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Jul 19, 2013

NYT I International Herald Tribune Global Update July 19, 2013: In Wake of Zimmerman Verdict, Obama Makes Extensive Statement on Race in America

July 19, 2013
Compiled 20:45 GMT

Global Update


In Wake of Zimmerman Verdict, Obama Makes Extensive Statement on Race in America

In his most extensive remarks on race since 2008, President Obama addressed the verdict in the Trayvon Martin killing and and its impact among African-Americans.

Leading Putin Critic Is Freed Pending Appeal After Protests

A day after his conviction on embezzlement charges incited protests, Aleksei A. Navalny was released from custody.

Kerry Announces 'Basis' for Resumption of Mideast Peace Talks

Secretary of State John Kerry said Israel and the Palestinian Authority had agreed to join him in Washington in hopes of resuming formal talks for the first time since 2010.

Video: What Mandela Means to South Africans

Marcus Mabry of The Times talks to South Africans about what Nelson Mandela has meant to them, their country and the world.


From Paddy to Patty

In Vietnam's ongoing transition to capitalism, there's more to McDonald's arrival than just attracting foreign investment.

Obama May Cancel Moscow Trip as Tensions Build Over Leaker

If President Obama canceled the meeting in Moscow, it would be seen as a direct slap at President Vladimir V. Putin of Russia.

Australia Adopts Tough Measures to Curb Asylum Seekers

A policy to deal with a record number of asylum seekers would deny permission to settle in the country to anyone who arrived by boat without a visa.

Indian Portion of Kashmir Shut Down After 4 Killed

Protesters clashed with Indian security forces, defying a government curfew imposed to quell demonstrations over the killing of four people by government troops.

G-20 Backs Plan to Curb Tax Evasion by Large Corporations

The plan aims at corporations only and, if widely adopted, would shift some of the global tax burden away from small businesses and individuals.

China Liberalizes Lending Rates

China's central bank announced interest rate reforms, removing minimum rates banks may charge for loans in a step toward more market-driven credit pricing.

S.E.C. Files Civil Case Against Steven Cohen of SAC

Federal regulators filed civil charges against Steven A. Cohen on Friday, accusing him of "failing to supervise" employees who face insider trading charges.
Bits Blog

Motorola's Not-So-Secret Secret Smartphone

Motorola Mobility's efforts to keep the details of its next smartphone secret are about as laughable as Clark Kent putting on glasses to hide the fact he is Superman.
Bits Blog

Why the Surface RT Failed and the iPad Did Not

At first glance, the Apple iPad and Microsoft Surface RT tablet computer look somewhat similar. But the Surface RT has not sold well. Here's a theory why.
Bits Blog

A Tech Veteran Takes on the Skills Gap

Gary Beach, a technology industry veteran, argues in a new book that the skills gap is really an education gap that has been building for decades.

N.H.L. Stars to Return to Olympics in Sochi in 2014

The league and the players' association announced Friday that they reached a deal with the International Ice Hockey Federation for the world's best players to take part in the 2014 Games in Russia.

For Tour Fans and Riders, All of France Is a Stadium

Chris Froome maintained a commanding lead as the strongest teams seemed intent on saving their energy for the penultimate stage on Saturday.

In a Digital Age, the British Open Clings to Tradition

Even in 2013, the most visible and important scoreboards at the Open remain manually operated.

Michigan Governor and Detroit's Manager Call for Patience

The officials said the city's bankruptcy filing gives Detroit "breathing room" to continue operating as it comes with its long-term debts and obligations.

Detroit's Creditors Eye Its Art Collection

The Detroit Institute of Arts finds itself in the financial cross hairs once again as the city fights with creditors.

In Major Ruling, Court Orders Times Reporter to Testify

A federal appeals court ruled that James Risen, a reporter for The New York Times, must testify against a former government official charged with giving him classified information.
Room for Debate

You, the Jury

Does televising trials let people better understand the criminal justice system, or does that attention turn trials into circuses?
Op-Ed Guest Columnist

Raising the Wrong Profile

Could Obama choose a man whose police tactics are determined by skin color?
Op-Ed Columnist

Hitting China's Wall

All the signs coming from the economic data show that China is in big trouble.

