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Apr 17, 2013

Efforts to Revive the Economy Lead to Worries of a Bubble: NYT I Global Update April 17, 2013.

The New York Times International Herald Tribune
April 17, 2013
Compiled 20:45 GMT

Global Update

TOP NEWS

Investigators Say Video Points to Boston Bomb Suspect

By KATHARINE Q. SEELYE and MICHAEL COOPER
The possible break on Wednesday came as investigators pored over scores of videos and photographs captured at the Boston Marathon when the deadly explosions went off on Monday.

Doctors Saved Lives, if Not Legs, in Boston

By GINA KOLATA, JERÉ LONGMAN and MARY PILON
Surgeons faced life-changing decisions as patients arrived with gruesome leg trauma.

China Mourns the Death of a Student in Boston Blast

By CHRIS BUCKLEY
The graduate student who was killed was one of the hundreds of thousands of Chinese who have come to the United States to be educated at its universities.
Dining & Wine

Video: Rabbit Head: A Spicy Specialty

In Beijing, restaurants serve food from all over China, including colorful oddities like spicy rabbit head.
Opinion

Op-Ed Contributor

Europe on a Slippery Slope

By THOMAS WRIGHT
E.U. leaders must act now to reverse a long spiral of disintegration.
WORLD

Thatcher Funeral Draws Dignitaries and Complaints

By ALAN COWELL and JOHN F. BURNS
The ceremonial funeral with military honors for Margaret Thatcher has divided British opinion, much as the former prime minister stirred passions in her lifetime.
Whitwell Journal

As Thatcher Goes to Rest, Miners Feel No Less Bitter

By JOHN F. BURNS
Wednesday's funeral rites for Margaret Thatcher, the former British prime minister, have become a matter of dispute in Whitwell, where many lost their jobs during the 1980s coal battles.

Video Shows Putin Threatening to Dismiss Officials

By ELLEN BARRY
A Kremlin-linked Web site released a video clip of an angry Vladimir V. Putin, fueling talk that he may replace his prime minister and cabinet.
BUSINESS

Euro Zone Crisis Has Increased I.M.F.'s Power

By JACK EWING
Christine Lagarde, managing director of the International Monetary Fund, has become influential as a head of state in Europe, causing controversy both inside and outside the region.
The Trade

Efforts to Revive the Economy Lead to Worries of a Bubble

By JESSE EISINGER
Through its unconventional policies, the Federal Reserve is trying to alleviate the crisis. Instead, it has kindled speculation.
DealBook

Victims of Foreclosure Abuses Face Another Woe: Bounced Checks

By JESSICA SILVER-GREENBERG
Relief checks issued as part of a settlement over foreclosure abuses have bounced, an unfortunate twist for consumers who have already faced problems over reviews of troubled mortgage loans.
TECHNOLOGY
Bits Blog

Google Releases Details About Glass for App Developers

By CLAIRE CAIN MILLER
Google is recruiting developers to build apps for its Internet-connected glasses, but it is being unusually restrictive as it slowly introduces the new technology to a wary public.

Seeking Gun or Selling One, Web Is a Land of Few Rules

By MICHAEL LUO, MIKE McINTIRE and GRIFF PALMER
A Times examination found that unlicensed sellers advertise scores of weapons on free classified ads Web sites where people legally barred from gun ownership can buy them.

Justice Department Backs Limits on Wireless Companies

By EDWARD WYATT
The head of antitrust enforcement said he supported limiting the share of the airwaves suitable for wireless broadband that any provider could hold.
SPORTS

Money, Arena and India Play Into Potential Sale of Kings

By KEN BELSON
The group that wants to buy the Kings and move them to Seattle is thought to have the upper hand, but the group that wants to keep the team in Sacramento has global aspirations.

Japan Confronts Hazards of Judo

By DANIEL KRIEGER and NORIKO NORICA-PANAYOTA KITANO
There are hundreds of documented cases of children in Japan who have suffered catastrophic injuries doing judo under school supervision. Over the past 30 years, 118 have died.

