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Jan 6, 2016

DealBook P.M. Edition on January 6, 2016: Top Story: Starboard Value Calls for Shake-Up at Yahoo and Shift in Strategy

 
Wednesday, January 6, 2016
TOP STORY
Starboard Value Calls for Shake-Up at Yahoo and Shift in Strategy In a letter to the company's board, the activist investor also hinted that it might seek to run its own slate of directors.

WSJ | Biggest Decliners Closing on January 6, 2016.

NYSE Biggest Percentage Decliners | Nasdaq | Arca | Composite
Wednesday, January 06, 2016 - 5:01 pm ET

WSJ | Most Actives Closing on January 6, 2016.

The Wall Street Journal Most Actives Closing
Most Active Stocks by Volume
4:31 pm ET 01/06/2016
NYSE

WSJ | Biggest Gainers Closing on January 6, 2016.

The Wall Street Journal Biggest Gainers Closing
Biggest Gainers
4:31 pm ET 01/06/2016
NYSE

Wall Street at Close Report by CNBC on January 6, 2016: Dow Closes Down Triple Digits; Oil at 7-Year Lows.

cnbc.com

Dow closes down triple digits; oil at 7-yr lows

Evelyn Cheng
 
U.S. stocks closed lower Wednesday, pressured by continued concerns about global economic growth, low oil prices and increased geopolitical tensions.
"It's pretty much the same story. You've got China growth problems. U.S. manufacturing sector seems to be in recession territory. Pile on that (reports of) North Korea testing nukes. ... It's got a lot of people nervous," said John Caruso, senior market strategist at RJO Futures.

FTC Press Release - January 6, 2016: FTC Report Provides Recommendations to Business on Growing Use of Big Data

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Report Notes Ways to Avoid Discriminatory Data Use, Highlights Benefits & Risks of Big Data for American Consumers
A new report from the Federal Trade Commission outlines a number of questions for businesses to consider to help ensure that their use of big data analytics, while producing many benefits for consumers, avoids outcomes that may be exclusionary or discriminatory.
“Big data’s role is growing in nearly every area of business, affecting millions of consumers in concrete ways,” said FTC Chairwoman Edith Ramirez. “The potential benefits to consumers are significant, but businesses must ensure that their big data use does not lead to harmful exclusion or discrimination.”

The Guardian | World | Sri Lanka - January 6, 2016: Sri Lanka Accused of Allowing Continuing Human Rights Abuses

theguardian.com

Sri Lanka accused of allowing continuing human rights abuses

Jason Burke
Sri Lankan authorities have been accused of allowing continuing human rights abuses, including torture and illegal detention, exactly one year after Maithripala Sirisena took power on a reforming ticket in a surprise election win.
International campaigners say they have documented 27 individual cases of serious human rights abuses occurring in the last 12 months.

NYT | Asia Pacific - January 6, 2016: White House Disputes North Korea’s Claim of Hydrogen Bomb Test

nytimes.com

White House Disputes North Korea’s Claim of Hydrogen Bomb Test

Choe Sang-Hun and David E. Sanger

President Park Geun-hye of South Korea, center, convened an urgent meeting of her top national security aides in Seoul, South Korea, on Wednesday. South Korean Presidential Blue House, via Getty Images
SEOUL, South Korea — The White House said Wednesday that initial data from its monitoring stations in Asia were “not consistent” with North Korea’s claim that the nuclear test it carried out earlier in the day was its first test of a hydrogen bomb, a far more powerful weapon than the country had previously built.
The statement by Josh Earnest, the White House press secretary, came as the United Nations Security Council condemned the test after a two-hour closed-door meeting, and after China, Britain, France, Japan and other powers indicated that they would consider action against the country.
The United States did not indicate the basis for its skepticism. But the seismic wave left by the explosion was smaller than what most experts would expect from the detonation of a true thermonuclear weapon. Some experts said it was possible that the North had increased the yield of a more traditional device using tritium, a technique that has often been used in the 70-year history of nuclear weapons.


