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Aug 7, 2013

Obama Cancels Putin Meeting as Snowden Adds to Strains: NYT | International Herald Tribune Global Update August 07, 2013.

August 7, 2013
Compiled 20:45 GMT

Global Update



TOP NEWS

Obama Cancels Putin Meeting as Snowden Adds to Strains

By MICHAEL D. SHEAR
The move reflects frustration with the Russian government for refusing to send Edward J. Snowden to the United States to face charges of leaking national security secrets.

Yemen, on Alert for Terrorism, Claims It Foiled a Qaeda Plot

By NASSER ARRABYEE and ALAN COWELL
Yemeni security officials said that they had thwarted a plot to kidnap or kill foreigners working at an oil terminal, but the claim aroused skepticism among terrorism analysts.

Bank of England Ties Interest Rate to Employment

By JULIA WERDIGIER
The Bank of England said Wednesday that it planned to keep interest rates at a record low until unemployment falls to at least 7 percent.
Opinion

Video: An Attack on Equality

In New York, widely regarded as a gay-friendly city, reports of attacks on same-sex couples are on the rise. Here, one young couple tells their story.
Opinion

Op-Ed Contributor

Vacationing While Europe Sinks

By WILLIAM R. RHODES
The view from New York is one of disbelief in the complacency of those most responsible for the euro zone's fate.
WORLD

Huge Fire Shuts Down Nairobi's International Airport

By REUBEN KYAMA and NICOLA CLARK
The blaze was contained after several hours and the airport was partly reopened for domestic and cargo flights, but international traffic was still suspended.

Syrian Army Kills Scores of Rebels in Ambush

By HWAIDA SAAD and ALAN COWELL
Government forces attacked a group of insurgents near the Syrian capital, Damascus, killing more than 60, according to both state media and rebels.

Japanese Government to Help Stabilize Nuclear Plant After Leaks

By MARTIN FACKLER
Prime Minister Shinzo Abe called for the intervention Wednesday as concern grew over new contamination from the Fukushima Daiichi plant into the Pacific Ocean.
BUSINESS

Bezos Brings Promise of Innovation to Washington Post

By JENNA WORTHAM and AMY O'LEARY
It would not be surprising to see Jeff Bezos worry little about turning a quick profit at The Post and instead try to shake up the newspaper industry.

The Guiding Hand Behind a Thriving Steel Maker

By STANLEY REED
Wolfgang Eder has led the Austrian company Voestalpine since 2004, pushing innovation as the key to sustained profitability in trying times.
TECHNOLOGY

Axel Springer's New Focus on Digital Draws Cries of Betrayal

By MELISSA EDDY
The German publisher's sale of two regional newspapers and several magazines shocked Germans despite the company's vow to stay in journalism.
DealBook

In Loeb Rejection, Sony Cites Poor I.P.O. Record for Unit

By MICHAEL J. DE LA MERCED
In rejecting a proposal by hedge fund manager Daniel S. Loeb, Sony's chief executive acknowledged the times when companies have regretted publicly listing part of a subsidiary.
SPORTS

Warehouse of Baseball Memories Could Be Left Stranded

By BILLY WITZ
Gary Cypres, 69, is looking for a good home for his sports collection, which is stored in Los Angeles and whose heart and soul is the era of Willie Mays, Mickey Mantle and Duke Snider.

Between Players and Doping, a Valet Seen as a Middleman

By STEVE EDER
Juan Carlos Nunez has emerged as a key bridge between Biogenesis and a circle of professional baseball players, according to people familiar with the investigation.
U.S. NEWS

National Push by a Local Immigration Activist: No G.O.P. Retreat

By JULIA PRESTON
In a broad populist campaign, a Georgia-based former insurance agent has joined forces with national leaders of groups pressuring Republicans to oppose a path to legal status for millions of immigrants.

