Search This Blog


Search Tool

Aug 23, 2013

Peru's lost tribe ends isolation: AlJazeera - Reports on Peru August 23, 2013.

NYT Global Update August 23, 2013: Deadly Blasts in Lebanon Raise Fears of Sectarian Conflict

August 23, 2013
Compiled 20:45 GMT

Global Update


Deadly Blasts in Lebanon Raise Fears of Sectarian Conflict

The blasts outside two Sunni mosques in Tripoli killed dozens of people and reinforced fears that the Middle East could be plunging into unbridled Sunni vs. Shiite warfare.

Russia Urges Syria to Cooperate in Chemical Weapons Inquiry

Moscow said it was now up to the opposition to guarantee safe access for United Nations investigators to examine the site of a suspected chemical weapons attack near Damascus.

Soldier Gets Life Without Parole in Deaths of Afghan Civilians

A six-member military jury declined to allow Staff Sgt. Robert Bales any chance at freedom after he slaughtered 16 Afghan civilians inside their homes.

Op-Ed Contributor

It's All About Mao

The trial of the fallen Chinese official Bo Xilai highlights the urgent issue of whether China's leaders will revive the disastrous tactics and policies of Chairman Mao.

Witnesses to History, 50 Years Later

Fifty years after the March on Washington, The New York Times asked readers who attended to recall their experiences and reflect on the legacy of that day.

Israel Claims 'Successful Hit' in Southern Lebanon

The military said it bombed "a terrorist site" early Friday, a response to four rockets that were fired into Israel the previous day.

Obama Officials Weigh Response to Syria Assault

Amid a growing belief that chemical weapons were used in the attack, senior officials met at the White House on Thursday to debate options that could range from a cruise missile strike to a more sustained air campaign.

American Tells of Odyssey as Prisoner of Syrian Rebels

Matthew Schrier, a photographer, says he was held for seven months by jihadi fighters opposed to President Bashar al-Assad. After being robbed, tortured and accused of being an American spy, he escaped in July.

Early Exit for Ballmer Amid Course Change at Microsoft

Steven A. Ballmer, who succeeded Microsoft's co-founder, Bill Gates, as chief executive of the company in 2000, will retire within the next 12 months, the company said.

Muted Fears of Contagion as Asian Currencies Fall

The nations most affected have been India and Indonesia, where many domestic and foreign investors are now rushing for the exits.

Brazilian Central Bank Acts to Strengthen Its Currency

The country joins other developing nations in trying to stop a slide in the value of its currency, which raises the burden of its dollar-denominated debt.
Bits Blog

The Rise and Fall of Windows Mobile, Under Ballmer

For several years, Microsoft's Windows Mobile software system was a dominant product, but the company took longer to adapt as the mobile industry evolved.

Ballmer's Greatest Hits and Misses as Microsoft's Chief Deal Maker

Steven Ballmer, as the chief of Microsft, led one of the most prolific deal-making streaks in technology over the past two decades. But his record is as notable for its misses as its hits.
Common Sense

Wondering if Tesla Can Get There From Here

Tesla Motors gets raves for its Model S, and Wall Street loves the company's soaring stock. But it remains to be seen whether Tesla can meet its ambitious growth targets, which will mean actually selling the cars.

Formula One Takes the Slow Track to Russia

The 30-year dream of having a Grand Prix race in Russia appears close to reality, but there are still a few uncertainties that will make for gossip at the Belgian Grand Prix this weekend.

A Russian Formula One Fan With a Mission

Svetlana Amelichkina started a Formula One tourism business in 2006 to organize trips to Grand Prix races for 10 to 100 Russian clients per race.

Getting the Rhythm Right at the Belgian Grand Prix

The track at Spa-Francorchamps is the longest on the Formula One calendar, and drivers say it is one of the most challenging and fun to drive.

For Many Who Marched in 1963, Progress Has Seemed Fitful

For Daniel R. Smith, 81, who attended the March on Washington in 1963, the country has a ways to go in realizing the dream of the Rev. Dr. Martin Luther King Jr.

Fort Hood Shooting Suspect Convicted on All Counts

A military jury convicted Maj. Nidal Malik Hasan, an Army psychiatrist, on all counts in the 2009 shooting rampage at Fort Hood in which 13 people were killed and 32 wounded or shot at.

Despite 'Strides,' Minorities Still Face Barriers, Obama Says

Speaking at a town-hall-style meeting, President Obama said that the economic troubles of recent years had exacerbated racial and class divisions.

