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Mar 25, 2014

Perú Seeks to Shape rural "middle class": Al Jazeera English - March 25, 2014.

Peru seeks to shape rural 'middle class'

AL Jazeera English - March 25, 2014: Egypt Trial.

News Bulletin - 20:30 GMT update

Published on Mar 25, 2014
The main headlines on Al Jazeera English, featuring the latest news and reports from around the world.

SEC | Appointments - March 25, 2014: SEC Names Jeffrey Boujoukos as Associate Regional Director in Philadelphia Office

SEC Seal

03/25/2014 01:36 PM EDT

The Securities and Exchange Commission today announced that G. Jeffrey Boujoukos has been named the associate regional director for enforcement in the Philadelphia office.

As the regional trial counsel since joining the SEC in 2009, Mr. Boujoukos has supervised the Philadelphia office’s trial unit.  He has litigated matters involving insider trading, Ponzi schemes, investment adviser fraud, and other securities laws violations.  Among the successful cases he prosecuted was a three-week trial last fall against a financial services company, subsidiary, and CEO accused of committing an offering fraud in the sale of millions of dollars of promissory notes and stock.  The jury returned a verdict finding them liable on all counts.

In his new role, Mr. Boujoukos will oversee the Philadelphia office’s enforcement efforts covering the Mid-Atlantic region.

“Jeff is a thoughtful lawyer and manager who can be counted on for sound advice,” said Andrew J. Ceresney, director of the SEC’s Division of Enforcement.  “I am pleased that the enforcement program in Philadelphia will continue to benefit from his skills and experience.”

Sharon B. Binger, director of the Philadelphia Regional Office, added, “Jeff is the perfect person to guide our hardworking lawyers, and I am thrilled that he will bring his excellent judgment and intellect to this important role.”

Mr. Boujoukos said, “It has been a privilege to work with the talented attorneys and staff in the Philadelphia office.  I look forward to continuing to collaborate with staff to build on the office’s strong track record of protecting investors and enforcing the federal securities laws.”

Prior to joining the SEC staff, Mr. Boujoukos was an associate and later a partner in the litigation department of Morgan, Lewis & Bockius in Philadelphia.  He graduated from Lehigh University in 1989, and graduated with honors from Temple University School of Law in 1992.

U.S. and Canadian Antitrust Agencies Issue Best Practices for Coordinating Merger Reviews: FT | Press Release - March 25, 2014

Builds Upon 1995 Cooperation Agreement Between the Two Countries

The Federal Trade Commission, the Department of Justice, and the Competition Bureau Canada today issued a set of “best practices” to make more transparent how they coordinate merger reviews that affect the United States and Canada.
FTC Chairwoman Edith Ramirez, Assistant Attorney General for the Department of Justice’s Antitrust Division Bill Baer, and Canadian Commissioner of Competition John Pecman praised the long record of successful cooperation between the two jurisdictions, and noted that cross-border coordination and cooperation in merger matters have steadily increased over the last decades.
The best practices set forth how effective day-to-day cooperation works between the two U.S. agencies and the Competition Bureau, including how the agencies communicate with each other, benefit from the similarity of their respective merger review timetables, cooperate in the analysis of evidence, use waivers of confidentiality provided by the parties, and address remedies and settlements. The best practices also seek to promote cooperation and coordination between the U.S. and Canadian agencies in order to enhance the likelihood of consistent outcomes when the same merger is reviewed in both countries.  In addition, the best practices acknowledge the contribution that merging parties can make in facilitating cooperation, and provide guidance to firms about how to work with the agencies to coordinate and facilitate the reviews of their proposed transactions.
heads of issuing agencies/bureaus
From left: Assistant Attorney General Bill Baer (Department of Justice Antitrust Division), Chairwoman Edith Ramirez (Federal Trade Commission), and Commissioner John Pecman (Competition Bureau of Canada).
“We have developed a very close working relationship with our Canadian colleagues based on our shared approach to the implementation of our competition laws and policies,” said FTC Chairwoman Ramirez.  “These best practices exemplify our commitment to cooperation and convergence, benefiting our agencies, merging parties, and ultimately consumers.”
“The strong relationship between the U.S. and Canadian competition agencies has allowed us to cooperate closely and effectively on many merger investigations,” said Assistant Attorney General Baer.  “The best practices we are issuing today are a testimony to our agencies’ long-standing and productive working relationship and the importance all of our agencies place on transparency.&rdquo
The best practices, which do not modify existing law, build upon the framework of the 1995 antitrust cooperation agreement between the United States and Canada and the experience gained under that framework.
As more U.S. companies and consumers do business overseas, more FTC work involves international cooperation. The Office of International Affairs serves both as an internal resource to Commission staff on international aspects of their work and as an official representative to numerous international organizations. In addition, the FTC cooperates with foreign authorities through formal and informal agreements. The FTC works with more than 100 foreign competition and consumer protection authorities around the world to promote sound policy approaches. For questions about the Office of International Affairs, send an e-mail to Like the FTC on Facebook, follow us on Twitter, and subscribe to press releases and the FTC International Monthly for the latest FTC news and resources.

