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Aug 13, 2013

NYT | ALERT FGC BOLSA - FGC FINANCIAL MARKETS: Op-Ed Columnist Summers of Our Discontent

|  ALERTS

FGC BOLSA- FGC FIN

Compiled: August 13, 2013 10:07:48 PM

Op-Ed Columnist

Summers of Our Discontent
Can’t the president find someone to run the economy who didn’t help create the culture that ran it into the ground?

Video: It's Condor vs. Bull in Peruvian Ritual: NYT | Global Update August 13, 2013.

August 13, 2013
Compiled 20:45 GMT

Global Update



TOP NEWS

Lawyers Offer Hope That Stolen Paintings Weren't Destroyed

By ANDREW HIGGINS
The defendants accused in the theft from the Kunsthal museum in Rotterdam are seeking an unspecified deal in return for the artwork.

Russia Steps Up Raids Against Migrants

By STEVEN LEE MYERS and ANDREW ROTH
The raids have reportedly ensnared nearly 1,500 foreigners, including detainees being held in a Moscow tent camp under conditions that Human Rights Watch called inhuman.

In Australia, Signs of a Tilt in Economic Equilibrium

By MATT SIEGEL
An appeals court ruling could set a precedent that favors the environmental interests of local communities over the economic interests of mining companies.
World

Video: It's Condor vs. Bull in Peruvian Ritual

In Peru's High Andes, villagers capture and then cast condors against bulls in a pageant celebrating freedom from Spanish colonial rule.
Opinion

Op-Ed Contributor

China's Coming Wave of Privatization

By JOE ZHANG
The country's macroeconomic problems will set in motion much-needed reforms. The net result will be a stronger economy.
WORLD

Arms Shipments Seen From Sudan to Syria Rebels

By C. J. CHIVERS and ERIC SCHMITT
Syrian rebels have found an unlikely source for arms in Sudan, whose government sold the weapons to Qatar, which arranged delivery through Turkey, Western officials and the rebels said.

Rebel Chief in Syria Visits Assad's Home Region

By BEN HUBBARD
In a video, the commander of the Free Syrian Army said he was visiting President Bashar al-Assad's home province to see the "accomplishments" of rebels, who have seized villages in the area.

Syrian War Shapes Trip by Chairman of the Joint Chiefs of Staff

By THOM SHANKER
Gen. Martin E. Dempsey is visiting Israel and Jordan to discuss what further American aid could help contain the Syria conflict.
BUSINESS
DealBook

Arrests Still Pending in JPMorgan Trading-Loss Case

By BEN PROTESS and JESSICA SILVER-GREENBERG
Federal authorities, seeking to bring criminal charges against two former JPMorgan Chase employees at the center of the bank's massive trading loss in London, are facing logistical hurdles in planning their arrests.

Industrial Production Lifts European Economy

By DAVID JOLLY
Economists said a 0.7 percent increase in productivity indicated that the euro zone countries were rebounding from recession.

Rise of Inflation Eases in Britain

By JULIA WERDIGIER
Consumer prices rose by 2.8 percent in July after hitting a 14-month high in June of 2.9 percent, a government office reported.
TECHNOLOGY
Bits Blog

Elon Musk Unveils Plans for Hyperloop High-Speed Train

By NICK BILTON
The hypothetical project is called the Hyperloop, a high-speed train that would be able to take people to San Francisco from Los Angeles in 30 minutes. That's a speed of almost 800 miles an hour.
Bits Blog

The Developing World Gets Unlimited Digital Storage

By QUENTIN HARDY
Telefonica, the Spanish telecommunications company, announced a global partnership with Evernote, a digital archive for things like notes, photos and voice recordings.
DealBook

Justice Dept. Files Antitrust Suit to Block Airline Merger

By JAD MOUAWAD
The complaint said the proposed deal between American Airlines and US Airways, which would create the nation's biggest airline, would threaten competition and drive up ticket costs.
SPORTS

For Sports Fans, Before the Internet, There Were the Complete Handbooks

By PETE CROATTO
From 1971 to 1997, Zander Hollander edited compact yearbooks in which player profiles, statistics, rosters, records, schedules and previews could be found.

A Couple of Medals for Track and Field's Newlyweds

By CHRISTOPHER CLAREY
Ashton Eaton won the decathlon at the world track and field championships on Sunday, while Brianne Theisen-Eaton won silver in the heptathlon on Tuesday.