This Age of Bubbles

Why do markets keep going wild? The answer is a variant on the same old story.
Op-Ed Contributor

Can Egypt Learn From Thailand?

Yingluck Shinawatra has made an unstable nation into a success story.

Algerians Look at Egypt, and Recall Their Own Nightmare

Memories of the "Black Decade" fuel the belief that a police state, not a democracy, is the only viable political solution.

DealBooK P.M. Edition August 23, 2013: Week in Review: S.E.C. Pushes to Fix Market Flaws

Friday, August 23, 2013
Week in Review: S.E.C. Pushes to Fix Market Flaws A barrage of bad trades from Goldman Sachs and pricing paralysis on Nasdaq is spurring regulators to push ahead on new safeguards. The Securities and Exchange Commission's chairwoman, Mary Jo White, said that she would "shortly convene a meeting of the leaders of the exchanges" to push ahead on new testing requirements that have been rebuffed by exchange companies.
A look back on our reporting of the past week's highs and lows in finance.
Friday, Aug. 23
Nasdaq Chief Defends Handling of Trading Halt As the Nasdaq opened without a hitch on Friday, Robert Greifeld said that the market operator needed to work on its "defensive driving" to deal better with mistakes by others.
Thursday, Aug. 22
Pricing Problem Suspends Nasdaq for Three Hours The United States stock market showed again on Thursday that it remained vulnerable to technological breakdowns.
During the stock market crash in 1987, specialists on the New York Stock Exchange halted trading to sort things out.
News Analysis: In Markets' Tuned-Up Machinery, Stubborn Ghosts Remain Today's automated stock exchanges are fast and efficient, so long as the computers are working. When things go awry, chaos can emerge quickly.
David Boies started his law firm in 1997 and built it into one of the country's most profitable ones.
Big Name Is Leaving Boies's Firm After a Year David M. Bernick will move from Boies Schiller and Flexner, headed by David Boies, to the Dechert firm, a transition that reflects a developing era of free agency in the once-stable world of corporate law.
Moody's Threatens to Cut Credit Ratings of Banks If it follows through, Moody's Investors Service could reduce the ratings of Wall Street giants like Goldman Sachs, Morgan Stanley and JPMorgan Chase as much as two grades.
New York Banker Arrested on Rape Charges in East Hampton Jason Lee, a managing director at Goldman Sachs, was accused of sexually assaulting a young woman at a home that he and his wife had rented for the month.
Mathew Martoma is a central figure in the inquiry into insider trading at SAC Capital.
New Claims in U.S. Case Against SAC Ex-Trader An updated indictment in the federal case against a former SAC Capital Advisors portfolio manager claims that he received secret information about drug trials from a second doctor.
Wednesday, Aug. 21
A Bloomberg terminal on the floor of the New York Stock Exchange.
Bloomberg to Increase Oversight After Privacy Lapses Two separate but related reports found that the company's journalists had access to information about clients through a number of channels that those clients did not know about.
Ackman Acknowledges 'Mistakes' in Letter to Investors William A. Ackman sounds a note of contrition in a letter to shareholders, saying that his firm's investment in J.C. Penney has been a "failure."
Fed Appeals Rejection of Rule on Debit Card Fees The appeal will test the courts' power to overturn the financial regulations that stemmed from the banking overhaul after the financial crisis.
Tuesday, Aug. 20
A fishmonger counting rupees in Varanasi, India. On Tuesday, the Indian rupee fell to a record low against the dollar.
Currency Volatility Is Unnerving Investors The experiences in many emerging markets are the flip side of the economic situation in the United States, where the economic data has recently been improving.
JPMorgan Chase's office in Beijing. The S.E.C. is examining whether the bank tried to win business by hiring the children of leaders.
Many Wall St. Banks Woo Children of Chinese Leaders For more than a decade, Wall Street's biggest banks have hired the sons and daughters of senior Chinese government officials in the hopes that they can open doors and secure deals in China.
Leonard Riggio built the company into the nation's biggest brick-and-mortar bookseller.
Barnes & Noble's Chairman Drops Plan to Buy Its Bookstores The move raises further questions about the bookseller's future amid its previously announced plans to stop making its Nook line of tablets.
Monday, Aug. 19
Philip Falcone, chief of Harbinger Capital Partners.
Falcone to Admit to Wrongdoing as S.E.C. Takes a Harder Line Philip A. Falcone, who was accused of manipulating the market, has also agreed in a settlement to be banned from the securities industry for at least five years.
Ben Bernanke, left, chairman of the Federal Reserve; Jacob Lew, the Treasury secretary; and other top financial officials met on Monday with President Obama.
Obama Presses for Action on Bank Rules Administration officials and some lawmakers have expressed frustration that critical parts of President Obama's financial overhaul, the Dodd-Frank act, remain unenforced.
Clockwise from top left: Bill Clinton; Stephen Schwarzman of the Blackstone Group; Martin Sorrell of WPP; and Robert Rubin, a Clinton administration official. All four have children who held jobs in companies with an arguable interest in their parents.
DealBook Column: Hiring the Well-Connected Isn't Always a Scandal In financial firms, does hiring the children of the elite constitute bribes? Hardly, says Andrew Ross Sorkin.
Banks Fall Short of Planning for the Worst, Fed Finds The Federal Reserve described significant shortcomings in large banks' responses to so-called stress tests, which aim to ensure that they can withstand economic shocks.
Statoil Sells North Sea Assets to Austrian Rival Statoil, Norway's state-controlled oil company, said on Monday that it would sell a package of North Sea assets to OMV, a smaller Austrian producer, for $2.65 billion.
Oversight Board Faults Broker-Dealer Audits The Public Company Accounting Oversight Board found deficiencies in some audits of brokerage firms.
Leslie Caldwell, in 2004, when she was the head of the Justice Department's Enron Task Force.
Prosecutor in Enron Case Expected to Be Named to Justice Dept. Post The Justice Department is expected to name Leslie R. Caldwell, the former lead prosecutor in the Enron case, as the next head of its criminal division.
StreetEasy is the online leader in New York's real estate market.
To Cover New York, Zillow Buys a Rival Site The real estate Web site Zillow will acquire StreetEasy, a much smaller site, for about $50 million to patch what it described as a "glaring hole" in its coverage.
Sunday, Aug. 18
Leo de Bever of the Alberta Investment Management Corporation, which recently completed a $300 million investment.
Public Funds Take Control of Assets, Dodging Wall Street The shift is motivated, in no small part, by the high fees and lackluster performance that many hedge funds and private equity firms have delivered to their biggest clients in recent years.
Saturday, Aug. 17
Tang Shuangning, the chairman of the China Everbright Group.
Hiring in China by JPMorgan Under Scrutiny Authorities have opened a bribery investigation into whether JPMorgan Chase hired the children of powerful Chinese officials to help the bank win lucrative business in the booming nation.

