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Sep 18, 2012

DealBook | DealBooK Afternoon Edition -September 18, 2012-: Alibaba Closes Deal to Buy Back Shares From Yahoo




Tuesday, September 18, 2012


TOP STORY
Alibaba Closes Deal to Buy Back Shares From Yahoo The Alibaba Group said on Tuesday that it has closed on the repurchase of a 20 percent stake in itself from Yahoo, taking the first major step toward a long-held goal of regaining full control of its destiny.
  • DEALBOOK »
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  • DEALBOOK HIGHLIGHTS
    Manchester United's 4th-Quarter Loss Widens Manchester United's net loss for its fourth quarter widened significantly from the year-ago period, the soccer club said on Tuesday in its first earnings report as a publicly traded company.
    News Analysis: An Enigma in the Mortgage Market That Elevates Rates A 30-year mortgage with a 2.8 percent interest rate could already exist, but something in the banking system is holding it back. And right now, few agree on what that "something" is.
    Providence Equity's Nelson and Netflix's Hastings Join the Giving Pledge Jonathan M. Nelson of Providence Equity Partners and Reed Hastings, the chief executive of Netflix and a Facebook board member, are among the latest signatories to the Giving Pledge, joining a growing number of billionaires who plan to give away most of their wealth.
    Lenovo to Buy Cloud Computing Company Lenovo, the personal computer maker, said on Tuesday that it would buy Stoneware for an undisclosed sum, as the frenzy for cloud-based technologies continues.
    Dole Food to Sell 2 Businesses to Itochu for $1.7 Billion Dole, the world's largest fruit company, said it would put the cash proceeds from the sale of its packaged foods and Asian fresh fruit businesses toward paring down its debt and the costs of reorganizing its struggling business.
    LOOKING AHEAD
    Economic Reports Data to be released on Wednesday includes housing starts for August and existing home sales for August.
    Corporate Earnings Companies releasing results on Wednesday include Bed Bath & Beyond, General Mills and Adobe Systems.
    In the United States On Wednesday, a House Oversight and Government Reform subcommittee will conduct a hearing about trade adjustment assistance for United States companies, and the Senate Commerce Committee will conduct a hearing about putting the Competes Act in place.

    DealBook Video
    Business Day Live: Ford and Canadian Workers in Tentative Deal
    Business Day Live: Ford and Canadian Workers in Tentative Deal Canadian labor deal puts pressure on Chrysler and General Motors. | Debt collectors find a partner in prosecutors.

     

NYT Global Update -September 18, 2012-: Russia Demands U.S. End Pro-Democracy Work

The New York Times International Herald Tribune
September 18, 2012

Global Update



TOP NEWS

Russia Demands U.S. End Pro-Democracy Work

By DAVID M. HERSZENHORN
The Kremlin views American financial support for a wide range of civil society programs as thinly veiled meddling in the country's internal affairs.

Afghan Suicide Bomber Strikes Minibus Carrying Foreigners

By ROD NORDLAND and SANGAR RAHIMI
A suicide bomber killed 14 people on Tuesday including 10 foreigners, most of whom worked as flight crew members under contract with the United States government.

Coalition Sharply Reduces Joint Operations With Afghan Troops

By MATTHEW ROSENBERG
A spike in attacks on international troops by Afghan soldiers and police pushed the American-led military coalition to curb ground operations with their Afghan counterparts.
Dining & Wine

Interactive Feature: Reader Recipes: Family Traditions

The Times asked readers for their family's favorite traditional recipes.
Opinion

Latitude

Not My (Only) Kid

By CLARISSA SEBAG-MONTEFIORE
China's one-child policy is entrenching prejudice against gays.
WORLD

Myanmar's Opposition Leader Urges End to Sanctions

By STEVEN LEE MYERS
Daw Aung San Suu Kyi began a trip to the United States that is a sign of the great shift in relations in the past year.

Former Police Chief in China Political Scandal Aided Prosecutors

By EDWARD WONG
The police chief, Wang Lijun, confessed to the most serious charge against him, defection, and did not contest the other three charges - abuse of power, taking bribes and bending the law for personal gain, a court spokesman said.

