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Sep 27, 2013

NYT | Global Update September 27, 2013: First Top-Level U.S.-Iran Talk Since 1979.

The New York Times International Herald Tribune
September 27, 2013
Compiled 20:45 GMT

Global Update


TOP NEWS

First Top-Level U.S.-Iran Talk Since 1979

By PETER BAKER and MARK LANDLER
President Obama, speaking in the White House briefing room, said that he and President Hassan Rouhani of Iran had discussed the country's nuclear program, and Mr. Obama said he was persuaded there was a basis for an agreement.

U.N. Climate Panel Endorses Ceiling on Global Emissions

By JUSTIN GILLIS
Top climate scientists on Friday embraced an upper limit on greenhouse gases while warning that it is likely to be exceeded within decades if efforts to curb emissions are not rapidly accelerated.

Russia Applauds Syria Resolution on Chemical Arms

By RICK GLADSTONE
The Russian foreign minister said the diplomatic breakthrough was possible because the West had realized that military force was not an option.
U.S.

Video: Obama's Statement on Iran

President Obama said he spoke with President Hassan Rouhani of Iran by phone. It was the first direct contact between leaders of Iran and the United States since 1979.
Opinion

Op-Ed Contributor

The True Face of Iran

By NASSRINE AZIMI
One must hope President Hassan Rouhani will convey the diversity of Iran and its peoples, including the four million who form the Iranian diaspora.
WORLD

Rouhani, Blunt and Charming, Pitches a Moderate Iran

By SOMINI SENGUPTA
Amid his fervent diplomatic theater this week, it was at times hard to tell whether Iran's president, Hassan Rouhani, was a genuinely transformative leader.

Reporting Iran's News, but Speaking for One Side

By THOMAS ERDBRINK
In Iran's news media landscape, which is divided into two camps, the hard-liners and reformists, the semiofficial Fars agency has emerged in recent years as the most influential conservative voice.

U.N. Rights Panel Increases Pressure on Syria

By NICK CUMMING-BRUCE
The Human Rights Council on Friday stepped up pressure on President Bashar al-Assad to allow greater access for humanitarian aid and for war crimes investigators.
BUSINESS

Have-Nots Squeezed and Stacked in Hong Kong

By BETTINA WASSENER and GRACE TSOI
In a city with some of the highest living costs in the world, those at the bottom of the income ladder increasingly resort to cupboardlike living spaces, a dozen or more to an apartment.

BlackBerry Loses Nearly $1 Billion in Quarter

By IAN AUSTEN
The loss of $965 million came on sales of $1.6 billion, mainly reflecting a write-down of unsold smartphones.
DealBook

JPMorgan Urged to Pay More in Mortgage Deal

By BEN PROTESS and JESSICA SILVER-GREENBERG
Jamie Dimon, the chief executive of JPMorgan Chase, met with the attorney general to discuss a deal that would involve a fine of more than $7 billion, plus $4 billion in relief for struggling homeowners.
TECHNOLOGY

F.T.C. Targets Patent Companies

By EDWARD WYATT
The Federal Trade Commission said it would seek information on businesses whose main purpose is to sue other companies to collect patent royalties.
Bits Blog

Google Alters Search to Handle More Complex Queries

By CLAIRE CAIN MILLER
Google made one of the biggest ever changes to its search engine, as part of a shift away from matching keywords on Web pages to understanding the meaning of search queries.
DealBook

Beats Secures Investment From Carlyle and Buys Out HTC

By MICHAEL J. DE LA MERCED
Beats Electronics said that it has secured a minority investment from the Carlyle Group for $500 million, valuing the music company at more than $1 billion.
SPORTS
On Sailing

The Cup May Stay, but There's No Going Back on Speed

By CHRISTOPHER CLAREY
After beating Team New Zealand to retain the America's Cup, Oracle Team USA may be facing a challenge from the Hamilton Island Yacht Club of Queensland, Australia.

Cheers, Hugs, Flags and Brooms Fill Victory Party at Unlikely Host Club

By JOHN BRANCH
The Golden Gate Yacht Club, with its working-class roots, was wrapped in a mix of joy and disbelief as Oracle Team USA completed its astounding comeback.

