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Jan 22, 2013

BBC News Business (Last Updated at 0:316 GMT).: European transactions tax agreed




23 January 2013 Last updated at 03:16 GMT

Google sees profits back on trackGoogle logo

Google reports a small rise in profits despite a jump in revenues as it ploughed more money into advertising and research and development.




Euro coin superimposed over a map of EuropeEuropean transactions tax agreed

EU finance ministers give the green light for 11 eurozone members, including France and Germany, to prepare a new tax on financial transactions.

Various currenciesBusiness leaders 'see no growth'

More than half of business leaders predict the global economy will continue on its current path of minimal growth in 2013, according to a survey.

NYT | Global Update (January 22, 2013).: Exit Polls Show Israeli Right in Tight Victory as Centrists Gain

The New York Times International Herald Tribune
January 22, 2013
Compiled 21:45 GMT

Global Update

TOP NEWS

Exit Polls Show Israeli Right in Tight Victory as Centrists Gain

By JODI RUDOREN and ISABEL KERSHNER
While Prime Minister Benjamin Netanyahu of Israel remained likely to serve a third term, a surprise surge by a new centrist party indicated he would be under pressure to form a more moderate governing coalition.

Hamas Paints Malaysian Premier's Visit as a Stand Against Israel

By FARES AKRAM
Prime Minister Najib Razak of Malaysia visited the Hamas-controlled Gaza Strip on what he called a humanitarian mission but Hamas said was a "declaration for breaking the Israeli siege on Gaza."

As Troops Advance in Mali, U.S. Begins Airlift

By LYDIA POLGREEN, PETER TINTI and ALAN COWELL
Malian and French forces were reported in control of two important towns on Tuesday as the United States military said it had begun airlifting French troops and equipment to Mali's capital.
Sports

Slide Show: Olympic Stadiums, a Sad Life When the Cheering Stops

Critics of extravagant Olympic building can point to once-grand facilities that have gotten little use and fallen into disrepair in many Olympic cities.
Opinion

Op-Ed Contributor

China's Information Challenge

By IAN BREMMER
2013 will be about the increasingly free flow of ideas inside China, and the anxiety it creates for its leaders.
WORLD

Algeria Defends Tough Response to Hostage Crisis as Toll Rises

By ADAM NOSSITER and ERIC SCHMITT
The prime minister of Algeria said that the militants behind the kidnappings intended to kill all their captives and that the army saved many from death by attacking.

Russians Fleeing Syria Cross Into Lebanon

By ELLEN BARRY
A Russian diplomat told the Interfax news service that around 100 Russians were leaving Syria as the government activates plans to remove its citizens from the conflict zone.

Japan Makes Overture to China in Islands Dispute

By JANE PERLEZ
A member of Japan's coalition government arrived in Beijing Tuesday to try to calm the escalating dispute between the two countries over contested islands in the East China Sea.
BUSINESS

Unfinished Tower Is Stark Reminder of Las Vegas's Economic Reversal

By ADAM NAGOURNEY
The Harmon Tower, part of the $8.5 billion complex known as CityCenter, remains in build-it-or-tear-it-down legal limbo after inspectors found construction defects in 2008.

J.&J. Study Suggested Hip Device Could Fail in Thousands More

By BARRY MEIER
A Johnson & Johnson analysis projected its recalled hip implant might fail within five years in nearly 40 percent of patients who received it.

Bank of Japan Moves to Fight Deflation

By HIROKO TABUCHI
The Bank of Japan set an ambitious 2 percent inflation target and pledged to ease monetary policy "decisively" by introducing open-ended asset purchases.
TECHNOLOGY

Even if It Enrages Your Boss, Social Net Speech Is Protected

By STEVEN GREENHOUSE
Federal regulators are ordering employers to scale back policies that limit what workers can say online.

Google's Earnings Slightly Beat Expectations

By THE ASSOCIATED PRESS
Google says its fourth-quarter earnings rose 7 percent as online advertisers spent more money in pursuit of holiday shoppers.

Storm and Pension Costs Leave Verizon With Bigger Loss

By BRIAN X. CHEN
Even though revenue rose and customers increased, the phone company reported a quarterly loss of $4.22 billion, more than double the loss a year ago.
SPORTS

For Djokovic, Recovery Is the Routine

By CHRISTOPHER CLAREY
Novak Djokovic took to the court Tuesday after a marathon in the previous round and looked every bit the smooth-moving champion while defeating Tomas Berdych.

Looking for a Good Home: 2 Former Soccer Phenoms

By ROB HUGHES
Both Freddy Adu, now 23, and Frederico Macheda, now 21, are unwanted by their current clubs, and there aren't many teams lining up for their services.