The true nature of the test may not be revealed until results are back from atmospheric testing, and even they may be inconclusive.
Earlier in the day, officials and analysts in South Korea cast doubt on the North’s claim, saying that the seismological data from the test was more in keeping with a simpler uranium- or plutonium-based atomic device.
Lee Cheol-woo, a member of the intelligence committee of the South Korean National Assembly, said his country’s National Intelligence Service had estimated that the explosive yield from the test was equivalent to six kilotons of TNT. (By comparison, the atomic bomb dropped on Hiroshima in 1945 exploded with 15 kilotons of energy.)
A hydrogen bomb would have yielded “hundreds of kilotons or, even if it is a failed test, tens of kilotons,” Mr. Lee told reporters. The North’s last nuclear test, in February 2013, set off a magnitude 4.9 tremor. The South estimated that the bomb detonated on Wednesday resulted in a magnitude 4.8 seismic event, smaller than the 4.9 to 5.2 range that American, European and Chinese authorities had reported.
In Seoul, President Park Geun-hye convened an urgent meeting of her top national security aides. As South Korea’s military increased its vigilance along the heavily militarized border with the North, its diplomats rushed to discuss with allies what Ms. Park called “strong sanctions” against Pyongyang.
She said that Pyongyang’s claim, if true, “could potentially shake up the security landscape of Northeast Asia and fundamentally change the nature of the North Korean nuclear threat.”
Prime Minister Shinzo Abe of Japan called the test “totally unacceptable” and “a grave threat to Japan’s security,” and he called on the Security Council to take “firm measures.”
Pyongyang’s sole major ally, China, has been increasingly impatient with the North’s behavior and did not hide its displeasure on Wednesday. “Today, despite the opposition of the international community, North Korea carried out a nuclear test,” Hua Chunying, a spokeswoman for the Ministry of Foreign Affairs, said at a news conference in Beijing. “China is strongly against this act.”
But so far, Beijing has not been willing to totally cut off Pyongyang. “China may strongly criticize the North, but once the issue arrives at the Security Council, it will focus on preventing sanctions that can affect the stability of the North Korean regime,” said Chun Yung-woo, a senior adviser at the Asan Institute for Policy Studies in Seoul and a former top negotiator for South Korea in nuclear talks with the North. “North Korea knows it too well.”
China, Japan, Russia and the United States, along with the Koreas, are parties in the long-suspended six-nation talks aimed at ending the North’s nuclear weapons program. At a summit meeting in Washington in October, Ms. Park and President Obama urged Pyongyang to rejoin those negotiations and warned against a fourth nuclear test. But North Korea insisted that the United States first agree to negotiate a peace treaty with the North to replace the armistice that ended the Korean War in 1953.
The content and timing of the North’s announcement came largely as a surprise, though Pyongyang’s seemingly erratic behavior may be part of a calculated strategy to raise the stakes in any negotiations with the South and with the United States, and to bolster the reputation of North Korea’s leader, Kim Jong-un, at home before an important party meeting.

South Korean soldiers patrolled the barbed-wire fence in Paju, near the Demilitarized Zone, on Wednesday. Ahn Young-Joon/Associated Press

