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Nov 12, 2012

NYT Global Update -November 12, 2012-: As Syrian Opposition Unifies, New Mayhem on Turkish and Israel Borders

The New York Times International Herald Tribune
November 12, 2012

Global Update


As Syrian Opposition Unifies, New Mayhem on Turkish and Israel Borders

Syria pulled both Turkey and Israel closer to its civil war on Monday, bombing a rebel-held Syrian village near the Turkish border and provoking Israeli tank commanders in Golan Heights.

Turmoil Spreads at BBC as Two More Executives Step Aside

The crisis over the BBC's reporting of a decades-old sexual abuse scandal deepened on Monday as two more senior executives withdrew at least temporarily from their jobs.
Changing of the Guard

Signs of Wrangling in China Over Top Military Post

The question of whether China's departing president, Hu Jintao, will stay on as the top overseer of military affairs, or retire completely, remains unresolved.

Video: Paddling Blind

Blind adventurer Erik Weihenmayer will attempt to kayak the Colorado River through the Grand Canyon next year. He trains at the U.S. National Whitewater Center in Charlotte, N.C.

Op-Ed Columnist

The Need for U.S.-Iran Talks

Armed conflict with Iran in 2013 is still possible and there is no more immediate strategic challenge for the re-elected president.

Israel Strikes at Syria Again in Response to Mortar Attacks

For a second consecutive day, Israel confronted fire along its border with Syria on Monday as the Israeli army said it fired shells toward the source of a mortar shell, hitting Syrian artillery units.

With Eye on Aid, Syria Opposition Signs Unity Deal

An umbrella group could pave the way for international diplomatic recognition and more foreign funds and military assistance.

Radical Preacher Abu Qatada Wins Appeal

A British court ruled that the preacher known as Abu Qatada, who was convicted in absentia for his involvement in terrorist bombing plots in the late 1990s, cannot be deported from Britain to his native Jordan.

U.S. to Be World's Top Oil Producer in 5 Years, Report Says

The International Energy Agency also said the United States would be a net exporter by 2030, partly because of advances in unlocking reserves in shale rock.
I.H.T. Special Report: Oil & Money

China Leads the Way as Demand for Coal Surges Worldwide

Despite the cries for green energy solutions, coal as a fuel is more popular now than it has been in many years, primarily because it is cheap and easy to ship.

Leucadia to Buy Jefferies in $3.6 Billion Deal

The Leucadia National Corporation, which has been likened to a "baby Berkshire Hathaway" because of its wide range of holdings, said Monday that it would buy the Jefferies Group, an investment banking firm.

As Apple's Battle With HTC Ends, Smartphone Patent Fights Continue

Apple's settlement of an Android-related lawsuit could be a sign that its chief wants to end the distraction of patent fights, but it does not necessarily portend a similar agreement with Samsung.

Coke Revamps Web Site to Tell Its Story

The venerable beverage company is repositioning its Web site as a consumer magazine called Coca-Cola Journey.

A-Listers, Meet Your Online Megaphone

Oliver Luckett and his social media start-up, theAudience, offer celebrities a chance to build armies of fans across the likes of Facebook, Twitter, YouTube and Google Plus.

After Tsunami, Grief and the Joy of Basketball

Japanese high school athletes who survived the devastating tsunami last year wrote essays about the disaster-and the healing power of sports.

China, Are You Ready for Some American Football?

The National Football League is expanding into China, hoping to become one of the ten most popular sports in the world's most populous nation by the end of the decade.

Olympic Gold Medalists Franklin and Lochte Win

The Olympic gold medalists Missy Franklin and Ryan Lochte won two events apiece on the final night of the short-course Minneapolis Grand Prix.

Construction Site Offers Fleeting Glimpse of the Civil War Past

The construction of a courthouse in Fredericksburg, Va., had the unexpected effect of exposing an almost perfectly preserved scene from a ferocious 1862 battle.

Case Asks When New Evidence Means a New Trial

For years, a Michigan inmate gathered evidence he said cast doubt on his murder conviction, but there is no assurance that he will be able to present it in court.

