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Apr 20, 2013

Bomb Investigation Shifts to Suspect's Russian Trip I NYT Glogal Update -April 20, 2013-.

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

Global Update


Bomb Investigation Shifts to Suspect's Russian Trip

The teenage suspect in the Boston Marathon bombings, Dzhokhar A. Tsarnaev, was taken into custody in Watertown, Mass., on Friday after a search that left his brother dead and the Boston area virtually shut down.

Suspects With Foot in 2 Worlds, Perhaps Echoing Plots of Past

The case of the Boston suspects echoes that of other young men who, caught between life in America and loyalty to fellow Muslims in a distant homeland, turned to violence.

Debate Over Delaying of Miranda Warning

The decision to question Dzhokhar A. Tsarnaev for a period without first reading him the Miranda warning has revived a constitutionally charged debate over the handling of terrorism cases in the criminal justice system.

Video: Pompeii Falling From Grace

Pompeii's ruins are a Unesco World Heritage site, but despite money from the European Union, the Italian government is struggling to maintain them.


Sweden's Closet Racists

When a minister defended racial profiling, I told her to take a walk in my skin.

The Latest Threat to Pompeii's Treasures: Italy's Red Tape

Conservationists warn the city is dangerously exposed to the elements, and is poorly served by red tape, lack of strategic planning and limited personnel of the site's troubled management.

Deadly Chinese Quake Evokes Bitter Memories of 2008 Temblor

The earthquake struck the western region of Sichuan Province, where a previous quake killed 70,000 people.

Rape of 5-Year-Old Girl Sets Off New Furor in India

An attack and the police response struck a chord in the nation, still dealing with the trauma of another brutal rape case.

Need Motivation? Declare a Deadline

If you're a procrastinator, consider setting deadlines for yourself that have tough consequences if you miss them.

Italian Lawmakers, After Stalemate, Re-elect President to Second Term

Amid growing political chaos, lawmakers on Saturday elected President Giorgio Napolitano for a second term, in an effort to break a profound deadlock in the euro zone's third-largest economy.
Digital Domain

An Instant Path to an Online Army

Researchers have been developing systems that summon online workers on demand for specific small tasks - and produce immediate results.

A Digital Eye to Watch Soccer's Trouble Spots

The success of the cameras-and-software system created by the German firm GoalControl is crucial in helping soccer catch up to other major sports in its use of technology.

The Anxiety of the Unanswered E-Mail

Often, not responding to an e-mail or telephone call might say "no" unintentionally, though sometimes that is exactly what we meant to say.

G.E. Reports a 16% Rise in Quarterly Profit

General Electric delivered a solid gain in first-quarter earnings despite lower demand for industrial equipment.
Tennis Roundup

For Nadal, Win Streak in Monaco Reaches 46

Rafael Nadal's straight-set victory over Jo-Wilfried Tsonga in the Monte Carlo Masters set up a final with Novak Djokovic, who defeated Fabio Fognini.
Soccer Roundup

Bayern Munich Wins 13th Straight

Bayern Munich rolled to a 6-1 win on Saturday as it prepared for Tuesday's Champions League match against Barcelona.

Security at London Marathon Bolstered

The deployment of hundreds of additional officers is designed to reassure contestants and spectators after the Boston attacks.

After Night of Terror in Boston Suburb, a Dawn of Doughnuts and Relief

Pedestrians and traffic reclaimed the streets, aside from the one block where the second bombing suspect, Dzhokhar A. Tsarnaev, was found hiding.

Manhunt's Turning Point Came in the Decision to Release Suspects' Images

The authorities knew that broadly distributing the images would accelerate the digital dragnet, but they did not realize the level of chaos it would create as they sought to capture the Boston Marathon bombers.

Boston Attacks Turn Spotlight on Troubled Region of Chechnya

With the Chechen background of the suspects in the Boston attacks, questions arise about a connection to the bloody conflict in the Russian republic of Chechnya, which has appeared calm for some time.
Op-Ed Columnist

The Mind of a Terror Suspect

His tweets paint a fuller picture.
Op-Ed Columnist

That Spineless Gun Vote

Even the personal pleas from a survivor of Columbine can't trump the power of the N.R.A. on Capitol Hill.

Reaching an Arctic Accord

What ice once protected, it is now up to humans to protect.

MarketWatch I Wall Street at Close Report -April 19, 2013-.

By Kate Gibson, MarketWatch

NEW YORK (MarketWatch)U.S. stocks ended higher Friday, trimming weekly losses, as blue-chip tech giants International Business Machines Corp. and Microsoft Corp. set a contrasting tone for earnings. 

“Earnings are front and center, and to date they’ve been a little on the disappointing side, but I look for expectations to improve, in part because we’ll get results from consumer discretionary,” said Terry Sandven, chief equity strategist for U.S. Bank Wealth Management. 

The S&P 500 index SPX +0.88% added 13.64 points, or 0.9%, to 1,555.25, with telecommunications and consumer staples leading gains and technology and energy hit among its 10 major sectors. 