DealBook P.M. Edition July 19, 2013: Week in Review: Big Banks Are Losing Allies in Washington.

Friday, July 19, 2013
Week in Review: Big Banks Are Losing Allies in Washington U.S. accuses Steven Cohen of failing to prevent SAC insider trading. | Big banks, flooded in profits, fear flurry of new safeguards. | JPMorgan executive may escape penalty. | Dell buys time to seek support for sale to its founder. | S.E.C. tries to use trader's Goldman colleague to bolster case. | On Wall St., a culture of greed won't let go, says Andrew Ross Sorkin.
A look back on our reporting of the past week's highs and lows in finance.
Mergers & Acquisitions
Michael S. Dell, founder of the computer company that bears his name.
Dell Adjourns Vote on Deal as Some Big Investors Start to Shift Dell adjourned a vote on its proposed $24.4 billion sale to its founder on Thursday morning, signaling that the planned transaction lacked enough support from shareholders.
Support Weakens for Dell Founder's Offer As more shareholders seem against the buyout proposal for Dell, some company directors mull postponing a scheduled vote on the $24.4 billion bid.
Deal Professor: When an Executive Turns Buyout Adviser, Alarm Bells Go Off In its bid to buy Gardner Denver, Kohlberg Kravis Roberts hired the company's former chief, Barry Pennypacker, to provide advice, raising questions of fairness, says Steven M. Davidoff.
Loblaw, Canada's Largest Grocer, Is Buying Its Biggest Pharmacy Chain The Loblaw Companies, Canada's largest food retailer, announced on Monday that it would acquire Shoppers Drug Mart, the country's biggest pharmacy chain, for $11.9 billion in cash and stock.
Investment Banking
David M. Cote and Ellen V. Futter, directors of JPMorgan Chase, were criticized for their lack of financial experience.
Two JPMorgan Directors Resign Two directors at JPMorgan Chase who had received lackluster support from shareholders resigned on Friday, the latest change in the aftermath of a multibillion-dollar trading loss last year.
Jacob Lew, the Treasury secretary, has told Wall Street to accept the rules in the Dodd-Frank financial law or face tougher ones.
Big Banks, Flooded in Profits, Fear Flurry of New Safeguards As Wall Street's sway in Washington appears to be eroding, big banks' strong earnings could undercut their argument against new capital requirements.
James Gorman is the chief executive of Morgan Stanley.
Morgan Stanley Announces a Buyback, and Its Shares Rise Morgan Stanley reported adjusted earnings for the second quarter that slightly beat analysts' estimates, driven by a strong performance from its wealth management unit and equity sales and trading.
BlackRock Earnings Increase 32% The company's gains were driven largely by the broad rally in the stock market, which pushed up the value of BlackRock's products, especially its exchange traded funds known as iShares.
With consumer businesses lackluster, Bank of America had to rely on Wall Street for growth.
Bank of America Reports 63% Gain in Net Income In the bank's second-quarter financial report, net income rose 63 percent and while revenue rose, it received a lift from much lower expenses.
Lloyd Blankfein, chief of Goldman Sachs, at the White House in February.
Goldman, After Profit Doubles, Expresses Caution on Global Growth The bank posted net income of $1.93 billion, or $3.70 a share, well ahead of analysts' expectations.
Andrew Ross Sorkin.
DealBook Column: On Wall St., a Culture of Greed Won't Let Go A report on ethical conduct surveyed 250 industry insiders, a quarter of whom said they would engage in insider trading to make $10 million if there were no repercussions, says Andrew Ross Sorkin.
Dominique Strauss-Kahn, the former director of the International Monetary Fund.
Strauss-Kahn Re-emerges in Finance, in Russia Dominique Strauss-Kahn, the former chief of the International Monetary Fund whose career unraveled in a series of sex scandals, was named a board member of a banking subsidiary of Rosneft.
Growth in Emerging Markets Lifts Citigroup's Profit by 42%, Topping Expectations Citigroup beat earnings expectations on Monday as profit swelled in the second quarter as the sprawling bank works to cut its costs and expand its international lending operations.
Steven Cohen, the chief of the hedge fund SAC Capital Advisors.
