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Jan 17, 2014

NYT | Asian Morning Today's Headlines January 18, 2014: Obama Calls for Overhaul of N.S.A.'s Phone Data Collection Program.

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Saturday, January 18, 2014



Top News
President Obama delivered remarks about government surveillance programs at the Department of Justice in Washington on Friday.
Obama Calls for Overhaul of N.S.A.'s Phone Data Collection Program

By MARK LANDLER and PETER BAKER

President Obama, responding on Friday to months of debate set off by the disclosures of Edward J. Snowden, said he would require intelligence agencies to get court permission before tapping into a vast trove of phone data.
. Documents  Presidential Policy Directive | Speech Text
. Political Memo: On Spying, Woes of Obama Echo Those of Past Presidents
Afghan security forces assisted an injured man at the site of an explosion in Kabul on Friday.
16 Killed, Mostly Foreigners, in Attack on Kabul Restaurant

By MATTHEW ROSENBERG

The Taliban claimed responsibility for an attack in which a suicide bomber cleared a path for two gunmen, who ran in and opened fire on patrons dining inside.
Syrian families in October leaving Moadhamiya. That town recently accepted a cease-fire offer, but rebels say the government has not kept its promises.
Syrian Rebels Say Cease-Fire Deals Prove Deceptive

By ANNE BARNARD

Officials from the United States and Russia have urged localized cease-fires to jump-start peace talks, but some rebels have regretted making deals with the state.
For more top news, go to INYT.com
Editors' Picks

U.S.

Video VIDEO: Obama Signals Change to N.S.A. Practices
The president, in response to months of debate set off by the disclosures of Edward J. Snowden, highlighted changes to the National Security Administration's practices.
Lotte Lenya as Rosa Klebb and Robert Shaw as Red Grant from the 1963 James Bond film

OPINION | DISPATCH

Why Are Russians Still the Go-To Bad Guys?

By STEVEN KURUTZ

In the post-Cold-War era, Boris Badenov remains a model villain.
World
Protesters were given first aid after an attack, most likely with a grenade.
Blast Injures Antigovernment Protesters in Bangkok

By THOMAS FULLER

The attack intensified tensions in the city as a dwindling but dedicated core of protesters continues to block access to a number of government buildings and major intersections.
President Vladimir V. Putin of Russia said on Friday that no one would be targeted at the Games under a federal law banning
No One Will Be Targeted at Olympics, Putin Says

By ANDREW ROTH

President Vladimir V. Putin said visitors to Sochi for the Olympic Games, including gay men and lesbians, could be "relaxed and calm," but he defended a ban on "homosexual propaganda."
Rahul Gandhi, vice president of the Congress party, spoke at the All India Congress Committee meeting in New Delhi on Friday.
Rahul Gandhi, Facing Tough Premier Race, Skips Formal Party Nomination

By ELLEN BARRY

The decision not to seek the nomination is a tactic by a member of the family that has dominated India's politics for decades.
For more world news, go to NYTimes.com/World
Business
Johnson & Johnson's decision to reformulate its baby products is the first step in an effort to remove an array of increasingly unpopular chemicals from its personal care products.
Johnson & Johnson Takes First Step in Removal of Questionable Chemicals From Products

By KATIE THOMAS

Johnson's Baby Shampoo no longer contains two potentially harmful chemicals, formaldehyde and 1,4-dioxane, that have come under increasing scrutiny by consumers.
Timothy Cook, left, the chief of Apple, and Xi Guohua, the chairman of China Mobile, the  world's largest mobile carrier operator, in Beijing on Friday, as Apple's iPhones went on sale.
Hurdles Remain for Apple in China Despite New Deal

By ERIC PFANNER

Customers were finally able to buy iPhones from China Mobile on Friday, but the turnout was underwhelming in Beijing, even with Apple's chief on hand.
Marissa Mayer of Yahoo introduced changes in store for the company at a trade show in Las Vegas this month.
Bumps on a Road to Revival for Yahoo

By VINDU GOEL and CLAIRE CAIN MILLER

Marissa Mayer's firing of her top lieutenant, Henrique de Castro, was her first public signal that turning around Yahoo would be far more difficult than some had suggested.
For more business news, go to INYT.com/Business
Technology
Outside Intel's headquarters in Santa Clara, Calif. The chip maker on Thursday estimated its first-quarter revenue would be lukewarm, doing little to dispel concerns about a slowing PC industry.
Intel to Cut Workforce by 5 Percent in 2014

