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Oct 23, 2012

The New York Times | Global Update -October 23, 2012-: Watching U.S. Race, Other Nations See Themselves

The New York Times International Herald Tribune
October 23, 2012

Global Update


Watching U.S. Race, Other Nations See Themselves

Coverage by reporters in other countries indicates much about how they see themselves and the American political process.
News Analysis

Debate's Omissions Highlight Skewed World View

The presidential debate on foreign policy presented a skewed vision of the world, even the world defined by American national interests.

Massacre at Syrian Bakery Dims Hopes for a Holiday Truce

At least 20 people were killed, some of them children, as shoppers in Aleppo ventured out to buy bread for the coming Id al-Adha holiday.

Video: China and the U.S. Presidential Election

Jane Perlez, The Times' chief diplomatic correspondent in Beijing, explains the Chinese interest in the American presidential election.


Soccer Fever in Kabul

If anyone can upend Afghanistan's political order, it is the urban youth, the kind that's recently taken to attending soccer matches.

BBC Chief Defends Handling of Sex Abuse Scandal

The director general of the British Broadcasting Corporation said the organization's response to a burgeoning sex abuse scandal was "the opposite of an attempt to hide things."

Nursing Home Fire in Taiwan Kills 12 and Injures 60

Many of the victims were too weak to get out of their beds to escape the blaze, which occurred on Taiwan's government-recognized "Day for the Elderly."

Pledging $400 Million, Qatari Emir Makes Historic Visit to Gaza Strip

The visit by the emir, Sheik Hamad bin Khalifa al-Thani, threatened to ratchet up the rift between Hamas, which controls Gaza, and Fatah, which rules the West Bank.

U.S. Stocks Fall Sharply

Weak earnings from several large companies and a credit rating downgrade of several regions in Spain raised concerns about a slowing global economy.

Apple, Facing Competition, Introduces a Smaller iPad

The company says the portability will give the device a new audience. But starting at $330, it is pricier than other small tablets.

Google's Earnings Incident Shines Light on a Stealth Industry

Since earnings information is crucial these days, the accidental release of Google's earnings report last week by an outside filing firm raises questions about whether more companies should move the filings process in-house.

Updates From Apple's Product Event

Apple unveiled a smaller iPad and a new iMac on Tuesday at an event at the California Theater in San Jose, Calif.

Facebook's Revenue Rises 32 Percent to $1.26 Billion

The social network's third-quarter revenue came in slightly above the average analyst expectation of $1.23 billion.

In Mobile World, Tech Giants Scramble to Get Up to Speed

Companies like Google, Microsoft and Intel are scrambling to reinvent their businesses now that the old model - a customer sitting at a PC - no longer applies.

An Ugly and Violent Month for Soccer

A drunken fan's assault on the Sheffield goalkeeper was just one of many shameful incidents in the game during the past few weeks.

Youth Is Reshaping a Sport of Experience

The 2012 America's Cup, with faster boats, has made young helmsmen with quick decision-making skills worthy challengers to veterans with years of sailing experience.

A No. 1 Who Wants to Stay on Top

With her size and skill and room to grow, the current women's No. 1 tennis player, Victoria Azarenka, could be a force to contend with for years to come.

Iowa Justice Who Ruled for Gay Marriage Faces Test That Peers Failed

In 2010, three Supreme Court members behind a 7-to-0 ruling lost their retention bids. This year looks different for Justice David S. Wiggins.

Across Corn Belt, Farmland Prices Keep Soaring

Despite the worst drought in decades, farmers seeking more land to plant and investors looking for better long-term returns continue to buy farmland.

Settlement Eases Rules for Some Medicare Patients

Tens of thousands of people with chronic conditions and disabilities may find it easier to qualify for home health care, nursing home stays and outpatient therapy.

Soccer Fever in Kabul

If anyone can upend Afghanistan's political order, it is the urban youth, the kind that's recently taken to attending soccer matches.
Op-Ed Columnist

Where the Candidates Agree

President Obama and Mitt Romney both see the need for serious tax reform. So why won't it happen?
Op-Ed Columnist

Heated in Florida

The final presidential debate stayed true to the previous ones, giving us comedy, drama and some essential truths.