Fort Hood Suspect's Legal Team Asks to Be Removed

By MANNY FERNANDEZ
The former lead defense lawyer for Maj. Nidal Malik Hasan told the judge that the defendant's goal was to receive the death sentence, violating the team's ethical obligations.
OPINION
Op-Ed Columnist

Daring to Fail

By THOMAS L. FRIEDMAN
Now showing: "When the Necessary Met the Impossible."
Op-Ed Columnist

Reince Is Right

By MAUREEN DOWD
Can Diane Lane do for Hillary what Helen Mirren did for the queen?

DOJ sues Bank of America for fraud : RTAmerica August 07, 2013.


Latest Stories - CNBC Evening Brief August 07, 2013



LATEST STORIES

NFA orders Pennsylvania commodity trading advisor Fidelity Planning Group to permanently withdraw from NFA membership and sanctions its principal, Terry James Dorrity: NFA | Enforcement Actions August 07, 2013.

 

Wall Street at Close Report by MarketWatch August 07, 2013.

U.S. stocks fall further from recent records


By Kate Gibson, MarketWatch 
 
NEW YORK (MarketWatch) U.S. stocks on Wednesday fell for a third day, as uncertainty over the timing of cuts in the Federal Reserve’s monthly bond buys had equities retreating from recent highs. 

“Even raging bull markets get 10% to 15% pullbacks along the way,” so a retreat that this week has stocks down about 1% is unremarkable, given the market’s double-digit rise so far this year, said Doug Foreman, co-chief investment officer at Kayne Anderson Rudnick.
Off session lows that had it down 97 points, the Dow Jones Industrial Average DJIA -0.31% closed down 48.07 points, or 0.3%, at 15,470.67.
The Dow ended last week at an all-time high of 15,658.36.
Bank of America Corp. BAC -0.75% was among the blue-chip decliners, off 0.8%, a day after the Justice Department filed suit against the bank for allegedly misleading investors about loans linked to mortgage-backed securities.
Also weighing on the Dow, Walt Disney Co. DIS -1.70% declined 1.7% after the entertainment company reported fiscal third-quarter profit little changed from the year-ago period. 

The S&P 500 index SPX -0.38% shed 6.46 points, or 0.4%, to 1,690.91, with consumer discretionary falling hardest among its sectors. The S&P 500 on Friday closed at a record 1,709.67.
“We’ve enjoyed a strong seasonal tailwind the last few months that’s going to turn into a headwind in what is typically a weak season for stocks. Plus, corporate earnings for the second quarter were basically flat,” said Bittles.
The Nasdaq Composite COMP -0.32% declined 11.76 points, or 0.3%, to 3,654.01.
For every share gaining, two fell on the New York Stock Exchange, where 629 million shares traded. Composite volume surpassed 3 billion.
The market’s retreat is “attributable to comments made yesterday by [Fed Bank of Chicago President] Charles Evans regarding the possibility of tapering beginning in September,” said Matthew Kaufler, portfolio manager at Federated Investors. “There’s a certain contingent in the market that doesn’t want to see quantitative easing end, and thinks QE is the primary pillar that the market is resting on,” he noted.
The S&P 500 index declined 0.6% on Tuesday after Evans said the central bank could start easing its asset buys as soon as September. 


Watch First Solar, Tesla Motors

Steven Russolillo takes a look at three stocks traders will be watching during market action, including First Solar, Zillow and Tesla Motors. 

“I personally would be very pleased once tapering begins and hopefully continues to its proper conclusion. As a largely capitalistic society, we want our institutions to stand on their own two feet, so the quicker we can get back to that, the better off we’ll be,” Kaufler added.
The market is overbought after a six-week run higher, but much of the fretting over the Fed’s monetary moves is already priced in, which is ”why this decline shouldn’t carry that far,” said Bruce Bittles, chief investment strategist at R.W. Baird & Co. 

And while Bittles concurred with the view that equities are reacting to the idea of Fed “tapering in September,” he doesn’t think the central bank will reduce stimulus this year, given the still weak labor market.
“Most of the jobs created this year are part-time, that’s why I say I think the economy is still suspect,” he said. Read another view from Goldman Sachs on September tapering.

