Transcript
Page 1: 2014 01 21 cmyk NA 04 - The Wall Street Journalonline.wsj.com/public/resources/documents/PageOne012114.pdfA3 nTheEUbacked amilitary mission to the violence-ridden Central African Republic

YELLOW

* * * * * TUESDAY, JANUARY 21, 2014 ~ VOL. CCLXIII NO. 16 WSJ.com HHHH $2 .00

DJIA 16458.56 Closed NASDAQ 4197.58 Closed NIKKEI 15641.68 g 0.6% STOXX600 335.50 g 0.1% 10-YR. TREAS. Closed yield 2.829% OIL $94.37 Closed GOLD $1,251.70 Closed EURO $1.3553 YEN 104.18

TODAY IN PERSONAL JOURNAL

Olympic Training by the NumbersPLUS How Qualified Is Your Doctor?

CONTENTSCFO Journal................. B6Corporate News.... B2,3Global Finance............ C3Heard on the Street C8Health & Wellness D2-4Leisure & Arts............ D5

Law Journal................. B5Opinion.................. A13-15Sports.............................. D6Media & Marketing B4U.S. News................. A2-6Weather Watch........ B6World News.... A7-11,16

s Copyright 2014 Dow Jones & Company.All Rights Reserved

>

What’sNews

i i i

World-Widen The U.N. withdrew an invi-tation to Iran to participate inSyria peace talks this week,amid intense pressure fromthe U.S. and other nations. A1n Iran would have to takedrastic steps, including re-moving 15,000 centrifuges,to forge a nuclear deal withthe West, a report said. A8n The deaths of 21 people,including 13 foreigners, in aterrorist attack at a Kabulrestaurant Friday has rattledexpatriates in Afghanistan. A7n GOP prospects to pick upSenate seats this year havebeen boosted by Obama’s sag-ging approval ratings and therocky health-law rollout. A1n Pakistan is in talks withChina to acquire three largenuclear power plants foraround $13 billion. A16n A bomb ripped through amarket in Pakistan, killing atleast 13, in the latest attacktargeting the military. A16n The Obama administrationoffered to send an envoy toNorth Korea to secure the re-lease of a U.S. missionary. A8n An animal-feed plant inNebraska collapsed and burstinto flames, killing two peo-ple and injuring 10 more. A3n The EU backed a militarymission to the violence-riddenCentral African Republic. A9nThe FAA ordered changes inlanding and takeoff proceduresat over a dozen airports. A2nA visa program for inves-tors in the U.S. took in a recordnumber of applications. A3n Died: Claudio Abbado, 80,Italian orchestra conductor.

i i i

The Fed is set to announceanother cut in its bond-

buying next week as a weakDecember jobs report failedto dim the central bank’s out-look for solid growth. A1nTarget’s CEO called for chip-based credit cards. A U.S. offi-cial said the arrest of two peo-ple with fraudulent cards isn’ttied to the Target breach. B1n IBM is again seeking tosell its low-end server unit.Dell and Lenovo are said tobe looking at the business. B1nMost oil-pipeline leaks arediscovered by people near thesite, not high-tech sensors, areview of accidents found. B1n China’s GDP grew 7.7% lastyear, matching 2012’s rate butwell below the double-digitgains of the past 30 years. A11nChina’s rates fell after thecentral bank pumped fundsinto the moneymarkets to pre-empt a liquidity crunch. C3n Shell is selling its stake inan Australian gas project, itsfirst disposal since issuing aprofit warning last week. B3nAB InBev is buying backSouth Korea’s Oriental Brew-ery for $5.8 billion as it spendssome of its cash pile. B3nGermany’s Hapag-Lloydand Chile’s CSAV are near amerger deal to form the No. 4container-shipping firm. B3ssn Pandora and Ascap are setfor a court battle over howmuch the Internet-radio ser-vice should pay for music. B4n Comcast’s “Ride Along”ranked No. 1 at the holiday-weekend box office. B4

Business&Finance

The Federal Reserve is ontrack to trim its bond-buyingprogram for the second time insix weeks as a lackluster Decem-ber jobs report failed to diminishthe central bank’s expectationsfor solid U.S. economic growththis year, according to interviewswith officials and their publiccomments.