DealBook Afternoon Edition -October 23, 2012-: In Debt: Was There a Bankruptcy Alternative for the Automakers?

Tuesday, October 23, 2012
In Debt: Was There a Bankruptcy Alternative for the Automakers? Stephen J. Lubben says that Mitt Romney has argued for a more traditional Chapter 11 bankruptcy for General Motors and Chrysler, without any direct government involvement. But at the time, that might not have been possible.
    One Year After MF Global, New Protections for Customer Money The Commodity Futures Trading Commission voted unanimously to propose new customer protections aimed at closing loopholes, bolstering internal controls and forcing firms to provide more disclosures to their clients. The proposal comes as the futures industry suffers a crisis of confidence in the wake of the MF Global debacle.
    Google's Earnings Incident Shines Light on a Stealth Industry Since earnings information is crucial these days, the accidental release of Google's earnings report last week by an outside filing firm raises questions about whether more companies should move the filings process in-house.
    Central Park Draws a Huge Gift From a Fan in High Finance Central Park has long been a favorite cause for the financial world. Now one of the most prominent names in high finance, John Paulson, has given New York City's largest park a record $100 million donation.
    Ally to Sell Unit to Royal Bank of Canada for $4.1 Billion Ally Financial said on Tuesday that it had agreed to sell its Canadian operations to the Royal Bank of Canada for about $4.1 billion, as Ally continued to work toward repaying its taxpayer-financed bailout.
    Restoration Hardware Sets Price Range for I.P.O. Restoration Hardware said in a filing on Tuesday that it planned to sell 5.2 million shares at $22 to $24 a share in an initial public offering.
    Owner of Woodchuck Cider Approves Sale to Irish Rival The Irish beverage company C&C Group has agreed to buy Vermont Hard Cider Company, the makers of Woodchuck Cider, for $305 million.
    Experian to Buy Rest of Brazilian Firm Serasa for $1.5 Billion The credit information company Experian has agreed to buy the remaining stake in the Brazilian credit data provider Serasa it does not already own.
    Buzz Tracker
    Manchester United Not for Sale The English soccer club Manchester United - which went public on the New York Stock Exchange in August - is not for sale even though overtures have been made, said the vice chairman of the club, Ed Woodward, according to The Guardian. The Glazers, who own the team, "are long-term investors," he said. Shares of Manchester United are down nearly 13 percent from their I.P.O. price.
    Target to Sell $5.9 Billion Credit Card Portfolio to TD Bank The Target Corporation said on Tuesday that it planned to sell a $5.9 billion portfolio of credit card receivables to TD Bank, in the day's second big financial services deal by a Canadian lender. TD Bank also agreed to underwrite and fund future Target credit card receivables in the United States.
    Economic Reports Data to be released on Wednesday will include new home sales for September.
    Corporate Earnings Companies scheduled to report quarterly results on Wednesday include AT&T, Boeing, Bristol-Myers Squibb, Delta Air Lines, Eli Lilly, General Dynamics, IAC/InterActive, Kimberly-Clark, Lockheed Martin, Northrop Grumman, US Airways, Volkswagen and Zynga.
    In the United States On Wednesday, the Federal Reserve will issue a statement at the conclusion of a two-day policy-making meeting. Rajat K. Gupta, a former Goldman Sachs director, is scheduled to be sentenced for leaking inside information to Raj Rajaratnam, co-founder of the Galleon Group.
    Overseas On Wednesday, Mario Draghi, head of the European Central Bank, will brief German lawmakers on the debt crisis.
    DealBook Video
    Business Day Live: Tightrope on China's Currency
    Business Day Live: Tightrope on China's Currency Debate emphasizes dubious portrayal of China as an economic villain. | What the Federal Reserve might look like under Mitt Romney.


Business in Vancouver | BIV Today's Business News -October 23, 2012-: Thousands join Victoria pipeline protest

Environment and Sustainability

Thousands join Victoria pipeline protest

Several thousand people gathered outside B.C.’s legislature yesterday to protest Enbridge Inc.’s proposed Northern Gateway pipeline and the planned expansion Kinder Morgan’s Trans Mountain pipeline.