Turks Sour on Leaders' Support for Syrian Uprising

By TIM ARANGO
Although many Turks at first agreed with their government's support for the Syrian opposition, many now believe it is undermining Turkey's economy and security.
BUSINESS

Euro or No, Economics of Everyday Greek Life Is Eroding

By LIZ ALDERMAN
Even if Greece gets yet another lifeline from its European partners, many Greeks have reached their own conclusion: It doesn't matter, because of deep-seated problems.

As Bailout Questions Linger, Spain Sells $6 Billion in Debt

By STEPHEN CASTLE
An auction of short-term debt sold out at slightly lower rates, but uncertainty persisted over whether Spain would ask for aid from its European partners.
DealBook

Alibaba Closes Deal to Buy Back Shares From Yahoo

By MICHAEL J. DE LA MERCED
The Alibaba Group said on that it has closed on the repurchase of a 20 percent stake in itself from Yahoo, taking the first major step toward a long-held goal.
TECHNOLOGY

Success of Crowdfunding Puts Pressure on Entrepreneurs

By JENNA WORTHAM
Crowdfunding is a popular and lucrative source of money for entrepreneurs, but it is not always easy to turn a good idea into a profitable product.

Keystrokes in Google Bare Shocking Rumors in Germany

By NICHOLAS KULISH
Bettina Wulff, a former first lady of Germany, has sued the search engine over rumors that she was once an escort.
DealBook

An Enigma in the Mortgage Market That Elevates Rates

By PETER EAVIS
A 30-year mortgage with a 2.8 percent interest rate could already exist, but something in the banking system is holding it back. And right now, few agree on what that "something" is.
SPORTS

A Team Built on Talent and Jewish Roots

By BARRY BEARAK
Team Israel fielded a group of mostly American ballplayers of Jewish descent to compete in the World Baseball Classic and also drum up support for baseball back home.

Fuel Pours In and the Beasts' Burden Grows

By ROB HUGHES
The workload on soccer players has been excessive for decades, but with FIFA milking its fortune, the players are seeking their own medicines to sustain their careers.
On Golf

Top Amateur in No Rush to Make Leap to Pros

By KAREN CROUSE
Lydia Ko, the leading amateur at the Women's British Open, said she would like to play amateur golf for a couple of years.
U.S. NEWS

A Faded Piece of Papyrus Refers to Jesus' Wife

By LAURIE GOODSTEIN
A Harvard historian of early Christianity said the papyrus, written in Coptic in the fourth century, contains a phrase never seen in any piece of Scripture: "Jesus said to them, 'My wife ...' "

Striking Chicago Teachers Meet to Consider Deal

By MONICA DAVEY and STEVEN YACCINO
Union delegates were expected to vote on whether to accept a tentative contract that was negotiated over the weekend.

Last Chapter for a Court With a Place in History

By CAMPBELL ROBERTSON
The federal courthouse in Meridian, Miss., built in 1933 and with a rich history from the civil rights era, is one of six scheduled to close, mostly in the Southeast.
OPINION
Op-Ed Contributor

The America of the Arab Street

By ED HUSAIN
The Arab world believes the United States is at war with Islam. America must shape a new narrative.
Op-Ed Contributor

Not the Old Middle East

By IAN BREMMER
For centuries, the outside world imposed order on the Middle East. Now the U.S. and others are backing away.
Op-Ed Contributor

Catholics Then, Muslims Now

By DOUG SAUNDERS
Prejudice against Muslim immigrants resembles the anti-Catholic views of 60 years ago.

Stocks and Markets in the News | Wall Street at Close Report - MarketWatch -September 18, 2012-.

By Kate Gibson and Wallace Witkowski, MarketWatch 

SAN FRANCISCO (MarketWatch) Most U.S. stocks slipped for a second day with the Dow industrials posting a fractional gain Tuesday as a gauge of home-builder sentiment showed improvement in September and shipper FedEx Corp. reduced its profit forecast. 

On Tuesday, the S&P 500 index SPX -0.13%  shed 1.87 points, or 0.1%, to close at 1,459.32, with energy the hardest hit and consumer staples the best performer of its 10 major sectors.
Similarly, the Nasdaq Composite COMP -0.03%  declined 0.87 points to close at 3,177.80. 