Last month, Mr. Kim claimed for the first time that his country was ready to explode a hydrogen bomb, and in a New Year’s Day speech, he called for “modernized” and “more diverse means of military strike.” Still, the speech did not specifically mention nuclear weapons, and it also emphasized the need to improve living standards, so few if any officials or analysts had seen the test coming.
“This raises skepticism about our intelligence-gathering capabilities,” said Kim Dong-yup, an analyst at the University of North Korean Studies in Seoul.
Since inheriting power after the death of his father, Kim Jong-il, in late 2011, Mr. Kim has purged top members of his party and of the military elite — and he has proved to be more ambitious than his father in the pursuit of long-range missiles and nuclear weapons, even in the face of warnings from China.
Under Mr. Kim, North Korea launched two long-range rockets, putting a satellite into orbit in the second attempt, in December 2012. The same year, the North revised its Constitution to declare itself a nuclear power. Two months after the North’s third — and Mr. Kim’s first — nuclear test, in February 2013, his Workers’ Party adopted a new national strategy: growing its nuclear arsenal and rebuilding its economy at the same time.
Mr. Kim wants his people to consider nuclear weapons the linchpin of their survival, but Washington and Seoul have repeatedly warned that the North’s nuclear ambitions would only deepen its isolation.
“The benefits of being a nuclear power — to deter external threats and prove strength domestically — must in his mind outweigh the costs of facing yet another round of condemnation and sanctions, which Pyongyang is used to by now,” said John Delury, a North Korea expert at Yonsei University in Seoul. “So with this test, he projects power and claims to enhance national security.”
The Workers’ Party is scheduled to hold its first full-fledged congress since 1980 this May. With no big improvements in the lives of North Koreans, Mr. Kim needs something else to show for his four-year-old rule.
“The biggest achievement Kim Jong-un can offer ahead of the party congress is his nuclear program,” said Choi Kang, vice president of the Asan Institute. “It also means that things don’t look good in the economic sector.”
Cheong Seong-chang, a North Korea specialist at the Sejong Institute in South Korea, said the North had made its hydrogen bomb claim to position itself in he United States presidential campaign and, perhaps, to enter negotiations with the next administration with increased leverage.
In recent years, it has become increasingly clear from the North’s pronouncements that its ultimate goal is to cement its status as a nuclear power, and to use that position to haggle with Washington and its allies to win diplomatic recognition and other concessions.
“There can neither be suspended nuclear development nor nuclear dismantlement on the part of the North unless the U.S. has rolled back its vicious hostile policy toward the former,” North Korea said in a brief announcement on Wednesday. It said Mr. Kim had made up his mind last month to conduct the hydrogen bomb test, and had signed a final order on Sunday.
Mr. Chun, the former negotiator, warned that it would be a mistake for Washington and Seoul to rely on China using its economic leverage to force North Korea to change course. He said the North would budge only if the United States and its allies put in place sanctions strong enough to threaten its survival, like denying port calls for ships carrying North Korean cargo.
China, a permanent member of the Security Council, could veto any additional sanctions.

CMI Spot Prices as of Close of Trading in New York on January 6, 2016

CMI Gold & Sliver

Spot Prices as of traditional New York closing times

Wednesday, January 06, 2016


 

FTC Press Release - January 6, 2016: FTC Adopts Procedures for Administrative Collection of Debts Owed to the FTC

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Commission Approves Amendments to Its Rules of Practice
The Federal Trade Commission has approved amending language in its Rules of Practice that applies to the collection of outstanding debts owed under FTC orders and judgments.
The final rule amendments to Part 1 of the Commission’s Rules of Practice formally adopt government-wide Federal Claims Collection Standards and other applicable procedures for collecting delinquent debts by certain authorized administrative methods. The amendments address the U.S. Department of the Treasury’s collection of debts owed to the FTC through deduction of funds from certain federal payments and federal tax refunds.
The Commission vote to issue the Federal Register Notice setting forth these amendments to its Rules of Practice was 4-0; (FTC File No P072104). The staff contact is Stephen Dowdell, Enforcement Division, Bureau of Consumer Protection, 202-326-2814.
Federal Trade Commission works to promote competition, and protect and educate consumers. You can learn more about consumer topics and file a consumer complaint online or by calling 1-877-FTC-HELP (382-4357). Like the FTC on Facebook, follow us on Twitter, read our blogs and subscribe to press releases for the latest FTC news and resources.

 FTC Adopts Procedures for Administrative Collection of Debts Owed to the FTC

Contact Information

MEDIA CONTACT:
Betsy Lordan
Office of Public Affairs
202-326-3707
More news from the FTC >>

SEC Press Release - January 6, 2016: SEC: J.P. Morgan Misled Customers on Broker Compensation.

SEC Seal
The Securities and Exchange Commission today announced that J.P. Morgan’s brokerage business agreed to pay $4 million to settle charges that it falsely stated on its private banking website and in marketing materials that advisors are compensated “based on our clients’ performance; no one is paid on commission.”

SEC Litigation Release - January 6, 2016: Ronald Lawrence Schuman.


