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Sep 13, 2012

On the Trail in Colorado, Obama Tries Balancing Campaigning With Mideast Events: NYT Politics -September 13, 2012-.

The New York Times

September 13, 2012

Politics


The Caucus

On the Trail in Colorado, Obama Tries Balancing Campaigning With Mideast Events

President Obama spent the second day of what was to be an upbeat swing through the politically vital Mountain West on Thursday balancing the somber tone that a foreign policy crisis demands and the hyper-partisan rhetoric that eight thousand Coloradoans came to hear.
On Thursday, for a third straight day, protesters scuffled with police in Cairo.

Egypt May Be Bigger Concern Than Libya for White House

The tepid response from the Egyptian government to violence at the American Embassy in Cairo gave American officials cause for worry.

More Politics

Anna Wintour, center, the editor of Vogue, has raised $2.7 million for President Obama's re-election.

Obama Grows More Reliant on Big-Money Contributors

President Obama's top "bundlers" raised or gave at least $200 million for his re-election bid and the Democratic National Committee through the end of May, close to half the total.
Mitt Romney criticized President Obama in Jacksonville, Fla., saying,

A Challenger's Criticism Is Furiously Returned

From Mitt Romney's perspective, the time was ripe to cast the president as someone who apologizes for America.
A volunteer tried to register voters waiting for former President Bill Clinton to appear Wednesday at an Obama campaign event in Orlando, Fla. The state said it would continue a review of voting rolls for noncitizens, despite charges that it focuses on immigrants.

After Mistakenly Purging Citizens, Florida Agrees to Let Them Vote

In settling a lawsuit, Florida agreed that residents who were removed from voting rolls after mistakenly being classified as noncitizens will be allowed to vote in November.
Mr. Ryan at a campaign event on Wednesday in De Pere, Wis.

Ryan Plays Up Wisconsin Pride as Obama TV Ads Begin in State

Paul D. Ryan, the vice-presidential candidate, campaigned in a state that usually votes Democratic in presidential elections but seems more in play this year.

Deal on a Farm Bill Appears Unlikely

If Congress fails to reach a deal, direct payments to farmers would still continue but nearly 40 other programs would not be financed after the end of this month.

Labor Fight Poses Risks to Coalition for Obama

Some political analysts say the strike by Chicago teachers could open fissures between Obama supporters like unions and wealthy liberal donors who sometimes back causes that unions oppose.

The Caucus

Paul Ryan Gets His Own Meet-and-Greet Room on Capitol Hill

A few months ago, Representative Paul D. Ryan was just another up-and-coming member of the House of Representatives. Now the vice presidential nominee is holding office hours for his colleagues.

Romney Delivers Broad Criticism of Obama on Foreign Policy

Speaking to a modest-sized crowd in Northern Virginia Thursday, Mitt Romney sought to move beyond his criticism of President Obama's response to the turmoil in Libya and Egypt and instead broadly paint the president as weak on foreign policy.

Right Begins to Rally Around Romney's Response to Attacks

A day after many Republicans seemed reluctant to endorse Mitt Romney's critique of the Obama administration in Libya and Egypt, The Wall Street Journal and other prominent conservatives came to his defense.
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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
Reaction to Libya Attack Could Color Poll Analysis, and Vice Versa
In the next week or so, it may be hard to discern what polling effects reflect momentum from the conventions and what are a response to the fallout from Libya.

Multimedia

The Caucus
TimesCast Politics: The Response to the Libyan Attack
Romney's reaction to Benghazi. | Another foreign policy hurdle: Israeli relations. | Same-sex marriage and the New York primaries. | A deeper look at Obama's bundlers.
Graphic: State of the Race for the Senate
Updated analysis by The New York Times and details on the six races considered tossups.
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.
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NYT Global Update -September 12, 2012-: Turmoil Over Contentious Video Spreads to Yemen and Iran

The New York Times International Herald Tribune
September 13, 2012

Global Update



TOP NEWS

Turmoil Over Contentious Video Spreads to Yemen and Iran

By NASSER ARRABYEE, ALAN COWELL and RICK GLADSTONE
Protesters angered by an anti-Islam film tried to storm the American Embassy in Sana, the Yemeni capital, on Thursday, two days after assailants killed the United States ambassador to Libya.