The Dow Jones Industrial Average DJIA +0.09% , however, gained 11.54 points, or 0.1%, to close at 13,564.64, with Kraft Foods Inc. KFT -0.06%  the best performer and Alcoa Inc. AA -0.94%  the worst.
“The rally is a bit overheated at this point, there’s a growing disconnect in terms of what the market is doing and what the underlying economy is doing. Most recently, FedEx is reiterating that point for us, cutting its global outlook for the economy,” said Dave Abate, senior wealth adviser at Strategic Wealth Partners in Seven Hills, Ohio. 

FedEx FDX -3.06%  shares dropped 3.1% after the package-delivery company lowered its anticipated earnings for its fiscal year, citing the softening global economy. Read more on FedEx. 
 
Given the market’s extended run, it’s no surprise that investors are now opting to “consolidate some of these gains,” said Bruce Bittles, chief investment strategist at RW Baird & Co.

Why FedEx can't wait for iPhone 5 FedEx is hoping for a "surge volume event" as Apple prepares for sales of its new iPhone 5 this week, shipping them as fast as it can by air from factories in China. 

A retreat is likely to be mild, possibly back to 1,400 or so on the S&P 500 index SPX -0.13% , he said.
“Most of the market is in gear technically, the small cap and even the midcap that were lagging a month ago have now caught up with the Dow industrials and S&P 500,” said Bittles.
Small stocks as measured by the Russell 2000 RUT -0.23% recently broke through their March high, as did the S&P 500 Mid-Cap 400 index MID -0.63% The Russell 2000 closed down 0.2% and the S&P Mid Cap 400 declined 0.6% Tuesday. 

Investors have recently shifted from defensive sectors, including utilities and health care, into aggressive industry groups like energy, technology and materials, Bittles added. 

For every 13 stocks rising 17 declined on the New York Stock Exchange, where about 630 million shares traded by the close. Composite volume topped 3.2 billion, below the September average daily volume of 3.8 billion. 

The U.S. dollar DXY +0.29%  gained against other currencies, including the euro EURUSD -0.01% . Treasury prices climbed for a second day, with the 10-year yield 10_YEAR -1.79%  falling 3 basis points to 1.815%. Read more on bonds. 
 
On the New York Mercantile Exchange, the price of oil CLV2 -1.23%   fell for a second session, losing $1.33 to end at $95.29 a barrel.. Read more on oil futures. 
 

Reuters
Apple shares close above $700 for the first time.
Apple Inc. AAPL +0.30%  shares hit $700 for the first time a day after the consumer-technology company said orders for its iPhone 5 exceeded 2 million in the first 24 hours. 

The National Association of Home Builders/Wells Fargo housing-market index gained 3 points to a seasonally-adjusted reading of 40 in September, the highest the index has been since June 2006. Read more on housing data.
“Housing continues to see improvement, with the Fed again trying to give it a further kick in the pants, but the pace and sustainability will still be uneven,” noted Peter Boockvar, an equity strategist at Miller Tabak. 

The Commerce Department reported the current-account deficit shrank more than expected in the second quarter, aided by increased exports. Read more on current-account deficit. 
 
In a speech prepared for delivery Tuesday in Michigan, Federal Reserve Bank of Chicago President Charles Evans said the Fed’s latest round of quantitative easing would help shield the U.S. recovery from Europe’s debt crisis and possible U.S. tax hikes and spending reductions. Read more on Evans’s speech. 
 
Kate Gibson is a reporter for MarketWatch, based in New York. Wallace Witkowski is a MarketWatch news editor in San Francisco.

CBS NEWS | Political Hotsheet Top Stories -September 12, 2012-.: Full video of Romney fundraiser remarks released

The CBS News Political Hotsheet newsletter
CBS POLITICAL HOTSHEET TOP STORIES    



   
The full 49-minute video of Romney's remarks show his "47 percent" comments weren't taken out of context
Read full story
Full video of Romney fundraiser remarks released

Paul Ryan promises better social safety net Vice presidential candidate promises he and GOP nominee Mitt Romney will create a better social safety net, but he doesn't say how

S&P revises New Jersey outlook to Standard & Poor's upholds New Jersey's "AA-" rating, but revised its outlook from stable to negative

Will Romney's CBSNews.com analysis: Mitt Romney's leaked comments are being seen as a game-changer, but are they really?

