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Mar 13, 2014

Bloomberg | The Market Now March 13, 2014: China's Banks Earn $126 Billion, Lose $70 Billion in Value | Putinomics: Get a Russian Speeding Ticket, Get Deported

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THE MARKET NOW
The news that drives the U.S. and global markets.
March 13, 2014For more, visit Bloomberg.com/markets >>
Putin Deports Executives for Speeding as Sanctions LoomAlmost 1,000 people from countries outside the former Soviet Union have had their work visas revoked for committing two or more "administrative violations" since the end of last year, when the migration service and traffic police linked their databases, according to immigration authorities. Such offenses can be as minor as a parking ticket, smoking in prohibited areas or even jaywalking. Read the full story000putin-military
Google Unmasks Patent AccuserGoogle Inc. wanted to find out who was behind a company called Suffolk Technologies LLC that accused the world's largest search engine's owner of using its Internet-search technology without permission.  Turns out, the tangled ownership history included big names: Goldman Sachs Group Inc. and BT Group Plc's British Telecom. Read the full story00google-carpet
GE Files IPO for North America Finance UnitGeneral Electric Co. (GE) filed for an initial public offering of its North American consumer lending unit as part of Chief Executive Officer Jeffrey Immelt's effort to reduce credit risks and focus on industrial businesses. Read the full storyge-immelt
China's Big Four Banks See $70 Billion Vanish From StocksThe world's most-profitable banks have never been so unloved by stock investors. China's four-biggest lenders, which reported $126 billion of earnings in the 12 months through September, sank to the lowest valuations on record in Hong Kong trading yesterday.  Read the full storychina-banks
Read more news at Bloomberg.com >>
In Ukraine, a Chance for the IMF to Play the Good Guy
by Mark Gimein 
New Ukrainian prime minister Arseniy Yatsenyuk travelled to Washington to meet with President Barack Obama and International Monetary Fund head Christine Lagarde, seeking to secure much-needed aid. It's significant that Lagarde should be one of the first international leaders to meet with Yatsenyuk, because the IMF and its demands were main targets of the old Ukrainian leadership.
What's going on now, obviously, is an opportunity for Ukraine to put relations on a new and better footing. Less obviously, it's an opportunity for the IMF to reboot how it's perceived around the world.
Having been ruled for generations as, first, a Russian province and then a client state, Ukraine's economic problems are too numerous to list. One of the chief ones, though, is a subsidy for natural gas that eats up 7.5 percent of Ukrainian GDP -- a number that Planet Money points out would cover all defense and all other discretionary government spending in the U.S. The IMF has made aid contingent on Ukraine cutting those subsidies.
Some of the losers in those cuts would be Ukrainian oligarchs and nomenklatura, who've been some of the main beneficiaries of the subsidies. As it stands now, Ukraine's national gas company buys gas from Russia, then sells much of it to utilities, which resell it for more. A good business to be in. There seem to be plenty of other opportunities for profit in Ukrainian gas, some of which Bloomberg View's Leonid Bershidsky nicely describes in his article about Ukrainian billionaires Dmitry Firtash and Serhiy Kurchenko.
Ukraine is a poor country, and using connections to wring money out of the Russian-Ukraine natural gas trade is one of the chief means of getting rich. (It's a business former prime minister Yulia Timoshenko was involved in, too.) So the IMF has something right here. But if far from all the government subsidies for gas flow to ordinary Ukrainians, some do. 
IMF economists think that cutting the subsidies won't affect average citizens too badly. Others are less optimistic. This paper estimates the cost to urban Ukrainians at more than 10 percent of their income, and 13 percent for the poorest. The IMF proposes that other social support payments could be increased to cover some of the shortfall.
It's easy for economists to say that subsidies can just be moved around. It doesn't always happen in practice. So the problem for the IMF now is to maintain the goodwill that it has gained in the last months. The Yanukovych regime tried to paint the IMF as a tool of Western interests that would impose harsh austerity measures. That failed, because life as a Russian client left the Ukrainian economy such a wreck that blaming international agencies wasn't going to cut it.
Retaining that goodwill is not automatic, especially if Ukrainians find themselves caught between IMF demands and Russian threats. If the IMF can follow through on a plan that would cut out the corrupt beneficiaries of gas subsidies while giving ordinary Ukrainians something tangible in return, then it stands to gain status on the world stage. With Europe implicitly promising to foot the bill, this is a good chance for the IMF to show its kinder side.
Read 
Ukraine Promises Overhaul to Win IMF Aid.  Read Putin's Ukraine Ambitions Unimpeded by Sanctions. Follow  @markgimein on Twitter.
Bloomberg Businessweek For Russian Hackers, a Ridiculously Easy Target
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Zuckerberg Phones Obama to Discuss NSA Surveillance
Bloomberg Television's "Bloomberg West" Host Emily Chang updates the latest top tech news stories. Watch the video>>
THE MARKET NOW is brought to you from the desk of:
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Mark Gimein
Companies and Markets Editor, Bloomberg.com
Twitter: @markgimein

