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Pages 13, 15
KKDN PP 9315/10/2010 (025811)
asia.WSJ.com
feels heat
to solicit on Fed plan
SK. MENPEN R.I. NO: 01/SK/MENPEN/SCJJ/1998 TGL. 4 SEPT 1998
a bailout
BY DAVID ENRICH
to buy bonds
AND BRIAN BLACKSTONE BY PETER WALLSTEN makers, including incoming
AND SUDEEP REDDY House Budget Committee
DUBLIN—Wrangling over Chairman Paul Ryan of Wis-
whether Ireland needs an in- WASHINGTON—The Fed- consin, and began discussions
ternational bailout spilled eral Reserve’s latest attempt with potential GOP presiden-
into public Monday, with Irish to boost the U.S. economy is tial candidates over the week-
officials continuing to resist a coming under fire from Re- end, according to a person in-
rescue and European officials publican economists and poli- volved.
ramping up pressure on the ticians, threatening to yank The increasingly loud criti-
troubled country to accept the central bank deeper into cism of the Fed comes as
one. partisan politics. some economic officials out-
The standoff is likely to A group of prominent Re- side the U.S. are criticizing
dominate meetings of Euro- publican-leaning economists, the central bank’s move,
pean Union finance ministers coordinating with Republican which has the side effect of
in Brussels on Tuesday and lawmakers and political strat- pushing down the dollar on
Wednesday, as officials egists, is launching a cam- world currency markets.
scramble to defuse a crisis paign this week calling on Fed President Barack Obama
that is thrusting the EU into Chairman Ben Bernanke to last week defended the Fed.
crisis for the second time this drop his plan to buy $600 bil- The move to buy more bonds,
year. lion in additional U.S. Trea- known as quantitative easing,
In recent weeks, Ireland’s sury bonds. “was designed to grow the
borrowing costs have soared “The planned asset pur- economy,” not cheapen the
to unsustainably high levels, chases risk currency debase- dollar, he said.
and the country’s cash- ment and inflation, and we do The Fed, despite frequent
strapped banks, facing inten- not think they will achieve the criticism from both parties,
sifying liquidity problems, Fed’s objective of promoting has enjoyed considerable in-
have become reliant on the employment,” they say in an dependence from politicians
European Central Bank to fi- open letter to be published as on monetary policy for the
nance their daily operations. ads this week in The Wall past three decades. Organiz-
Getty Images
Hoping to prevent Ire- Street Journal and the New ers of the new campaign pre-
land’s crisis from infecting Muslim pilgrims praying at Mount Arafat, southeast of the holy city of Mecca, on Monday. Nearly York Times. dicted the Fed would increas-
other euro-zone countries three million Muslims were expected to perform the annual hajj in Saudi Arabia, climbing the rocky The economists have been ingly find itself caught in the
Please turn to page 18 desert mountain in one of the cornerstones of the pilgrimage. consulting Republican law- Please turn to page 18
PAGE TWO
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Most read in Asia Korea Real Time Continuing coverage Driver’s Seat
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WORLD NEWS
Associated Press
in the July-September period, up 1Q 2Q 3Q 4Q 1Q 2Q 3Q party power broker Ichiro Ozawa.
from revised 1.8% growth in April- 2009 '10 Private consumer spending,
June, the government said Monday. which accounts for nearly 60% of
Source: Cabinet Office
It was the fourth straight quarter of GDP, was up 1.1% quarter-to-quarter
expansion and better than the me- for the three months ended Septem-
Incentives that propped up Japan’s consumption, such as the rush to buy cigarettes before a new tobacco tax and
dian forecast of 2.5% growth in a ber. It rose a revised 0.1% in the pre-
subsidies on fuel-efficient cars helped spur Japan’s economy in the third quarter. Here, a tobacco shop in Tokyo
poll of economists by Dow Jones vious quarter. But so much reliance
Newswires. on stimulus spending suggests a risk
The bump from government growth in GDP in the U.S. in the statement after the GDP release. ber, cutting its key policy interest the economy could fall back into re-
stimulus was bigger than expected, third quarter, and the 1.5% annual- Stoking doubts that the economy rate to a 0.0%-0.1% range from 0.1%, cession as the programs wind down.
as shoppers bought a range of ized expansion in the euro zone. can keep from stumbling, Prime Min- and launching a new program to buy Crédit Agricole’s Mr. Kato expects
goods: cars before the expiry of gov- “The figures are misleading,” ister Naoto Kan’s government has five trillion yen in assets including GDP to contract 0.2% quarter-to-
ernment subsidies for fuel-efficient said Norihiro Fujito, senior invest- kept a lid on fresh stimulus spending government bonds. But the steps quarter in the fourth quarter.
vehicles, air conditioners amid a ment strategist at Mitsubishi UFJ as it tries to cut the country’s mas- could take as long as two years to Third-quarter export growth
scorching summer and cigarettes Morgan Stanley Securities, citing sive public debt, already the largest do much good, Gov. Masaaki Shi- slowed, further clouding the outlook
ahead of a new tobacco tax. the increases tied to the fuel-effi- among rich nations at nearly twice rakawa has said. “This will be the for an economy that heavily relies on
GDP grew 0.9% compared with cient vehicle subsidy and the to- annual economic output. last time for a while that we will see overseas shipments. Exports rose
the April-June quarter, when it rose bacco tax, and adding that con- With its hands tied, the govern- this high a rate of growth,” said Ja- 2.4% from the quarter before, com-
0.4% from the quarter before. sumption will “fall sharply” in the ment will likely bring even more pan Research Institute senior econo- pared with a revised 5.6% expansion
Economists said the results, due October-December period. pressure to bear on the Bank of Ja- mist Hideki Matsumura. The govern- in the previous quarter, as growth in
largely to temporary factors, high- Japan’s economy minister also pan to ease monetary policy further ment and the central bank should overseas markets such as China
light the likelihood of a sharp de- cautioned against optimism. Soften- to fight deflation and the strong “take a more serious look at how se- moderated and the yen strengthened.