Two Market Operators, BATS and Direct Edge, Said to Be in Talks to Merge BATS Global Markets and Direct Edge are in talks to merge, potentially creating one of the biggest stock market operators in the country, a person briefed on the matter told DealBook on Friday.
Dutch Bank ABN Amro Takes Step Toward an I.P.O. The announcement comes five years after the Dutch government bailed out ABN Amro after a consortium of European banks acquired the firm for around 72.2 billion euros, or $99 billion.
Ballmer's Greatest Hits and Misses as Microsoft's Chief Deal Maker Steven Ballmer, as the chief of Microsft, led one of the most prolific deal-making streaks in technology over the past two decades. But his record is as notable for its misses as its hits.
Breakingviews: Next Microsoft Chief Should Pare the Menu Whoever becomes the next chief executive of Microsoft should narrow the company's focus, says Robert Cyran.
Bank of America to Review Intern Working Conditions Bank of America announced on Friday that it was reviewing the working conditions of its junior employees after a 21-year-old intern died recently in London.
Slice, a Shopping Tracking Service, Raises $23 Million Slice, a start-up whose service tracks consumers' online purchases, said on Friday that it had raised $23 million in its latest round of financing. The investment was led by Rakuten, the big Japanese e-commerce company.
Alibaba Said to Push to Allow Partners to Nominate Board Members The Chinese e-commerce giant, which analysts expect could be valued at $100 billion or more in an initial public offering, has made a proposal to allow top executives to retain control over corporate strategy, according to a person with knowledge of the matter.
Week in Verse
'Cups' "You're gonna miss me when I'm gone," sings Anna Kendrick. Even if it's only for three hours.

Wall Street at Close Report by MarketWatch August 23, 2013: U.S. stocks close higher; Dow’s 3rd week of losses

U.S. stocks close higher; Dow’s 3rd week of losses

By Wallace Witkowski and Victor Reklaitis, MarketWatch 

SAN FRANCISCO (MarketWatch)U.S. stocks closed higher Friday, shaking off losses following disappointing new-home-sales data, but a big boost from Microsoft’s CEO news failed to raise the Dow industrials for the week. 