Big Challenge Awaits a Novice Quarterfinalist

By CHRISTOPHER CLAREY
Sloane Stephens's reward for reaching her first Grand Slam quarterfinal will be a match against a friend and fellow American, Serena Williams.
U.S. NEWS

3 Injured in Shooting at College in Houston

By MANNY FERNANDEZ and EMMA G. FITZSIMMONS
At least one suspect was in custody after a shooting at the north Harris County campus of Lone Star College.

Obama Offers Liberal Vision: 'We Must Act'

By PETER BAKER
President Obama used his inaugural address to define his version of liberalism, with an emphasis on expanding opportunity.

First Test of New Term Comes in Cabinet Hearings

By MARK LANDLER
President Obama's nominees for the two biggest national-security posts, Chuck Hagel and John Kerry, will take critical steps this week toward winning Senate confirmation.
OPINION
Op-Ed Columnist

The Collective Turn

By DAVID BROOKS
President Obama's second Inaugural Address makes a compelling case for a pragmatic and patriotic progressivism.
Op-Ed Columnist

A Map of Human Dignity

By FRANK BRUNI
In his inaugural remarks, President Obama connected three places to one quest for a better America.
Editorial

President Barack Obama

The Inaugural Address for his second term makes a forceful argument for a progressive agenda.

NYT | Politics (January 22, 2013).: First Test of New Term Comes in Cabinet Hearings

The New York Times

January 22, 2013

Politics

President Obama nominated Sen. John Kerry, right,  for Secretary of State on Dec. 21 and Chuck Hagel for Defense Secretary on Jan. 7.

First Test of New Term Comes in Cabinet Hearings

President Obama's nominees for the two biggest national-security posts, Chuck Hagel and John Kerry, will take critical steps this week toward winning Senate confirmation.
President Obama danced with Mrs. Obama, in a custom Jason Wu ruby chiffon and velvet gown.
News Analysis

Speech Reveals an Evolved and Unapologetic President

President Obama's second inaugural address indicated a leader less willing to start negotiations by moving to the center.

More Politics

'We Are Made for This Moment, and We Will Seize It'

Following are excerpts from President Obama's Inaugural Address as provided by the White House.

Applause Is Muted in City With Role in President's Rise

In Springfield, Ill., the state capital where President Obama served as a legislator, residents looked to his second term with a mixture of anxiety, uncertainty and a muted hopefulness.
Marine Band Confirms Beyoncé Inauguration Performance Was Prerecorded
ArtsBeat

Marine Band Confirms Beyoncé Inauguration Performance Was Prerecorded

Master Sgt. Kristin duBois of the Marine Band said it is standard operating procedure to record the music for the inauguration in advance.
The crowd cheered Vice President Joseph R. Biden Jr. as he walked the inaugural parade route in Washington.

A Day of Celebration for a Diverse Crowd Savoring a Moment in History

The faces of Inauguration Day 2013 were the faces of those left behind by the political process in decades and centuries past.

From Dawn's Early Light, a Day Filled With Pomp and Exuberance

There were crowds and congestion, but the mood around town on Monday was exuberant and relaxed.
Michelle Obama wore a custom Jason Wu ruby chiffon and velvet gown at an inaugural ball on Monday.

Mrs. Obama's Inaugural Wardrobe by Many Designers

Michelle Obama's inaugural spectacular demonstrated just how cannily she has used fashion to define her image, without becoming defined by it.

The Caucus

In Video, Conservative Group Pastes Liberal Stamp on Obama

In an Internet video released Tuesday morning, Crossroads GPS, the fund-raising group founded by Karl Rove, cites commentary by members of the news media, who said the Inaugural Address was proof of a liberal agenda by President Obama.
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As Mr. Obama was leaving the stand to go back into the Capitol, he turned to stare at the crowd on the Washington Mall.
The TV Watch

On-Screen the Second Time Around, the Silly and the Sublime

From Brit Hume's assessment of Beyoncé to President Obama's last look back at the joyful crowd, television encapsulated all that was weird and wonderful about the inauguration.