In New Zealand, Jitters Yield to Cheers, Then Sighs

By EMMA STONEY
At the Royal Port Nicholson Yacht Club, disappointed fans expressed pride in the performance of Emirates Team New Zealand.
U.S. NEWS

Pressure Reported in Rush to Meet Security Clearance Goals

By TRIP GABRIEL
The private company USIS conducted 700,000 yearly background checks, including those of Edward Snowden and Aaron Alexis.

Senate Passes Budget Bill as House Weighs Options

By JONATHAN WEISMAN, ASHLEY PARKER and JEREMY W. PETERS
Senators approved a bill to finance the federal government, including President Obama's health care law. The measure now goes to the House, where Republicans have vowed to change it.

Rights Groups and Clinics Sue Texas Over Abortion Law

By ERIK ECKHOLM
The plaintiffs are seeking to block two provisions: one would require doctors to have admitting privileges at a nearby hospital and the other requires a different drug protocol for medical abortions.
OPINION
Editorial

Some Progress on Syria

By THE EDITORIAL BOARD
Belatedly, the United Nations is beginning to rein in President Bashar al-Assad.
Op-Ed Columnist

Plutocrats Feeling Persecuted

By PAUL KRUGMAN
Have you heard the latest about how bad the richest of the rich have it these days? It is reason to fear the wrath of the .01 percent!
Op-Ed Contributor

Have a Nice Day, N.S.A.

By VANESSA BARBARA
How Brazilians are using humor to fight back against American surveillance.

DealBook P.M. Edition September 27, 2013: Weekend Reading: JPMorgan Settlement in Sight.


Friday, September 27, 2013
TOP STORY
Weekend Reading: JPMorgan Settlement in Sight After another week of intense negotiations, the Justice Department and JPMorgan Chase continue to inch closer to a multibillion-dollar accord over questionable mortgage practices. No one can be certain how much the bank will have to pay, but everyone seems to have an opinion.

On Monday, DealBook reported that a proposed settlement figure of about $20 billion was once discussed at the bank. On Tuesday, proposals emerged that ranged from $3 billion to about $7 billion. On Thursday, DealBook reported that JPMorgan raised its total offer to $11 billion earlier in the week.

But it isn't all about the money, insists the investment bank. Ben Protess and Jessica Silver-Greenberg reported:
"The size of the fine is not the central negotiating point for the bank: JPMorgan is instead focused on using the wide-ranging pact to resolve many of the mortgage-related investigations it faces. Most important, the bank is asking that prosecutors in California drop a criminal investigation into the bank's mortgage practices - a request that the Justice Department has yet to meet."
If money isn't the sticking point, there were plenty of other suggestions for a deal.

A DealBook reader in New York asked "What type of activity can be considered so egregious that it justifies an 11 billion dollar fine yet not one individual is personally liable for it?"

The Trade columnist, Jesse Eisinger of ProPublica, said that top JPMorgan executives should have been charged with misleading disclosure in the $6 billion London Whale trading loss.

And LeRoy Ward of Manhattan, commenting on the photograph of Mr. Dimon showing his ID at the Justice Department, wondered if JPMorgan could "donate money to the DMV to upgrade these worthless pieces of plastic?"