WH: Obama fights for every American, not just 47% The White House on Tuesday said that in contrast to Romney's remarks that he can't win over almost half the nation, Obama serves all Americans

BIV Today's Business News -September 18, 2012-. New rules on mobile payments “useful to small businesses”: CFIB




Technology

Rogers plugs communication gap with M2M innovation centre

Rogers Communications Inc. (TSX:RCI) has opened a wireless innovation centre in downtown Vancouver that aims to help companies understand how machine-to-machine (M2M) technology works and how it can help their business.
 

New rules on mobile payments “useful to small businesses”: CFIB

This morning’s announcement from the federal government that it will expand the code of conduct for the growing use of mobile payments has been welcomed by the Canadian Federation of Independent Business (CFIB).

Forestry

Burns Lake sawmill to be rebuilt

The Babine Forest Products sawmill in Burns Lake, which went up in flames in January, will be rebuilt, says the Portland-based owner, Hampton Affiliates.

Real Estate and Development

 

Canadian home sales decline; Vancouverites still priced out of market

Home sales across Canada shrank on a month-over-month basis in August by 5.8%, the largest decline since June 2010, according to TD Economics.

Economy and Finance

 

Canada ranks fifth globally in report on economic freedom

Canada is among the top five most economically free countries in the world, well ahead of the U.S., which has fallen to 18th overall, according to the Fraser Institute’s Economic Freedom of the World: 2012 Annual Report.

Law

BCSC alleges illegal distributions, fraud and breach of order

The executive director of the BC Securities Commission (BCSC) has issued a notice of hearing alleging that two B.C. men and four real estate development companies illegally traded and distributed securities.
 

NYT Opinion Today -September 18, 2012-. Look How Far We've Come Apart

The New York Times

September 18, 2012

Opinion Today


Campaign Stops

Look How Far We've Come Apart

Political polarization in America is at its highest level since the late 19th century. Can we do anything about it?
Op-Ed Contributor

Breaking Up the Echo

Hearing both sides of an argument doesn't tend to sway those with rigid views.
Opinionator | Me, Myself and Math

Friends You Can Count On

Why your friends seem to have more friends than you do: a mathematical explanation.


Opinionator | Draft

An Adverb That Defies Certainty

The word 'almost' is like blush after makeup, just that requisite fuzziness, like ambiguity in an instance of total candor.
Libya, Violence and Free Speech
Opinionator

Libya, Violence and Free Speech

It shouldn't come as a surprise to us that not everyone in the world worships the First Amendment.
Professors and the Students Who Grade Them
Room for Debate

Professors and the Students Who Grade Them

Are college students' evaluations of their instructors a useful way to assess professors? What might be more effective?
Not My (Only) Kid
Latitude

Not My (Only) Kid

China's one-child policy is entrenching prejudice against gays.
The 'Anthropocene' as Environmental Meme and/or Geological Epoch
Dot Earth Blog

The 'Anthropocene' as Environmental Meme and/or Geological Epoch

A debate builds over the notion that humans have become a geological force powerful enough to leave a permanent record.
America's Bloodiest Day
Opinionator | Disunion

America's Bloodiest Day

More Americans died on Sept. 17, 1862, at the Battle of Antietam, than any other day in history.
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Editorial

New York's Medicaid Reforms

Proving which initiatives work could turn the state into a model for others on how to cut Medicaid without harming the beneficiaries.
Editorial

Chicago Standoff

An unnecessary strike is brought on by distrust and provocations from both the city and the teachers' union.
Editorial

A Pier to Pay for a Park

Legislators need to find a way to save the deteriorating Pier 40, one of the largest sources of revenue of the cherished Hudson River Park.
Editorial

Speaking the Truth to the Vatican

The Vatican could stop worrying about what Roman Catholic nuns are up to if it just looked at the work being done at Providence House in New York.

The Opinion Pages

Read the full opinion report, including editorials, columns, op-eds and Opinionator. Go to the Section »
Taxes Over The Life Cycle
The Conscience of a Liberal

Taxes Over The Life Cycle

Look at the middle-aged.
Mark Bittman Blog

"The Citizens Have a Right to Know"

The chairman of Stonyfield Organic weighs in on GMO labeling.