Real Estate and Development


REIT buys Yaletown buildings for $42m

Allied Properties REIT (TSX:AP.UN) is paying $42 million to buy two Yaletown office buildings, the group announced yesterday.



Fasken Martineau merges with South African firm

Fasken Martineau LLP is merging with Johannesburg-based Bell Dewar and will become the Canadian law firm with the largest international footprint, the company announced yesterday.

Bar association critiques B.C. court reform plan

The Canadian Bar Association, BC Branch (CBABC) says the province’s just-announced 10-step plan to reform B.C.’s justice system doesn’t go far enough.

Hospitality and Tourism


International tourist visits strong in August

A rise in international visits to B.C. in August is encouraging news for marketers at B.C. ski resorts.

Small Business

“Small Business Accord” aims to cut red tape

The province and the BC Chamber of Commerce have announced a consultation process to create a “Small Business Accord.”

Getting the most out of

Attention all subscribers! To get the most out of and the stories on BIV Today, please ensure you are logged in to The feature “stay signed in” is available from the log-in page.

Wall Street at Close Report | MarketWatch -October 23, 2012-: U.S. stocks retreat sharply on earnings

By Kate Gibson, MarketWatch 

NEW YORK (MarketWatch)U.S. stocks fell sharply Tuesday, with the Dow taking its worst single-day hit in four months, as weaker earnings and concern about Spain heightened fears about the global economy. 

“You can rally on rhetoric, you can rally on monetary policy, but at some point investors need to sink their teeth into something, and this quarter’s earnings don’t seem to be solid enough,” said Jack Ablin, chief investment officer at BMO Private Bank in Chicago. 

Romney, Obama in the final debate Mitt Romney called for a firmer demonstration of American strength on the world stage, while President Barack Obama argued his opponent offered a reckless global vision. 

After a 262-point drop, the Dow Jones Industrial Average DJIA -1.82%  finished at 13,102.53, losing 243.36 points, or 1.8%, in its biggest daily drop since June 21.
Chemical maker DuPont DD -9.06%  paced the Dow’s losses that extended to all but two of its 30 components.
DuPont plans to cut 1,500 employees after reporting a quarterly profit below estimates. Read: DuPont net falls 98%; firm unveils layoffs.
Two other Dow components added to investor worries. 3M Co. MMM -4.11%  declined 4.1% after the manufacturer reported a 6.7% profit gain in the third quarter, but reduced its outlook for the full year. Read: 3M reduces full-year forecast on “soft” global economy.
And United Technologies Corp. UTX -0.98%  pointed to soft demand from airlines in narrowing its sales outlook for 2012. Read: United Technologies narrows full-year sales forecast. 

International Business Machines Corp. IBM -1.62% , shipper FedEx Corp. FDX +0.34%  and fast-food chain McDonald’s Corp. MCD -0.55%  all issued results in recent days that disappointed investors, said Ablin, adding: “There are enough tentacles out there to infer that things are weakening and the outlooks are dimming.”
Breaking through the 1,420-support level not breached since early September, the S&P 500 index SPX -1.44%  lost 20.71 points, or 1.4%, to 1,413.11, with all 10 of its sectors in the red.
The Nasdaq Composite COMP -0.88%  declined 26.50 points, or 0.9%, to 2,990.46, its first finish below 3,000 since Aug. 6.
Apple Inc. AAPL +0.42%  shares slid 3.3% after the company unveiled a less expensive and smaller iPad at an event Tuesday in San Francisco. Read more on iPad mini.
Monster Beverage Corp. MNST +1.27%  declined 10% after Goldman Sachs Group Inc. cut the maker of energy drinks from its conviction buy list.
For every four shares rising 11 fell on the New York Stock Exchange, where nearly 671 million shares traded. Composite volume neared 3.6 billion. 

Dollar rises

The U.S. dollar DXY +0.05%  gained against other major currencies including the euro EURUSD -0.09% while Treasury prices climbed, with the yield on the benchmark 10-year note 10_YEAR +0.06%  falling to 1.761%. Read more on currencies. 
The price of commodities including oil fell, with a barrel of crude CLZ2 +0.02%  closing under $87 a barrel for the first time since June, down $1.98 to $86.67 a barrel.
“We have a weak earnings picture with a slower macro background catching up to the market,” said Sean Lynch, global investment strategist at Wells Fargo Private Bank. 