Contact Information

Peter Kaplan
FTC Office of Public Affairs

United States International Trade Commission News Releases Update - March 25, 2014.

March 25, 2014
News Release 14-026
Inv. Nos. 731-TA-1140-1142 (Review)
Contact: Peg O'Laughlin, 202-205-1819


The U.S. International Trade Commission (USITC) today determined that revoking the existing antidumping duty orders on uncovered innerspring units from China, South Africa, and Vietnam would be likely to lead to continuation or recurrence of material injury within a reasonably foreseeable time.
As a result of the Commission's affirmative determinations, the existing orders on imports of this product from China, South Africa, and Vietnam will remain in place.
Chairman Irving A. Williamson and Commissioners Dean A. Pinkert, David S. Johanson, Meredith M. Broadbent, and F. Scott Kieff voted in the affirmative. Commissioner Shara L. Aranoff did not participate in these reviews.
Today's action comes under the five-year (sunset) review process required by the Uruguay Round Agreements Act. See the attached page for background on these five-year (sunset) reviews.
The Commission's public report Uncovered Innerspring Units from China, South Africa, and Vietnam (Inv. Nos. 731-TA-1140-1142 (Review), USITC Publication 4459, April 2014) will contain the views of the Commission and information developed during the reviews.
Copies may be requested after April 24, 2014, by emailing, calling 202-205-2000, or writing to the Office of the Secretary, U.S. International Trade Commission, 500 E Street SW, Washington, DC 20436. Requests may be made by fax at 202-205-2104.

The Uruguay Round Agreements Act requires the Department of Commerce to revoke an antidumping or countervailing duty order, or terminate a suspension agreement, after five years unless the Department of Commerce and the USITC determine that revoking the order or terminating the suspension agreement would be likely to lead to continuation or recurrence of dumping or subsidies (Commerce) and of material injury (USITC) within a reasonably foreseeable time.
The Commission's institution notice in five-year reviews requests that interested parties file responses with the Commission concerning the likely effects of revoking the order under review as well as other information. Generally within 95 days from institution, the Commission will determine whether the responses it has received reflect an adequate or inadequate level of interest in a full review. If responses to the USITC's notice of institution are adequate, or if other circumstances warrant a full review, the Commission conducts a full review, which includes a public hearing and issuance of questionnaires.
The Commission generally does not hold a hearing or conduct further investigative activities in expedited reviews. Commissioners base their injury determination in expedited reviews on the facts available, including the Commission's prior injury and review determinations, responses received to its notice of institution, data collected by staff in connection with the review, and information provided by the Department of Commerce.
The five-year (sunset) reviews concerning Uncovered Innerspring Units from China, South Africa, and Vietnam were instituted on November 1, 2013.
On February 4, 2014, the Commission voted to conduct expedited reviews. Chairman Irving A. Williamson and Commissioners Dean A. Pinkert, David S. Johanson, Meredith M. Broadbent, and F. Scott Kieff concluded that the domestic group response for these reviews was adequate and the respondent group responses were inadequate and voted for expedited reviews. Commissioner Shara L. Aranoff did not participate in the adequacy determinations.
A record of the Commission's vote to conduct expedited reviews is available from the Office of the Secretary, U.S. International Trade Commission, 500 E Street SW, Washington, DC 20436. Requests may be made by telephone by calling 202-205-1802.