cline in the fourth quarter. That ing overseas demand and the strong yen, said Crédit Agricole chief Japan vere the current state of the econ- —Takashi Mochizuki, Kazuhiro
means policy makers will have little yen “could push the economy down,” economist Susumu Kato. omy is,” Mr. Matsumura said. Shimamura, Megumi Fujikawa,
time to cheer, despite the reading said Banri Kaieda, minister of state The central bank unveiled new Mr. Kan’s Democratic Party of Kana Inagaki and Kosaku Narioka
topping the 2% annual rate of for economic and fiscal policy, in a monetary easing measures in Octo- Japan-led government says its pro- contributed to this article.
jumped in October
BY JEFF BATER Excluding autos, all other retail
AND LUCA DI LEO sales rose 0.4%, just shy of the 0.5%
gain that was expected. Clothing-
U.S. retail sales surged in Octo- store sales rose 0.7% in October.
ber, rising above expectations on ro- Sales at sporting goods, hobby, book
bust car sales and solid spending for and music stores increased 1%.
a broad array of merchandise going October gas-station sales rose
into the holiday shopping season. 0.8%. Food- and beverage-store sales
Separately, inventories at U.S. increased 0.3%. Restaurant and bar
businesses in September rose above sales also rose 0.3%. Mail-order and
expectations, a sign of confidence Internet sales increased 0.8%.
among companies in the economic Furniture sales fell 0.7%, as did
recovery. sales at electronics and appliance
Retail sales rose 1.2% last month, stores. Sales at health- and per-
the Commerce Department said sonal-care stores dipped 0.1%.
Monday. Economists surveyed by Inventories increased 0.9% from
Dow Jones Newswires had projected the prior month to a seasonally ad-
sales would climb by 0.8%. The in- justed $1.403 trillion, the Commerce
crease was the biggest since March Department said. Economists sur-
and the fourth in a row. September veyed by Dow Jones Newswires ex-
sales rose 0.7%, revised up from a pected a 0.6% increase. August in-
previously estimated 0.6% increase. ventories also rose 0.9%, revised up
The gain is important for the from a 0.6% increase.
economic recovery. Consumer U.S. business sales accelerated in
spending makes up most of gross September, rising 0.5% to $1.101 tril-
domestic product, which is the lion after an upwardly revised 0.3%
broad measure of U.S. economic ac- gain in August.
tivity. GDP in the third quarter grew The increases in inventories and
a modest 2%, supported by a solid sales were positive signs for the
but not very big gain in consumer economy as companies prepared for
spending. Consumers have been fru- the crucial holiday shopping season.
gal, restrained by a U.S. unemploy- Monday’s inventories report said
ment rate of 9.6%. Still, the latest that at the current sales pace, busi- tortue de cartier
government data show nonfarm nesses had enough goods on hand in
PERPETUAL CALENDAR AND DAYS WITH RETROGRADE HAND 9422 MC CALIBRE
payrolls rose by a greater-than-ex- September to last 1.27 months, the
pected 151,000 jobs in October, a same as the level in August and be-
sign of improving labor conditions low 1.30 in September 2009. 18K WHITE GOLD CASE, OCTAGONAL CROWN SET WITH A FACETED SAPPHIRE, MANUFACTURE
that could lead to stronger spending U.S. companies cut inventories MECHANICAL MOVEMENT WITH AUTOMATIC WINDING CARTIER CALIBRE 9422 MC (33 JEWELS,
and economic growth. furiously during the recession, then 28,800 VIBRATIONS PER HOUR, DOUBLE-BARREL, APPROXIMATELY 52 HOURS POWER RESERVE),
October’s 1.2% increase in retail built supplies back up as the eco- PERPETUAL CALENDAR WITH DISPLAY OF DAYS BY MEANS OF RETROGRADE HAND, COUNTER
sales was powered by strong sales nomic recovery got under way. Now, WITH MONTHS AND LEAP YEAR.
of autos and parts, which climbed firms are trying to keep stockpiles
5%—also the highest since March. in line with demand.
4 THE WALL STREET JOURNAL. Tuesday, November 16, 2010
Indian telecom
minister resigns
BY DHANYA ANN THOPPIL stepped down over separate corrup-
AND AMOL SHARMA tion allegations. Both have denied
wrongdoing.
NEW DELHI—Indian Communica- This comes at a time when Par-
tions and Information Technology liament is struggling to focus on its
Minister Andimuthu Raja resigned legislative agenda. The opposition,
late Sunday, the third government led by the Bharatiya Janata Party,
official to resign amid corruption al- has brought parliamentary proceed-
legations in less than two weeks. ings to a halt over the spectrum is-
Kapil Sibal, minister of human sue since Parliament’s winter ses-
resource development, was named sion started Nov. 9. Mr. Raja said he
to take up his duties, the Indian agreed to step down on the advice
government said late Monday. of M. Karunanidhi, leader of Mr.