Benchmark indexes remained modestly lower after Sandra Pianalto, president of the Cleveland Fed Bank, on Wednesday afternoon said the Fed could begin scaling back its asset purchases as long as the labor market continues to strengthen.
“Add Cleveland non-voting Fed member Pianalto to the now growing list of those that are telling the market that tapering is likely coming (she though didn’t specify timing like some others did) assuming the data continues to come in as they expect,” said Peter Boockvar, chief market analyst at the Lindsey Group, in emailed commentary.
The dollar DXY -0.42%  edged lower against the currencies of major U.S. trading partners including the yen USDJPY -1.43% , while Treasury prices rose, lowering the yield on the 10-year note by 4 basis points to 2.603%.
Oil prices slipped, with the September crude futures CLU3 -0.98%   contract down 93 cents, or 0.9%, at $104.37 a barrel on the New York Mercantile Exchange.
Gold futures rose modestly to halt a six-session drop, with futures for December delivery GCZ3 +0.30%  up $2.80, or 0.2%, to $1,285.30 an ounce on the Comex.
First Solar Inc. FSLR -13.43%  fell more than 13% after the solar-panel manufacturer reported a profit drop in the second quarter.
Zillow Inc.’s Z -1.59%  shares dropped 7.7% after the real-estate information site reported a second-quarter loss. Read Wednesday’s Movers & Shakers.
Time Warner Inc. TWC +0.43%  fell 0.4% after the entertainment provider reported larger-than-expected quarterly revenue.
AOL Inc. AOL +1.41%  shares gained 1.4% after the Internet company reported better-than-expected revenue for the second quarter and said it would buy Adap.tv, a video advertising platform, for $405 million.
Ralph Lauren Corp. RL -8.64%  declined 8.6% after the clothing retailer projected quarterly profit beneath estimates. Read more in Behind the Storefront.
Computer Sciences Corp. CSC +8.49%  rose 8.5% a day after the technology consultant hiked its earnings outlook.
Green Mountain Coffee Rosters Inc. GMCR -2.53%  is among the companies reporting after Wednesday’s close, with analysts expecting strong results from the maker of Keurig coffee makers and K-Cup single-servicing coffee pods. Read about the company’s competitive edge.


Should we worry about this selloff?

Tuesday's selloff offered a reminder to investors that the markets still aren’t immune to taper talk from the Federal Reserve. Steven Russolillo reports on MoneyBeat. Photo: Getty Images.

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

DealBook P.M. Edition August 07, 2013: Icahn Bolsters His Assault on Dell, as Odds Mount Against Him.



TOP STORY
Icahn Bolsters His Assault on Dell, as Odds Mount Against Him Michael S. Dell has succeeded in changing the voting rules for his proposed takeover of the computer maker that bears his name, bringing him much closer to victory. But his chief nemesis, the billionaire Carl C. Icahn, isn't giving up. The question is whether the latest moves by the activist investor shore up his assault as the odds stack against him.
  • DEALBOOK »
  • DEALBOOK HIGHLIGHTS
    AOL to Buy Adap.tv, a Video Ad Platform, for $405 Million AOL agreed on Wednesday to buy Adap.tv, a video advertising platform, for about $405 million in cash and stock, in its biggest acquisition since becoming an independent company.
    Not Banks, but Still Lending and Drawing Investors The success of Lending Club, which links up borrowers with investors who are willing to make loans, has spawned imitators and venture capital backers that are looking for similar results.
    Carlyle Profit Rose in 2nd Quarter as Firm Continued to Cash Out The investment giant said on Wednesday that it earned $155.8 million for the quarter ended June 30, up nearly fourfold from the period a year earlier, but the result fell short of expectations.
    Loeb Humbly Accepts Sony's Rebuff of His Shake-Up Plan In an interview with Variety – whose parent company is partially owned by Daniel S. Loeb's firm, Third Point – the hedge fund manager contended that he was actually pleased with the outcome of his effort to prod Sony into partially spinning off its entertainment arm.
    American Greetings Buyout Is Approved by Shareholders A $606 million buyout of the company by its founding family received support from 81 percent of the voting power of the outstanding shares.
    LOOKING AHEAD
    Apollo Global Management reports quarterly results. Weekly jobless claims lead the economic agenda.
  • Quotation of the Day
    ""We are all for intelligent investment in creative content. I believe our interests are aligned in a way he probably doesn't realize."
    Daniel S. Loeb,, responding to criticism of his Sony campaign by George Clooney last week.
      

