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Jun 28, 2012

NYT Global Update | World: The New York Times introduces a beta version of a new online Chinese-language edition.

Global Update




TOP NEWS

Supreme Court Lets Health Law Largely Stand, in Victory for Obama

By ADAM LIPTAK and JOHN H. CUSHMAN Jr.
The Supreme Court on Thursday largely let stand President Obama's health care overhaul, in a striking victory for the president and Congressional Democrats, with the chief justice, John G. Roberts Jr., affirming the central legislative pillar of Mr. Obama's term.
The Caucus

Ruling Likely to Prompt Re-evaluation of Roberts

By ETHAN BRONNER
Chief Justice John G. Roberts Jr. surprised many on Thursday by providing the crucial fifth vote for upholding President Obama's health care law.
News Analysis

Big Win for Obama Galvanizes G.O.P. Rivals

By JEFF ZELENY
Mitt Romney and Congressional Republicans were turning to the court of public opinion to do what the Supreme Court did not.
World

A Note to Readers

The New York Times introduces a beta version of a new online Chinese-language edition.
Opinion

Op-Ed Contributor

Beijing, a Boon for Africa

By DAMBISA MOYO
China's investment in Africa is not a new form of imperialism - it's Africa's best hope for economic growth.
WORLD

Syrian Rebels Increasing Effectiveness in Conflict

By ROD NORDLAND and HWAIDA SAAD
Rebels struck at high-profile targets in and around Damascus for the third time this week, increasing the impression that momentum has started to shift in their direction.

Russia Says Transition Is Needed in Syria but Cannot Be Imposed

By ELLEN BARRY, NICK CUMMING-BRUCE and RICK GLADSTONE
The comments came ahead of a meeting in Geneva on Saturday at which a proposal for a Syrian national unity cabinet that includes opposition figures could be put forward.

Former Leader of Bosnian Serbs Fails to Halt War Crimes Trial

By MARLISE SIMONS
One of two genocide charges against the former wartime leader, Radovan Karadzic, were dropped, but he will still stand trial for war crimes in The Hague.
BUSINESS

Insurance Stocks Flag and Hospital Shares Gain

By KATIE THOMAS
The shares of major insurers suffered a modest dip on the Supreme Court ruling, while pharmaceutical and device companies fell slightly. Hospital stocks rose.
DealBook

JPMorgan Trading Loss May Reach $9 Billion

By JESSICA SILVER-GREENBERG and SUSANNE CRAIG
As JPMorgan has moved rapidly to unwind the position in credit derivatives, internal models at the bank have recently projected losses of as much as $9 billion.

After Years of False Hopes, Signs of a Turn in Housing

By BINYAMIN APPELBAUM
Roughly six years after the housing market began its longest and deepest slide since the Great Depression, home sales and an increase in sales prices indicate that the market is recovering.
TECHNOLOGY

Google Sees the Promise in Hardware

By NICOLE PERLROTH and NICK BILTON
The focus on hardware is a strategic shift for the company as it aims to create additional revenue from Google-branded devices, while protecting its core search business as competitors hover.
DealBook

Institutional Venture Partners Raises $1 Billion Fund

By EVELYN M. RUSLI
The venture capital firm, an investor in Twitter, Zynga and LivingSocial, has raised $1 billion for I.V.P. XIV, its largest fund to date.

In European Court, a Small Victory for Microsoft

By JAMES KANTER
A European Union court on Wednesday upheld a 2008 decision to impose a penalty on Microsoft for violating antitrust laws but said it had been calculated improperly.
SPORTS

Without Ronaldo, No Chance at All

By ROB HUGHES
It seemed particularly perverse that Portugal should go out of the European Championship without Cristiano Ronaldo, its best finisher by far, not even stepping up to take one of the penalty kicks.

As Top Players Advance, Equal Pay Discussion Remains

By CHRISTOPHER CLAREY
Top-ranked Maria Sharapova, Serena Williams, Andy Murray and Andy Roddick are among the winners at Wimbledon on Thursday.

