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Sep 10, 2012

Rahul Gandhi, the Glencore-Xstrata merger and skating in Afghanistan: The Economist | New Selected Articles -September 10th, 2012-.




Banyan: The Rahul problem
An effort to understand a man who has remained too mysterious and too important, for too long
read more »
Babbage: The PC all over again?
Expect manufacturers to react vigorously when personal 3D printers start eating their lunch
read more »

Schumpeter: Happy ending
After much back and forth, the merger of Glencore and Xstrata looks likely to go ahead
read more »

Prospero: Half-pipe dreams
A new book and short film chronicle the rise of Skateistan, a skateboarding park in Kabul
read more »
Eastern approaches: Integrated circuit
What the euro crisis is doing to Balkan hopes of EU enlargement
read more »
Gulliver: The strange costs of America's transport network
The mystery of the super-expensive American transport project continues to befuddle
read more »
 
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Daily chart: Value for athletes
Which countries had the best athlete-to-medal ratios at the Paralympics and Olympics?
read more »

NYT Politics -September 10, 2012-.: Romney's Tax Plan Leaves Key Variables Blank

 
The New York Times

September 10, 2012

Politics

 
 
Washington Memo

Romney's Tax Plan Leaves Key Variables Blank

Mitt Romney has pledged to cut individual income tax rates for everyone, but he has provided few specifics, confounding analysts and leaving himself open to attack from Democrats.

A Tight Election May Be Tangled in Legal Battles

With federal and state courts handing down decisions on ballot casting and counting, the presidential election may hinge partly on last-minute legal battles by both parties.

More Politics

More Young Adults Have Insurance After Health Care Law, Study Says

The share of young adults without health insurance fell by one-sixth in 2011 from the previous year, according to the Centers for Disease Control and Prevention.
Representative Paul D. Ryan gave a nationally televised interview on Sunday in Fresno, Calif.

Ideological Opposites Prepare to Meet in Debate

Ahead of their matchup, Vice President Joseph R. Biden Jr. and Representative Paul D. Ryan are lobbing personal barbs while stalking each other across the same few Midwestern states.

Romney, Easing, Says Health Law Isn't All Bad

In a rare interview on NBC's "Meet the Press," Mitt Romney offered praise for some of President Obama's policies, and said he would retain some aspects of his health care overhaul.

Congress Comes Back to a Face-Off With Angry Farmers

Lawmakers, fresh off their parties' conventions, appear to favor action this fall on bills that emphasize their political agendas over actual lawmaking.
Mitt Romney outside campaign headquarters in Boston on Saturday before heading to Virginia. President Obama was in Florida.
Political Memo

Five Crucial Factors to Watch, Just 58 Days From the Election

Two months before the election, President Obama and Mitt Romney agree on at least one thing: the collection of states where the race will be decided.

The Caucus

No, Nicki Minaj Did Not Endorse Mitt Romney

Nicki Minaj confirms on Twitter that she did not really endorse Mitt Romney in a song. In other news, there is no evidence that Johnny Cash ever shot a man in Reno just to watch him die.

Romney Criticizes Teachers' Union and Obama

Mitt Romney suggests that President Obama has taken sides in the Chicago labor dispute.

Romney Pollster Calls Post-Convention Poll Results a 'Sugar High'

Neil Newhouse, Mitt Romney's pollster, had a message for voters on Monday morning: "Don't get too worked up about the latest polling."

Biden and the Bikers

Some days it is hard to tell the difference between Vice President Joseph R. Biden Jr. and Onion Joe Biden.
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Election 2012 iPhone App

A one-stop destination for the latest political news, from The Times and other top sources around the Web. Plus opinion, polls, campaign data and video.
FiveThirtyEight
Sept. 9: Call It as You See It
Saying "wait for more data" misses the point: a forecast model's value is determined when the information is murky.

Multimedia

Interactive Feature: Anatomy of a Speech: Barack Obama
New York Times reporters provide in-depth looks at speeches by President Obama, Bill Clinton and Michelle Obama from the Democratic National Convention.
Video Feature: Key Speeches From the Democratic National Convention
An interactive look at the most talked-about speeches from the Democratic National Convention in Charlotte, N.C.
Video Feature: Key Speeches From the Republican National Convention
An interactive look at the most talked-about speeches from the Republican National Convention in Tampa, Fla.
Interactive Graphic: 'I Want,' He Said: Obama's Campaign Speeches
In his 2012 campaign speeches, President Obama uses the phrase "I will" less often than his opponent, Mitt Romney. Instead, Mr. Obama tends to frame his promises and goals using the phrase "I want."