After spending much of the session in the red, the Dow Jones Industrial Average DJIA +0.07% added 10.37 points, or 0.1%, 14,547.51. IBM IBM -8.28% was the biggest drag, falling 8.3% a day after the computer-services provider missed Wall Street forecasts for quarterly revenue and earnings. Read why IBM is a key indicator for markets during earning season.
That was IBM’s worst drop in 8 years. 

But in spite of Friday’s gains, it proved to be the worst week in months for equities. The S&P 500 was off 2.1% for the week, its biggest such hit since November. The Dow industrials lost 2.1%, its worst week since June, and the Nasdaq Composite was down 2.7% on the week, the worst since October. 

Leading the Dow higher Friday, shares of Microsoft Corp. MSFT +3.39% climbed 3.4% after the software maker reported third-quarter income that topped Wall Street’s projections.
General Electric Co. GE -4.06% fell 4.1% after the jet-engine manufacturer reported profit in line with estimates. 

McDonald’s Corp. MCD -1.95% slid nearly 2% after the fast-food chain reported first-quarter profit that missed estimates. 

Boeing Co. shares gained 2.1%, catching a mid-session updraft after the Federal Aviation Administration said it approved the jetmaker’s changes to the 787 battery system. 

Week ahead: Apple in spotlight
Several companies report earnings next week but few will be as closely watched as Apple's earnings. Polya Lesova reports. 

The technology-laden Nasdaq Composite COMP +1.25% advanced 39.69 points, or 1.3%, to 3,206.06, a day after robust earnings from Microsoft and Google Inc. GOOG +4.43%  , with the latter late Thursday reporting a double-digit increase in net revenue from its core Internet business. 

SeaWorld Entertainment Inc. SEAS +24.15% rallied 24% in the theme-park operator’s market debut.
“The market has been a little tough this week. Starting last Friday, things started to get a little rocky, with earnings misses. So IPOs fight to get a little return,” said Jonathan Crane, chairman of KeyBanc Capital Markets’ equity underwriting committee and co-manager on the Seaworld IPO. 

For every share falling nearly three rose on the New York Stock Exchange, where 911 million shares traded. 

Composite volume surpassed 3.5 billion. 

On the New York Mercantile Exchange, commodity prices rose, with crude-oil futures CLK3 +0.31%  finishing the day up 28 cents at $88.01 a barrel, down 3.6% for the week. 

Gold futures GCM3 +1.04%  rose slightly on Friday, but ended the week with a loss of 7.1% thanks in large part to Monday’s huge selloff, the worst in three decades for gold. 

The dollar DXY +0.25%  held a mild edge against other global currencies including the yen USDJPY +1.3961%

Longer-term Treasury prices slid, with the yield on the benchmark 10-year note 10_YEAR -0.12%   at 1.703%. 

“Investor appetite for yield remains high, with 55% of the S&P 500 paying dividends in excess of the 10-year Treasury’s 1.7%,” said Sandven. 

Friday also marks one of the more volatile weeks on Wall Street in recent memory, with the Dow industrials making triple-digit moves on each of the first three days. 

The wide swings are in part due to the more than 70 S&P 500 companies that reported quarterly earnings, with results varying. “Terrorism doesn’t help; people get a little nervous about things,” said KeyBanc’s Crane, referring to news related to the Boston Marathon bombings, with one suspect killed by authorities and another reportedly still at large Friday. 

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

DealBook P.M. Edition April 19, 2013-.: Week in Review: Catch-22 for Banks as Profit Tempts Rules Home |Business Day| Video The New York Times

Friday, April 19, 2013
Week in Review: Catch-22 for Banks as Profit Tempts Rules Blackstone won't bid for Dell. | Checks promise mortgage relief, only to bounce. | Rising bank profits tempt a push for tougher rules. | An unbowed but cautious Goldman. | Dish offers to buy Sprint, joining phone to TV service. | Penney has some persuading to do. | Price of gold takes flashy fall; other markets follow.
For the latest updates, go to »