Putting Twisted Tongue to the Names of Globalized Tennis

By BEN SHPIGEL
Tennis officials and broadcasters face a challenge of the highest order when pronouncing the names of players from Argentina to Uzbekistan.
U.S. NEWS

Helpful Hands on Life's Last Segregated Journey

By KIM SEVERSON
When a black person dies in one of the rural counties around Madison, Ga., chances are the body will end up in the hands of Charles Menendez.

Supporters Slow to Grasp Health Law's Legal Risks

By PETER BAKER
Early confidence in the law's constitutionality, based on Supreme Court precedents, proved to be a miscalculation that put the White House on the defensive as its legal strategy evolved over the last two years.

With Wild West Spirit, Tombstone Fights for Its Water

By FERNANDA SANTOS
When the government placed restrictions on repairs to pipes on federal land, a volunteer posse set out to do the work by hand and make a point about a storied Arizona town.
OPINION
Op-Ed Contributors

Syria's Threatened Christians

By DANIEL BRODE, ROGER FARHAT and DANIEL NISMAN
Ousting Assad is a global moral obligation. But so is protecting Syria's minorities.
Op-Ed Contributor

Europe, Colombia and the Role of Free Trade

By JAVIER SOLANA
A trade accord will help economies on both sides of the Atlantic, and bolster Latin America's political stability.

MarketWatch | Personal Finance Daily: 4 ways to profit at the edge of the fiscal cliff.



By MarketWatch
Don’t miss these top stories:
We’re getting closer to the so-called “fiscal cliff” — the point at the end of this year when, unless lawmakers intervene, some automatic spending cuts will go into effect, the Bush-era tax cuts will expire and basic income-tax rates will rise, along with taxes on long-term capital gains and stock dividends.
There’s no way to know what legislators might do, so investors had better have a plan or two in place to protect their portfolio, Robert Powell writes. He talks to financial advisers and strategists who say you can profit from this fiscal cliff: Consider harvesting gains, buying gold and buying or selling dividend payers.
Andrea Coombes writes in our TaxWatch column about the IRS decision to ease the rules slightly on its offshore-disclosure programs, aimed at getting taxpayers to report their money stashed overseas, and that those programs have captured more than $5 billion in back taxes, interest and penalties.
Finally, check out our extensive coverage of the Supreme Court’s ruling on the Health-Care Reform Act, including market reaction and consumer impact.
Anne Stanley , managing editor, Personal Finance

4 ways to profit at the edge of the fiscal cliff

It’s impossible to say what, if anything, lawmakers will do as the U.S. economy approaches the so-called “fiscal cliff” at the end of this year. But investors need to have a plan, maybe two or three plans, to protect themselves.
Read more: 4 ways to profit at the edge of the fiscal cliff.

What the Supreme Court’s health-care ruling means for you

The Supreme Court’s ruling Thursday to uphold the bulk of the health-care law — the biggest overhaul of the health-care system since Medicare was created in 1965 — means that some popular provisions, such as requiring insurers to accept people regardless of pre-existing conditions and to accept children up to age 26 on parents’ plans remain intact.
Read more: What the Supreme Court’s health-care ruling means for you.

IRS offshore-tax programs pull in $5 billion

The Internal Revenue Service says this week that it’s easing the rules slightly on its offshore-disclosure programs, aimed at getting taxpayers to report their money stashed overseas, and that those programs have captured more than $5 billion in back taxes, interest and penalties.
Read more: IRS offshore tax programs pull in $5 billion. 
 
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CBS NEWS | Breaking News: House votes to hold AG Eric Holder in contempt of Congress

CBS News


June 28, 2012


House votes to hold AG Eric Holder in contempt of Congress
 
The House of Representatives voted to hold Attorney General Eric Holder in contempt of Congress on the first of two charges Thursday for failing to provide documents relating to the Fast and Furious gunwalking program.