A look back on our reporting of the past week's highs and lows in finance.
Friday, September 27
Beats Secures Investment From Carlyle and Buys Out HTC
Beats Secures Investment From Carlyle and Buys Out HTC Beats Electronics said that it has secured a minority investment from the Carlyle Group for $500 million, valuing the music company at more than $1 billion.
British Postal Service Valued at $5.3 Billion in I.P.O.
British Postal Service Valued at $5.3 Billion in I.P.O. Royal Mail, Britain's 360-year-old postal service, is to be valued as much as $5.3 billion in its initial public share sale scheduled for next month, the government said on Friday.
Thursday, September 26
Jamie Dimon, chief of JPMorgan, showing ID to security at the Justice Department.
JPMorgan Urged to Pay More in Mortgage Deal Jamie Dimon, the chief executive of JPMorgan Chase, met with the attorney general to discuss a deal that would involve a fine of more than $7 billion, plus $4 billion in relief for struggling homeowners.
Kevyn Orr, a Washington bankruptcy lawyer, is the emergency manager of Detroit, which has nearly 12,000 retired workers.
A Proposal to Freeze Pensions in Detroit Detroit's emergency manager wants to freeze the city's pension system for public workers, in light of evidence it was operated in an unsound manner for many years, contributing to the city's financial downfall.
Accountant Who Worked With Madoff for Years Is Indicted in Fraud
Accountant Who Worked With Madoff for Years Is Indicted in Fraud The arrest of Paul J. Konigsberg, a longtime accountant in Bernard L. Madoff's inner circle, represents a deepening of the federal criminal investigation of Mr. Madoff's multibillion-dollar Ponzi scheme.
S.E.C. Sues Former Chairman in Looting of Educational Company The Securities and Exchange Commission has accused the former chairman and chief executive of the ChinaCast Education Corporation of stealing $41 million in company funds.
Tim Harrington, a co-founder of BattleFin.
In This Battle Arena, Warriors Are Armed With Algorithms BattleFin, a recruitment firm for hedge funds, stages tournaments to find math whizzes who can apply their knowledge of other fields to the financial world.
Wednesday, September 25
A group of city retirees protested against any cuts in their pensions in downtown Detroit in August.
Detroit Spent Billions Extra on Pensions For decades, Detroit's municipal pension fund made undisclosed payments to retirees, active workers and others, costing the city billions of dollars.
Barry Silbert, chief executive of SecondMarket, which plans to start an investment fund that will hold only bitcoins.
Fund to Let Investors Bet on Price of Bitcoins SecondMarket is expected to begin raising money for an investment fund that will hold only bitcoins, giving wealthy investors exposure to the virtual currency.
Alibaba's building outside Hangzhou, China. Ownership rules kept the company's highly anticipated debut out of Hong Kong.
Chinese Internet Giant Alibaba Plans to Issue I.P.O. in New York The Chinese Internet company has ended talks with the Hong Kong stock exchange over an initial public offering.
U.S. and British Officials Fine ICAP in Libor Case
U.S. and British Officials Fine ICAP in Libor Case The Justice Department also brought criminal charges against three former ICAP employees on Wednesday over their roles in manipulating the benchmark London interbank offered rate.
Britain Sues to Stop Cap on Bonuses for Bankers
Britain Sues to Stop Cap on Bonuses for Bankers Britain said on Wednesday that it had filed a lawsuit at the European Court of Justice contesting a proposed cap on bankers' bonuses.
In JPMorgan Case, a Missed Opportunity to Charge Its Executives
The Trade: In JPMorgan Case, a Missed Opportunity to Charge Its Executives The Securities and Exchange Commission wrung an admission of wrongdoing out of the bank, but it did not charge any top executives with misleading disclosure, says Jesse Eisinger of ProPublica.
Tuesday, September 24
 The headquarters of SAC Capital Advisors in Stamford, Conn.
SAC Is Said to Negotiate Settlement of Charges The discussions with federal prosecutors are at an early stage, but they appear to be an effort by the billionaire investor Steven A. Cohen to save his once high-flying hedge fund, SAC Capital Advisors.
JPMorgan May Settle With Group of Agencies
JPMorgan May Settle With Group of Agencies During settlement talks this week, proposals emerged that would require JPMorgan Chase to pay anywhere from $3 billion to about $7 billion, people briefed on the negotiations said.
U.S. Manufacturer of Chip-Making Equipment Buys Japanese Rival
U.S. Manufacturer of Chip-Making Equipment Buys Japanese Rival The all-stock deal will create a big new producer of semiconductor and display manufacturing equipment with an expected market value of $29 billion.