NYT | Asian Morning Today's Headlines March 14, 2014: Russia Massing Military Forces Near Border With Ukraine.

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Friday, March 14, 2014


Top News
An image taken from Russian television showing Russian paratroopers during a night drill near the southern border with Ukraine.
Russia Massing Military Forces Near Border With Ukraine

By STEVEN LEE MYERS and ALISON SMALE

Russia acknowledged significant operations in several regions abutting Ukraine, even as Chancellor Angela Merkel of Germany assailed the Kremlin's actions.
. Kerry Plans 11th-Hour Meeting With Russians Over Crimea
Lviv, only an hour's drive east of the Polish border, has learned to adjust to changing rule, from the Austro-Hungarian Empire to the Nazis to the Soviets.
In Ukraine, Many See Polish Economy as a Blueprint

By DANNY HAKIM

Ukrainian business executives say Western aid may prove a Band-Aid unless Kiev faces its structural challenges and sheds its communist past, like Poland did decades ago.
. Ukrainian Billionaire Arrested in Austria
Ukrainian billionaire Dmitry V. Firtash in Kiev in 2010.
Ukrainian Billionaire Arrested in Austria

By DAVID M. HERSZENHORN

Dmitry V. Firtash, an ally of the ousted leader Viktor F. Yanukovich, is suspected of bribery. American law enforcement officials had been tracking him.
. In Ukraine, Many See Polish Economy as a Blueprint
For more top news, go to INYT.com
Editors' Picks

T MAGAZINE

Video VIDEO: Fashion Month Fast-Forward
Scenes from New York, London, Milan and Paris.
Alaa al Aswany

OPINION | OP-ED | ALAA AL ASWANY

Egypt's Jokers Won't Be Gagged

By ALAA AL ASWANY

The people have long known that their strongest weapon is satire.
World
Muslims prayed for passengers of the missing Malaysia Airlines Flight 370 plane on Thursday at the departure hall of the Kuala Lumpur International Airport.
Search for Missing Jet Shifts to Indian Ocean Amid Confusion Over Radar

By THOMAS FULLER

Experts were poring over military radar data that seemed to indicate that the missing Malaysian flight had turned west and stayed aloft long after its last contact with ground controllers.
Malaysia's defense minister, Hishammuddin Hussein, faced many questions at a news conference Wednesday.
Amid Search for Plane, Malaysian Leaders Face Rare Scrutiny

By THOMAS FULLER

Worldwide bafflement at the disappearance of an airplane has challenged Malaysia's paternalistic political culture and exposed its elite to withering judgments.
Theories Grow Without Facts on Lost Flight

By ERIK ECKHOLM

On news programs and in chat rooms, aviation experts and the less informed tried to explain how a modern jet like Malaysia Airlines Flight 370 could disappear without a trace.
For more world news, go to NYTimes.com/World
Business
Dean Lemke is concerned that rules the E.P.A. is set to issue may require him to begin getting permits for certain types of work.
E.P.A.'s Proposed Rules on Water Worry Farmers

By RON NIXON

The Environmental Protection Agency says the rules help clarify which bodies of water are covered by the Clean Water Act, while opponents say it's just an agency power grab.

SPECIAL SECTION

The Gray Jobs Enigma

By STEVEN GREENHOUSE

Though the number of people working while retired has risen in 20 years, more people give up on the idea, largely because of the difficulty in finding a suitable job.
Markets Slide on Global Tensions

By THE ASSOCIATED PRESS

Wall Street indexes dropped sharply amid investor concern over the standoff in Ukraine.
For more business news, go to INYT.com/Business
Technology
A plane from Singapore's air force flew over an oil slick as it searched for a missing Malaysia Airlines flight.