The criminal contempt charge is likely not to go anywhere as the Justice Department, which Holder heads, is the department responsible for opening a criminal investigation. The civil contempt charge, which will be voted on shortly and is expected to pass, will move to federal court to put more pressure on the administration to abide by the subpoenas and provide requested documents.

CBS NEWS | Political Hotsheet Top Stories: John Roberts' health care vote scrutinized

The CBS News Political Hotsheet newsletter

CBS POLITICAL HOTSHEET TOP STORIES    



   
The conventional wisdom was that the "fifth" and deciding vote might be cast, not by Roberts, but by swing justice Anthony Kennedy
Read full story
John Roberts' health care vote scrutinized

Obama saw incorrect report of Supreme Court decision on TV Counsel informs White House of ruling to uphold mandate after President see erroneous new report

Obama, Romney react to health care The president explains what's in the bill while Mitt Romney promises to repeal it

Rep. Rangel could face recount in Democratic primary New York Rep. Charlie Rangel holds a 1,075-vote lead over of challenger state Sen. Adriano Espaillat with absentee ballots and votes from 32 precincts still to be counted

Romney: Health care ruling creates 'choice' between two agendas Mitt Romney reaffirmed his desire to overturn the law following Supreme Court health care ruling

NYT Afternoon Business News: Insurance Stocks Flag and Hospital Shares Gain




BUSINESS

Insurance Stocks Flag and Hospital Shares Gain

By KATIE THOMAS
The shares of major insurers suffered a modest dip on the Supreme Court ruling, while pharmaceutical and device companies fell slightly. Hospital stocks rose.
DealBook

JPMorgan Trading Loss May Reach $9 Billion

By JESSICA SILVER-GREENBERG and SUSANNE CRAIG
As JPMorgan has moved rapidly to unwind the position in credit derivatives, internal models at the bank have recently projected losses of as much as $9 billion.

After Years of False Hopes, Signs of a Turn in Housing

By BINYAMIN APPELBAUM
Roughly six years after the housing market began its longest and deepest slide since the Great Depression, home sales and an increase in sales prices indicate that the market is recovering.
Media Decoder Blog

News Corporation Confirms Spinoff of Newspapers

By AMY CHOZICK
Rupert Murdoch, the chairman and chief executive, confirmed Thursday that the company was spinning off its publishing division. He defended his newspaper assets, vowing to "unleash their real potential.''

European Summit to Test New Alliances Among Leaders

By STEPHEN CASTLE
As European Union leaders prepare for talks on Thursday, the traditional French-German power center is fraying, with the German chancellor, Angela Merkel, more isolated than ever.