SEC Seal


U.S. SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 23441 / January 6, 2016

United States v. Ronald Lawrence Schuman, Criminal Action No. 1:14-cr-10053-MLW (D. Mass. Feb. 27, 2014)

Corporate Officer Sentenced for Fraudulent Kickback and Market Manipulation Scheme

FDIC Press Release - January 6, 2016: FDIC Issues List of Banks Examined for CRA Compliance.



FDIC

Press Release

FDIC Issues List of Banks Examined for CRA Compliance

FOR IMMEDIATE RELEASE
January 6, 2016
Media Contact:
LaJuan Williams-Young (202) 898-3876
Email: lwilliams-young@fdic.gov

FRB Press Release | Joint Press Release - January 6, 2016: Bank Regulatory Agencies and CDFI Fund to Sponsor National Interagency Community Reinvestment Conference

www.federalreserve.gov


Joint Press Release

Board of Governors of the Federal Reserve System
Community Development Financial Institutions Fund
Federal Deposit Insurance Corporation
Office of the Comptroller of the Currency
For release at 11:00 a.m. EST
January 6, 2016

Bank Regulatory Agencies and CDFI Fund to Sponsor National Interagency Community Reinvestment Conference

European Markets at Close Report by CNBC on January 6, 2016: Stocks Fall on Geopolitics; Autos Slip; Brent Tumbles.

cnbc.com

Stocks fall on geopolitics; Autos slip; Brent tumbles

Arjun Kharpal, Holly Ellyatt, Alexandra Gibbs
European markets extended losses on Wednesday as geopolitical risks increased uncertainty among investors and oil prices hit their lowest in over 11 years.

GATA | THE GATA DISPATCH - January 6, 2016: Comex Gold Inventories Don't Matter as Much as Central Bank Inventories Do.

Comex gold inventories don't matter as much as central bank inventories do

Submitted by cpowell on January 6, 2016.January 6, 2016

Federal Reserve Bank of New York Org. Press Release: New York Fed Concludes the Mortgage Operations Counterparty Pilot Program

PRESS RELEASE

New York Fed Concludes the Mortgage Operations Counterparty Pilot Program
January 6, 2016

ESA | Manufacturer's Shipments, Inventories, and Orders - January 6, 2016: November 2015 New Orders For Manufactured Goods Decreased 0.2 Percent, Shipments Rose 2% and Unfilled Orders Rose 2% and Inventories fell 03%

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November 2015 new orders for manufactured goods decreased 0.2 percent, to $472.2 billion. Shipments rose 0.2 percent, to $475.3 billion. Unfilled orders rose 0.2 percent, to $1,193.9 billion.  And inventories fell 0.3 percent, to $641.3 billion.


Economics & Statistics Administration

BEA News Release - January 6, 2016: The U.S. Bureau of Economic Analysis,TthroughTthe Department of Commerce, Announced Today That The Goods and Services Deficit was $42.4 Billion in November, Down $2.2 Billion From $44.6 Billion in October... and .. More


The U.S. Bureau of Economic Analysis (BEA) has issued the following news release today:

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced today that the goods and services deficit was $42.4 billion in November, down $2.2 billion from $44.6 billion in October, revised. November exports were $182.2 billion, $1.6 billion less than October exports. November imports were $224.6 billion, $3.8 billion less than October imports.

The full text of the release on BEA's Web site can be found at www.bea.gov/newsreleases/international/trade/tradnewsrelease.htm

RT Cross Talk - January 6, 2016: Saudi's World.

CrossTalk: Saudi's World

RT RT
Published on Jan 6, 2016
Saudi Arabia’s foreign and domestic policies are becoming much more aggressive, even deadly. What is driving Riyadh’s agendas? The Saudis appear to desire a greater and more independent role in the Middle East. Where does the Kingdom’s most powerful backer – Washington – stand? And what about fighting the Islamic State?
CrossTalking with Alex Vatanka, Pete Hoekstra, and M

Bloomberg Politics - January 6, 2016: Why Gun Control Is Back as a Democratic Campaign Issue

bloomberg.com

Why Gun Control Is Back as a Democratic Campaign Issue

Margaret Talev margarettalev
 
Gun control is back as a Democratic campaign issue.
When President Barack Obama said Tuesday he'll bypass Congress to force more background checks on gun purchases, Hillary Clinton, the leading Democrat running to replace him, thanked him on Twitter for taking "a crucial step" against gun violence and concluded that "our next president has to build on that progress—not rip it away."