In 400, a Frantic Surge and a Stunned Favorite

By CHRISTOPHER CLAREY
Christine Ohuruogu of Britain made up three strides in the final 70 meters Monday to beat Amantle Montsho of Botswana in the world track and field championships.
U.S. NEWS

50 Years Later, Fighting the Same Civil Rights Battle

By SHERYL GAY STOLBERG
Representative John Lewis, the sole surviving speaker from the 1963 March on Washington, is working on a new version of the Voting Rights Act.

Near Retirement, Crown Vic Sparks Officers' Nostalgia

By KIRK JOHNSON
The Ford Crown Victoria, the greatest muscle car used by law enforcement, is racing toward retirement, with Trooper Randy Elkins of Washington assigned to drive the last one.

A Black Hole Mystery Wrapped in a Firewall Paradox

By DENNIS OVERBYE
A paradox around matter leaking from black holes puts into question various scientific axioms: Either information can be lost; Einstein's principle of equivalence is wrong; or quantum field theory needs fixing.
OPINION
Opinionator | Draft

What's on Your Mind?

By JOYCE DYER
Could studying the mind change the way we write?
Op-Ed Columnist

Tackling the Roots of Rape

By FRANK BRUNI
An academic who advises the armed services says that certain cultural dynamics, magnified in the military, explain and abet sexual violence.
Op-Ed Columnist

One-State Dream, One-State Nightmare

By ROGER COHEN
It is an illusion to think that Israelis and Palestinians can live together as equals in a single state.

DealBook P.M. Edition August 13, 2013: Justice Dept. Files Antitrust Suit to Block Airline Merger.




Tuesday, August 13, 2013
TOP STORY
US Airways Express and American Airlines planes at the Ronald Reagan Washington National Airport in Arlington County, Va.
Justice Dept. Files Antitrust Suit to Block Airline Merger The complaint said the proposed deal between American Airlines and US Airways, which would create the nation's biggest airline, would threaten competition and drive up ticket costs.
In Debt: The Future of American Airlines Stephen J. Lubben says that American Airlines' plan to exit bankruptcy - a merger with US Airways - has hit a dead end, with the antitrust case filed on Tuesday by the Justice Department and six attorneys general. But if American has to drop its merger plans, is that a better prospect for the airline?

DEALBOOK HIGHLIGHTS
William A. Ackman is the chief executive of Pershing Square Capital management.
Recounting Ackman's Other Investing Misses With his departure from J.C. Penney's board, William A. Ackman has another big whiff on his hands. DealBook recounts other missteps in the hedge fund manager's career.
Herbalife, the nutritional supplement company, is the focus of a spat between two hedge fund magnates.
Herbalife Safety Issue Draws Scrutiny Herbalife is at the heart of a Wall Street brawl. Now the company's response to its handling of a product safety issue in 2011 is drawing scrutiny.
William Ackman's hedge fund is J.C. Penney's biggest investor.
Ackman Resigns From Penney's Board The activist investor William A. Ackman resigned from J.C. Penney's board days after starting an unusually public rebellion against his fellow directors.
Breakingviews: Ackman's Plate-Spinning Act Gets Dangerous If the hedge fund tycoon gets a reputation as a loose-cannon director, it will give him fewer options as an activist investor, the authors note. Backing down so quickly at J.C. Penney may help him avoid that fate, say Agnes T. Crane and Jeffrey Goldfarb.
Major Overhaul of Company Audits Is Proposed The proposal by the Public Company Accounting Oversight Board could provide investors with deeper insights into the health of corporations.
A London office of JPMorgan Chase.
Arrests Still Pending in JPMorgan Trading-Loss Case Federal authorities, seeking to bring criminal charges against two former JPMorgan Chase employees at the center of the bank's massive trading loss in London, are facing logistical hurdles in planning their arrests.
Icahn Says He Has Large Stake in Apple "Had a nice conversation with Tim Cook today," tweets Carl C. Icahn, the longtime activist investor, as shares of Apple surge.
Paulson & Co. Said to Be Steinway Player Paulson & Company is the mystery rival bidder for Steinway Musical Instruments, Josh Kosman of The New York Post reports.
CVC Capital to Buy Extended Warranty Company for $1.2 Billion Advent International, a European private equity firm, agreed to sell Domestic and General, an extended warranty company, to CVC Capital Partners for about $1.2 billion.
LOOKING AHEAD
Economic Data Data to be released on Wednesday will include the producer price index for July.
Corporate Earnings Companies scheduled to report on Wednesday include Deere, Macy's and Cisco Systems.
Overseas The Bank of England releases minutes of its recent meeting.