DealBook | DealB%K Afternoon Edition: Barclays Chief Faces Political Firestorm


Thursday, June 28, 2012
TOP STORY
Barclays Chief Faces Political Firestorm
Barclays Chief Faces Political Firestorm Robert E. Diamond Jr., the chief executive of Barclays, faced a political backlash a day after the big British bank agreed to pay more than $450 million to settle accusations it had attempted to manipulate key interest rates.
  • DEALBOOK » | DealBook: Barclays to Pay Over $450 Million in Regulatory Deal
  • DEALBOOK HIGHLIGHTS
    Cravath Names a New Leader Cravath, Swaine & Moore has elected C. Allen Parker as the next head of the New York law firm, replacing Evan R. Chesler, who will assume the role of chairman.
    Paulson Talks Returns, Regret and Retirement in New Profile Appearing on the forthcoming cover of Bloomberg Businessweek is a close-up of the hedge fund titan John A. Paulson, with a sticky note on his face that reads "The Big Loser."
    Brazil's Start-Up Baby Boom Two Brazilian baby-product e-commerce competitors -- Baby and Bebestore -- have closed on new financing rounds.
    Private Equity Firms See a Brighter 2012 A survey by professional services firm Rothstein Kass found that 77 percent of 293 private equity firms polled believe there will be more attractive investment opportunities this year than last.
    Morgan Stanley Names New Director Morgan Stanley said on Thursday that Robert H. Herz, a former chairman of the Financial Accounting Standards Board, has been elected to its board of directors.
    Glencore's Pay Concessions Fail to Appease Investors Despite changes to executive retention packages, investors are still not convinced Glencore will pull off its $24 billion deal to buy the piece of the mining giant Xstrata it does not already own.
    'We Will Wow the World as Two,' Defiant Murdoch Says In an internal memorandum reviewed by DealBook, Rupert Murdoch argues that spinning off News Corporation's publishing unit would not harm the business, but rather help it thrive.
    Petronas to Buy Progress Energy for $5.35 Billion Petronas, the Malaysian state-owned oil and gas company, agreed on Thursday to buy Progress Energy Resources of Canada, the latest in a wave of energy deals.
    Institutional Venture Partners Raises $1 Billion Fund The venture capital firm, an investor in Twitter, Zynga and LivingSocial, has raised $1 billion for I.V.P. XIV, its largest fund to date.
    Felda Shares Soar 20% on the Heels of $3.1 Billion I.P.O. Felda Global Ventures, which had the world's second biggest I.P.O. this year after that of Facebook, had a strong trading debut in Malaysia on Thursday, but overall market sentiment toward new offerings in Asia remains lackluster.
    • DEALBOOK »
    •  
      DealBook Video
      Business Day Live: Google's Route to 'Made in the U.S.'
      Business Day Live: Google's Route to 'Made in the U.S.' What it means for JPMorgan to lose $9 billion. Also, made in the U.S.A., by Google; and more turbulence for Philip Falcone, a once high-flying investor.
     

Stocks and Markets in the News | Wall Street at Close: U.S. stock indexes end with mild losses

 

U.S. Markets

Seagate, Western Digital lead tech retreat Hard disk drive makers close in the red after Hutchinson Technology warms on outlook. Qualcomm slips following reorganization plans. 5 min ago
Chevron, Nabors perk up energy stocks Upgrade lifts Halliburton, losses evaporate late in the day; Energy Transfer Partners raises $600 million in stock offering. 
 
U.S. stock indexes end with mild losses NEW YORK (MarketWatch) -- U.S. stocks on Thursday closed with mild losses after recouping most of the day's slide in the final 30 minutes of trade. The energy sector led the late-session recovery. After falling as many as 177 points, the Dow Jones Industrial Average ended off 24.75 points, or 0.2%, at 12,602.26. The S&P 500 index declined 2.81 points, or 0.2%, to 1,329.04. The Nasdaq Composite shed 25.83 points, or 0.9%, to 2,849.49.

 

U.S. Markets Headlines

Orexigen soars in wake of FDA diet-drug approval BOSTON (MarketWatch) -- Shares of Orexigen Therapeutics soared for the second day on Thursday, buoyed by renewed hopes that the company's diet drug Contrave will eventually win approval by the U.S. Food and Drug Administration. Shares of Orexigen shot up 20% to $5.90 on Thursday, after gaining about 20% Wednesday on news that the FDA had approved rival Arena Pharmaceuticals' diet drug lorcaserin, also known as Belviq. Both drugs had been rejected previously by the FDA over safety concerns. Orexigen has said it plans to refile its application with additional safety data within two years. The FDA is expected to decide on whether to approve a third diet drug, Vivus Inc.'s Qnexa, by July 17. Analysts at J.P. Morgan on Thursday upgraded their rating of Orexigen to overweight from neutral. The stock has rocketed 77% over the past 30 days.
27 min ago
 