S.E.C. Files Civil Case Against Steven Cohen of SAC Federal regulators filed civil charges against Steven A. Cohen on Friday, accusing him of "failing to supervise" employees who face insider trading charges.
Philip Falcone, chief of Harbinger Capital Partners, at the SALT hedge fund conference last year.
S.E.C. Rejects Its Own Deal With Hedge Fund Manager The decision to overrule its own enforcement division's proposed settlement with the high-flying money manager Philip A. Falcone signals a broader crackdown by the agency.
Blythe Masters of JPMorgan. Regulators initially said she lied to them under oath about the bank's energy trading tactics.
JPMorgan Executive May Escape Penalty While the Federal Energy Regulatory Commission and JPMorgan are negotiating a settlement, Blythe Masters, a top bank executive, is not expected to face a separate action.
In Energy Case, a Fresh Tactic by JPMorgan: A Push to Settle JPMorgan Chase wants to settle accusations by the Federal Energy Regulatory Commission that it gleaned profits from power plants via "manipulative schemes."
S.E.C. Tries to Use Trader's Goldman Colleague to Bolster Case The Securities and Exchange Commission used Jonathan Egol's appearance as an opportunity to introduce e-mails and documents that could damage Fabrice Tourre's defense.
In Tourre Trial, S.E.C. Wages Battle Against Its Own Witness The S.E.C.'s plan in its lawsuit against a former Goldman Sachs trader was thrown into disarray in several hours of combative testimony on Wednesday.
Top Witness for the S.E.C. Turns Testy on the Stand at Tourre Trial The Securities and Exchange Commission had hoped Paolo Pellegrini would be a key witness in the trial of Fabrice P. Tourre, accused of defrauding investors as part of Goldman's mortgage desk in 2006 and 2007.
Arsenal of Legal Firepower at Tourre Trial Sean Coffey and Pamela Chepiga are representing Fabrice Tourre, Matthew Martens is leading the S.E.C.'s case against Mr. Tourre, and Judge Katherine Forrest will preside.
Jury Is Seated at Trader's Trial, Then Is Showered With Jargon The civil trial of former Goldman Sachs trader Fabrice P. Tourre over a failed investment product began Monday in Federal District Court in Manhattan.
After Goldman and Before Trial, a Global Education for Fabrice Tourre After taking a leave from Goldman Sachs, Fabrice Tourre worked as a volunteer in Rwanda. He is accused of misleading investors about a mortgage security that ultimately failed.
The Trade: Heartening Moves Toward Progress in Bank Regulation A look at promising proposals to strengthen capital ratios and regulate the derivatives market, says Jesse Eisinger.
Life@Work: How Interval Training Can Make You Incredibly Efficient at Work Just as runners find that short, intense workouts are a good way to train, bursts of single-minded tasks can help us be far more efficient with work, says Tony Schwartz.
Last week, AT&T agreed to buy a smaller rival, Leap Wireless.
Deal Professor: Ways to Muscle Out Competing Deal Offers AT&T's $1.19 billion acquisition agreement with Leap Wireless includes provisions intended to protect against competing bids, says Steven M. Davidoff. But are such protections likely to become commonplace?
NetApp Adds Directors Amid Push for Changes The addition of two directors to the board of NetApp at the urging of the activist hedge fund Elliott Management hints at a possible push for a sale.
Ex-Brokers Appear in Court in Libor Case Two former brokers at RP Martin Holdings made their first court appearance in London on Friday in connection to charges tied to the manipulation of global benchmark interest rates.
Sheik Sells Stake in Barclays Sheik Mansour bin Zayed al-Nahyan was part of a group of Middle Eastern investors who helped Barclays avoid a government bailout at the height of the financial crisis.
Buzz Tracker
Vivendi Rejected SoftBank Bid for Universal Music Vivendi, the French media and telecommunications conglomerate, rejected an $8.5 billion cash bid from SoftBank for the Universal Music Group earlier this year, according to a person briefed on the offer.
Week in Verse
'Mo Money Mo Problems' Sixteen years after its release, Notorious B.I.G.'s posthumous hit could be the anthem for big banks flush with profits while fearing new regulations.