By REUTERS

Intel plans to reduce its global workforce of 107,000 by about 5 percent this year as the chipmaker focuses on faster-growing areas, a company spokesman said on Friday.
. Intel Says Fourth-Quarter Earnings Were Off Mark
The Wii U, which comes with a touch-screen controller, has not provided Nintendo with a much hoped-for revival.
Nintendo, Falling Behind in Consoles, Heads to Another Loss

By REUTERS

Nintendo said on Friday that sales of its Wii U game consoles had flopped, raising questions over its future in a market increasingly dominated by Sony and Microsoft.
. Disney's Troubled Gaming Unit Finds Success With Infinity
The Disney Infinity toy box mode allows players to create worlds and adventures of their own.
Disney's Troubled Gaming Unit Finds Success With Infinity

By BROOKS BARNES

The console game that lets players mix and match Disney characters has sold 3 million starter packs worldwide, the company said.
For more technology news, go to NYTimes.com/Tech
ADVERTISEMENT
Sports
Serena Williams won her third-round match  against Daniela Hantuchova, 6-3, 6-3, under the closed roof of Rod Laver Arena on Friday.
Players Are Not Cool With Australian Open Heat Policy

By GREG BISHOP

There is a widening gulf between the way officials have attempted to portray the impact of the heat wave and what has actually happened with the players.
. Del Potro Falls, Hours After 110-Degree Heat Causes Halt in Play
. Serena Williams Advances to Fourth Round
Martin Klizan of Slovakia ascended into the main draw, chosen to replace a player who withdrew after the qualifying tournament had begun but before his first match in the main draw.
For 'Lucky Losers' at Australian Open, a Chance to Be Contenders

By BEN ROTHENBERG

For unseeded players, a withdrawal can be a ticket into the main draw, where they have a precious chance at the big time.
. Seeking Bigger Sweet Spot, Roger Federer Hopes His Racket Will Grow on Him
The Broncos' Peyton Manning will and the New England Patriots' Tom Brady will share the spotlight on Sunday in the A.F.C. Championship.
Brady and Manning Headline Day of Dueling Quarterbacks

By KAREN CROUSE

With Super Bowl berths on the line, Denver's Peyton Manning and New England's Tom Brady will renew their old rivalry before Russell Wilson and Colin Kaepernick continue a new one.
. Once Known for a Punch, Now for Smash-Mouth Running
For more sports news, go to INYT.com/Sports
U.S. News
The Folsom Lake water reservoir has shriveled so much that much of the lake's marina is now dry.
As California's Drought Deepens, a Sense of Dread Grows

By NORIMITSU ONISHI and MALIA WOLLAN

The problem is visible from the Sierra Nevada to the farmlands in the southern part of the state, and threatening to cause major hardship.
Pennsylvania Voter ID Law Is Struck Down

By RICK LYMAN

A judge said the law placed an unreasonable burden on people trying to exercise their fundamental right to vote.
Supreme Court to Consider Limits of Cellphone Searches

By ADAM LIPTAK

The case centers on whether a warrant should be required to search some phones, which are essentially computers, full of personal information.
For more U.S. news, go to NYTimes.com/US
Opinion

OP-ED CONTRIBUTOR

The Whistle-Blower Who Freed Dreyfus

By ROBERT HARRIS

How the army officer who risked everything to expose France's travesty of justice was reviled, jailed and ultimately vindicated.

EDITORIAL

A 'Preventable' Tragedy

By THE EDITORIAL BOARD

Damning details emerge in a Senate report on the Benghazi attacks.
David Brooks

OP-ED COLUMNIST

The Inequality Problem

By DAVID BROOKS

The current income inequality debate misses the point and prevents a nuanced, bipartisan discussion of our economic and social ills.
. Columnist Page

DealBook P.M. Edition January 17, 2014: TOP STORY Weekend Reading: Bank Earnings Quiz.