FRB | Press Release - March 25, 2014: Federal Reserve announces results of offering of seven-day term desposits on March 24.

Press Release

Release Date: March 25, 2014

For release at 12:00 p.m. ET

On March 24, 2014, the Federal Reserve conducted a floating-rate offering of term deposits through its Term Deposit Facility. The operation offered seven-day term deposits with the rate set equal to the sum of the interest rate paid on excess reserves plus a fixed spread of 1 basis point.
Following are the results of the operation:

TDF Operation ID:F38
Total Amount Awarded:$14,251,000,000
Number of Participants:27

The awarded deposits will settle on March 27, 2014, and will mature on April 3, 2014. The operation effective rate will apply to all awarded deposits.
For media inquiries, call 202-452-2955.

Last update: March 25, 2014

Bloomberg | Share The View 2 - March 25, 2014: Make Voters Vote.

A quick look at Bloomberg News's opinion section
March 25, 2014For more, visit»
VOTING: "When this November we elect the people to lead our country, maybe 40 percent or even fewer will go to vote." Thomas Geoghegan: Here's one way to get people to vote: "a personal, guilt-inducing letter of invitation to everyone to vote, mailed by every secretary of state to every citizen, registered or not, for whom there is a driver's license or state identification of any kind." Read more 

RUSSIA:  "A professor who likened the annexation of the Ukrainian peninsula to Adolf Hitler's 1938 Anschluss of Austria has been fired from one of Moscow's most prestigious universities," Leonid Bershidsky writes. "He is unlikely to be the last casualty of the Kremlin's new anti-Western, proudly intolerant policy." Read more
INVESTING: "Greenlight Capital hedge-fund manager David Einhorn last month filed suit against the Seeking Alpha website, demanding to learn the identity of an unidentified blogger who had revealed that Greenlight was acquiring shares of Micron Technology Inc." Barry Ritholtz: "It raises the interesting question of who publishes anonymous stories, and for what reason?" Read more 

LEGAL AFFAIRS: "Quiz question: What is the most important free speech ruling in the history of the U.S. Supreme Court?" Cass R. Sunstein: "The best answer may well be New York Times v. Sullivan, decided 50 years ago this month." Read more  


• Jason Linkins joins the discussion about the Sunday shows: Read more 
•  Another great Ezra Klein interview, this one with Charles Kenny:Read more 
• David S. Bernstein with a nice diatribe about how a non-story became a story: Read more 

• Meet one of the world's loneliest bond traders: Read more 
• Ever heard of Box Inc. before?: Read more 
• South Florida real estate is going bonkers again: Read more 

• David Einhorn gets satisfaction: Read more 
• Madoff's helpers get convicted: Read more 
• The Fed is worried about mortgage putbacks: Read more 

• G7 leaves G8: Read more 
• Russia wants to drop U.S. software and hardware: Read more 
• Lufthansa chief warns of Gulf threat: Read more 

• How did the press do on MH370?: Read more 
• Alibaba is more symbol than trailblazer: Read more 
• Crimean analogies are flying: Read more

Barry Ritholtz 
• Did Hyman Minsky Find the Secret Behind Financial Crashes?(BBC)
• Profit Margins: The Epicenter of the Valuation Debate(Philosophical Economics)
• Economic Surprise Indices Offer No Value (MV Pro) 

DeakBook P.M. Edition - March 25, 2014: I.R.S. Says Bitcoin Should Be Considered Property, Not Currency .