“We’ve had this week confirmation of weak earnings from large, industrial-type companies. And, there is talk that Spain may not hit its deficit target this year. It puts Europe back on stage,” Lynch added.
A sale of Spanish debt Tuesday met the government’s sales target, with the auction held a day after Moody’s Investors Service cut the credit rating on Catalonia and four other regions in Spain.
The Bank of Spain on Tuesday estimated Spain’s economy contracted in the third quarter, with Spanish Premier Mariano Rajoy under pressure to request financial help from euro-zone partners. Read Trading Deck on Spain. 
“The markets aren’t forcing them yet to come and ask for assistance,” Lynch at Wells Fargo Private Bank said of Spanish yields, which remain low enough for the country to tap into credit markets.
The Federal Open Market Committee began its two-day monetary-policy meeting on Tuesday afternoon, with a statement due for release on Wednesday. Read: Fed considers upping QE3 size and language.
A regional look at manufacturing by the Richmond Federal Reserve Bank had activity contracting in September. 

On Monday, Wall Street cleared sharp losses to finish marginally higher, with Wells Fargo’s Lynch saying the pattern has in play the last few weeks. 

“Investors are still holding a lot of cash and valuations are cheap; that gives some support to the market. You saw it yesterday, with the cash and liquidity on the sidelines, there are probably a lot of individuals and portfolio managers looking for dips to come into the market,” said Wells Fargo’s Lynch.

Kate Gibson is a reporter for MarketWatch, based in New York.


Money Show Tradrs Daily Alert -October 23, 2012-: 3 Solid Income Picks from China3 Solid Income Picks from China,

Investors Daily Alert

The Daily Guru

Jim Jubak on

Today's Top Pros' Top Picks
2 Winners on a Weak Dollar, Benjamin Shepherd

Today's Gurus' Views & Strategies
Oil Stuck in a Range, Dominick Chirichella

Today's Charts in Play Exclusive Interviews

Ideas from Around the World

Today's Featured Videos & Exclusive Interviews

The New York Times | Opinion Today -October 23, 2012-. Debating Points, Global Edition

The New York Times

October 23, 2012

Opinion Today

Campaign Stops


Analysts look at the third presidential debate region by region, argument by argument.
Opinionator | Draft

Mad Dash

One of the most versatile pieces of punctuation - the dash - doesn't seem to be subject to any rules.
Op-Ed Contributor

We Need to Talk About Our Eggs

OB-GYNs need to let women know that freezing their eggs is an option in family planning.
Reading More but Learning Less?
Room for Debate

Reading More but Learning Less?

In the Web 2.0 age, when many Americans see hundreds of articles every day, are we more informed than previous generations were?

Invitation to a Dialogue: Voting on Gay Marriage

A writer proposes civil unions for all couples, gay and straight, instead of letting voters decide who can marry. Readers are invited to respond.
Italy's Troubling Earthquake Convictions
Dot Earth Blog

Italy's Troubling Earthquake Convictions

An Italian judge sends scientists to jail after an earthquake as builders of collapsed structures walk free.

The Final Debate

Mitt Romney sounded confused and incoherent and had no original ideas of substance.

Will Foreclosure Abuses Ever End?

Proposed rules from the Consumer Financial Protection Bureau would not give homeowners needed protections against mortgage abuses.

Trespassing in Your Own Home

A prosecutor speaks up about the New York City Police Department's questionable stop-and-frisk arrests.

Scraping the Seafloor Smooth

Commercial fishing has become so industrialized that bottom trawling is disturbing sediment and reducing the seafloor's value as habitat.

The Breath of Autumn

In October, the wind in New York is still buoyant, even mocking. It doesn't numb your face or bring tears to your eyes.

The Opinion Pages

Read the full opinion report, including editorials, columns, op-eds and Opinionator. Go to the Section »
Taking Note

Romney: Dreamer, or Warmonger?

At the foreign policy debate, he was both.
Paul Krugman Blog


But no horses.