The Conscience of a Liberal The Year of Living Stupidly by Paul Krugman August 07, 2013: NYT | Opinion Today August 07, 2013.



Op-Ed Contributor

Diversity and 'Doctor Who'

By JENNIFER FINNEY BOYLAN
Series fans had hoped that a woman would be cast as the hero.
11 Trillion Reasons
Opinionator

11 Trillion Reasons

By MARK BITTMAN
Food policy can make us healthy or it can make us sick.
Op-Docs

'An Attack on Equality'

By ALISON KLAYMAN
In New York, widely regarded as a gay-friendly city, reports of attacks on same-sex couples are on the rise. Here, one young couple tell their story.
ADVERTISEMENT
Letter

Invitation to a Dialogue: Art in Hard Times

A former museum director discusses the money spent on art as cities struggle financially. Readers are invited to respond.
Op-Ed Contributor

The Tea Party's Path to Irrelevance

By JAMES TRAUB
As the Federalists learned, opposing immigration is suicide.
Mentoring Students to Prevent the 'Summer Slide'
Opinionator | Fixes

Mentoring Students to Prevent the 'Summer Slide'

By PEG TYRE
Most students lose a month or more of skills over the summer break. A new program is helping struggling student use that time to move ahead instead.
Capping Swipe Fees
Room for Debate

Capping Swipe Fees

Should the U.S. follow the E.U.'s lead in placing low caps on credit and debit card interchange fees?
Confessions of a 'Composeress'
Opinionator | The Score

Confessions of a 'Composeress'

By ANNIE GOSFIELD
I've never considered myself a "woman composer," but I suspect that over the years being female has helped more than it's hurt.
The Cartes de Visite Craze
Opinionator | Disunion

The Cartes de Visite Craze

By ANDREA L. VOLPE
How these small, personal photographs helped change the way Northerners saw the Civil War.
ADVERTISEMENT
Editorial

What's the Point of a Summit?

By THE EDITORIAL BOARD
The partnership that Mr. Obama sought to build with Russia is seriously broken.
Editorial

Bangladesh Takes Aim at Grameen Bank

By THE EDITORIAL BOARD
Lawmakers are meddling in the affairs of this important financial institution that serves millions of rural women.
Editorial

The Iron Pipeline Thrives

By THE EDITORIAL BOARD
Only a few states have acted this year to stanch the flood of illegal guns.
Editorial

Hope for Childhood Obesity

By THE EDITORIAL BOARD
An encouraging report suggests that the tide could finally be turning in this important battle.

The Opinion Pages

Read the full opinion report, including editorials, columns, op-eds and Opinionator. Go to the Section »
Obama on Leno
Taking Note

Obama on Leno

By ANDREW ROSENTHAL
He was funny, until he started talking about the N.S.A.
The Year of Living Stupidly
The Conscience of a Liberal

The Year of Living Stupidly

By PAUL KRUGMAN
More disappointed thoughts on evidence and policy.
Republicans, White Voters and Racial Polarization
Evaluations

Republicans, White Voters and Racial Polarization

By ROSS DOUTHAT
Would it be immoral and divisive for the G.O.P. to exploit liberalism's white working class weakness?
Joe Nocera's Blog

The Gun Report: August 7, 2013

By JENNIFER MASCIA
A day in the life of armed America.