mr. Dimon has been getting flayed for having been a vocal opponent of the regulatory reform while overseeing risky trades.
How Moore's Law Affects Wall St. Trading A seemingly innocent principle from the technology world, Moore's Law, could be one of the factors that helped JPMorgan's hedging strategy go awry.
Bank Stocks Plummet on JPMorgan's Woes Shares in major banks plummeted on Friday amid concern that JPMorgan's $2 billion trading loss may portend problems at other institutions.
DEALBOOK HIGHLIGHTS
Dewey's Bankruptcy Big Wig Joins Proskauer Martin J. Bienenstock, one of the country's leading bankruptcy lawyers, is leaving Dewey & LeBoeuf with five other partners for Proskauer.
Eike Batista to Invest in Brazilian Music Festival The Brazilian magnate is expected to announce Friday that he has purchased a 50 percent stake in the company that puts on Rock in Rio, a big music festival series.
Canadian Pension Fund Backs Ackman in Proxy Fight The Canada Pension Plan Investment Board said on Friday that it would vote for a slate of directors at the Canadian Pacific Railway's annual meeting being proposed by the activist investor William A. Ackman.
TMX Group's Quarterly Earnings Decline 10% The parent company of the Toronto Stock Exchange reported lower first-quarter earnings as it continued to wait for regulators to approve its takeover by a consortium of Canadian financial institutions.
BUZZ TRACKER
Facebook Co-Founder Renounces U.S. Citizenship Eduardo Saverin, the Facebook co-founder, has given up his American citizenship, Bloomberg News reported. The move may allow Mr. Saverin, who will retain Brazilian citizenship, to avoid paying heavy taxes on his Facebook holdings when the social network giant goes public.
Houghton Mifflin Lets Creditors Take Over Houghton Mifflin Harcourt, the educational and trade publisher, has struck a deal to eliminate about $3.1 billion in debt by handing itself over to creditors in a prearranged bankruptcy filing, Media Decoder reported.
Fairway Market Said to Consider an I.P.O. Fairway Market, the upscale grocery chain beloved by many residents of Manhattan's Upper West Side, is considering going public, Reuters reported, citing unnamed sources. The company is owned by Sterling Investment Partners.
Times Sells Remaining Stake in Fenway Sports Group The New York Times Company has sold its remaining stake in the Fenway Sports Group, the company that owns the Boston Red Sox, Media Decoder reported. The Times Co. received $63 million in cash and will receive an estimated pretax gain of $38 million in the second quarter of 2012.
LOOKING AHEAD
The long-awaited event known as the pricing of Facebook's initial public offering may (finally!) take place next week. Treasury Secretary Timothy Geithner is set to speak at the Peterson Foundation.
 

NYT Afternoon Business News: After JPMorgan Trading Debacle, a Chorus of Criticism



BUSINESS
DealBook

After JPMorgan Trading Debacle, a Chorus of Criticism

By KEVIN ROOSE 
 
Since disclosing a $2 billion trading loss, Jamie Dimon, the bank's chief, has been getting flayed for having been a vocal opponent of the regulatory reform while overseeing risky trades.

Stocks Turn Around, Despite Trading Loss

By CHRISTINE HAUSER 
 
Stocks edged ahead on Wall Street, although the financial sector declined in the wake of huge losses at JPMorgan Chase on trading bets gone wrong.
DealBook

A Shock From JPMorgan Is New Fodder for Reformers

By NELSON D. SCHWARTZ 
 
JPMorgan Chase's $2 billion trading loss could aid supporters of tighter industry regulation as they fight a last-ditch battle with the banks over new federal rules.
DealBook

Others in the Spotlight After JPMorgan's Big Trading Loss

By MICHAEL J. DE LA MERCED 
 
Amid JPMorgan Chase's $2 billion trading loss at its chief investment office, DealBook highlights some executives who may face additional scrutiny from the embarrassing incident.

European Warning Over Spanish Deficit

By JAMES KANTER AND RAPHAEL MINDER 
 
As Spain took steps to shore up its banking sector, the European Commission warned the government was likely to miss its deficit-reduction targets for this year and next.