Egypt May Be Bigger Concern Than Libya for White House

By HELENE COOPER and MARK LANDLER
The tepid response from the Egyptian government to violence at the American Embassy in Cairo gave American officials cause for worry.

Diplomats Pulled 2 Ways, Between Protection and Accessibility

By NEIL MacFARQUHAR
An ambassador's death most likely will only increase efforts to protect American diplomatic personnel from the chaos of the countries where they are posted.
U.S.

Video: TimesCast Politics | Sept. 13, 2012

Romney's reaction to Benghazi. | Another foreign policy hurdle: Israeli relations. | Same-sex marriage and the New York primaries. | A deeper look at Obama's bundlers.
Opinion

Room for Debate

Does Mideast Democracy Complicate Diplomacy?

Can the United States stay engaged with modern democratic Middle Eastern countries that have sizable anti-Western populations?
WORLD

Catalonia Presses Spain on Autonomy Even as Financial Crisis Simmers

By RAPHAEL MINDER
The region is asking the central government for emergency financial help at the same time that it is demanding more political freedom.

Struggle for Ideological Upper Hand in Muslim World Seen as Factor in Attacks

By ROBERT F. WORTH
Some analysts see the protests as less about Muslim intolerance than about extremists' exploiting popular anger to draw attention to political goals.

Details Emerge About a Backer of Provocative Video

By ADAM NAGOURNEY
A federal official said Thursday that law enforcement officials now believe a man named Nakoula Basseley Nakoula aided in the production of the film, "Innocence of Muslims."
BUSINESS

Fed Pledges Action Until Economy Shows Gains

By BINYAMIN APPELBAUM
The Federal Reserve said it would expand its holdings of mortgage-backed securities, and potentially undertake other new policies, until unemployment drops sufficiently or inflation rises too fast.

Wall Street Ends Higher After Fed

By NATHANIEL POPPER
The major stock indexes jumped after a Federal Reserve decision to help the economy by buying long-term mortgage securities.

European Aerospace Talks Get Wary Welcome

By NICOLA CLARK
Many observers worry that the proposed ownership structure of the combined EADS and BAE would be too complex, with control split among strategic shareholders, including governments, in no fewer than five countries.
TECHNOLOGY
Bits Blog

Answers to Your Questions About Apple's iPhone 5

By BRIAN X. CHEN
Apple's announcements on Wednesday unveiling its much-anticipated iPhone 5, as well as upgrades for the iPod Touch and iPod Nano, elicited many questions from readers. Here are some answers.

Design Thrills Apple's Partners, but Will Cost Users

By BRIAN X. CHEN
The iPhone 5 has a new connector on the phone's base that instantly renders all accessories and chargers obsolete. An adapter that will work with many, but not all, current accessories starts at $30.
Bits Blog

At Tech Conferences, All Eyes Are on the Celebrities

By NICK BILTON
At the TechCrunch Disrupt conference in San Francisco this week, the banter was not about a bubble, but rather the tech and Hollywood celebrities at the event.
SPORTS

Ko Starts Strong at Women's British Open

By KAREN CROUSE
Lydia Ko, a 15-year-old from New Zealand, shot an even-par 72 and was two strokes off the clubhouse leader at Royal Liverpool Golf Club.

The Source of Kayakers' Biggest Thrills

By JOSH KRON
Amid concerns of further industrialization of the Nile, the best freestyle kayakers make sure to visit Uganda to try out their skills on the Nile Special.
Global Soccer

Hillsborough's Tragedy Fosters Life-Saving Improvement for Soccer

By ROB HUGHES
Because of the Hillsborough disaster in 1989 in which 96 spectators were crushed to death, conditions have improved in many soccer stadiums around the world.
U.S. NEWS

Fresh Hopes for End to Chicago Teacher Strike by Weekend

By STEVEN YACCINO and MONICA DAVEY
Karen Lewis, president of the Chicago Teachers Union, said she was optimistic that a deal could be reached to end the teachers' strike in time for children to return to class Monday.

Push to Add Charter Schools Hangs Over Strike

By MOTOKO RICH
In the Chicago teachers' strike, Mayor Rahm Emanuel's oft-cited goal of expanding charter schools is not officially on the table, but a union official called it "the elephant in the room."