Multimedia

Video: What Obama Looks to Accomplish
The Times's Richard W. Stevenson takes a look at President Obama's second term agenda, including priorities such as climate change and gun control.
Video: Challenges Await on Capitol Hill
The Times's Jonathan Weisman discusses the legislative possibilities in President Obama's second term.
Video: Obama Starts Second Term
TimesCast Politics: A look at the president's agenda. | Challenges await on Capitol Hill. | Highlights from Monday's festivities.
Slide Show: President Obama's Second Inauguration
The second inauguration of Barack Obama as the 44th President of the United States and Joseph R. Biden Jr. as Vice President.
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DealBook P.M. Edition (January 22, 2013).: Deal Professor: Financial Reports Reveal Economic Challenges, but Few Solutions



Tuesday, January 22, 2013
 
 
TOP STORY
Financial Reports Reveal Economic Challenges, but Few Solutions
Deal Professor: Financial Reports Reveal Economic Challenges, but Few Solutions Steven M. Davidoff says that mandatory reading at the World Economic Forum should be two reminders from JPMorgan Chase and the Federal Reserve that we are far from understanding or preventing financial crises.
  • DEALBOOK »
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  • DEALBOOK HIGHLIGHTS
    White Collar Watch: How Companies Can Sue Defendants in Insider Trading Cases Peter J. Henning says that two lawsuits filed against defendants convicted in insider trading cases may succeed in clawing back money to firms that say they were harmed by the actions.
    Rajat Gupta Seeks Reversal of Insider Trading Conviction
    Rajat Gupta Seeks Reversal of Insider Trading Conviction Lawyers for Rajat Gupta, a former Goldman Sachs director, have made several arguments on appeal. Among the most significant is that the government should not have been allowed to use certain wiretap evidence during his trial.
    Egan-Jones Barred for 18 Months on Some Ratings
    Egan-Jones Barred for 18 Months on Some Ratings The agreement settles accusations that the firm made misstatements about its record when applying for a government designation, the S.E.C. said.
    Can Britain Forge Looser Ties to Europe Without Losing Influence? Prime Minister David Cameron's tough line on Europe echoes growing British disenchantment with the European Union, whose single currency union Britain never joined. But can London play a more limited role in Brussels and still retain significant influence there?
    Back in Power, Abe Aims to Spend Japan Back to Economic Vitality Shinzo Abe, newly returned to power in Japan, is rejecting the austere budgetary practices of Europe in favor of huge public spending in the hope of vanquishing deflation and finally leading the country out of its long economic malaise.
    News Analysis: At Davos, Crisis Is the New Normal While global capital remains a driving force of our age, it won't solve big world issues. For those tasks, we must rely either on the nation state or on international institutions whose effectiveness is regularly questioned by the Davos crowd.
    China Insider: Pressures at Home, Tensions Offshore Bill Bishop says that it is tempting to conclude that the increasingly dangerous dispute between China and Japan over the Diaoyu/Senkaku Islands is driven in part by Beijing's need to distract its populace from problems at home.
    In China, the Appearance of Consensus Is Breaking Down The question is whether this will lead to greater political openness, an authoritarian clampdown to restore the veneer of stability, or social turmoil.
    Hilco Takes Control of Music Retailer HMV The private equity firm Hilco Consumer Capital has bought the debt of the struggling British music retail chain HMV, gaining effective control of the company.
    Inmet Urges Rejection of First Quantum's Takeover Bid The Inmet Mining Corporation urged shareholders to reject the takeover bid from First Quantum Minerals and said that its board had approached unnamed third parties about strategic alternatives.
    Citigroup Deal Maker to Lead British Takeover Panel Philip Robert-Tissot, Citigroup's chairman for mergers and acquisitions for Europe, the Middle East and Africa, will become the next chief of the Takeover Panel of Britain, an independent regulator that oversees deals in the country.
    Internal Inquiry Fails to Find Misconduct at Bumi The mining company Bumi, partly owned by the British financier Nathaniel Rothschild, announced on Tuesday that it had been unable to prove that financial misconduct occurred at two of its Indonesian units.
    Buzz Tracker
    AT&T to Buy Atlantic Tele-Network Business for $780 Million The domestic retail wireless unit has about 585,000 customers in the rural portions of six states, including Georgia, North Carolina and Idaho. It is part of AT&T's effort to expand, as it moves on from its failed $39 billion bid for T-Mobile USA.
    British Authorities Arrest Five in Insider Trading Inquiry The Financial Services Authority of Britain said on Tuesday that it had arrested five people in connection with an insider trading investigation. One of those arrested is employed by Schroders, but the British fund firm is not under investigation, according to a statement from the company.
    LOOKING AHEAD
    Corporate Earnings Companies scheduled to release quarterly earnings reports on Wednesday include Abbott Laboratories, General Dynamics, McDonald's, United Technologies, US Airways, Well Point, Amgen, Apple, Netflix.
    In the United States The International Trade Commission is scheduled to announce in Washington whether it will review or let stand a judge's finding that Samsung Electronics infringed four Apple patents.
    Overseas The International Monetary Fund issues an update on Wednesday to its World Economic Outlook. The Bank of Canada issues an interest rate decision and quarterly economic forecast. And the World Economic Forum's annual meeting begins in Davos, Switzerland.
     