Wall Street at Close Report by MarketWatch August 13, 2013: U.S. stocks rise with help from Apple Inc.

U.S. stocks rise with help from Apple Inc

By Kate Gibson, MarketWatch 
 
NEW YORK (MarketWatch)U.S. stock indexes rose on Tuesday, with technology pacing the gains, after investor Carl Icahn touted his large position in Apple Inc. 

Apple AAPL +4.75%   jumped 4.8% after Icahn revealed his “large position” in the stock and amid reports that the consumer-technology company will unveil a new iPhone on Sept. 10. 


U.S. sues to block airline merger
What’s News: Justice Department files lawsuit to block the merger of AMR and US Airways saying deal would hurt consumers. North Carolina’s governor signs voter ID law. Oprah Winfrey is ‘sorry’ over Switzerland racism flap. 

“When you have a market leader, a still widely held stock being referenced by one of the most widely known and respected investors, Carl Icahn, people do want to play follow the leader,” said Robert Pavlik, chief market strategist at Banyan Partners.
After an 84-point rise and 77-point slide, the Dow Jones Industrial Average DJIA +0.20%  ended at 15,451.01, up 31.33 points, or 0.2%. Hewlett-Packard Co. HPQ +2.09%  paced blue-chip gains, up 2.1%, after being placed on Citigroup Inc.’s focus list.
The S&P 500 index SPX +0.28% rose 4.69 points, or 0.3%, to 1,694.16, with technology and financials the best performing of its 10 major sectors. Rafferty Capital Markets analyst Dick Bove told CNBC on Tuesday that the banking sector is on track for record profits this year.
Shares of US Airways Group Inc. LCC -13.07%  declined 13% after the U.S. Justice Department filed a lawsuit challenging the airline’s merger with AMR Corp. AAMRQ -45.44% , the parent of American Airlines.

Getty Images  Image
School teacher Liza Gleason shops for back-to-school supplies at a Target store in California.
J.C. Penney Co. JCP -3.72%  retreated 3.7% after activist investor Bill Ackman resigned from the retailer’s board, ending efforts to oust CEO Mike Ullman.
Yum Brands Inc. YUM -2.01%  declined 2% a day after the operator of fast-food chains KFC and Taco Bell said sales in China fell last month.
Eli Lilly & Co. LLY +2.61%  rallied 2.6% after the drug manufacturer said its potential treatment for lung cancer yielded positive initial results in a late-stage study.
The Nasdaq Composite COMP +0.40%  gained 14.49 points, or 0.4%, to 3,684.44.
For every two shares rising, roughly three fell on the New York Stock Exchange, where 618 million shares traded.
Composite volume topped 3 billion.
Stocks rose to session highs after Dennis Lockhart, president of the Atlanta Fed Bank, on Tuesday afternoon said the economy’s uneven performance likely means the Fed won’t commit to a “full phase-out” of its $85 billion in monthly bond buys.
“From an earnings standpoint, we’re strong enough to support a taper in September. And the jobs picture is improving, so I’ve been in the camp that it’s coming, regardless whether it’s September or December,” said Nick Raich, CEO at the Earnings Scout. 

The yield on the 10-year Treasury note 10_YEAR +3.62%  used to determine rates on loans including mortgages rose 10 basis points to 2.719%. That hit home builders, with PulteGroup Inc. PHM -2.29%  down 2.3%, D.R. Horton Inc. DHI -1.49%  off 1.5% and Lennar Corp. LEN -2.63%  off 2.6%.
“Home builders got grossly overvalued. When the Fed taper comes, and interest rates rise, is the housing recovery strong enough to support rising rates? The Fed’s caught between a rock and a hard place,” said Raich.
A report released by the Commerce Department ahead of the open showed retail sales rose 0.2% last month after a 0.6% gain in June that was larger than initially estimated. Retail sales excluding cars, gasoline and building materials climbed at their fastest pace in seven months.
“Consumers are still spending, although limited income growth appears to also be holding spending increases in check,” Jim Baird, chief investment officer at Plante Moran Financial Advisors, wrote in emailed research.
The dollar DXY +0.31%  gained against the currencies of major U.S. trading partners, including the yen USDJPY +1.34%  and the euro EURUSD -0.28% .
Halting a four-session rise, the price of gold futures GCZ3 -1.00%  fell $13.70, or 1%, to end at $1,320.50 an ounce. Crude oil for September delivery CLU3 +0.41%  climbed 72 cents, or 0.7%, to $106.83 a barrel. 