Deal on a Farm Bill Appears Unlikely

By JENNIFER STEINHAUER
If Congress fails to reach a deal, direct payments to farmers would still continue but nearly 40 other programs would not be financed after the end of this month.
OPINION
Op-Ed Columnist

Our Man in Benghazi

By ROGER COHEN
The U.S. envoy's death rebukes the quest for squalid political capital and demands reflection on the best of America.
Op-Ed Columnist

Mitt's Major Meltdown

By GAIL COLLINS
Remember when we thought the Republican primary voters had picked the most stable option? We may have to rethink this, people.
Op-Ed Columnist

Students Over Unions

By NICHOLAS D. KRISTOF
In the Chicago teachers' strike, let's remember the real victims: 350,000 children.

The Economist | Politics This Week: Highlights of News Coverage from September 8th - 14th 2012

The EconomistPolitics this week



» A group of Libyans enraged by an amateur film produced in America that insulted the Prophet Muhammad burned down the American consulate in Benghazi, killing the ambassador (right) and three of his colleagues. Barack Obama vowed to catch the killers, but made it clear that America will not turn its back on Libya. Egyptian rioters, protesting against the same film, stormed the American embassy in Cairo, and hoisted an Islamic flag. Demonstrators also broke into the grounds of the American embassy in Yemen. See article»
» Also in Yemen the defence minister survived an assassination attempt that left 12 people dead, when a bomb exploded near government offices in the capital, Sana'a.
» Iraq's vice-president, Tareq al-Hashemi, who fled from Baghdad last winter, was sentenced to death in absentia for alleged murder. He blamed the prime minister, Nuri al-Maliki, denouncing the trial as politically motivated. Meanwhile, scores of Iraqis were killed in 13 towns in a string of bombings presumed to have been carried out by Sunni extremists opposed to the Shia-dominated government.
» Somalia's new parliament elected a civil-rights campaigner, Hassan Sheikh Mohamud, as the country's new president, promoting a rare wave of hope for national recovery. Two days later a suicide-bomber loyal to the Shabab, an extreme Islamist militia, killed several people outside a hotel in Mogadishu where Mr Hassan was holding a meeting. See article»
» The death toll from communal fighting over land and water in the past three weeks between the pastoral Orma and the agrarian Pokomo tribes along the Tana river in Kenya rose to at least 112.
» Anglo American, the world's biggest platinum-mining company, suspended its operations in Rustenburg, South Africa, in order to protect its staff, as protests spread against last month's shooting of 34 miners by police at a pit operated by a different company.


A holocaust
» Hundreds of workers were killed when a fire broke out at a clothing factory in Karachi, Pakistan's biggest city. The rising death toll will probably make it the world's worst-ever factory fire. The building apparently had no emergency exits, and the windows were covered with metal screens.
» A new right-wing free-market political party was launched in Japan, led by Toru Hashimoto, the populist mayor of Osaka. Seven members of parliament immediately joined the Japan Restoration Party, which could be pivotal in Japan's forthcoming general election, expected in the autumn. See article»
» China sent two patrol ships near disputed islands in the East China Sea after Japan bought them from a private owner. Chinese media warned Japan that it was "playing with fire" in the quarrel over claims to the islands, known as the Senkakus by Japan and Diaoyus by China.
» The mystery deepened surrounding the whereabouts of Xi Jinping, who is expected to become China's next president. Mr Xi missed several meetings with foreign dignitaries and was not seen in public for nearly two weeks. See article»

In his corner
» In a filing to a court in Connecticut, the American state department said that Ernesto Zedillo, a former president of Mexico who is a professor at Yale University, should have immunity as a former head of state from a civil suit against him over a 1997 massacre in the southern state of Chiapas. Mr Zedillo's lawyers say the suit is baseless and motivated by political rivalry.
» In the latest of several steps to reduce business costs, Brazil's president, Dilma Rousseff, announced cuts in taxes on electricity that should shave up to 28% from energy bills. See article»
» Canada broke diplomatic relations with Iran, accusing it of being a threat to world peace and security. Iran accused Stephen Harper's Conservative government of "hostile behaviour".
» Survival International, an NGO, withdrew its earlier claim that up to 80 Yanomami Indians had been massacred by gold miners in Venezuela. Independent sources said no massacre took place.