BITS BLOG

Flight 370 and the Terror of Being Off the Grid

By FARHAD MANJOO

The disappearance of Malaysia Airlines Flight 370 suggests that even in our hyperconnected age, people can still vanish from the earth, apparently without a trace.
For the first time since it was introduced in 2005, the price of Prime is going up, Amazon said.
Amazon Raises Prime Membership Fee

By DAVID STREITFELD

The online retailer will charge $99 for the annual membership, up from the $79 it has charged since introducing the program nine years ago.
Jim Dolce has founded four companies, among them Verivue, a content delivery company, which sold to Akamai Technologies in 2012.

BITS BLOG

Mobile Security Specialist Lookout to Announce New Chief Executive

By NICOLE PERLROTH

Lookout, the mobile security app creator, is bringing on Jim Dolce as its new chief executive, as it grows from consumer start-up to full-fledged security firm.
For more technology news, go to NYTimes.com/Tech
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Sports
Sterling Gibbs of Seton Hall, who had 10 points, used a step-back move to free himself for the winning shot.
Seton Hall Upsets No. 3 Villanova With Shot at Buzzer

By ZACH SCHONBRUN

Sterling Gibbs's long 2-pointer on Thursday afternoon provided the revamped Big East men's basketball tournament with its first memorable moment.
. Providence's Inexhaustible Point Guard Almost Never Leaves the Court
. Creighton's Ethan Wragge Follows Through on Mother's Lessons
The Big East's Garden Party

By LYNN ZINSER

The league's men's basketball tournament was first held in Madison Square Garden in 1983, and there it has stayed, even as the conference itself has been transformed.
. The New Big East: In Spartan Offices, an Ornate Vision
Bryce Cotton, a senior, has been leading Providence to its best season in a decade.
Providence's Inexhaustible Point Guard Almost Never Leaves the Court

By MATT GILES

Bryce Cotton is the only player in the nation who averages more than 40 minutes per game, and he has averaged 41.9 minutes in Big East competition.
For more sports news, go to INYT.com/Sports
U.S. News
At Least 2 Dead After Car Crashes Into Crowd at South by Southwest Festival

By DAVID MONTGOMERY, TIMOTHY WILLIAMS and JENNA WORTHAM

A driver trying to evade arrest early Thursday barreled into vehicles and pedestrians at the festival in Austin, Tex., then tried to escape running before being subdued, the police said.
Colorado Court Says Some Marijuana Convictions Could Be Challenged

By THE ASSOCIATED PRESS

The Colorado Court of Appeals said defendants whose cases were under appeal when Amendment 64 took effect were eligible to have their convictions reversed.
Joel Brinkley, Times Journalist, Dies at 61

By WILLIAM YARDLEY

Mr. Brinkley, a Pulitzer Prize-winning reporter who spent much his career at The New York Times, was remembered for his meticulous reporting and sense of humor.
For more U.S. news, go to NYTimes.com/US
Opinion

OP-ED CONTRIBUTOR

Hong Kong's Shaky Democratic Future

By MARTIN LEE

Beijing and its local allies are undermining the framework that protects our rights.

TODAY'S EDITORIALS

Extra Pay for Extra Work

By THE EDITORIAL BOARD

President Obama's call for new overtime rules could mean a raise for millions of workers.
. China Moves on Banking Reforms
. High Mortality From Alzheimer's Disease
. Welcomed Aboard, as Someone Else
Charles M. Blow

OP-ED COLUMNIST

Bossy Pants?

By CHARLES M. BLOW

Too many children are born to single mothers, but instead of addressing the issue from a policy perspective some harp on pop culture and blame Beyoncé.
. Columnist Page
For more opinion, go to INYT.com/Opinion

From The Desk of Fernando Guzmán Cavero: MediaOnline.net is violating my Blog's Rights ...???

I found using bing, a result that surprised me too much and I hereby denounce publicly a premeditated misused of my blog's name by:  mediaonline.net, placing his logo,above fold  with the intention to hurt my ascending trend in my blog statistics and promoting his visibility using tools beyond my knowledge in certain search engines. In this case Bing.

Google Has The Last Word

Thanks for your consideration

Fernando Guzmán Cavero