A reduction in the program to$65 billion a month from the cur-rent $75 billion could be an-nounced at the end of the Jan.28-29 meeting, which would bethe last meeting for outgoingChairman Ben Bernanke.

The Fed has been buying Trea-surys and mortgage bonds in aneffort to drive down long-terminterest rates and spur spending,hiring and investment. Last yearthe Fed spent $85 billion amonth buying bonds. Mr. Ber-nanke suggested at a Decembernews conference that officialswere inclined to continue cuttingpurchases in $10 billion incre-ments at subsequent meetings aslong as the economy keepsstrengthening.

“We’re likely to continue on apath of gradual, measured reduc-tions in the pace of purchases,assuming the economy tracks aswe expect it to,” San FranciscoFed President John Williams saidin an interview early in themonth.

Bond buying is one of twoprongs in the Fed’s strategy toboost the economy. The other islow interest rates, and Fed offi-cials are once again debatinghow best to describe their plans

Pleaseturntothenextpage

BY JON HILSENRATH

Fed SetTo TrimStimulusAgain

The United Nations, under in-tense pressure from the U.S. andother countries, withdrew an in-vitation to Iran to participate ina Syria peace conference thisweek, a diplomatic bungle thatmuddied international efforts toend the civil war.

The bruising internationalface-off over Iran’s participationcame just two days before worldpowers gather in Switzerland fora long-awaited conference aimedat finding a way out of the

nearly three-year conflict thathas claimed more than 100,000lives.

Beside calling attention to in-ternational friction over Syria,the political discord exposedchallenges the U.S. is facing asits pursues a rapprochement

with Tehran’s hard-line Islamicleadership.

Iran is the main military andfinancial supporter of SyrianPresident Bashar al-Assad’s re-gime. Even as the U.S. pushedback on Iran’s participation inthe Syria talks, Iran took con-crete steps Monday, verified byU.N. nuclear inspectors, to reinin its nuclear program in linewith an interim agreement withthe U.S. and other global powersreached in November.

Senior U.S. officials on Mon-day said they were committed tokeeping negotiations over Iran’snuclear program apart from ef-forts to end Tehran’s support forMr. Assad’s government.

“The discussions of whetherIran should be invited…are en-tirely a separate issue fromwhether and how we are moving

PleaseturntopageA8

By Jay Solomon inWashington, Joe Lauriain New York and Farnaz

Fassihi in Beirut

U.N. Rescinds Invite to IranOn Syria Talks as U.S. Balks

The reclusive imam whose crumbling politicalmarriage of convenience with Turkish Prime Minis-ter Recep Tayyip Erdogan has threatened the sta-bility of the West’s biggest ally in a turbulent re-gion lashed out Monday at his one-time partner,the strongest sign yet of an irreparable split.

In comments he made to The Wall Street Jour-nal, Fethullah Gulen, a charismatic cleric whopreaches a message of tolerance to his millions offollowers from his self-imposed exile in Pennsylva-nia’s Pocono Mountains, accused Mr. Erdogan ofabandoning the path of reform after more than adecade in power.

“Turkish people…are upset that in the last two

years democratic progress is now being reversed,”Mr. Gulen said in emailed answers to questions—his first such exchange since a corruption probeplunged Mr. Erdogan’s government into crisis lastmonth.

“Purges based on ideology, sympathy or worldviews was a practice of the past that the presentruling party promised to stop,” he wrote.

Mr. Gulen hinted that his movement—known in-ternally as Hizmet, which means service, and exter-nally as Cemaat, which means congregation—wouldlike to see a challenge to Mr. Erdogan’s Islamist-leaning Justice and Development Party, or AKP.

He didn’t rule out members of his flock shiftingtheir support to the opposition Republican People’s

PleaseturntopageA12

BY JOE PARKINSON AND AYLA ALBAYRAK

RARE COMMENTS

From His Refuge in the Poconos,A Reclusive Imam Roils Turkey

President Barack Obama’s sag-ging approval ratings and therocky health-law rollout are ex-panding the map of competitiveSenate races this year, giving Re-publicans new hope of capturingseats in states that the presidentcarried in 2012.