CBS NEWS | Political Hotsheet Top Stories: Reid: I was wrong not to try to reform the Senate

http://www.cnet.com/i/nl/s/e886_email-header.jpg

CBS POLITICAL HOTSHEET TOP STORIES    



   
Senate majority leader says he should have rallied around effort to change Senate rules so that it doesn't take 60 votes to pass legislation
Read full story
Reid: I was wrong not to try to reform the Senate

Issa: Holder dragging feet in gunwalking probe In a letter to Attorney General Eric Holder, Issa evokes Samuel Beckett play in complaint about wait for "Fast and Furious" documents

GOP: Don't let Obama shift the blame on the economy Republicans seize on Obama's recent remarks to try to hold him accountable for the economy, while Obama camp points to the challenges they've faced

Does it matter what kind of kid Mitt Romney was? If you want to be president, your resume, accomplishments, and experience are not enough. Your origins matter

Romney poised for pilgrimage to Liberty U. Announcement that Mormon candidate would speak at Saturday commencement angered some students at evangelical university

Stakes raised for Romney ahead of Saturday’s Liberty University address: The Washington Post | Politics Afternoon Edition

The Washington Post

Politics Afternoon Edition

HEADLINES

  1. Stakes raised for Romney ahead of Saturday’s Liberty University address

    The visit to the Christian college comes as the same-sex marriage debate is heating up.
    » Read full article
  2. Romney: Gay marriage stance was ‘not a religious decision’

    Former Massachusetts governor Mitt Romney on Thursday told a local Omaha TV station that his stance on gay rights stems from his belief of what’s “right for the nation” rather than from his Mormon faith.
    » Read full article
  3. Obama’s tough sales job ahead

    THE FIX | New poll numbers suggest none of Obama’s economic achievements garner majority support among voters.
    » Read full article
  4. Mitt Romney’s claim of credit for the auto industry turnaround

    FACT CHECKER | Romney gets a new category called ‘repeat offender’ and another Pinocchio for this claim.
    » Read full article
  5. 10 House districts that could surprise

    THE FIX | Redistricting and a wave of retirements puts some previously safe seats into play.
    » Read full article

QUOTE OF THE DAY

Mitt Romney on his opposition to gay marriage:
"“It’s not a religious decision. It’s based upon what I believe is right for the nation and the building of strong generations for the future.”"


MULTIMEDIA


Video: Headline: First lady to Virginia Tech grads: Keep Hokie pride with you
First lady Michelle Obama addresses several thousand Virginia Tech graduates on Friday. She noted the university's resilience in the face of several incidents of campus violence, including the 2007 massacre that left 33 dead.

Stocks and Markets in the News | Wall Street at Close: U.S. stocks decline for second straight week

By Kate Gibson


NEW YORK (MarketWatch) -- U.S. stocks mostly slid Friday to a second weekly decline after a rise in consumer sentiment failed to outweigh J.P. Morgan Chase & Co.'s $2 billion trading loss, disclosed by the bank late Thursday. Friday data showing consumer confidence rose in May "would have been a bigger deal if J.P. Morgan didn't capture everything from last night on," said Chip Cobb, portfolio manager at BMT Asset Management. The Dow Jones Industrial Average DJIA -0.27% fell 34.44 points, or 0.3%, to 12,820.60, off 1.7% from the week-ago close. The S&P 500 SPX -0.34% retreated 4.6 points, or 0.3%, to 1,353.39, down 1.2% for the week. The Nasdaq Composite COMP +0.0061% managed a fractional gain to close at 2,933.82, down 0.8% from last Friday's finish.

BIV Business Today News: Vij plans move, expansion; Clothing giant coming to the Bay; $30b of mining projects predicted





Hospitality and Tourism

Vikram Vij

Vij expands food sales across Canada; plans restaurant move

Restaurateur Vikram Vij plans on May 24 to start selling prepared meals and sauces across Canada, he told Business in Vancouver.
 

Cruise passenger surge to congest city today

Vancouver is bracing for congestion today, as peak numbers of cruise passengers flood the city.

Retail and Manufacturing

   

Largest Topshop Topman outside U.K. coming to Vancouver

The largest Topshop Topman clothing store outside of the U.K. will open at the Bay's Vancouver store, the Hudson's Bay Co. announced this morning.

Resources

$30 billion in mining projects expected in next decade

The Mining Association of Canada estimates that B.C. has the potential to see $30 billion in investment from 30 projects during the next decade.

Real Estate and Development

 

Grey Area: Fractured system hinders ideal model of seniors care

Hundreds of millions of dollars have been spent over the past decade to create the ideal neighbourhood for seniors. But a fractured health-care regime has failed to prevent significant a significant gap in the system.

Law

Courts sentence tax evasion teacher

The BC Supreme Court has sentenced Chilliwack resident Russell Anthony Porisky to four-and-a-half years in jail and fined him $274,815 for one count of counselling others to evade taxes and two counts of tax evasion, the Canada Revenue Agency has announced.