Timeline Shows F.B.I. Discovered Affair in Summer

F.B.I. agents recognized the stakes of any investigation tied to David H. Petraeus, the C.I.A. director who resigned Friday, but were wary of exposing a private affair with no criminal or security implications.
Op-Ed Contributor

America's Jewish Vote

It is a myth that American Jews vote for the candidate with the most hawkish views on Israel.
Op-Ed Columnist

Hawks and Hypocrites

The deficit scolds have discredited themselves with arguments that are wrong and also dishonest.

NYT Politics -November 12, 2012-: In Debt Talks, Obama Is Ready to Go Beyond Beltway

The New York Times

November 12, 2012


Washington Memo

In Debt Talks, Obama Is Ready to Go Beyond Beltway

Rather than hunker down in negotiations as he did in 2011, aides said, the president will try to rally the public for an accord that could set the tone for his second term.
Political Memo

Result Won't Limit Campaign Money Any More Than Ruling Did

The re-election of President Obama did not presage an end to the deregulated fund-raising unleashed by Citizens United; it most likely reinforced it.

More Politics

G.O.P. Strains to Define How to Close Gap With Voters

While some leaders argued that the party must find new ways to talk about key issues, others blamed losses on poor candidates.

Amid Upheaval, Obama Loses 'Source of Stability'

For Obama administration officials, the searching for a new C.I.A. director comes at a particularly challenging time.
Paula Broadwell with Gen. David H. Petraeus in Afghanistan in 2011.

Timeline Shows F.B.I. Discovered Affair in Summer

F.B.I. agents recognized the stakes of any investigation tied to David H. Petraeus, the C.I.A. director who resigned Friday, but were wary of exposing a private affair with no criminal or security implications.
Linda E. McMahon thanking supporters. Ms. McMahon, a Republican, lost a second Senate bid.

Connecticut Republicans Search for Answers After Their Dismal Election Day

The state party, shut out of the United States Senate and House, seeks to broaden its appeal beyond the national brand.
From left, Steve Schmidt, Al Sharpton, Chris Matthews, Rachel Maddow, Lawrence O'Donnell and Ed Schultz.

The Anti-Fox Gains Ground

Known to fans of politics as the nation's liberal television network, MSNBC is looking to gain ground on the Fox News Channel in President Obama's second term.

Vote Count Confirms Obama Win in Florida

After early voting with lengthy waits and a slow count of absentee ballots, Florida election officials grappled with what went wrong when a record number of voters tried to cast a ballot.

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.
Turnout Steady in Swing States and Down in Others, But Many Votes Remain Uncounted
In many of the states where the campaigns focused most of their attention, more people voted than in 2008. Turnout is likely to have declined in many non-battleground states, however.
The Media Equation
For One Night at Fox, News Tops Agenda
After it became clear that President Obama had won re-election, Fox was confronted with a stark choice between advocacy and news. It chose news.


Full Election Results
Results from the 2012 presidential, Senate and House Races.
Slide Show: After Hard-Fought Campaign, a Victory for Obama
Americans went to makeshift sites in East Coast communities devastated by Hurricane Sandy and traditional voting booths in schools, libraries and town halls across the rest of the country.
Video Feature: President Obama's Election Night Speech
"Tonight you voted for action, not politics as usual," President Obama said after winning the election. "You elected us to focus on your jobs, not ours."

DealBook Afternoon Edition -November 12, 2012-: With Jefferies Deal, a 'Baby Berkshire' Goes Where Buffett Hasn't