A Hedge Fund Manager Who Doesn't Mind a Losing Bet
A Hedge Fund Manager Who Doesn't Mind a Losing Bet Mark Spitznagel, the founder of Universa Capital, believes the stock market is going to fall by at least 40 percent in one great market "purge."
A Call for New Laws in New York to Fight High-Tech Crime
A Call for New Laws in New York to Fight High-Tech Crime A task force made proposals, including strengthening laws against identity theft and computer code, in a report unveiled by the Manhattan district attorney, Cyrus R. Vance Jr.
Deal Professor: Lax Rules Give U.S. Upper Hand in Tussle Over Alibaba I.P.O. Deregulation has helped the United States maintain its pre-eminence in the competition for global I.P.O.'s, but perhaps at a price, says Steven M. Davidoff.
Monday, September 23
A BlackBerry display at a London store. Its newest line of phones has failed to catch on.
BlackBerry Buyout Offer Raises Array of Questions BlackBerry said that it had reached an agreement to sell the company for $9 a share to a group led by Fairfax Financial Holdings.
A Washington Mutual branch in 2008 in New York. JPMorgan Chase bought Washington Mutual during the financial crisis, inheriting its mortgage problems.
JPMorgan's Legal Hurdles Expected to Multiply JPMorgan Chase paid $1 billion to resolve an array of government investigations last week. But more hurdles lie ahead.
Jamie Dimon, JPMorgan Chase's chief executive, testifying before a House committee in 2012.
DealBook Column: As JPMorgan Settles Up, Shareholders Are Hit Anew The $920 million JPMorgan Chase agreed to pay to settle S.E.C. civil allegations sounded like a lot, but the money is actually coming from the firm's shareholders, who already took a $6 billion hit, says Andrew Ross Sorkin.
Sergio Marchionne, the chief executive of Fiat and Chrysler, does not support the public offering.
Union Push for I.P.O. Forces Filing at Chrysler Chrysler is moving toward an offering under pressure from its second-largest shareholder, a trust set up to provide medical coverage for 115,000 retired auto workers and family members.
The abandoned train station in Detroit, which is bankrupt.
Detroit's Casino-Tax Dollars Become Big Issue in Bankruptcy Case An insurer has filed a lawsuit trying to block a deal Detroit reached over interest-rate swaps.
Arguments Begin in a Bitter Family Brawl Over a Media Mogul's Estate
Arguments Begin in a Bitter Family Brawl Over a Media Mogul's Estate Samantha Perelman is suing her uncle James Cohen, the head of the Hudson Media empire, over what she says is her rightful $700 million share in her grandfather Robert Cohen's fortune.
Under Fire From Investors, CommonWealth to Change Its Ways
Under Fire From Investors, CommonWealth to Change Its Ways The real estate investment trust CommonWealth said on Monday that it was updating its corporate governance structure and compensation model after months of pressure from activist investors.
In Latin America, Brazilian Banks Fill Void Left by Global Giants
In Latin America, Brazilian Banks Fill Void Left by Global Giants As the big international investment banks pull back from Latin America, BTG Pactual and Itaú BBA are expanding there.
  • DEALBOOK »
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    DEALBOOK HIGHLIGHTS
    Life@Work: What We Resist Persists Acknowledging uncomfortable feelings can be viewed as self-indulgent, but unspoken tensions can take a toll in the workplace, says Tony Schwartz.
    R.B.S. to Sell Stake in Bank Branch Network
    R.B.S. to Sell Stake in Bank Branch Network The Royal Bank of Scotland agreed on Friday to sell a stake in its branch network for £600 million, or $966 million, to a consortium of investors led by Corsair Capital and Centrebridge Partners.
    K.K.R. to Buy Panasonic Health Care Unit for $1.67 Billion
    K.K.R. to Buy Panasonic Health Care Unit for $1.67 Billion Kohlberg Kravis Roberts has agreed to buy the health care unit of Panasonic for 165 billion yen, or $1.67 billion, as the Japanese company attempts to streamline its operations after two years of steep losses.
    Jack Ma to Join Tech Moguls in Backing Medical Research Prize
    Jack Ma to Join Tech Moguls in Backing Medical Research Prize Jack Ma, the executive chairman of Alibaba, and his wife are joining some of Silicon Valley's biggest names as sponsors of the world's richest prize for medicine and biology.
    Buzz Tracker
    Ex-Bear Stearns Chief Questions JPMorgan's Mortgage Deal Alan D. Schwartz, the former chief of Bear Stearns when it collapsed in 2008 and was absorbed by JPMorgan Chase, told Andrew Ross Sorkin that a proposed $11 billion settlement with the Justice Department "doesn't feel like it makes sense, but it makes good headlines."
    DealBook Video
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