Mr. Raja has faced scrutiny by Raja’s Dravida Munnettra Kazhagam
India’s political opposition over alle- party, a coalition partner of the rul-
gations that he favored some tele- ing Congress party.
communications firms over others One of the most serious accusa-
in their application for radio air- tions against Mr. Raja is that he al-
waves, or spectrum. Specifically, the legedly retroactively changed the
opposition has accused Mr. Raja of deadline for applying for spectrum
allegedly allocating spectrum to from Oct. 1, 2007, to Sept. 25, 2007,
nine telecommunications companies in order to favor firms that applied
in an irregular manner and at dis- earlier while leaving others out.
counted prices in 2008. The allega- Opposition party members also
tion is that these practices cost the accuse Mr. Raja of massively under-
country as much as $40 billion. valuing what is known as the 2G
The office of India Prime Minis- spectrum, frequencies used to trans-
ter Manmohan Singh said Mr. Raja’s mit phone calls and text messages to
resignation was accepted. mobile phones. They allege he sold
Mr. Raja wasn’t available to com- each license for a fixed price of about
ment. Speaking to reporters in Delhi $366 million, a small sum compared
after submitting his resignation Sun- with one slot of nationwide band-
day, Mr. Raja denied wrongdoing, width for third-generation, or 3G,
adding he resigned “in order to avoid services, that went for about 10 times
an embarrassing situation to the gov- that amount at a government auction
ernment and…Parliament.” He, this year. The 3G spectrum powers
added, “I’ll prove that I did every- internet wireless signals on phones.
thing in accordance with the law.” Mr. Raja says his move to allo-
Mr. Raja’s resignation comes cate spectrum to nine new industry
shortly after former Maharashtra players helped to drive down prices
Chief Minister Ashok Chavan and and sparked massive growth. India
former Congress Parliamentary now has more than 670 million cell-
party Secretary Suresh Kalmadi phone subscribers.
6 THE WALL STREET JOURNAL. Tuesday, November 16, 2010
TOU ad a She also discussed the issue with fairly clear that the sanctions ha-
Western diplomats in meetings held ven’t brought political change, but
nd in late 2009 and expressed a will- instead have outsourced jobs from
DEC G
her views on other approaches to Sanctions still have backing from
e bringing down the junta. In past some Myanmar dissidents who note
ISIO H
years she backed calls for tourists to that Myanmar’s military owns a ma-
boycott the country, but has soft- jority stake in virtually all enter-
ened her stance in recent years prises responsible for extracting
amid arguments from many dissi- natural resources, according to the
dents who believe more tourism will U.S. government, which means that
help boost incomes and expose resi- income from many major invest-
dents to other political views and ments would likely flow directly to
NS.
news of the outside world. the regime.
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officers and companies are tions are working. She may also be ternational community is required
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constantly changing. That’s why ating tactic with the regime. lease of other prisoners and to dis-
It is highly unlikely that Western courage the regime from rearresting
we’ve enhanced our Directors
governments would consider any Ms. Suu Kyi, said Aung Din, execu-
and Officers liability insurance to sanctions revisions without a clear tive director of the U.S. Campaign
endorsement from Ms. Suu Kyi. The for Burma, a Washington-based dis-
safeguard individuals’ personal assets
U.S. and other governments ap- sident group.
and protect the organisations they proved progressively tougher sanc- The central argument against
tions largely out of protest of Myan- sanctions, echoed by many econo-
serve in today’s changing risk landscape.
mar’s treatment of Ms. Suu Kyi, and mists, is that some of them hurt
It’s market-leading coverage built on they have long taken cues from Ms. more people than they help. Econo-
Suu Kyi and her political allies in mists widely blame U.S. trade re-
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sanctions against members of the tiveness, since Asian countries such
regime and their supporters.” as China and Thailand haven’t fol-
Canadian Prime Minister lowed suit, allowing Myanmar’s gov-
Stephen Harper also said Saturday ernment to sidestep negative impact
that Canada’s sanctions will remain from the rules. Trade between
in place. Myanmar and China has more than
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lead to an honest and open debate million in 1988.
Tuesday, November 16, 2010 THE WALL STREET JOURNAL. ** 7
WORLD NEWS
Zuma Press
conservative lawmakers who have ment in a confidence vote in Parlia- productivity,” said Deutsche Bank
broken away from Mr. Berlusconi. ment. analyst Marco Stringa.
If Mr. Berlusconi accepts the res- A confidence vote is expected to Mr. Berlusconi’s allies seized on
ignations, which were confirmed by take place after Parliament approves Monday’s resignations, painting the Italian Premier Silvio Berlusconi is resisting calls to dissolve his government.
the officials’ spokesmen, he will face amendments to Italy’s three-year moves as an act of political treach-
the challenge of finding successors budget. So far, the vote on the ery by Mr. Fini. “The betrayal has premier’s governing style. Mr. Fini courting other centrist parties for
in an increasingly hostile political amendments hasn’t been scheduled, begun,” Labor Minister Maurizio has now set up his own political support in Parliament.
landscape. Mr. Berlusconi recently but the budget is due by the end of Sacconi told reporters. party, Future and Freedom for Italy, In recent weeks, Mr. Fini has
named a new industry minister after the year. On Tuesday, Mr. Napolitano Mr. Fini and his allies helped Mr. which has enough lawmakers to de- ratcheted up criticism of Mr. Ber-
several months of searching—a de- will meet with Mr. Fini, who is also Berlusconi found his People of Free- prive the government of a majority lusconi as the premier grapples with
lay that stirred widespread condem- speaker of the lower house, and his dom party nearly three years ago. in the lower house of Parliament but a range of controversies.
nation from business leaders and Senate counterpart to “examine the This summer, however, the party ex- weaker support in the upper house, —Giada Zampano
unions. next deadlines of parliamentary ac- pelled Mr. Fini for criticizing the the Senate. Mr. Fini has also begun contributed to this article.