Monday, November 12, 2012
With Jefferies Deal, a 'Baby Berkshire' Goes Where Buffett Hasn't For years, Ian Cumming and Joseph Steinberg prided themselves on being disciples of Warren E. Buffett, fashioning Leucadia National into something that investors have called a "mini Berkshire Hathaway." But on Monday, the two did something Mr. Buffett hasn't ever done: buy an investment bank outright. Leucadia is buying Jefferies in a stock transaction that values the firm at $3.6 billion. The deal will give Jefferies a deep-pocketed owner as it continues to build out a full-service investment bank.
Why the Jefferies Deal Could Worry Wall Street's Giants Leucadia is paying 1.2 times tangible book value for Jefferies. Investors aren't nearly as sanguine about Goldman Sachs or Morgan Stanley.
Leucadia to Buy Jefferies in $3.6 Billion Deal Jefferies will continue to operate as a full-service global investment banking firm in its current form, the companies said.
    Los Angeles Money Manager Aletheia Files for Bankruptcy Aletheia Research and Management, which has drawn attention for its role in a number of shareholder fights, including a battle with Barnes & Noble, filed for bankruptcy protection after suffering client terminations amid problems with federal securities regulators.
    HSBC's Multiplying Legal Issues The latest inquiry of HSBC, one involving accounts in the island tax haven Jersey, raises questions about whether the bank can settle all the investigations it faces at a reasonable price.
    Lawyer for Former UBS Trader Likens His Client to Spartacus In his closing remarks to the jury, Charles Sherrard, the lawyer representing Kweku M. Adoboli, a former UBS trader standing trial on fraud allegations, said his client was like Spartacus because he stepped forward to take the blame for his team.
    Sherwin-Williams to Acquire Mexican Paint Maker for $2.4 Billion Sherwin-Williams has agreed to acquire privately held Consorcio Comex, Mexico's leading paint producer, for $2.4 billion, including debt.
    Julius Baer to Buy Stake in Italian Money Manager The Swiss bank Julius Baer has agreed to buy a 19.9 percent stake in Kairos Investment Management of Italy for an undisclosed amount.
    Reform and the Internet, With Chinese Characteristics China's 18th Communist Party congress has two more days to run but preliminary reports predict there will be no significant changes coming out of the meeting. What DealBook readers need to know about China this week.
    Best Buy - which faces a possible takeover offer from its founder - outlines its turnaround strategy at a presentation at 1 p.m. in Manhattan. Earlier in the day in London, the chief executives of the Royal Bank of Scotland, Lloyds Banking Group and Standard Chartered appear before a Parliamentary commission on banking standards. 

RTTNews Wall Street at Close Commentary -November 12, 2012-: Stocks End Choppy Trading Day Nearly Flat - U.S. Commentary

RTT News: Global Financial Newswires

Stocks End Choppy Trading Day Nearly Flat - U.S. Commentary

11/12/2012 4:26 PM ET
With many traders away from their desks amid the Veteran's Day holiday, stocks showed a lack of direction over the course of the trading day on Monday. Continued uncertainty about the looming fiscal cliff also kept traders on the sidelines.
The major averages ended the day nearly flat, showing moves of less than a tenth of a percent each. While the S&P 500 inched up 0.15 points to 1,380.00, the Dow dipped 0.23 points to 12,815.16 and the Nasdaq edged down 0.61 points to 2,904.26.
The choppy trading on Wall Street came amid well below average volume, with many traders enjoying a three-day weekend even though the markets were open.
A mixed batch of overseas economic data may also have contributed to the lackluster performance that was seen throughout the session.
While a report from China showed the nation's trade surplus widened to $31.99 billion in October compared to expectations for a surplus of $27.15 billion, Japan reported a 0.9 percent contraction in third quarter GDP.
Traders also kept an eye on developments in Washington as lawmakers begin to negotiate about how to address the looming fiscal cliff.
Noting traders' experience with watching political headlines out of Europe, Peter Boockvar, managing director at Miller Tabak, said, "Hopefully we'll be ready for the barrage of U.S. political sound [bites] and opinions on how to come to an agreement between Dems and Repubs."
"It may very well be the sole driver of stock performance into year end, with the economic consequences of such a deal being a focus only beginning in 2013," he added.
Despite the lack of direction shown by the broader markets, shares of Jefferies (JEF) saw considerable strength after the investment banking firm agreed to be acquired by Leucadia National (LUK). Jefferies ended the day up by 14 percent.
Sector News
While most of the major sectors ended the day showing only modest moves, considerable weakness was visible among housing stocks. The Philadelphia Housing Sector Index fell by 2.1 percent after rising as much as 1.3 percent in early trading.

Among housing stocks, shares of Beazer Homes (BZH) moved sharply lower on the day after the homebuilder reported a wider fourth quarter net loss. D.R. Horton (DHI) also turned lower despite reporting stronger than expected fourth quarter earnings growth.
Gold stocks also came under pressure on the day, dragging the NYSE Arca Gold Bugs Index fell by 1.3 percent. The weakness among gold stocks came as the price of the precious metal ended the day unchanged.
Tobacco, computer hardware, and utilities stocks also saw notable weakness, while trucking, biotechnology, and railroad stocks saw considerable strength.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region moved mostly lower during trading on Monday. Japan's Nikkei 225 Index fell by 0.9 percent, while Australia's All Ordinaries Index ended the day down by 0.3 percent.
Meanwhile, the major European markets turned in a mixed performance on the day. While the German DAX Index edged up by 0.1 percent, the U.K.'s FTSE 100 Index closed just below the unchanged and the French CAC 40 Index dipped by 0.4 percent.
The U.S. bond market was closed on the day due to the Veteran's Day holiday.
Looking Ahead
Amid a lack of major U.S. economic data, earnings news may attract some attention on Tuesday. Home improvement retailer Home Depot (HD) is among the companies due to release their quarterly results before the start of trading.
by RTT Staff Writer