So that's OK, then?
» Germany's constitutional court gave its qualified approval to the European Stability Mechanism. A ruling against the euro zone's permanent rescue fund by the court would have thrown into chaos the mechanisms set up to alleviate the region's debt crisis. The judges also sought clarification on a couple of things, including the extent of Germany's contributions. See article»
» François Hollande, the French president, provided some details of his government's eagerly awaited budget for 2013, due on September 28th; he will stick to the deficit target of 3% of GDP despite growth of only 0.8% forecast for next year. Mr Hollande also said he will push for labour reforms.

» A coalition government of the liberal VVD party and the Labour Party seemed the likely outcome of a general election in the Netherlands, probably led by the current prime minister, the VVD's Mark Rutte. The big losers at the polls were Geert Wilders's anti-Muslim and anti-immigrant party, the greens and the once-dominant Christian Democrats. See article»
» Portugal's prime minister, Pedro Passos Coelho, announced another round of tough austerity measures to comply with the country's bail-out programme. The package will include an increase in social-security contributions. A message posted by Mr Passos Coelho on Facebook about his discomfort with the measures attracted thousands of comments, most of them highly critical.
» Vladimir Putin, Russia's president, issued a decree that limits the information that "strategic" Russian companies can give out to foreign regulators. This came a week after the European Union launched an antitrust investigation into Gazprom, Russia's state gas company, which supplies countries in eastern Europe.

Trouble with the base
» Teachers in Chicago went on strike for the first time in 25 years in a dispute over benefits and a new teacher-evaluation system. Rahm Emanuel, Chicago's mayor and a former chief of staff to Barack Obama, criticised the teachers for walking out during talks. See article»
» Andy Murray won the US Open in New York, becoming the first British man to win a tennis Grand Slam singles title since Fred Perry in 1936.

The Economist | Business This Week: Highlights of News Coverage from September 8th - 14th 2012

The EconomistBusiness this week


» The European Commission unveiled formal proposals for a banking union for the euro zone, which would hand new supervisory powers, such as the ability to close poorly performing banks, to the European Central Bank. If adopted the plan is a precursor to allowing distressed lenders to tap the European bail-out fund directly, rather than through sovereign funds, thus relieving pressure on government debt. See article»

Another big bazooka
» It was a particularly busy few days for the ECB, which on September 6th fleshed out its commitment to do "whatever it takes" to save the euro, by offering to buy unlimited amounts of short-term government bonds provided the issuing country has agreed to a fiscal-adjustment timetable. The Outright Monetary Transactions programme is designed with Spain and Italy firmly in mind. But with Spanish bond yields retreating from summer highs, Mariano Rajoy, Spain's prime minister, suggested his country might not need a bail-out, saying he would "see how the risk premium evolves". See article»
» Deutsche Bank will conduct less business in Europe's troubled southern economies in the future and focus more on lending in Germany and in Asia, according to a new strategy presented by its co-chief executives, Jürgen Fitschen and Anshu Jain. The bank also slashed its targets for returns on equity, reflecting pressures on banks' profitability from regulations and subdued markets.
» American employers added just 96,000 jobs to the payrolls in August, a disappointing figure. Ben Bernanke, the chairman of the Federal Reserve, told a meeting of central bankers at Jackson Hole recently that another round of quantitative easing would help the jobs market; the data stoked expectations of such a move by the Fed. See article»
» A whistleblower was given a $104m reward by America's Internal Revenue Service. In 2007 Bradley Birkenfeld told authorities about American accounts at UBS that were being used to evade tax. The IRS said the reward would encourage other people to report corporate wrongdoing. Mr Birkenfeld was himself convicted of helping a property developer avoid taxes. See article»