Big Step in Selling A.I.G. Stake, but Other Bailouts Remain: NYT DealBook | DealB%K Afternoon Edition -September 10, 2012-.


TOP STORY
Big Step in Selling A.I.G. Stake, but Other Bailouts Remain
Big Step in Selling A.I.G. Stake, but Other Bailouts Remain The Treasury Department's plan to sell a big chunk of its A.I.G. holdings is a big step in unwinding one of the most controversial bailouts of the financial crisis. But there are still plenty of other rescue programs to dismantle.
  • DEALBOOK »
  • DEALBOOK HIGHLIGHTS
    Geithner Holds His Own on Triathlon Front Timothy F. Geithner is well known as being something of a fitness nut. And on Sunday, the Treasury secretary showed off his athletic abilities with a highly respectable finish of a triathlon held in the nation's capital.
    Standard Deduction: Why Facebook Is Paying the Tax Tab on Employee Compensation Victor Fleischer says that Facebook's restricted stock program was a clever solution to the problem of keeping the company private under securities laws, but it left its employees with a tax problem.
    White Collar Watch: Can the S.E.C. Win an Insider Case the Old-Fashioned Way? Peter J. Henning says that a recent appeals court decision may result in a test of whether the S.E.C. can win an insider trading verdict by putting on a circumstantial case built around a well-timed trade and contacts with an insider.
    For a Goldman Executive, More Real Estate Dealings According to people familiar with his plans, J. Michael Evans, a Goldman Sachs vice chairman, will list his Upper West Side condominium for $26 million. He has also put up for sale another apartment that he owns in the building and has recently purchased a $27 million Fifth Avenue apartment.
    Transocean to Sell 38 Oil Rigs for About $1 Billion Transocean, the world's largest offshore drilling contractor, has agreed to sell 38 rigs in so-called shallow water to a private equity consortium.
    JAL Aims to Raise $8.5 Billion in I.P.O. Japan Airlines has set the price of its initial public offering at a level that would make the listing the world's second-largest I.P.O this year after that of Facebook.
    BP to Sell Oil Assets in Gulf of Mexico for $5.6 Billion BP has agreed to sell stakes in a group of oil fields in the Gulf of Mexico to the Plains Exploration and Production Company of Houston for about $5.6 billion.
    Glencore Says Higher Bid for Xstrata Is Its Final Offer Glencore International confirmed its increased all-share offer for Xstrata, but said on Monday that it would not raise its bid again.
    LOOKING AHEAD
    Economic Reports The data released on Tuesday will include the trade deficit for July.
    In the United States Jamie Dimon, chief executive of JPMorgan Chase, speaks at the Barclays Global Financial Services Conference. A House Financial Services subcommittee will conduct a hearing on Tuesday about the future of the terrorism risk insurance program.
    DealBook Video
    Business Day Live: Debt Collectors Cashing In on Student Loans
    Business Day Live: Debt Collectors Cashing In on Student Loans Student loans provide a payday for debt collectors. | How candidates confront the nation's $1 trillion in tax breaks. | The government's exit plan from A.I.G.


     

China's Presumptive New Leader Is Mysteriously Absent: NYT Afternoon Update -September 10, 2012-.

The New York Times
September 10, 2012

Afternoon Update



TOP NEWS

Teacher Strike Begins in Chicago, Amid Signs That Deal Isn't Close

By STEVEN YACCINO and MONICA DAVEY
As about 350,000 students got an unexpected day off, parents were frustrated over having to scramble for child care.

China's Presumptive New Leader Is Mysteriously Absent

By IAN JOHNSON
Speculation intensified over the whereabouts of Xi Jinping, China's presumptive new president, who has been missing from public view in recent days.