Cycling Past an Afghan Taboo

By JED LIPINSKI
Shannon Galpin, the founder of a nonprofit organization that aids women in conflict zones, noticed she was the only woman cycling in Afghanistan. She has set out to change that.
U.S. NEWS

Victims, Ages 8 and 29, Remembered for Kindness and Laughter

By BINYAMIN APPELBAUM and JOHN ELIGON
In addition to Martin Richard and Krystle Campbell, a female graduate student from China was identified as the third spectator killed in the marathon blasts.

Wife Accuses Texas Official in Prosecutors' Killings

By MANNY FERNANDEZ, SERGE F. KOVALESKI and EMMA G. FITZSIMMONS
Kim Lene Williams told investigators that her husband, a disgraced justice of the peace, killed two Texas officials.

Reid Supports Gun Curbs; Background Checks in Peril

By JONATHAN WEISMAN and JENNIFER STEINHAUER
Senator Harry Reid of Nevada, the majority leader, broke ranks with the National Rifle Association on Wednesday and said he would vote for a ban on assault weapons.
OPINION
Op-Ed Columnist

Bring On the Next Marathon

By THOMAS L. FRIEDMAN
We're just not afraid anymore.
Op-Ed Columnist

The C.I.A.'s Angry Birds

By MAUREEN DOWD
Tinker, tailor drone operator.

MarketWatch I Wall Street at Close Report -April 17, 2013-: U.S. stocks hit by earnings, Apple worries.



By Kate Gibson, MarketWatch 
 
NEW YORK (MarketWatch) U.S. stocks fell sharply on Wednesday to reclaim much of the prior day’s advance, with sentiment hit by disappointing company results and an Apple Inc. supplier’s tepid outlook. 

“In this environment you don’t want to miss, you want to beat and guide higher,” said Phil Orlando, equity strategist at Federated Investors, citing Intel Corp. INTC +0.07%   and Bank of America Corp.’s BAC -4.72%   quarterly earnings reports. 

“We came into this week with a pattern of weaker-than-expected data, a horrific tragedy in Boston, and the China demand story, all at the beginning of a lackluster earnings season,” offered Art Hogan, market strategist at Lazard Capital Markets. 


“We may have 60% of companies beating numbers because expectations are so low. And Apple is down not because of earnings, but because of someone else’s earnings,” Hogan added. 

Shares of Apple supplier Cirrus Logic Inc. CRUS -15.69%   plummeted nearly 16% after the chip maker offered a weak first-quarter revenue outlook and DigiTimes reported that iPad mini shipments would fall as much as 30% in the second quarter. 

After a 195-point slide, the Dow Jones Industrial Average DJIA -0.94%  finished at 14,618.59, down 138.19 points, with B. of A. BAC -4.72%  pacing the index’s declines that had all but four of its 30 components in the red. 

B. of A. shares slid 4.7% after the lender reported first-quarter earnings below Wall Street’s estimates as its mortgage business weighed. 

Caterpillar Inc. CAT -1.38%  fell 1.4% after Macquarie downgraded the construction-equipment maker to neutral from outperform. 

The S&P 500 index SPX -1.43%  shed 22.56 points to 1,552.01, with the technology and energy sectors weighing most heavily. 


Apple
Apple shares slide, putting pressure on Nasdaq.
The technology-heavy Nasdaq Composite COMP -1.84%  declined 59.96 points to 3,204.67. Apple fell as low as $398.11, its first foray under $400 since September 2011, and closed off 5.5% at $402.80. 

Bank of New York Mellon Corp. BK -2.05%  declined 2.1% after reporting a first-quarter loss and adjusted earnings that missed estimates. 

Fairway Group Holdings Corp. FWM +33.46%  rallied nearly 34% in its market debut, after the New York grocer’s initial public offering reportedly got off to a strong start late Tuesday. 

Shares of rival Whole Foods Market Inc. WFM -1.36%  fell 1.4%. 

Textron Inc. TXT -13.42%  lost more than 13% after the firm forecast a drop in business-jet deliveries and reported a first-quarter profit beneath estimates. 

Yahoo Inc. YHOO -0.38%  edged lower after Bank of America Merrill Lynch upgraded the Internet company to buy from neutral, a day after Yahoo forecast second-quarter sales below expectations. 

For every stock that rose, nearly four fell on the New York Stock Exchange, where 866 million shares traded. 

Composite volume surpassed 4.2 billion. 