Reuters | Deals - January 6, 2016: Exclusive: Verizon Launches Auction to Sell Data Centers - Sources

reuters.com

Exclusive: Verizon launches auction to sell data centers - sources

By Greg Roumeliotis and Liana B. Baker
 
Verizon Communications Inc (VZ.N) has started a process to sell its data center assets, hoping to fetch more than $2.5 billion, people familiar with the matter said on Tuesday, as the U.S. telecommunications conglomerate focuses on its core business.

NYT first Draft on Politics - January 6, 2016: A Day of Policy, Dropped Guards and Rancor

Wednesday, January 6, 2016

The New York Times

NYTimes.com/FirstDraft »

The New York Times

Wednesday, January 6, 2016

Jeb Bush spoke in Hooksett, N.H., on Tuesday at a Forum on Addiction and the Heroin Epidemic at Southern New Hampshire University.
Jeb Bush spoke in Hooksett, N.H., on Tuesday at a Forum on Addiction and the Heroin Epidemic at Southern New Hampshire University. Cheryl Senter for The New York Times
A Day of Policy, Dropped Guards and Rancor
By MAGGIE HABERMAN

DealBook Today's Top Headlines - January 6, 2016: Bank Rule Distorting Performance Is Repealed | Centerview Benefits From Wall Street Pivot | Valeant Said to Be Planning to Appoint New Chief

 
Wednesday, January 6, 2016
TODAY'S TOP HEADLINES
By AMIE TSANG
BANK RULE DISTORTING PERFORMANCE IS REPEALED An "Alice in Wonderland" accounting rule that allowed banks to book huge gains because they were stressed has been overturned,

U.S. Stock Market Future Indications - January 6, 2016: Dow Set for Triple-Digit Loss as China Roils Markets Again.

marketwatch.com

Dow set for triple-digit loss as China roils markets again

Sara Sjolin
 
U.S. stock futures pointed to sharp losses at the open on Wednesday, after weak Chinese services data cemented fears of an economic slowdown in the world’s second largest economy.

Bloomberg Business - January 6, 2016: Euro Area Set for Robust 2016 Growth as Orders Fuel Hiring

bloomberg.com

Euro Area Set for Robust 2016 Growth as Orders Fuel Hiring

Jana Randow
  • Composite PMI rises to 54.3 in December from 54.2 in November
  • Gauge points to strongest growth in 4 1/2 years last quarter

Bloomberg Business: First Taste of 2016 Currency Swings Has Traders Hungry for More ( Published on January 5, 2016 and Updated January 6, 2016).

bloomberg.com

First Taste of 2016 Currency Swings Has Traders Hungry for More

 ByLananh Nguyen  Rachel Evans
After the worst annual performance since 2011 for currency managers, exaggerated price swings during the first two trading days of the year have traders on alert.

Asian Markets at Close Report by MarketWatch on January 6, 2015.


Asian markets mostly slip as North Korea bomb test sends shivers

Chao Deng 
Signs of government support lifted Chinese shares, while other stock markets in Asia slid and haven assets rallied after North Korea said it successfully staged its first test of a more powerful form of nuclear weapon.

The Guardian | Labor - January 6, 2015: Labour reshuffle: Thornberry replaces Eagle for defence, McFadden sacked and Benn stays by Francis Perraudin.

theguardian.com

Labour reshuffle: Thornberry replaces Eagle for defence, McFadden sacked and Benn stays

Frances Perraudin

The Guardian | World | North Korea - January 6, 2016: January 6, 2016: North Korea Nuclear Test: Regime Says It Has Successfully Detonated Hydrogen Bomb.

theguardian.com

North Korea nuclear test: regime says it has successfully detonated hydrogen bomb

Justin McCurry