A Tight Election May Be Tangled in Legal Battles

By ETHAN BRONNER
With federal and state courts handing down decisions on ballot casting and counting, the presidential election may hinge partly on last-minute legal battles by both parties.
Washington Memo

Romney's Tax Plan Leaves Key Variables Blank

By ANNIE LOWREY and DAVID KOCIENIEWSKI
Mitt Romney has pledged to cut individual income tax rates for everyone, but he has provided few specifics, confounding analysts and leaving himself open to attack from Democrats.

Video of Police Altercation May Take Key Role in Civil Rights Suit

By BENJAMIN WEISER and RANDY LEONARD
A man charged with assaulting an officer had his case dismissed after a grand jury watched footage of the encounter, which may be crucial evidence in a lawsuit filed Monday.
Multimedia

Video: TimesCast | September 10, 2012

Michael Slackman, a deputy foreign editor at The Times, looks at the impact of Syria's civil war both inside the country and around the Middle East.
Opinion

Opinionator | Anxiety

On Being Nothing

By BRIAN JAY STANLEY
I know that the world only tramples me as a street crowd does an earthworm - not out of malice or stupidity, but because no one sees it.
BUSINESS

In Russia, Chinese-Run Farms Solve Each Side's Needs

By ANDREW E. KRAMER
The influx of Chinese farm labor in Russia reflects the growing trade and economic ties between the two countries, one rich in land and resources, the other in people.
DealBook

Glencore Says Higher Bid for Xstrata Is Its Final Offer

By MARK SCOTT
Glencore International confirmed its increased all-share offer for Xstrata, but said on Monday that it would not raise its bid again.
DealBook

BP to Sell Oil Assets in Gulf of Mexico for $5.6 Billion

By STANLEY REED
BP has agreed to sell stakes in a group of oil fields in the Gulf of Mexico to the Plains Exploration and Production Company of Houston for about $5.6 billion.

Company Says It, Not F.B.I., Was Hacking Victim

By NICOLE PERLROTH
An Orlando, Fla., company said it was the source of a file hackers posted online last week that contained a million identification numbers for Apple mobile devices. Hackers had said the file was stolen from the F.B.I.
DealBook

Big Step in Selling A.I.G. Stake, but Other Bailouts Remain

By MICHAEL J. DE LA MERCED
The Treasury Department's plan to sell a big chunk of its A.I.G. holdings is a big step in unwinding one of the most controversial bailouts of the financial crisis. But there are still plenty of other rescue programs to dismantle.

Sen. Reid opens Senate with presidential politics: CBS NEWS | Political Hotsheet Top Stories -September 10, 2012-.

The CBS News Political Hotsheet newsletter
CBS POLITICAL HOTSHEET TOP STORIES    



   
Republicans will "return us to the failed economic policies that brought us to the Great Recession," Reid said
Read full story
Sen. Reid opens Senate with presidential politics

Woman with gun confronts S.C. Rep. Gowdy Gloria Yvonne Brackett, 52, was charged with illegally carrying a pistol and pointing a gun

Bear-hug pizza man becomes subject of Yelp war After Fla. pizzeria owner greeted President Obama with a bear hug, his shop became a target on Yelp

Romney The Republican presidential candidate said President Obama "has chosen his side" -- with the teachers' unions

Biden: Romney won't disclose tax loopholes he'll close In Ohio, Biden tells crowd Romney can't even name alleged tax loopholes he'll close to finance his tax cuts

U.S. stocks drop, led by selloff in Intel, tech: Stocks and Markets in the News | Wall Street at Close Report - MarketWatch - September 10, 2012-:

By Kate Gibson, MarketWatch 

NEW YORK (MarketWatch) — U.S. stocks ended near their session lows Monday, weighed by a selloff in tech stocks, and as investors took a cautious stance before the Federal Reserve’s policy decision later this week. 

The Dow Jones Industrial Average DJIA -0.39%  shed 52.35 points, or 0.4%, to 13,254.29. It lost about 35 points in the last half-hour of trading. 


Intel Corp. INTC -3.84%  weighed on the Dow industrials and the technology sector, off 3.8% after Morgan Stanley cut the computer-chip maker’s third-quarter revenue and earnings outlook. Read more on Intel Corp. 
 
The S&P 500 index SPX -0.61%  fell 8.84 points, or 0.6%, to 1,429.08, with technology the worst performer and telecommunications the only gainer among its 10 major sectors. 