For the latest updates, go to »
A Bitcoin ATM at a coffee house in Vancouver, British Columbia.
I.R.S. Says Bitcoin Should Be Considered Property, Not Currency Adding clarity to the regulatory landscape, the agency said it would consider Bitcoin property for tax purposes, since it "does not have legal tender status in any jurisdiction."
For the latest updates, go to »
Michael J. Cavanagh, left, co-head of JPMorgan Chase's investment bank, at a Senate panel in 2013.
JPMorgan Co-Head of Investment Banking to Join Carlyle Michael J. Cavanagh, whose rise through the ranks had marked him as a potential successor to Jamie Dimon, is the latest high-level departure from JPMorgan Chase.
David M. Rubenstein, a founder of the private equity giant Carlyle Group.
At Carlyle, an Outsider Is Now a Potential Heir As co-presidents of the private equity giant, Michael J. Cavanagh and Glenn A. Youngkin are now in the catbird seat at a firm whose three founders are well into their 60s.
Candy Crush Saga games were developed by  King Digital Entertainment.
European Tech Start-Ups Pin Hopes on Candy Crush Maker European technology entrepreneurs and investors say a successful I.P.O. by King Digital would validate Europe's reputation as a global center for start-ups and innovation.
Rajat Gupta, a former Goldman Sachs board member, leaving federal court in Manhattan after his sentencing in 2012.
Court Rejects Rajat Gupta's Appeal In a unanimous ruling, a federal appeals court rejected the former McKinsey chief's bid for a new trial, upholding a 2012 conviction that was a milestone in the government's sweeping investigation into insider trading on Wall Street.
Martin Lipton, founding partner of Wachtell, Lipton, Rosen & Katz, has criticized the tactics of shareholder activists.
Reuters Breakingviews: Activists Crash Deal Makers' Party This year's Tulane Corporate Law Institute conference for merger lawyers and bankers will likely again see aggressive shareholder activist concerns brought to the forefront, writes Reynolds Holding of Reuters Breakingviews.
A branch of Lloyds Bank in London.
British Government to Sell a Big Stake in Lloyds Banking In a sign that Britain's financial sector is strengthening, the sale of shares will reduce the government's stake in Lloyds to about 25 percent from about 32.7 percent.
Jeff Weiner, of LinkedIn, was the highest ranking chief executive in a Glassdoor survey of employees of big companies.
A Ranking of Top Executives by Their Employees The chief executives of LinkedIn and Ford were among the top scorers in Glassdoor's ranking of the leaders at 51 big companies. Yahoo and General Electric anchored the bottom.
Sidley Austin Hires Senior Lawyer From General ElectricChristopher M. Barbuto, one of General Electric's senior mergers and acquisitions lawyers who helped engineer some of the company's largest transactions, has joined the law firm Sidley Austin.
Boris Collardi, chief of Julius Baer.
Julius Baer Takes Majority Stake in Brazilian Wealth Manager The Swiss private bank Julius Baer now owns 80 percent of GPS Investimentos Financeiros e Participações, Brazil's largest wealth management company, which has about $6.5 billion in assets under management.
LiveSafe is a start-up aimed at bolstering school safety.
LiveSafe, a Safety App, Raises $6.5 Million From IAC and Others; Diller Joins Board The company plans to announce on Tuesday that it has raised $6.5 million in financing in a round led by the Internet conglomerate IAC.
Synsam Nordic is an optical retailer in the Nordic region.
CVC Capital Acquires Nordic Eyewear Retailer CVC Capital Partners says it has acquired Synsam Nordic from an investment group controlled by the family behind the Swedish furniture retailer Ikea. Terms of the deal were not disclosed.
Stephen Hester, chief of the British insurer RSA.
British Insurer RSA Aims to Raise $1.27 Billion in Rights Issue RSA expects to issue 1.38 billion shares at 56 pence a share, giving shareholders the right to buy three shares for every eight they own. The insurer is looking to bolster its balance sheet after problems in its Irish business.
The Bord Gais Energy unit is the largest supplier of gas and electricity in Ireland.
Centrica and 2 Investment Firms to Buy Irish Energy Assets The British energy company Centrica and two investment partners have agreed to buy the natural gas and electricity supply business and other assets of Bord Gais Eireann, the Irish state-owned energy supplier, for about $1.5 billion.
Microsoft Set to Offer Version of Office for iPad The long wait for an iPad version of Office, Microsoft's suite of software programs, is nearing an end. On Thursday, Microsoft is expected to formally unveil the product in San Francisco, testing whether its successful software franchise can thrive in the mobile age. It will be the first major introduction of a product by Satya Nadella, above, since he took over as the chief of Microsoft.
For the latest updates, go to »

WSJ | Biggest Decliners Closing March 25, 2014.