Worth the AIGony

» America's Treasury Department sold 637m of the shares it holds in American International Group, thereby reducing the government to a minority shareholder in the insurance company for the first time since its emergency bail-out in September 2008. The Treasury raised $21 billion from the sale, which together with previous share sales means that the $182 billion in public money used to rescue AIG is "now fully recovered", with a profit to the taxpayer of $15.1 billion so far.
» Britain's BAE Systems and EADS, which makes Airbus jets, confirmed that they were discussing combining the companies. A deal would shake up the global aerospace industry, but the companies said that certain defence contracts "would be ring-fenced… particularly in the USA". See article»
» Japan Airlines priced its forthcoming initial public offering on September 19th at ¥3,790 ($49) a share, the top end of its pricing range. After three years of restructuring in bankruptcy protection, JAL's $8.5 billion flotation will be the world's second-biggest this year (behind Facebook's), with the proceeds repaying a bail-out. See article»
» China announced a second, and larger, auction of shale-gas sites, to take place next month. China holds the world's largest shale-gas reserves but the domestic industry is in its infancy and lacks the expertise of America's. To address that China is for the first time allowing joint ventures with foreign partners to tender bids for shale-gas sites (the Chinese partner has to control the venture).
» The drama surrounding Glencore's mega-bid for Xstrata took a twist when Tony Blair was parachuted in to smooth eleventh-hour negotiations with Qatar's sovereign-wealth fund, Xstrata's second-biggest shareholder. Glencore, the world's largest commodities trader, already owns a 34% stake in the mining company. After the talks it improved its offer to 3.05 Glencore shares for every Xstrata share, from a previous ratio of 2.8. See article»
» Burberry surprised markets with a profit warning, as the British luxury-goods company gave notice that it had seen a "deceleration" in sales in recent weeks. Its share price fell by 21%. Around 40% of Burberry's revenues comes from Asia, where once-hot economies are cooling rapidly.

Every little helps
» Apple launched the iPhone 5, which has a larger screen and a faster chip. An analyst at JPMorgan Chase estimated that sales of the new iPhone could boost American GDP by $3.2 billion in the fourth quarter, adding 0.33% to the annualised rate of growth for the period. See article»

Deal Professor: Taking the Preferences Out of Preferred Stock: DealBook | DealB%K Afternoon Edition -September 13, 2012-.



Thursday, September 13, 2012
TOP STORY
Deal Professor: Taking the Preferences Out of Preferred Stock Steven M. Davidoff says that the radio station operator Emmis Communications took several steps that have gutted its preferred stock, making the company a much easier target for a management takeover.
  • DEALBOOK »
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    DEALBOOK HIGHLIGHTS
    A Warning on Bank Complexity, From Someone Who Would Know Sallie L. Krawcheck, a former Bank of America and Citigroup executive, discussed her concerns about the complexity of financial behemoths at a conference. "It makes you weep blood out of your eyes," she said.
    Carlyle Buys Controlling Stake in Brazilian Furniture Retailer The Carlyle Group said Thursday that it had acquired a 60 percent stake in Tok & Stok, a Brazilian furniture company, in a move that positions it to take advantage of the country's consumer retail market.
    Investors Wary Over Giant Aerospace Deal Shares of the European aerospace giants EADS and BAE Systems tumbled on Thursday as investors reacted negatively to the announced merger talks between the two companies.
    Thai Billionaire Makes $7.3 Billion Offer for Fraser & Neave Charoen Sirivadhanabhakdi's all-cash bid may scuttle Heineken's plan to buy Asia Pacific Breweries, a business it jointly owns with Fraser & Neave.
    Dole in Talks to Sell 2 Businesses to Itochu of Japan Dole Food is in advanced talks to sell its packaged foods and Asian fresh fruit businesses to Itochu, a Japanese trading house.
    BUZZ TRACKER
    Bertelsmann Sees 'Major Acquisitions' Ahead Bertelsmann, the German media conglomerate, said on Thursday that it was planning "some major acquisitions and strategic partnerships" in order to become more digital and more global.
    David Swensen of Yale Said to Have Cancer Students of David Swensen, Yale University's chief investment officer, told The Yale Daily News they had learned that their professor had received a diagnosis of cancer. Over a 27-year career at Yale, Mr. Swensen has overseen the growth of the endowment to $19 billion from about $1 billion.
    LOOKING AHEAD
    Economic Reports The data released on Friday will include retail sales for August, the Consumer Price Index for August, industrial production for August, the Thomson Reuters/University of Michigan consumer sentiment index for September and business inventories for July.
    In the United States On Friday, the Securities and Exchange Commission will hold a public hearing about ways to promote stability in markets that are reliant on highly automated trading systems.
    Overseas On Friday, Greece is expected to announce new austerity measures, and a judge at the International Trade Commission will release findings in a patent-infringement case, which Samsung Electronics brought against Apple, about smartphone features and ways to transmit data. On Friday and Saturday, euro zone finance ministers and central bankers will meet in Cyprus to discuss the region's debt crisis.
    DealBook Video
    Business Day Live: Food Fight
    Business Day Live: Food Fight California referendum has national implications for food labels. | Standard Chartered prepares to settle in money laundering case. | Controversy over movie about Nina Simone.