Equities had come off session lows after the Federal Reserve’s Beige Book found the U.S. economy to be growing at a “moderate” pace and some media outlets reported that a suspect in the Boston marathon bombings was in custody. However, the Boston police department later said on its Twitter account that no arrest had been made. 


On the New York Mercantile Exchange, oil prices CLK3 -2.48%  fell under $87 a barrel after government data had production rising and demand for gasoline down for a second week.
Gold edged lower GCM3 -0.89%   to end at $1,382.70 an ounce. 

On Monday, weak growth numbers from China set off a selloff in commodities, with benchmark crude for May delivery falling 3% and gold tallying its largest one-day drop in three decades. 

“The amazing thing is how bipolar this market has become. Just look at the last three days, first we had liquidation day Monday, with all asset classes sold, then the rally, and now we’re giving back yesterday’s gains,” said Hogan. 

The Financial Times on Wednesday reported a senior auditor in China had cautioned that escalating local government debt could bring on a larger financial crisis than the U.S. housing market crash.
The dollar DXY +0.99%  gained against other currencies and Treasury yields fell, with the benchmark 10-year note 10_YEAR -1.74%  at 1.703%. 

Speculation that Germany could lose its triple-A rating hammered German stocks, with the U.S. market following suit. 

“Our desk identified some tweet or something that hit at four this morning that suggested that Germany’s government finances were under review for a possible downgrade,” said Federated’s Orlando. 

“We don’t know if this is legitimate, but the bottom line is in the middle of the night our time European markets went into a tailspin,” he said. 

“We won’t know if that is true until it is, but if there is a concern that the economic slowdown is going from the periphery to the core, that changes our impression of the overall European economy,” said Lazard’s Hogan. 

On Wednesday afternoon, Egan-Jones Ratings Co. downgraded Germany to A from A+. Egan-Jones is not among the top three ratings agencies. 

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


DealBook P.M: Edition -April 17, 2013-: Victims of Foreclosure Abuses Face Another Woe: Bounced Checks


NYTimes.com Home |Business Day| Video The New York Times


Wednesday, April 17, 2013
TOP STORY
A $300 relief check that bounced. The name and other information were redacted by The New York Times for privacy reasons.
Victims of Foreclosure Abuses Face Another Woe: Bounced Checks Relief checks issued as part of a settlement over foreclosure abuses have bounced, an unfortunate twist for consumers who have already faced problems over reviews of troubled mortgage loans.
For the latest updates, go to dealbook.nytimes.com »
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DEALBOOK HIGHLIGHTS
Ben S. Bernanke, the chairman of the Federal Reserve.
The Trade: Efforts to Revive the Economy Lead to Worries of a Bubble Jesse Eisinger of ProPublica says that through its unconventional policies, the Federal Reserve is trying to alleviate the crisis. Instead, it has kindled speculation.
Charles Santoro, third from right, the chairman of Fairway, and Herb Ruetsch, the New York grocery store's chief, celebrate the company's initial public offering.
Fairway Shares Surge in Trading Debut Shares of Fairway Group Holdings rose on heavy volume in their first day of trading.
A Bank of America branch in Manhattan.
Shares in Bank of America Fall as Earnings Miss Forecasts The bank, whose shares are up nearly 40 percent over the past 12 months, reported first-quarter earnings of 20 cents a share, well short of analyst expectations of 23 cents a share.
LOOKING AHEAD
Economic Reports Data to be released on Thursday include weekly jobless claims and leading economic indicators for March.
Corporate Earnings Companies scheduled to release quarterly results on Wednesday include Blackstone, Morgan Stanley, Nestlé, Nokia, PepsiCo, Union Pacific, United Health, Verizon, Advanced Micro Devices, E*Trade Financial, Google, I.B.M. and Microsoft.
In the United States On Thursday, the State Department will hear the public's final comments on TransCanada's proposed Keystone XL pipeline project, while SeaWorld Entertainment plans to price its initial public offering.
For the latest updates, go to dealbook.nytimes.com »

Quotation of the Day
"The wealthy don't need to consume. And when there is oversupply of capacity, the wealthy don't need to invest in new capacity."
Daniel Alpert, managing partner of Westwood Capital, said the Federal Reserve is engaged in "trickle-down monetary policy."


BIV Today's Business News -April 17, 2013-: Economy and Finance I New CIBC report offers tax tips for Canadians




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