8 THE WALL STREET JOURNAL. Tuesday, November 16, 2010
Heritage Auctions
theby’s and Christie’s International brought
in about $1.1 billion—nearly doubling their
sales total from last fall.
The latest tally also kept pace with the
houses’ $1.1 billion sale in May, indicating GOOD CONDITION: James Irwin’s space suit is
that price levels for high-end art have either up for sale at Heritage Auction Galleries.
reached a plateau or settled into a reliable
rhythm, after several roller-coaster seasons.
This round of Impressionist, modern and
contemporary art sales also contained 40%
Here’s hoping
space suit has
more works than last fall’s sale, and the mar-
ket passably absorbed the boosted volume:
Around 68% of the 2,266 offered works sold.
Christie’s won the latest series, selling Heritage also wants at least $8,000 for a boot
$682 million of art and besting Sotheby’s and $4,000 for a glove, both of which never
$535 million total. The big houses capital- left Earth. Prices for space memorabilia rose
ized on the recession-proof appeal of Pop with the 40th anniversary of Apollo 11 last
art, whose cheery colors and grocery-aisle year and have since leveled off, according to
imagery remain popular with international Mike Constantine, owner of the space-memo-
collectors who aren’t yet ready to splurge rabilia website Moonpans.
for edgy unknowns. Christie’s sold Jeff Unlike old master paintings, top space
Koons, Balloon Flower (Blue) for $16.9 mil- gear can still be amassed by the everyday
lion and Roy Lichtenstein’s “Ohhh…Alright…” collector. A Neil Armstrong signed photo-
for a record $42.6 million. graph can sell these days for around $4,000.
Those seeking value buys bypassed Pop. The Pittsburgh-born Mr. Irwin walked on
New York dealer Nathan Bernstein only had the moon for more than 18 hours during the
to place a single bid at Sotheby’s to win 1971 Apollo 15 mission, which focused on sev-
Ellsworth Kelly’s abstract “Cowboy” for $1.7 eral scientific projects. He died of a heart at-
million, under its $1.8 million low estimate. tack in 1991. Patches, or emblems, from a suit
“At a sale so big, some things can fall he wore to the moon fetched $358,000 at a
through the cracks,” he said. Christie’s auction in 2001. As far as auctions
go, he ranks behind Mr. Armstrong, whose
After several up-and-down memorabilia often commands higher prices
seasons, Sotheby’s and than that of other astronauts.
Christie’s New York fall art The players in the space-memorabilia
auctions turned in steady market have changed several times since
results. this time around the 1990s, according to Alan Lipkin, senior
Above, Amedeo Modigliani’s vice president of one of them, Regency-Su-
‘Nude Sitting on a Sofa perior. Houses like Bonhams New York and
(The Beautiful Romanian)’ Heritage have added space auctions to their
which was sold at regular calendars, while others like
Sotheby’s for $68.9 million; Christie’s have scaled back offerings.
Right, Jeff Koons, Balloon Collectors seem to prize anything an as-
Flower (Blue) which was tronaut took onto the surface that has
sold at Christie’s for 16.9 moon dust on it, like the nametag of Edgar
million; Left, Roy Mitchell that sold at a Heritage auction for
Lichtenstein’s $59,750 in April. At the same auction, a
“Ohhh...Alright...” which sold technical manual that never left Earth sold
for $42.6 million at for $35,850 because it was part of Apollo
Christie’s. 11, which first landed men on the moon.
10 THE WALL STREET JOURNAL. Tuesday, November 16, 2010
LIFE STYLE
trendy. sequins to chunk knits. A-line mini fast-fashion chains like H&M and work for your body, which will
—S.B., Yarmouth, Maine dresses and tunic tops are versatile Forever 21, and keep a folder of keep changing over the years.
Tuesday, November 16, 2010 THE WALL STREET JOURNAL. 11
BUSINESS OPPORTUNITIES
Lionfish creates uproar,
bringing out the hunters
BY PAUL GLADER
Key Largo, Fla.
F
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LUCTUATIONS in the fish popu-
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)
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lution served up for the lionfish.
2$34 / 3
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“Kill it and grill it!” says Sean
#
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Morton, superintendent of the
566
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Florida Keys National Marine
3
& ")7,,
Sanctuary, a 3,900-square-mile
National Park that is entirely un-
derwater. The park is licensing
AVIATION BUSINESS OPPORTUNITIES hundreds of scuba divers to exter-
minate red lionfish in “no-take”
areas where other fishing and
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BUSINESSES FOR SALE were killed. Two derbies in the other scuba divers are experi- the worst marine invasive species
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#
$
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pages describe how to catch and a lionfish hunting derby in Decem- North Carolina. A lionfish can pro-
cook it. “People have a sense that ber, like dozens of others on the duce more than two million eggs
CAPITAL AVAILABLE the waters they love are being in- East Coast. While he keeps a few per year. “They are just too wide-
vaded,” says Renata Lana, a lionfish in a tank in his shop, he’s spread,” says Mr. Akins.