Traders work on the floor of the New York Stock Exchange in New York, June 7, 2012. U.S. stocks jumped at the open on Thursday after China's central bank cut bank lending and deposit rates, fueling hopes of simultaneous action to aid a flagging global economy. REUTERS/Keith Bedford (UNITED STATES - Tags: BUSINESS) - Reuters
U.S. stocks tumble on European worries U.S. stocks sharply lower, retreating after two days of gains, as European leaders gather and the Supreme Court upholds the Affordable Care Act.
55 min ago
Flames come out of chimneys at Repsol's oil refinery in Cartagena, eastern Spain February 15, 2012. Oil hit a six-month high near $120 a barrel on Wednesday as concern about supply from Iran, other Middle East producers and Africa outweighed those about the health of the global economy. Prices jumped after Iran's Press TV reported Iran had banned exports to six EU countries in retaliation for European Union sanctions against the Islamic state, only to pare gains after Iran's Oil Ministry denied the report. REUTERS/Francisco Bonilla (SPAIN - Tags: BUSINESS ENERGY POLITICS)  - Reuters
Oil at 8-month low on summit fears Crude futures pull back to lowest since early October as traders weigh the dollar, prospective demand for oil, and a summit of European leaders.
58 min ago
A one Euro coin is placed over one dollar notes in this illustrative photograph taken in Madrid November 17, 2011. European shares extended falls on Thursday, led by banks, as euro zone sovereign bond yields rose ahead of Spanish and French debt auctions, on worries of further contagion in the currency bloc's debt crisis. REUTERS/Sergio Perez (SPAIN - Tags: BUSINESS POLITICS) - Reuters
Dollar gains on dimming EU summit hopes The dollar rebounds amid low hopes for progress toward a solution to the euro-zone debt crisis as European leaders meet.
3:18 p.m. Today
Gold bars are displayed at a gold jewellery shop in the northern Indian city of Chandigarh May 8, 2012. Gold imports by India, the world's biggest buyer of bullion, could rise on pent-up demand from jewellers after the federal government decided to scrap an excise duty on jewellery it imposed in March, the head of a trade body said on Monday. REUTERS/Ajay Verma (INDIA - Tags: BUSINESS COMMODITIES) - Reuters
Gold ends lower on dollar, jitters about EU summit Gold futures declines to worst since May as concerns that differences among European leaders may prevent a resolution of the debt crisis keep buyers away, and the dollar trades higher.
3:08 p.m. Today
Mexican presidential front-runner Enrique Pena Nieto (C) greets supporters during his last campaign rally in Monterrey June 27, 2012. Pena Nieto goes into Sunday's election with a wide lead over his rivals, opinion polls showed on Wednesday, putting him on track to return to power the party that ruled for much of the last century. REUTERS/Daniel Becerril (MEXICO - Tags: POLITICS ELECTIONS) - Reuters
Markets see PRI’s likely return to rule in Mexico Mexican voters in Sunday’s presidential election appear ready to shift power the party that ruled the country for 71 years, an outcome that financial market players appear set to embrace.
2:56 p.m. Today
Oil back at lowest since October, down 3.1% SAN FRANCISCO (MarketWatch) -- Crude-oil futures ended sharply lower Thursday, with losses intensifying as the session drew to a close. Crude for August delivery declined $2.52, or 3.1%, to end the day at $77.69 a barrel, the lowest for a front-month contract since October. Other energy futures ended lower as well, with natural gas for August delivery off 8 cents, or 2.7%, to $2.72 per million British thermal units after a supplies report showed a larger-than-expected increase.
2:42 p.m. Today
A line of people hoping to be allowed in to watch legal arguments over the Patient Protection and Affordable Care Act at the Supreme Court stretches around the corner in Washington March 26, 2012. Two years after President Barack Obama signed into law the healthcare overhaul, the Supreme Court on Monday takes up a historic test of whether it is valid under the country's Constitution. REUTERS/Jonathan Ernst (UNITED STATES - Tags: POLITICS HEALTH CRIME LAW) - Reuters
Hospitals, some insurers gain after ruling Shares of hospitals and Medicaid-focused insurers rally on the Supreme Court’s decision to uphold the constitutionality of 2010 health-care law, including the requirement that all Americans buy health insurance.
2:26 p.m. Today

JOINT NEWS RELEASE June 28, 2012 Golden Predator Corp. and Seabridge Gold Inc. Announce Closing of Transactions with Wolfpack Gold Corp.