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

Stocks close higher, lifted by Fed's Lockhart; AAPL bounces 5% on Icahn: Wall Street at Close Report by CNBC.

Stocks close higher, lifted by Fed's Lockhart; AAPL bounces 5% on Icahn

Stocks finished in positive territory Tuesday, rebounding after Atlanta Federal Reserve President Dennis Lockhart downplayed the notion that the central bank would begin winding down its bond-buying program at its September meeting.

(Read more: Stars aligned for 'serious' US correction, analyst says)

Meanwhile, Apple spiked nearly 5 percent after billionaire investor Carl Icahn reported a "large position" in the iPhone maker via Twitter. Apple earlier hit a six-month high and broke above its 20-day moving average for the first time this year. Dow Jones reported that Icahn's Apple investment is worth over $1 billion.

On Monday, Apple rallied following a report that the company is expected to unveil its next-generation iPhone on Sept. 10.

(Read more: What could hurt Apple's stock price: Analyst)
Name Price Change %Change
DJIA Dow Jones Industrial Average 15451.01
31.33 0.20%
SaP 500 S&P 500 Index 1694.16
4.69 0.28%
NASDAQ Nasdaq Composite Index 3684.44
14.49 0.39%

The Dow Jones Industrial Average ended higher, propelled by Hewlett-Packard and Boeing, reversing two-straight days of declines.
The S&P 500 and the Nasdaq also finished in positive territory. The CBOE Volatility Index (VIX), widely considered the best gauge of fear in the market, ended below 13.
Among key SaP sectors, financials led the gainers, while telecoms declined.
(Read more: Cramer: Why I'm buying this stock today)
"We'll flop around and have a mildly choppy market for the next few days," said Keith Bliss, senior vice president at Cuttone and Co. "Overall, there are a few signs that are pointing to us that we could trade lower, but I'm not worried about a big pullback."
Financials the place to be: Bove
Financial stocks are about to overtake tech stocks as the most weighted sector on the S&P 500. Is it time to buy or sell bank stocks? "Banks are earning more money now than ever before," says Dick Bove of Rafferty Capital.
Atlanta Fed President Dennis Lockhart said the recent mixed economic data "do not present a clear picture" for the central bank to determine whether to taper its bond-buying program in September. Major averages have been treading water in the last two weeks amid uncertainty about when the Fed may start winding down its stimulus program. The Fed's bond-buying policy has been credited with fueling the S&P 500's gain of nearly 20 percent so far this year. On the economic front, retail sales edged up 0.2 percent in July, according to the Commerce Department, just below expectations for a gain of 0.3 percent. And import prices rose less than expected in July, gaining just 0.2 percent last month, according to the Labor Department, pointing to benign inflation pressures. Economists polled by Reuters had expected prices to rebound 0.6 percent after four-straight months of declines. Business inventories were unchanged in June. Economists polled by Reuters expected a gain of 0.2 percent. Treasury yields jumped, with the benchmark 10-year note gaining 8 basis points to 2.699 percent. "The story of the morning is bond yields, especially the 10-year," said Art Cashin, director of floor operations at UBS Financial Services. "As it approached 2.7 percent, it cut legs out from under opening rally attempt. Yield rise Monday afternoon followed by more pronounced rise this morning, raises fears that bond vigilantes may be taking the helm from the Fed." The rise in interest rates hit homebuilders including KBHome, Meritage and Pulte. The iShares Dow Jones US Home Construction Index briefly dipped into negative territory for the year.
US Airways plunged after the U.S. Justice Department sued to block the airline company's merger with AMR, a deal that would create the world's largest airline. Other airlines including Delta, United Continental and JetBlue also slumped sharply following the news. Activist investor Bill Ackman resigned from JCPenney's board after days of turmoil, saying that a deal for his exit is "the most constructive way forward" to save the retailer. He indicated to CNBC he doesn't plan to sell his shares in the company. JCPenney shares led the S&P 500 sector decliners. Yum Brands declined after the parent company of KFC and Pizza Hut said it expects a 13 percent drop in July same-store sales in China. Among earnings, Flowers Foods climbed after the baking company topped earnings expectations, thanks to its recent acquisitions of Lepage Bakeries and some of Sara Lee's bread brands. Cree, Brocade and SeaWorld Entertainment are among notable companies slated to post results after the closing bell. In Asia, the Nikkei closed 2.6 percent higher after the Nikkei newspaper reported that Prime Minister Shinzo Abe has called for a study on the impact of lowering the current corporate tax rate, as a way to attract foreign capital and boost growth. Meanwhile, China's benchmark index, the Shanghai Composite, hit its highest level since June 20 on rising economic sentiment, Australia's S&P ASX 200 rose to its highest level in nearly three months and South Korea's Kospi hit a one-week high. In Europe, shares were higher in morning trade after Germany's closely-watched ZEW indicator of economic sentiment came in at a highest since March. The index stood at 42.0 for August, up on 36.3 in the previous month.
—By CNBC's JeeYeon Park (Follow JeeYeon on Twitter:
 