TAKE YOUR COMPANY PUBLIC spokeswoman with the National also tried feeding diced lionfish to The government says one way
Learn How Any Company Can Oceanic and Atmospheric Admin- eels from his boat, to lobsters on to fight the fish is to create a
GO PUBLIC TO RAISE CAPITAL istration. This year, the U.S. fed- the beach, eating it as ceviche market for eating them. NOAA
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Stalking the lionfish isn’t easy. Gregg Waugh in Walterboro, S.C., rants in the U.S. and the Carib-
The fish, which grow up to about who has speared 100 lionfish in bean are serving it.
45 centimeters, are fast and feisty, the Bahamas, launched SafeSpear James Clark, executive chef at
CAPITAL WANTED divers say. Plus, the tips of their LLC in April to sell protective Waterscapes Restaurant in Myrtle
fanned spines give a sting more gloves and a 1.5-meter spear de- Beach, S.C., recently had a roasted
painful than a bee’s. “They can get signed to shish-kabob lionfish lionfish on the menu, with a
nasty,” says Bob Hickerson, of without a diver having to touch pumpkin chorizo puree and crab
Vero Beach, Fla., who has killed the prickly fish. “We don’t want velouté for $22. “It’s tough for me
dozens in the past two years. “I’ve people to have to get too close to to get,” he says. “Sometimes fish-
been charged twice, in the face,” ’em,” says Mr. Waugh. “These are ermen don’t want to handle it on
he says. He has designed a 35-cen- very aggressive animals. Even the their boat.”
!"#$%"& !
timeter spear that he has used in smaller ones swim right toward Ms. Lana, who organizes the
derbies this year, his team placing you.” government’s “Eat Lionfish” cam-
first in one and winning $1,600. Lad Akins, operations director paign, says fishermen still often
Scientists aren’t sure just how at REEF, complains about ill- “throw [lionfish] overboard be-
Capital Wanted the lionfish came to the eastern trained vigilante hunters. “I’ve cause they are not aware what
Secured loans for purchase of U.S. seaboard. One tale says six lion- seen people shoot and miss the li- they can do with them.” The gov-
based Security Companies. fish got loose when a beachside ernment is promoting lionfish as a
onfish and spear a sea cucumber
5 year term, 22% interest,
$25,000 min. Principals Only!
aquarium burst during Hurricane or sponge instead.” Lionfish are do-good dish that helps balance
Contact Mr. Vassell Andrew in 1992. The lionfish “al- an “ambush predator” with fast ocean ecology. It’s one of the few
914-260-2949 most certainly was released from reflexes, Mr. Akins says. “It’s very, fish, she says, people can eat out
an aquarium” of some kind, says very quick at a short distance. of existence with a “clear con-
Mark Hixon, a professor at Oregon When you get close to the fish to science.”
Tuesday, November 16, 2010 THE WALL STREET JOURNAL. 13
Burmese Farce
S
aturday’s nominal release of Bur- imprisoned her in 1989. On previous occa- dalay, the country’s second largest city, harsh prison terms. More than 2,200 po-
mese dissident Aung San Suu Kyi sions—amounting to six years out of the the railway discovered mechanical prob- litical prisoners remain behind bars.
from seven years of house arrest is last 21—she has been at some liberty to lems in her carriage, or moved the train Today, there is no indication that the
being compared by some misty-eyed receive visitors in her home and even to another platform. government has any intention of reform-
Western well-wishers to Nelson Man- make or receive phone calls. Nor has the regime limited itself to ing its ways or allowing Ms. Suu Kyi and
dela’s release from prison in 1990. Would But her efforts to use her limited free- cheap trickery. In 1996, a band of thugs her political party to be politically ac-
that it were so. Mr. Mandela’s freedom doms to advance those of her people have attacked Ms. Suu Kyi’s motorcade with tive—which is precisely why they held
was a clear signal that South Africa’s been met by the regime with immediate stones and chains, injuring some of her sham elections before her release and
white rulers intended to do away with resistance. In the mid-1990s, she was in- colleagues. In multiple stand-offs on the disbanded her party. If Burma’s rulers ex-
apartheid. Ms. Suu Kyi’s release is yet an- vited to a meeting in a Rangoon suburb, road outside Rangoon, she was confined pect to rehabilitate their image abroad
other gambit by the Burmese regime to only to be told by security forces that the to her car for more than a week at a time. with this pretense of magnanimity, they
extend its grip on power. occasion was for ethnic Karen only; those Then in 2003 she was attacked in Depayin should be disabused of that view. Burma
This is not the first time Ms. Suu Kyi who issued the invitation were arrested. and as many as 70 of her supporters were can never be treated as a normal country
has been “freed” by the regime that first When she purchased train tickets to Man- killed. Other followers were sentenced to until Ms. Suu Kyi is truly free.
OPINION
Ken Fallin
interest rates,” you get half credit. icy amounts to currency manipula- private securities and to reduce the
the more hysterical critics, For full credit, you must explain tion: deliberately lowering the in- interest rate it pays on reserves,
how: They create new bank re- ternational value of the dollar to even turning it negative. The latter
the Fed would have to be serves to purchase short-term gov- gain competitive advantage for U.S. language. After all, the U.S. dollar is would blast reserves out of banks
incredibly incompetent, ernment securities (in the U.S., exporters. Is there any truth to a floating currency. Many factors, into some productive uses.