  
TSX: GPD
NR 12-21
www.goldenpredator.com  
TSX: SEA
NYSE Amex: SA
www.seabridgegold.net




JOINT NEWS RELEASE
June 28, 2012


Golden Predator Corp. and Seabridge Gold Inc. Announce
Closing of Transactions with Wolfpack Gold Corp.

Vancouver, British Columbia, June 29, 2012: Golden Predator Corp. ("Golden Predator") (TSX:GPD), and Seabridge Gold Inc. ("Seabridge") (TSX:SEA; NYSE:SA) are pleased to announce the closing of the previously announced transactions pursuant to which Golden Predator and Seabridge contributed an industry-leading portfolio of US gold assets to Wolfpack Gold Corp. ("Wolfpack") (the “Transactions”).

Golden Predator and Seabridge both seek to focus on their advanced Canadian assets and as such contributed select US gold properties to Wolfpack to create value from undervalued assets, and create a premier gold exploration and development company with its principal projects in Nevada, USA.

Wolfpack Property Portfolio

Golden Predator and Seabridge contributed to Wolfpack a total of 5 advanced stage properties, 3 development properties and a portfolio of exploration stage properties collectively comprising over 29,000 hectares of land, with Golden Predator's Adelaide Property and Seabridge's Castle Black Rock Property being the most advanced.

Please refer to the news release dated June 22, 2011 for a more detailed description of the properties contributed and the news release dated June 7, 2012 for a more detailed description of the transactions with Golden Predator and Seabridge.


About Wolfpack

Wolfpack's corporate mandate is to explore and develop commercially viable gold resources in the leading gold district of Nevada, USA.

Wolfpack will focus on both high grade underground and bulk tonnage open pit opportunities. Proven management plus access to unparalleled geological talent and extensive experience in Nevada provide the ability to maximize shareholder value from Wolfpack's quality asset base.

For additional information: Wolfpack Gold Corp. Nathan A Tewalt, CEO                                                     (775) 284-1271 Golden Predator Corp. William M. Sheriff, Chairman & CEO                            (604) 648-4653 Seabridge Gold Inc. Rudi Fronk, President & CEO                                        (416) 367-9292

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This press release contains projections and forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance. There are numerous risks and uncertainties that could cause actual results and Golden Predator's plans and objectives to differ materially from those expressed in the forward-looking information. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, Golden Predator assumes no obligation to update forward-looking information should circumstances or management's estimates or opinions change.

BIV Today's Business News: Malaysia’s Petronas to acquire Progress Energy for $5.5b




Mining and Energy

LNG

Malaysia’s Petronas to acquire Progress Energy for $5.5b

Petronas, Malaysia’s national oil and gas company, has acquired Calgary-based Progress Energy Resources Corp. (TSX:PRQ) for approximately $5.5 billion.
   

Day4 Energy shareholders agree to buyback

Shareholders approved a buyout that will hand over what’s left of Day4 Energy Inc. (TSX:DFE) to two senior managers.
   

BCSC claims junior miner’s corporate communications officer misrepresented facts

The British Columbia Securities Commission (BCSC) has issued a notice of hearing alleging that a corporate communications officer made materially misleading statements when engaging in investor relations on behalf of a B.C.-based mining company listed on the TSX Venture Exchange.

Politics and Policy

 

Government wants your two cents on carbon tax

The B.C. government is asking the public for feedback as part of a review of the carbon tax, although scrapping the tax doesn’t appear to be an option.

Economy and Finance

Canadians pleased with nation’s economy, bullish on investments

On the eve of Canada’s national holiday, BMO Harris Private Banking study has found that Canadians have tremendous pride in and optimism for the nation.

Real Estate and Develoment

 

Incentives net West End new rental housing tower

Vancouver city council has approved the first purpose-built rental housing development to be built in Vancouver’s West End in a decade.