MarketWatch | Wall Street at Close Report (January 22, 2013)..: U.S. stocks rise; S&P 500 targets 1,500

By Kate Gibson, MarketWatch 

NEW YORK (MarketWatch) U.S. stocks gained Tuesday, with the S&P 500 index posting its longest winning streak in nearly six weeks, as Wall Street embraced quarterly results from corporations including insurer and Dow component Travelers Cos. Inc.

“We’re right in the middle of the thick of earnings season, and materials actually came out and beat expectations, which could mean the economy is stronger than we realized,” said Randy Frederick, managing director of active trading and derivatives at the Schwab Center for Financial Research. 


The Dow Theory's buy signal? The Dow Theory generated a buy signal at Friday's close, right? Well, it depends on which Dow Theorist you ask. 

Closing at its highest level since Dec. 10, 2007, the Dow Jones Industrial Average DJIA +0.46%  advanced 62.43 points, or 0.5%, to 13,712.13, with Travelers TRV +2.15%   among the 22 of its 30 components rising after reporting profit that easily beat Wall Street’s expectations as it charged more for its coverage but still retained customers. Read: Travelers shares rally; Citigroup drops. 
 
The S&P 500 Index SPX +0.44%  rose 6.53 points, or 0.4%, to 1,492.51, with materials and financials performing best and consumer staples the only decliner among its 10 major industry sectors.
The S&P 500’s rise, which has it up 4.7% since the start of the year, puts it well above the old resistance level of 1,465, which is now viewed as a technical support level, according to Frederick, who said he does not see any resistance until 1,516. 


“Earnings aren’t growing very much overall, but expectations are so low that I don’t think earnings are going to hurt the market much,” said Bruce Bittles, chief investment strategist at Robert W. Baird & Co. 

“The glaring potential problem is sentiment; it’s hard to find anyone who believes the market is not going up now, which is always some cause for concern, at least in the short term,” Bittles added.
Wall Street‘s optimism could hit a peak in short order and prompt a market consolidation or market correction, according to Bittles, who lists as among the possibilities a compromise to raise the U.S. debt ceiling, the S&P 500 crossing 1,500 or an upside surprise in results from Apple Inc. AAPL +0.29%

House Republicans have set a vote for Wednesday on raising the U.S. debt limit through the middle of May, in a move the White House has welcomed as a means of scaling back brinkmanship over the budget debate.
Apple reports fiscal first-quarter results on Wednesday, with the world’s most valuable company facing increased production costs and competition from Samsung Electronics. Apple shares rose 1% on Tuesday. 

The Nasdaq Composite Index COMP +0.27%  rose 8.47 points, or 0.3%, to 3,143.18.
For every stock falling more than two gained on the New York Stock Exchange, where almost 699 million shares traded. 


Growth will top Davos agenda Movers and shakers to discuss whether the recovery is strong and sustainable. 

Composite volume surpassed 3.5 billion.

Moving issues

Among individual stock movers, Boeing Co. BA -0.01%  shed 1.2% after the aerospace manufacturer stopped deliveries of its 787 Dreamliner, which has been grounded by regulators looking into whether its batteries are safe. See story about customer’s praise of Boeing. 
 
Fellow Dow component Verizon Communications Inc. VZ +0.94%  gained 0.9% after its chief financial officer said the telecommunications provider might be able to repurchase shares sooner than expected. Read: Verizon hit by charges, device subsidies. 
 
Shares of Johnson & Johnson JNJ -0.74% declined 0.7% after the largest provider of health-care products offered a full-year forecast that came in below estimates. Read: J&J profit soars on fewer charges, Synthes deal. 
 
DuPont DD +1.77%  rose 1.8% after fourth-quarter profit exceeded expectations. Read more about the diversified manufacturer’s quarterly report. 
 
Stock indexes had been briefly dented by a report from the National Association of Realtors, which found U.S. existing-home sales fell 1% in December. Read about total in 2012 hitting five-year high.
The trade-group report followed data from real-estate provider Zillow Inc., which showed the value of American homes rose 5.9% last year. Read about the largest jump in home prices since 2006. 
 
In the short run, market indexes “are entirely out of energy and overbought,” said Jeffrey Saut, chief investment strategist at Raymond James. “That counsels for caution despite the halfhearted Dow Theory buy signal generated by last Friday’s closing high by the industrials, which confirmed the DJ Transports DJT +1.09%  sprint to new all-time ‘highs’ last week.” Read Mark Hulbert’s commentary on whether a buy signal came Friday. 
 
“Whatever happens in the near term, there is nothing to suggest the path of least resistance is not higher over the intermediate and longer term,” Saut added. 

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