that’s mostly Treasury bills). Yes, this? Not if words have any mean- including but certainly not limited But I don’t run the Fed. Maybe
which it is not. they print money. ing. to monetary policy, influence the Chairman Bernanke’s ideas are bet-
But short-term rates are practi- Economics 101 teaches us that exchange rate, which changes every ter than mine and, in any case, the
cally zero in the U.S. now, so the one standard side effect of a cen- minute. But the Fed will not inter- planned QE2 is far better than do-
One current catchphrase is “job- Fed wants to push down medium- tral bank reducing interest rates is vene to push the dollar down. If the ing nothing. It is not a shot in the
killing spending.” Hmmm. How, ex- and long-term interest rates in- a lower exchange rate. Actually, dollar should rise instead of falling, dark, not a radical departure from
actly, does more spending kill jobs stead. How? You guessed it: by cre- things don’t always work out that c’est la vie. conventional monetary policy, and
when there is idle capacity and no ating new bank reserves to pur- way in the real world; sometimes More important, the U.S. is a certainly not a form of currency
threat of rising interest rates? chase medium- and long-term the stronger growth pushes the sovereign nation with a right to its manipulation.
Stumped? So am I. government securities. currency up instead. This contra- own monetary policy. So I was I know Ben Bernanke. Ben Ber-
The anti-Keynesian revival has That sounds pretty similar to dictory evidence notwithstanding, stunned when a top aide to the nanke is a friend of mine. And crit-
been disheartening enough. But garden-variety monetary policy. Yet it is commonly assumed that ex- Russian president suggested that ics ranging from Mr. Schauble to
now the economic equivalent of the critics are branding QE2 a radical pansionary monetary policy depre- the Fed should consult with other Ms. Palin are no Ben Bernankes.
Flat Earth Society is turning its departure from past practices and ciates the currency. That’s why countries before making major pol-
fury on Ben Bernanke and the Fed- a dangerous experiment. some foreign governments, espe- icy decisions. Come again? An inde- Mr. Blinder, a professor of eco-
eral Reserve. Critics ranging from The next charge is that QE2 will cially the more mercantilist ones, pendent central bank doesn’t even nomics and public affairs at
German Finance Minister Wolfgang be inflationary. Partly true. The Fed are apoplectic. What’s down for us consult with its own government. Princeton University and vice
Schauble to tea party favorite actually wants a bit more inflation is up for them. Finally, there’s that old hobgob- chairman of the Promontory Inter-
Sarah Palin—which is quite a because, now and for the foresee- But calling QE2 “currency ma- lin: consistency. Critics tell us that financial Network, is a former vice
range—have spoken as if Bernanke able future, inflation is running be- nipulation” is a grotesque abuse of QE2 won’t give the U.S. economy chairman of the Federal Reserve.
OPINION
Associated Press
and some hikes of the reserve re- counts today yield negative re- ment-intensive growth path by
quirement, though rates on de- turns after adjusting for inflation, cutting off liquidity from a large
mand deposits have not budged at for a real return of about -4%. number of projects. Local authori-
all. More action is needed. A reso- Even net of inflation, deposits in a ties will learn that they can no
lute drive to slow growth of the one-year time deposit earn -2%. Chinese food prices are increasing at a double-digit pace. longer pursue growth based
money supply will stop the hem- Meanwhile, banks are earning mainly on adding new investment
orrhaging of household savings large margins, and borrowers of households remain relatively flat, In the past, the Chinese gov- projects financed by bank loans
due to inflation. As an added bo- medium- to long-term corporate continual inflation alone will drive ernment has successfully stifled and bond issuance.
nus, it may also wean China off of loans, which tend to be state- many into destitution. The pres- inflationary pressure via the im- In the mid- to late-1990s, cash-
its heavy dependence on invest- owned or state-dominated firms, sure from negative earnings on position of a resolute credit ceil- starved local authorities became
ment-driven growth. are borrowing at an inflation-ad- savings has driven richer house- ing on banks. Today, regulators much more open to privatization,
The recent bout of inflation justed rate of about 2%. Given holds to speculate in the real es- would also need to monitor allowing private firms to domi-
may seem mild in comparison to that households currently have tate and stock markets. Rising in- closely the expansion of trust nate sectors previously monopo-
the double-digit price rises in the more than 11 trillion yuan ($1.7 flation has further incentivized all products and the inflow of hot lized by state-owned firms. The
1980s and ‘90s. But the social im- trillion) in demand deposits, an households to begin stockpiling money. The People’s Bank of competition that resulted was
pact may be almost as severe. Ac- annual inflation rate of 4% this food and commodities such as China and the China Banking Reg- good for the economy. Repeating
cording to research by a Chinese year would in effect see the trans- gold. Food hoarding, if sufficiently ulatory Commission have all the that process will not be painless,
government think tank, poorer fer of over 400 billion yuan ($60 widespread, can further increase tools necessary to fight inflation. but past experience has shown
households now face inflation that billion) from these households to inflationary pressure. A combination of interest rate that resolute macroeconomic re-
is twice the overall rate because banks and corporate borrowers, Although inflation might have hikes, a credit ceiling, a freeze in trenchment can put China on a
their consumption basket is domi- both dominated by the state. been boosted by some recent sup- trust product issuance and ag- healthier path for growth.
nated by food items, which have This erosion of poor house- ply shocks, the rapid expansion of gressive sterilization of foreign
seen the most rapid price in- holds’ purchasing power goes di- the money supply in recent years, exchange inflows can halt infla- Mr. Shih is associate professor of
creases. So even though wage rectly against the goal of “raising especially the spectacular explo- tionary expectations and stop the political science at Northwestern
gains seem robust, many house- the income of medium and low in- sion of lending last year, is the erosion of household savings. University and author of “Fac-
holds are seeing flat or negative come urban and rural residents,” root cause. Thus, a key ingredient China’s top leadership, however, tions and Finance in China”
increases in purchasing power. as outlined by the Party plenum of future inflation fighting will be needs to make clear its collective (Cambridge University Press,
Household savings have also last month. Given that nominal to slow down substantially the ex- determination to fight inflation in 2007). A related editorial ap-
been eroded by government poli- wages for a large number of pansion of money supply. order to give these measures pears today.