The GOP already had a strongopportunity to pick up a net sixseats to win a Senate majority.Democrats have to defend manymore seats than Republicans, in-cluding in seven states that Mr.Obama lost in 2012. Now, pollsshow tighter-than-expected racesfor Democratic-held seats in Colo-rado, Iowa and Michigan, while aformidable Republican is chal-lenging the Democratic incumbentin Virginia and another is weigh-ing a bid in New Hampshire. In2012, Mr. Obama won all five ofthose states.

With Election Day more thannine months away, the questionis whether this marks a low ebb

PleaseturntopageA4

BY PATRICK O’CONNOR

RepublicansWiden PushTo Pick UpSenate Seats

Ukraine Standoff Erupts Into Fiery Clashes in the Streets

VOLATILE COCKTAIL: Antigovernment demonstrators, defying a new law restricting protests, carried Molotov cocktails during clashes withpolice in Kiev on Monday. At issue is whether the former Soviet republic should align itself more closely with Europe or with Russia. A11

Vasily

Fedosenko/Re

uters

GUNBAR, Australia—To BillLittle, snakes crawling in sleep-ing bags, saddle sores and 12-hour days in scalding tempera-tures are all in a day’s workdriving cattle vast distancesacross the Australian outback.

Interruptions,especially forsomething like arock concert, aremore of a nui-sance.

“One of mydrovers took timeoff so she could flyup for a weekendto a Bon Jovi concert in Bris-bane” some 700 miles away, saysMr. Little, who has spent threedecades in the saddle. “It wouldhave been unbelievable not longago.”

Mr. Little and his crew ofspur-clad cowboys are nearingthe end of a six-month journey

driving 18,000 cattle acrossmore than 1,200 miles of Austra-lian countryside—the distancefrom Washington, D.C., to Hous-ton. That easily surpasses theU.S. record for the number ofcattle in a single drive of 10,652animals set at the T AnchorRanch in the Texas Panhandle in

1882, and is thebiggest anywherefor a century.

The unlikelydriving force: a re-clusive multimil-lionaire, TomBrinkworth, whobought the cattlelast April and

scoffed at the industry practiceof using trucks to move the mobfrom northern Queensland stateto southern Australia.

Instead, Mr. Brinkworth, whodeclined to comment, hired the55-year-old Mr. Little and a rag-tag collection of riders. These in-

PleaseturntopageA12

BY ROB TAYLOR

For City Slickers, Snakes and AchesAre Realities on the Aussie Range

i i i

Mr. Little Gets a Hand From Rookies;Sore Backsides, Stampedes and Bon Jovi

All Atwitter Over Demographics

Source: Pew Research Center The Wall Street Journal

User demographics for social-media services compared withthe overall U.S. Internet population

Internet 67 10 13 10

Facebook 66% 11% 14% 9%

Twitter 59 18 12 11

Instagram 47 20 17 16

LinkedIn 66 14 8 12

Whitenon-Hispanic

Blacknon-Hispanic

Hispanic Other, don’tknow, refused

DIVERSE APPEAL: Twitter is trying to attract advertisers with datathat show its users are more racially diverse than U.S. Internet users asa whole. Hispanics, easily identifiable through language, are a focus. B1

Measuring steps needed forIran’s nuclear compliance......... A8

CM Y K CompositeCompositeMAGENTA CYAN BLACK

P2JW021000-5-A00100-1--------XA CL,CN,CX,DL,DM,DX,EE,EU,FL,HO,KC,MW,NC,NE,NY,PH,PN,RM,SA,SC,SL,SW,TU,WB,WEBG,BM,BP,CC,CH,CK,CP,CT,DN,DR,FW,HL,HW,KS,LA,LG,LK,MI,ML,NM,PA,PI,PV,TD,TS,UT,WO

P2JW021000-5-A00100-1--------XA

Recommended