The Dow Jones Industrial Average DJIA +0.31%  rose 46.77 points, or 0.3%, to close at 15,010.51, but the index declined for a third consecutive week, its longest weekly losing streak since Nov. 16, 2012.
Blue chips had plenty of support from shares of Microsoft Corp. MSFT +0.03% , which closed up 7.3% at $34.75, the best performer on the Dow following news that CEO Steve Ballmer will retire within 12 months.
Both the S&P 500 Index and the Nasdaq Composite Index, however, snapped their two-week losing streaks. The S&P 500 index SPX +0.40% rose 6.54 points, or 0.4%, to close at 1,663.50 — with telecom and materials stocks as the day’s best performers — and log a 0.5% rise on the week.
The Nasdaq Composite COMP +0.53% advanced 19.09 points, or 0.5%, to close at 3,657.79, for a weekly gain of 1.5%.

Microsoft’s Steve Ballmer says he will step down as CEO within 12 months.
Earlier in the morning, stocks faced headwinds from the release of new-home sales data, which was much weaker than expected.
But as investors digested the housing data, stocks started clawing their way back into positive territory, likely treating the poor numbers as an argument for delaying tapering of the Federal Reserve’s asset purchases.
Two Fed officials offered mixed comments in CNBC interviews from the Fed’s conference near Jackson Hole, Wyo., early Friday, with Atlanta Fed Bank President Dennis Lockhart backing a September taper with a caveat, and St. Louis Fed President James Bullard saying there’s no reason to hurry the taper, which refers to the central bank’s much-anticipated reduction in its bond buys. Follow our streaming coverage.
The market latched onto this uncertainty and treated the housing data as another data point to support a delay of tapering, said Mark Luschini, chief investment strategist at Janney Montgomery Scott.
“To the extent they haven’t made their minds up, this is a data point you have to chalk up to deferring tapering for now,” Luschini said. 

The key issue at Jackson Hole, which runs until Saturday, is the looming question of whether Larry Summers or Fed Vice Chair Janet Yellen will replace Bernanke. Here are five speakers to pay attention to at the conference. Also: 5 things Ben Bernanke could do in his next life
Advancing stocks outpaced decliners by 2 to 1 on the New York Stock Exchange, while advancers edged out decliners slightly on the Nasdaq. Composite volume topped 2.5 billion shares for NYSE-listed stocks and about 1.5 billion shares for Nasdaq-listed stocks by the close.
In addition, investors were taking in upbeat German and U.K. GDP data, as well as Nasdaq OMX Group Inc.’s NDAQ +1.21% CEO saying he’s dedicated to improving the exchange’s performance after Thursday’s three-hour trading halt.
Nasdaq CEO Robert Greifeld on Friday said the exchange was “deeply disappointed with what happened yesterday.” Speaking in an interview with CNBC, Greifeld said the Nasdaq had handled the trading problem “in a logical and organized way.” 

Europe’s week ahead: Carney

With tapering talk keeping U.S. Treasury yields high, investors will be keeping a close eye on the U.S. housing market next week, while Mark Carney makes his first public speech as Bank of England governor following his “forward guidance” news conference. 

In a statement after the close Thursday, Nasdaq OMX said most of the shutdown was spent figuring out the market reopen, rather than dealing with technical problems. Actual issues were resolved within 30 minutes, but planning time was needed “to ensure an orderly reopening of trading.” Then on Friday, Nasdaq said there was no evidence that the halt was a result of hacking. Also read: Nasdaq outage a “black squirrel event.”
On the corporate front, shares of Pandora Media Inc. P -0.48% closed down 13% after the streaming-music provider gave a weaker-than-expected earnings outlook late Thursday.
Shares of Aéropostale Inc. ARO +0.23% tumbled 20% after the teen-apparel retailer reported weak earnings and a sour third-quarter outlook. A day earlier saw disastrous results from Abercrombie & Fitch Co. ANF +0.39% .
In Asia, the Nikkei Stock Average JP:NIK +2.21% rallied 2.2% as the yen weakened against the dollar, but Chinese stocks retreated over concerns about liquidity. European stocks moved higher Friday after earlier getting no lift from German growth data, which showed a rebound in the second quarter. U.K. stocks were up after an upward revision for second-quarter GDP growth in that country.
Crude oil and gold prices also settled higher on the day. 
Wallace Witkowski is a MarketWatch news editor in San Francisco. Follow him on Twitter @wmwitkowski. Victor Reklaitis is a New York-based markets writer for MarketWatch. Follow him on Twitter @VicRek. Barbara Kollmeyer contributed to this report.