Gregory B. Maffei
Mr. Maffei, who got compensa-
tion of $87.1 million last year, has
2 Larry Ellison
Oracle
$250,001 $6,453,254 $61,946,500 $68,649,755 –17%
7
In December 2009, Liberty of-
Marc N. Casper $790,220 $824,533 $12,809,444 $9,312,000 $9,312,000 $33,048,197 N/A $879,375
fered Mr. Maffei a new five-year
Thermo Fisher Scientific
contract that heavily links his com-
8
pensation to its stock performance. J. Raymond Elliott $598,356 $2,107,766 $15,232,000 $9,510,000 $4,654,400 $32,102,522 N/A
Boston Scientific
16
pany. The 50-year-old chief execu-
Rex W. Tillerson $2,057,000 $2,400,000 $16,963,875 $21,420,875 –9% $4,992,240
tive can’t make money from any of
Exxon Mobil
these options until they begin vest-
17
ing in four years. Robert A. Iger $2,038,462 $9,260,000 $3,598,402 $5,940,006 $20,836,870 –59% $9,736,350
Certain pay critics question the Walt Disney
wisdom of Mr. Maffei’s options
18
grant. “Some significant portion of Samuel J. Palmisano $1,800,000 $4,750,000 $13,517,401 $20,067,401 3% $17,562,208
the options should have multiple IBM
performance measures,” observed
Amy Borrus, deputy director of the
Council of Institutional Investors in
Washington. The group represents
19 William C. Weldon
Johnson & Johnson
$1,802,500 $3,600,000 $4,713,177 $2,773,851 $6,899,998 $19,789,526 13% $12,689,862
award Mr. Maffei a new options Notes: Annual incentives: annual bonus in cash or stock earned in the most recent fiscal year. Stock option grants: grant–date value, as disclosed by the company, of stock options granted in the most recent fiscal year.
Restricted stock grants: grant–date value, as disclosed by the company, of restricted stock granted in the most recent fiscal year. Performance awards: grant–date target value of performance–linked cash and equity
grant for 2010 and “do not expect awards granted in the most recent fiscal year. Total direct compensation: the sum of salary, annual incentives, stock option grants, restricted stock grants and performance awards. Total realized long–term incentives:
him to be among the top-paid CEOs gains on options exercised in the most recent fiscal year, restricted stock that vested in the most recent fiscal year and long term performance cash and equity awards that paid out in the most recent fiscal year. This
in 2010,” a company spokeswoman represents value realized from awards that have been granted over time.
Carol Bartz
Yahoo’s Ms. Bartz is the highest- 41% from its close of $11.73 on Jan. vive. His compensation nearly dou-
paid female CEO tracked by the 30, 2009. bled from $20.6 million in 2008.
Journal since 1999, when Carly Ms. Bartz, 62, also got $10 mil- Mr. Moonves’s compensation re- How the pay survey was completed
Fiorina scored $90.6 million in total lion in cash and restricted shares to flected a $15 million bonus and op-
direct compensation as Hewlett- make up for equity grants and bene- tions initially valued at $13 million. The Wall Street Journal CEO- dents of executive compensation
Packard Co.’s new leader. fits she left behind at Autodesk Inc., CBS shareholders saw returns of compensation survey was con- consider those components the
In recruiting Ms. Bartz to lead the software concern she previously 76% last year. ducted by Hay Group, a manage- best measure of what a board of
Yahoo early last year, directors of ran. Her initial package “is much The media giant previously said ment-consulting firm. It analyzes directors intended to pay a CEO
the struggling Internet company more performance-oriented than the bulk of its CEO’s 2009 compen- chief executives’ pay from 456 in a given year. The rankings ex-
gave her a package tightly tied to other comparable company hiring sation was “keyed to performance- U.S. public companies with reve- clude the value of exercised
the share price. Her $44.6 million packages,” the spokeswoman said. based measures” and “will continue nue in their most recent fiscal stock options and the vesting of
package featured five million stock Last month, Yahoo reported an- to be closely aligned” with share- year of at least $4 billion, that restricted stock. Some totals
options initially valued at $29.2 mil- other quarter of sluggish revenue holder value. filed their proxy statements be- from prior years have been ad-
lion. The CEO can start exercising growth. Though Ms. Bartz has cut A spokesman declined to com- tween Oct. 1, 2009 and Sept. 30, justed.
the options only if Yahoo shares costs and pulled off a search deal ment further. 2010. The full database, which in-
climb by at least 50% between Jan. with Microsoft Corp., this year, she The 61-year-old Mr. Moonves The Journal’s rankings of top- cludes each element of CEO pay
30, 2009, and Jan. 1, 2013. said she needed more time to turn took the helm at the end of 2005. earning CEOs are based on total for each company and some
“Ms. Bartz would receive no Yahoo around. Last week, CBS said the advertising direct compensation, which in- summary results by industry, can
value from the options unless ap- rebound and cost cuts boosted its cludes salary, bonuses and the be seen online at www.wsj.com/
proximately $8 billion of value were Leslie Moonves third-quarter net income by 53%. value of long-term incentives, in- executivepay. For more analysis
created for shareholders,” a Yahoo Mr. Moonves collected a $37.6 Hay Group, a Philadelphia con- cluding stock and stock options of this year’s results, go to
spokeswoman said. At Friday’s close million package from CBS last year, sultancy, conducted the latest CEO at the time of the grant. Stu- www.haygroup.com/wsj.
of $16.55, Yahoo shares had risen as the media industry began to re- survey for The Wall Street Journal.