The Nasdaq Composite COMP -1.03%  declined 32.40 points, or 1.03%, to 3,104.02. Apple Inc. AAPL -0.36% , the largest Nasdaq component, added to losses as the session wore on and ended down 2.6% at $662.74. 

“We’re waiting for a lot of catalysts that will happen this week but not today,” said Art Hogan, market strategist at Lazard Capital Markets. 

“I’m still nervous that the market is expecting more than it may get from the Fed. The Street seems to think it’s a lock that we see QE3. I hope the market hasn’t set up too much and then gets disappointed,” he added. 

Hogan highlighted a pullback in tech stocks for the late-day retreat. 

Also near the closing bell, Spain’s Prime Minister Mariano Rajoy was quoted as saying he hadn’t decided whether the country should request European Central Bank aid. Spain’s debt burden has been one worry for U.S. investors this year, reaching a peak in July. 

Decliners outstripped advancers on the New York Stock Exchange, where 616 million shares traded. NYSE composite volume was about 3.2 billion. 

The U.S. dollar DXY 0.00%  tilted higher against other global currencies, including the euro EURUSD +0.03% . Treasury prices veered between gains and losses, with the 10-year note yield 10_YEAR +0.06%  recently trading at 1.66%. Read more on bonds. 
 
Oil prices CLV2 -0.32%  edged up 0.1% to end at $96.54 a barrel and gold futures GCZ2 -0.20%  retreated $8.70 to end at $1,731.80 an ounce. 

American International Group Inc. AIG -1.32%  shares fell 2% after the Treasury Department said it would sell at least $18 billion, or most of its stake, in the insurer. See: AIG bailout profits came with a price .

Central-banking issues

Analysts questioned the need for a third round of easing, or QE3, by the Federal Reserve, but agree the market is pricing in the move, with stocks hitting multiyear highs Friday after August payrolls rose by just 96,000. 


“I’m still in the camp of: Do we really need to? The economic data in general are better than expected, so I don’t see the pressing need for additional easing at this point,” said Paul Nolte, managing director at Dearborn Partners. 

“That being said, odds are favoring [Federal Reserve Chairman Ben] Bernanke doing some sort of easing. The Fed is focused on jobs and the fact that inflation is low at this point gives them the opportunity to continue very easy monetary policy,” Nolte added. 


“I’m still in the camp of: Do we really need to? The economic data in general are better than expected, so I don’t see the pressing need for additional easing at this point,” said Paul Nolte, managing director at Dearborn Partners.
“That being said, odds are favoring [Federal Reserve Chairman Ben] Bernanke doing some sort of easing. The Fed is focused on jobs and the fact that inflation is low at this point gives them the opportunity to continue very easy monetary policy,” Nolte added. 


Reuters
Fed Chairman Ben Bernanke
But some analysts believe the Fed will not resort to further monetary easing until later in the year, when the threatened fiscal cliff is more imminent.
“We need fiscal policy and not monetary policy,” said Nolte, echoing Bernanke’s repeated call to lawmakers to act.
The Congressional Budget Office estimates that if Congress fails to reach a deficit-reduction agreement and prevent more than $600 billion in automatic spending cuts and tax hikes set to be implemented in January, another recession is likely.
“In 2011, Washington took us right to the edge of the cliff before they raised the debt ceiling. Why would one expect it to be different this time? That’s all I have to say about that,” emailed Elliot Spar, market strategist at Stifel Nicolaus. 

The Fed is more likely to take less dramatic steps in the short term, such as extending guidance for keeping interest rates at exceptionally low levels into 2015, said Lazard’s Hogan. 

“Also lost in the shuffle is their ability to take down the interest rates on excess reserves from 25 basis points to zero,” said Hogan of another possible policy option for the FOMC. 

A German court is expected to rule Wednesday on the nation’s participation in the European Stability Mechanism, the permanent euro-area rescue fund. See: Germany’s top court to decide rescue fund’s fate .
A report released Sunday by China’s National Bureau of Statistics said imports into the country fell 2.6% in August from the year-ago period. Exports climbed 2.7%, less than expected. Read more on China trade surplus. 
 
Kate Gibson is a reporter for MarketWatch, based in New York.

Money Show Investors Daily Alert -September 10, 2012-.: Income and Growth Strategies for Today

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