TOP STORY
Weekend Reading: Bank Earnings Quiz How well do you know your earnings reports? Most of the Wall Street giants released fourth quarter results this week, including Bank of America, BlackRock, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley and Wells Fargo. Match the financial company with the quote about its latest earnings report. Answers below.
  1. "Importantly, we are continuing to address many of the legal issues from the financial crisis," the chief executive said.
  2. "Telling the employees that the comp ratio is permanently down is a bit demoralizing," said Brad Hintz, an analyst with Sanford Bernstein.
  3. The chief executive's "star is still high," said Mike Mayo, a CLSA bank analyst. "But there is no blind faith among bank investors."
  4. "We saw growth across all of our businesses," the chief executive said in a statement.
  5. "They are not out there trying to be a broad-based mortgage banker," said Moshe Orenbuch, a banking analyst at Credit Suisse. "They are trying to cater to their upscale customers."
  6. "It's a very small market," the chief financial officer said in a conference call. "One we haven't seen the likes of since the year 2000."
  7. "I've never met a customer yet who said, 'I want to bank with you because you're so big I can just be a number,'" the chief executive said.

For the latest updates, go to dealbook.nytimes.com »
A look back on our reporting of the past week's highs and lows in finance.
FRIDAY
Key Witness Takes Stand in Martoma Trial
Key Witness Takes Stand in Martoma Trial Dr. Sidney Gilman, the key witness for prosecutors in the insider trading trial of Mathew Martoma, a former portfolio manager at SAC Capital Advisors, testified that he passed confidential information to Mr. Martoma and that he retired from the University of Michigan rather than be fired after his actions came to light.
Morgan Stanley's Earnings Fall for Quarter
Morgan Stanley's Earnings Fall for Quarter The Wall Street firm's results were dragged down by $1.2 billion in legal expenses.
Apollo's Rush to Get the Chuck E. Cheese Deal Done
Deal Professor: Apollo's Rush to Get the Chuck E. Cheese Deal Done The deal to buy out the parent company of Chuck E. Cheese contains a number of provisions which seem to suggest that Apollo is concerned about a competing bid or a challenge, Steven M. Davidoff writes in the Deal Professor column.
HSBC and Citigroup Suspend Currency Traders The suspensions by the two banks on Friday came amid questions about whether the traders colluded to fix benchmark currency rates.
In Praise of Depth
Life@Work: In Praise of Depth What we chase through our digital devices is instant connection and information. What we get is no more nutritious or enduringly satisfying than a sugary dessert. We need instead more wisdom, insight and understanding, writes Tony Schwartz.
Time for More Competitiveness at Citigroup
Reuters Breakingviews: Time for More Competitiveness at Citigroup The bank wasn't alone in its struggles at the end of 2013. But its rivals managed to keep on the right side of Wall Street guesstimates.
Citigroup Report Urges Deal-Making, Activist Thinking
Citigroup Report Urges Deal-Making, Activist ThinkingMany companies are enjoying record high valuations not because of strong results but because of investor optimism, Citigroup says in a new report. It has suggestions for bolstering earnings so that valuations are based not on wishful thinking but on the bottom line.
Shire to Take Loss on Dermagraft Sale The Irish biopharmaceutical company has sold its skin substitute Dermagraft to Organogenesis and will record a $650 million loss on the sale.
British Regulator Steps Up Review of R.B.S. Loans
British Regulator Steps Up Review of R.B.S. Loans The Financial Conduct Authority has hired Promontory Financial and an accounting firm to assist in its review of the Royal Bank of Scotland's lending practices.
THURSDAY
Judge Disallows Plan by  Detroit to Pay Off Banks
Judge Disallows Plan by Detroit to Pay Off Banks In a decision that surprised many, a bankruptcy judge said it was "reasonably likely" that Detroit could free itself of costly swap contracts if it sued the two banks holding them.
Banks Keep Their Mortgage Litigation Reserves a Secret
News Analysis: Banks Keep Their Mortgage Litigation Reserves a Secret Some investors are upset that banks will not divulge the amount of money set aside, but some banks say they don't want regulators to know the number lest the authorities increase settlement totals.
Goldman Sachs Keeps a Lid on Pay
Goldman Sachs Keeps a Lid on Pay The value of the bank's compensation and benefits for 2013 is the lowest it has been since 2009, measured as a proportion of net revenue, according to results released on Thursday.
For Goldman in Europe, a 3rd Way to Get Paid