Wall Street at Close Report | MarketWatch -November 12, 2012-: U.S. stocks stall ahead of budget talks

By Kate Gibson, MarketWatch 

NEW YORK (MarketWatch) — U.S. stocks finished nearly unchanged Monday, with the market treading water before talks to head off automatic spending cuts and tax hikes that would begin in January. 

“Unlike monetary policy which seems pretty certain, fiscal policy is the great unknown. In the short term, the clock is ticking on the fiscal cliff,” said Andrew Fitzpatrick, director of investments at Hinsdale Associates.
The uncertainty of whether politicians would reach an agreement and avoid more than $600 billion in automatic tax hikes and spending cuts otherwise set to take place in January was expected to keep equities on a volatile ride until an accord is reached. Read: U.S. stocks to follow erratic 'fiscal cliff' path. 

U.S. stocks fell the most in five months last week as investors turned to newly re-elected President Barack Obama’s budget standoff with the Republican-majority House of Representatives.
“This has the capability to lead to recession as growth in the economy could stall. Early signs are encouraging as both Obama and [House Speaker John] Boehner have a least expressed some willingness to compromise,” Fitzpatrick added. 

On Monday, the benchmark indexes fluctuated between mild gains and losses before finishing a low-volume Veterans Day session almost unchanged.
The Dow Jones Industrial Average DJIA -0.0024%  lost 0.23 points at 12,815.16.
The S&P 500 Index SPX +0.01% added a fraction to 1,380.00, with telecommunications the best performing and utilities the greatest decliner of its 10 major sectors.
Best Buy Co. BBY +3.59%  gained 3.6% after the consumer-electronics chain said former Williams-Sonoma executive Sharon McCollam will become its new chief financial officer in December.
The Nasdaq Composite Index COMP -0.02%  shed just more than half a point to 2,904.26.
Decliners edged just ahead of advancers on the New York Stock Exchange, where a measly 292 million shares traded. Composite volume topped 2.5 billion. 

The U.S. dollar DXY +0.02%  held steady against other currencies, including the euro EURUSD -0.01% . See: Euro recovers vs. dollar; Greece takes center stage.
The price of oil fell, with crude futures CLZ2 -0.52%  for December delivery losing 50 cents to end at $85.57 a barrel in New York. 

In Paris Monday, the International Energy Agency said U.S. oil output is positioned to exceed that of Saudi Arabia’s in the next decade, putting the U.S. on track to become a net exporter.
The U.S. Treasury market was closed, along with government offices, for the Veterans Day holiday.
Jefferies Group Inc. JEF +14.02%  rallied after Leucadia National Corp. LUK -0.52%  said it would buy what remained of the investment bank that it does not already own. Read First Take commentary: Finding the muscle in Jefferies’ strong deal. 
Titanium Metals Corp. TIE +42.61%  jumped after Precision Castparts Corp. PCP +4.88%  said it would buy the melted-products manufacturer. 

During the weekend, a report had China’s export growth rising to a five-month high above 11%, topping estimates and adding to recent data that signal a possible end to seven straight quarters of slowing.
“The good news is there is some good news coming out of China. Since 2010, the Three Horsemen of the Apocalypse have been a double-dip recession in the U.S., a financial meltdown in Europe and a hard landing in China,” said Ed Yardeni, chief investment strategist at Yardeni Research Inc.
In Brussels Monday, euro-area finance ministers gathered, with financial aid to Greece on the table.
The Greek parliament on Sunday approved an austerity budget for 2013, a move required to release the next round of financial aid from the European Union and International Monetary Fund.

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


Money Show Investors Daily Alert -November 12, 2012-: Midcaps Are Where the Action Is

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