Toby Connor: The hidden agenda behind the bear raid: GATA | THE GATA DISPATCH AUGUST 13, 2013.

Toby Connor: The hidden agenda behind the bear raid

2:51p ET Tuesday, August 13, 2013

Financial blogger Toby Connor writes this week that the recent smash in the gold market likely was undertaken by big investment houses aiming to get extra-profitably long before the monetary metal's next move upward. This was manipulation, Connor writes, but he doesn't attribute it to central banks. Good enough, but if Connor can see a distinction between central banks and the big investment houses, he must have an awfully good electron microscope. His commentary is headlined "Gold: The Hidden Agenda Behind the Bear Raid" and it's posted at his Internet site, GoldScents, here:

http://www.goldscents.blogspot.com/2013/08/gold-hidden-agenda-behind-bea...

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

What's on Your Mind?. NYT | Opinion Today August 13, 2013.

Opinionator | Draft

What's on Your Mind?

By JOYCE DYER
Could studying the mind change the way we write?
Op-Ed Contributor

Moving Beyond Stop-and-Frisk

By I. BENNETT CAPERS
There are better ways than stop-and-frisk practices to reduce crime and respect civil liberties.
Op-Ed Contributor

The Olympics' Leadership Mess

By MINKY WORDEN
The International Olympic Committee needs a president who cares about human rights.
Room for Debate

New York City's Economic Challenges

Inequality, taxes, jobs. Where should the next mayor start?
The Mad Race for Moscow Mayor
Latitude

The Mad Race for Moscow Mayor

By MASHA GESSEN
How a Russian bureaucrat turns a local election into an opportunity to make life in the city that much worse.
The Civil War and Hawaii
Opinionator | Disunion

The Civil War and Hawaii

By JEFFREY ALLEN SMITH
Despite the 5,000 miles separating Gettysburg and Honolulu, the island kingdom played a surprising role in the conflict.
ADVERTISEMENT
Editorial

Racial Discrimination in Stop-and-Frisk

By THE EDITORIAL BOARD
A federal court rejects unconstitutional overreach by the Bloomberg administration.
Editorial

Shortsighted Thinking on Israeli Settlements

By THE EDITORIAL BOARD
Giving the green light to new settlement construction days before scheduled peace talks with the Palestinians is not a sign of being committed to the negotiations.
Editorial

The Government as a Low-Wage Employer

By THE EDITORIAL BOARD
President Obama should sign an executive order to raise the pay of millions of poorly paid employees of government contractors.

The Opinion Pages

Read the full opinion report, including editorials, columns, op-eds and Opinionator. Go to the Section »
Hillary Clinton Returns to Political Life
Taking Note

Hillary Clinton Returns to Political Life

By DAVID FIRESTONE
She gave an impassioned speech on voting rights. Let's hope she keeps on the issue.
Joe Nocera Blog

The Gun Report: August 13, 2013

By JENNIFER MASCIA
A day in the life of armed America.
A Tale of Two Flat Countries
Paul Krugman Blog

A Tale of Two Flat Countries

By PAUL KRUGMAN
Grand Bargains are a bad thing if they take you in the wrong direction.
This Town and Its Newspapers
Ross Douthat

This Town and Its Newspapers

By ROSS DOUTHAT
More on Politico's rise and the Washington Post's decline.