For Goldman in Europe, a 3rd Way to Get Paid To skirt caps placed on bonuses in Europe, the company will pay some employees a salary, a bonus and what it calls "role-based pay."
Citigroup's Earnings Jump 21%, but Still Disappoint Analysts
Citigroup's Earnings Jump 21%, but Still Disappoint Analysts Despite a leap in earnings, analysts instead focused on mixed results in the bank's trading business and a slender 1 percent rise in overall revenue.
Earnings Soar Beyond Forecast at BlackRock
Earnings Soar Beyond Forecast at BlackRock The money manager reported that fourth-quarter profit rose to $841 million, from $690 million in the same period a year ago, helped by the popularity of its exchange-traded funds.
WEDNESDAY
After Crisis, Iceland Holds a Tight Grip on Its BanksIceland is a living experiment in what can happen when a country forces its financial firms to go under, rather than bailing them out.
Bank of America's Profit Exceeds Estimates
Bank of America's Profit Exceeds Estimates Bank of America's gains were driven by decreasing expenses in its mortgage business - a further sign that the bank has dug out from the worst of its housing problems.
Ex-SAC Trader's Drug Data a Surprise, Doctor Testifies
Ex-SAC Trader's Drug Data a Surprise, Doctor TestifiesOn the witness stand for a second day on Wednesday, Dr. Joel S. Ross told the jury that a former SAC Capital Advisors hedge fund manager, Mathew Martoma, knew the specific results of a clinical drug trial before they were publicly known.
TUESDAY
As Refinancing Wanes, Banks Are Wary of New Loans
As Refinancing Wanes, Banks Are Wary of New LoansMany potential borrowers are shut out of the mortgage market, despite evidence in earnings reports that banks are strong enough to provide them with credit.
Testifying in SAC Case, Doctor Admits Sharing Data
Testifying in SAC Case, Doctor Admits Sharing Data Dr. Joel S. Ross said he shared confidential information with Mathew Martoma on more than one occasion.
Michel Barnier, the top European Commission official overseeing the trading of derivatives.
Europe Reaches Agreement on Trading of DerivativesThe regulations will limit attempts by speculators to corner the market in raw materials like corn or grain.
Zions Bancorporation had said it would take a $387 million charge to rid itself of a security.
Regulators Ease Volcker Rule Provision on Smaller Banks The revision will permit most United States banks to continue to hold a special type of collateralized debt obligation that contains trust-preferred securities.
Nader, an Adversary of Capitalism, Now Fights as an Investor
Deal Professor: Nader, an Adversary of Capitalism, Now Fights as an Investor The consumer advocate Ralph Nader has taken on a new fight: shareholder rights, which he sees as a natural extension of his work, writes Steven M. Davidoff.
MONDAY
Michael Bromwich monitors Apple's compliance with antitrust laws.
Secretive Apple Squirms in Gaze of U.S. Monitor An inspector appointed by a federal judge to make sure that Apple complies with antitrust laws has drawn strong objections from the company, which says he is intruding on operations.
At Alibaba's headquarters, screens show live data on China's biggest shopping day, Nov. 11.
DealBook Column: The Man Behind Alibaba's Eventual I.P.O. Joe Tsai holds the keys to what will most likely be the largest initial public offering of this generation - Alibaba, the Chinese e-commerce giant, writes Andrew Ross Sorkin.
A bottling line of Jim Beam Maple bourbon in Clermont, Ky. The deal was for $13.6 billion, a rich premium.
Japan's Suntory Buys Jim Beam for $13.6 Billion The move means such longtime American brands as Jim Beam and Maker's Mark bourbons will be owned by a Japanese giant.
John Malone of Liberty Media is backing Charter's offer.
Big Offer for Time Warner Cable Unsettles the Cable Industry Charter Communications offered $37.8 billion for Time Warner Cable, the nation's No. 2 cable operator.
Sharon Bowles, a British lawmaker, and Prime Minister Jean-Claude Juncker of Luxembourg in Brussels.
Europeans Struggle to Set Derivatives Rules The E.U. plans a last-ditch effort to reach agreement on one of the biggest issues highlighted by the financial crisis: how to rein in trading of derivatives and other complex instruments.
Réal Desrochers of the California Public Employees' Retirement System wants better returns.
Stung by Scandal, Giant Pension Fund Tries to Make It Right Réal Desrochers, head of private equity investments at the California Public Employees' Retirement System, hopes to improve the fund's performance, and reputation.
LOOKING AHEAD
Holiday on Monday In observance of Martin Luther King Jr., DealBook's email newsletters will be off on Monday. The DealBook web site will be updated throughout the day.
For the latest updates, go to dealbook.nytimes.com »