Biggest Decliners Closing
Biggest Decliners
4:31 pm ET 03/25/2014
Amber Road (AMBR)487,876$15.50-1.25-7.46
China Ming Yang Wind Power Group ADS (MY)1,867,8163.06-0.23-6.99
Lions Gate Entertainment (LGF)6,266,01926.78-1.88-6.56
Lee Enterprises (LEE)402,6724.70-0.32-6.37
Tenneco (TEN)2,565,34255.24-3.76-6.37
PennyMac Financial Services Cl A (PFSI)127,65917.21-1.15-6.26
Aeropostale (ARO)5,735,3895.21-0.34-6.13
First Marblehead (FMD)52,6996.90-0.42-5.74
Tableau Software (DATA)3,433,79674.88-4.54-5.72
WageWorks (WAGE)345,58856.85-3.36-5.58
Haemonetics (HAE)2,322,95431.84-1.77-5.27
Media General (MEG)447,54517.67-0.98-5.25
Castlight Health Cl B (CSLT)1,086,68625.90-1.43-5.23
Demandware (DWRE)701,93364.71-3.43-5.03
Carnival (CCL)12,637,66038.02-1.98-4.95
Arlington Asset Investment Cl A (AI)4,329,81726.99-1.39-4.90
Carnival ADS (CUK)456,01838.63-1.91-4.71
Christopher&Banks (CBK)421,0156.38-0.31-4.63
Standard Register (SR)18,7958.06-0.39-4.62
Envestnet (ENV)562,72541.08-1.92-4.47
Navistar International (NAV)2,194,88831.79-1.47-4.42
AAR Corp. (AIR)805,59027.52-1.20-4.18
Pep Boys-Manny Moe&Jack (PBY)286,93312.69-0.55-4.15
Universal Insurance Holdings (UVE)1,647,87013.73-0.59-4.12
FXCM (FXCM)806,09615.31-0.64-4.01
Microvision (MVIS)6,091,723$2.03-0.35-14.88
Cache (CACH)715,7353.33-0.51-13.28
Sky-mobi ADS (MOBI)1,775,0519.54-1.46-13.27
Himax Technologies ADS (HIMX)24,668,39611.86-1.52-11.36
China Recycling Energy (CREG)1,139,7254.51-0.52-10.34
VisionChina Media ADS (VISN)81,42218.60-1.77-8.69
Revance Therapeutics (RVNC)208,64030.87-2.83-8.40
Foundation Medicine (FMI)994,88933.46-2.94-8.08
Rubicon Technology (RBCN)983,70411.82-0.95-7.44
Globus Maritime (GLBS)12,6784.11-0.33-7.43
Ecology&Environment (EEI)7,6489.49-0.76-7.41
MakeMyTrip (MMYT)209,15623.93-1.85-7.18
Charles&Colvard (CTHR)169,7963.96-0.30-7.04
Flexion Therapeutics (FLXN)87,61916.73-1.23-6.85
First Cash Financial Services (FCFS)345,29649.47-3.56-6.71
OncoMed Pharmaceuticals (OMED)298,67831.03-2.22-6.68
NCI (NCIT)166,94610.34-0.73-6.59
Enzymotec (ENZY)302,23322.92-1.58-6.45
Veracyte (VCYT)91,75116.41-1.13-6.44
Speed Commerce (SPDC)790,6523.53-0.23-6.12
Idenix Pharmaceuticals (IDIX)1,850,0716.30-0.40-5.97
China Finance Online ADS (JRJC)310,3854.75-0.30-5.94
Cornerstone OnDemand (CSOD)1,359,62548.09-3.03-5.93
RRSat Global Communications Network (RRST)12,6638.61-0.54-5.90
Radisys (RSYS)384,5143.47-0.21-5.71
Direxion Daily Russia Bear 3x Shares (RUSS)237,556$18.75-1.73-8.45
VelocityShares 3x Inverse Natural Gas ETN linked to the S&P GSCI Natural Gas Index Excess Return (DGAZ)15,541,2163.60-0.33-8.40
Direxion Daily Junior Gold Miners Index Bear 3X Shares (JDST)402,88123.09-1.66-6.71
ProShares UltraShort DJ-UBS Natural Gas (KOLD)104,30043.34-2.58-5.62
Direxion Daily FTSE Europe Bear 3x Shares (EURZ)4,07538.52-1.58-3.94