A look back on our reporting of the past week's highs and lows in finance.
Mergers & Acquisitions
Anheuser-Busch Reaches Deal With Antitrust Regulators Anheuser-Busch InBev said it had received government approval for its $20.1 billion deal to buy control of Grupo Modelo, the maker of Corona.
Dell's founder, Michael S. Dell, and the investment firm Silver Lake are offering to take the company private in a $24.4 billion deal.
Blackstone Drops Out of the Bidding for Dell The private equity giant decided to withdraw after discovering that Dell's PC business was deteriorating faster than it had previously understood.
Cerberus Owner Might Buy Its Gun-Making Group Stephen A. Feinberg, owner of Cerberus, is said to be considering buying a gun maker that the firm promised to sell in the wake of the slaying in Newtown, Conn.
Deal Professor: As Shareholder Fights Heat Up, Activists Aim at Bigger Targets Steven M. Davidoff says that shareholder activism is reaching further into corporate America, and the contests are much bigger and involve varied strategies.
Sprint Nextel, the No. 3 cellphone service provider, has struggled to catch up with larger rivals.
Dish Offers to Buy Sprint, Joining Phone to TV Service Dish Network offered $25.5 billion for Sprint Nextel, saying a merger could roll television, high-speed Internet and cellphone services into a single package.
J. C. Penney faces the challenge of convincing its suppliers that it has a viable plan to recover from its financial difficulties.
News Analysis: Penney Has Some Persuading to Do The decision to borrow $850 million from a credit line now, rather than later in the year when cash use spikes, suggests a particularly bad start to the year.
Investment Banking
The headquarters of Morgan Stanley in New York.
Morgan Stanley Shares Fall After Profit Report Morgan Stanley reported first-quarter adjusted earnings of $1 billion, or 50 cents a share, but share prices fell to their lowest level since January.
Barclays' Investment Banking Chief Steps Down Rich Ricci and another top lieutenant to the bank's former chief executive, Robert E. Diamond Jr., are stepping down.
A Bank of America branch in Manhattan.
Bank of America Profit Misses Expectations 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.
Investors are returning to equities as Wall Street continues its ascent.
Goldman Profit Reflects Bank Sector's Strength The firm reported a first-quarter profit of $2.19 billion, or $4.29 a share, up from the year-ago period and driven by investment banking and lending.
A gold store in Xuchang, China.
Price of Gold Takes a Flashy Fall; Other Markets Follow Gold prices tumbled 9 percent on Monday, the sharpest drop in 30 years, as stocks and other commodities also felt the impact of a disappointing report on Chinese growth.
A Citibank branch in New York.
As Citigroup's Profit Surges, Skittish Borrowers Hurt the Consumer Unit Citigroup reported first-quarter profit of $3.8 billion, exceeding analysts' estimates, as the bank continued to reduce costs and unload troubled assets.
Hedge Funds
Judge Approves SAC Settlement in Insider Trading Case, With Reservation A judge conditionally approved a settlement between the hedge fund and securities regulators that allows the firm to pay a $602 million fine without admitting guilt.
David Tepper of Apaloosa Management earned a $2.2 billion payday from big bets on Citigroup, Apple and U.S. Airways.
Hedge Fund Titans' Pay Stretching to 10 Figures Many of the hedge fund leaders who had giant paydays last year earned their riches by posting big returns. But even weak results can produce lavish take-home pay.
Trainers work with killer whales at SeaWorld's Shamu Stadium in Orlando, Fla.
Public Offering Values SeaWorld at $2.5 Billion Shares of SeaWorld Entertainment were priced at $27, valuing the company at $2.5 billion.
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 Debut Shares of Fairway Group Holdings rose on heavy volume in their first day of trading.
Fairway, New York Grocery With Big Ambitions, Goes Public With 12 stores in the New York area, the chain has intentions of opening 300 outlets across the country and is looking for investor assistance.
A $300 relief check that bounced. The name and other information were redacted by The New York Times for privacy reasons.
Mortgage Relief Checks Go Out, Only to Bounce Homeowners found this week that checks issued as part of a settlement over foreclosure abuses failed to clear.
Rising Bank Profits Tempt a Push for Tougher Rules Steady earnings growth on Wall Street could embolden the lawmakers and regulators who want to overhaul the banking system.
Settling Fee Dispute, Law Firm Denounces 'E-Mail Humor' The firm settled out of court with a client who accused it of overbilling in a case where internal lawyers' e-mails suggested a lax attitude toward the size of the bill.
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.
Money Funds Are Likely to Face Rule Changes An S.E.C. spokesman, John Nester, said "the staff expects to have something for the commission's consideration in the near future."
For the latest updates, go to »

SeaWorld C.E.O. Hints at Overseas Ambitions While the majority of the proceeds from SeaWorld's successful I.P.O. go to the Blackstone Group, SeaWorld is using its share of the money to reduce its debt, and, in general, to help it achieve its corporate goals.
SeaWorld Shares Jump 13% in Trading Debut The Blackstone Group's theme-park operator made a splash on Friday in its debut as a publicly traded company.
Credit Suisse Embraces the Dark Side of Trading Credit Suisse, the operator of the nation's largest dark pool, has told the major industry data providers that it will no longer provide information on how much trading happens in its pool, CrossFinder.
Dell Shares Fall Below Buyout Offer Price The computer maker's stock is trading below the $13.65-a-share offer made by the company's founder and Silver Lake Partners to take the company private, reaching a low of $13.40.
Nelson Peltz Fund Said to Amass Stakes in Food Companies Nelson Peltz's Trian Fund Management has taken a $2.7 billion stake in PepsiCo and Mondelez International, according to people briefed on the investment.
Breakingviews: Blame Microsoft Richard Beale says that Excel, PowerPoint, Word and Outlook have played more than just cameo roles in the dark side of capitalism.
Breakingviews: No Need for 2 Tracks in Money Market Overhaul Agnes T. Crane asks: why should any new rules favor money market funds that invest in government debt over those buying corporate debt?
Another View: Cyberattacks a Huge Threat to Start-Ups, and Their Investors Craig A. Newman and Daniel L. Stein say that the hacking of major banks and technology giants garner headlines, but it's the tech-driven start-ups and growth companies that can stand to lose their entire business if they are victims of cyberattacks.
DealBook Video
Week in Verse Bruins fans sang The Star-Spangled Banner in an emotional pre-game ceremony.