Direxion Daily Brazil Bear 3X Shares (BRZS)11,99352.22-2.02-3.72
Direxion Daily Emerging Markets Bear 3x Shares (EDZ)1,455,43743.27-1.66-3.69
Direxion Daily Developed Markets Bear 3x Shares (DPK)4,58033.54-1.06-3.06
ProShares Ultra VIX Short-Term Futures ETF (UVXY)4,896,93164.80-1.78-2.67
Direxion Daily Real Estate Bear 3x Shares (DRV)14,29448.42-1.28-2.58
Direxion Daily Energy Bear 3x Shares (ERY)550,95119.75-0.52-2.57
ProShares UltraShort FTSE Europe (EPV)11,58458.28-1.49-2.50
SPDR S&P Small Cap Emerging Asia Pacific ETF (GMFS)29,01441.40-1.06-2.50
ProShares UltraShort Industrials (SIJ)4,65952.11-1.28-2.40
Market Vectors-Solar Energy ETF (KWT)3,97387.01-2.05-2.30
ProShares UltraShort MSCI Emerging Markets (EEV)170,92121.45-0.50-2.28
ALPS/GS Momentum Builder Asia ex-Japan Equities&U.S. Treasuries Index ETF (GSAX)8,20020.04-0.46-2.24
iShares MSCI ACWI ex U.S. Utilities ETF (AXUT)9,90845.74-1.03-2.20
Direxion Daily FTSE China Bear 3X Shares (YANG)91,33225.77-0.57-2.16
ProShares UltraShort MSCI EAFE (EFU)4,41642.26-0.92-2.13
Direxion Daily Semiconductor Bear 3X Shares (SOXS)132,69527.47-0.59-2.10
PowerShares DB Commodity Double Long ETN (DYY)51,8707.64-0.16-2.05
Direxion DailyTechnology Bear 3x Shares (TECS)62,72318.87-0.38-1.97
ProShares UltraShort MSCI Brazil Capped (BZQ)14,28883.59-1.64-1.92
ProShares 30 Year TIPS/TSY Spread (RINF)20,50035.60-0.65-1.79
MagneGas (MNGA)9,311,430$1.54-0.61-28.37
Microvision (MVIS)6,091,7232.03-0.35-14.88
Cache (CACH)715,7353.33-0.51-13.28
Sky-mobi ADS (MOBI)1,775,0519.54-1.46-13.27
IsoRay (ISR)9,582,6632.06-0.31-13.08
Harvard Apparatus Regenerative Technology (HART)450,2017.90-1.07-11.93
Himax Technologies ADS (HIMX)24,668,39611.86-1.52-11.36
China Recycling Energy (CREG)1,139,7254.51-0.52-10.34
Lightbridge (LTBR)350,3943.00-0.32-9.64
eOn Communications (EONC)94,4085.42-0.54-9.06
VisionChina Media ADS (VISN)81,42218.60-1.77-8.69
Direxion Daily Russia Bear 3x Shares (RUSS)237,55618.75-1.73-8.45
Revance Therapeutics (RVNC)208,64030.87-2.83-8.40
VelocityShares 3x Inverse Natural Gas ETN linked to the S&P GSCI Natural Gas Index Excess Return (DGAZ)15,541,2163.60-0.33-8.40
Foundation Medicine (FMI)994,88933.46-2.94-8.08
Inovio Pharmaceuticals (INO)10,394,3643.23-0.28-7.98
Chanticleer Holdings (HOTR)11,7483.48-0.30-7.94
GlobalSCAPE (GSB)286,7422.47-0.21-7.84
Zoom Technologies (ZOOM)43,0594.47-0.38-7.84
CytRx (CYTR)2,905,2903.69-0.30-7.52
MeetMe (MEET)909,5593.20-0.26-7.51
Amber Road (AMBR)487,87615.50-1.25-7.46
Rubicon Technology (RBCN)983,70411.82-0.95-7.44
Globus Maritime (GLBS)12,6784.11-0.33-7.43
Pacific Ethanol (PEIX)2,629,37615.84-1.27-7.42
See All Decliners
Includes common, closed end funds, ETFs, ETNs and REITS with prior day close of $2 a share or higher, with volume of at least 2,000.
x - stock is trading ex-dividend
Source: WSJ Market Data Group