18 THE WALL STREET JOURNAL. Tuesday, November 16, 2010
BUSINESS& FINANCE.
MARKETS 26 HEARD ON THE STREET 34
BUSINESS FINANCE
Bloomberg News
raises questions about whether the a US$350 million hit to BHP’s De- A plan for a joint venture of the
world’s biggest miner will remain cember interim accounts. companies’ iron-ore operations in
committed to making big acquisi- Governments increasingly have Australia’s Pilbara region was
tions, amid increased government become wary of foreign resource dropped last month after European
resistance to major takeovers. takeovers amid booming commodity regulators came out against the
The Anglo-Australian miner on prices and dwindling tax revenue in deal. Marius Kloppers, who has dropped three big deals since becoming BHP’s CEO,
Monday abandoned its third attempt the global downturn. Born in South Africa, Mr. Klop- is under pressure to return cash to shareholders.
at a major deal in two years, despite Analysts have argued that with pers was 44 years old when he was
attempting to placate concerns in the collapse of the Potash bid, an ac- appointed chief executive of BHP. A it’s reasonable to expect that they’re ada’s economy.
Saskatchewan and New Brunswick quisition in the oil-and-gas sector, graduate of France’s Insead business subject to a larger degree of scru- Canadian Prime Minister Stephen
that the offer wouldn’t benefit the such as of Woodside Petroleum school and a former employee of tiny.” Harper said his government’s rejec-
two Canadian provinces. Ltd., would be one of the few areas consulting firm McKinsey & Co., he Still, there is little sense that tion of the deal didn’t signal a turn
Potash said the bid’s collapse vin- in which BHP could expand without is an anomaly in an industry in shareholders and BHP’s board are away from foreign investment. “It
dicated the company’s rejection of running up against regulatory prob- which many executives are dirt-un- losing patience with Mr. Kloppers. would be an interesting question to
the US$130-a-share offer, which Pot- lems. der-the-fingernails geologists. BHP remains enviably profitable, ask whether any other country
ash said “substantially undervalued” Meanwhile, current and former Recently he drove the move to with US$12.72 billion in net attribut- would approve a similar other trans-
the company. BHP employees complained that CEO price iron ore and coal through mar- able earnings in its latest fiscal year. action,” he told reporters.
The withdrawal, meanwhile, Marius Kloppers’s focus on acquiring ket-based pricing mechanisms, un- Shareholder activist Stephen BHP on Monday said that to win
drives attention to BHP’s plans for major assets, such as those held by derlining BHP’s vision of being a Mayne said Mr. Kloppers’s drive for approval of the Potash offer from
distributing its net operating cash rival Rio Tinto and Potash, has di- low-cost, high-volume producer. major deals still has appeal. the Canadian government, the miner
flow, which came to US$17.92 billion verted focus from mining opera- But his failure to put BHP’s huge “They’re now the world’s biggest had offered to forgo tax benefits,
in the fiscal year ended June 30. tions. war chest to use looks like a lost op- Western company by market capital- spend US$820 million on explora-
BHP shareholders said manage- Mr. Kloppers said in a prepared portunity given the quick turn- ization, after Exxon Mobil Corp. and tion and infrastructure in
ment should return cash to inves- statement Monday that the company around of the resources sector after Apple Inc.,” Mr. Mayne said. Saskatchewan and pursue a listing
tors, rather than spend it on deals. would invest US$15 billion in its glo- the global downturn. “Shrinking the company [through a on the Toronto Stock Exchange. BHP
“Clearly, BHP’s generating a lot of bal business this fiscal year and con- “Part of the challenge of putting share buyback] when it’s on its way also offered to remain a member of
cash and if they can’t utilize it im- tinue to build its presence in potash. together these sorts of deals is that to being the world’s biggest isn’t the Canpotex potash-marketing car-
mediately and have an acquisition, BHP currently doesn’t produce the the [political and regulatory] frame- necessarily the right thing to do.” tel for five years.
it’s right to give it back to share- fertilizer, though BHP’s Jansen proj- work is incredibly volatile and dy- Canadian Industry Minister Tony —Ben Dummett in Toronto
holders,” said Paul Xiradis, chief ex- ect, close to Potash properties in namic at the moment all over the Clement said the BHP-Potash deal contributed to this article.
ecutive of Ausbil Dexia, a top-10 Saskatchewan, is slated to start pro- world,” said Mike Elliott, global min- was rejected because it wouldn’t
holder in BHP’s Australia listing. duction in 2015. ing leader at Ernst & Young in Syd- bring new mining techniques nor Heard on the Street: It’s time for
BHP, which Tuesday will hold its Since becoming chief executive in ney. “If the projects are larger, then boost potash sales to improve Can- BHP to think smaller .......................... 34
BUSINESS FINANCE
Caterpillar the world’s “broadest ging equipment for the construction The containers, also known as The logistics company is funding
supplier” of mining equipment, Mr. of the Panama Canal. In the RPCs, currently comprise about 3% the deal through a combination of
Oberhelman said. mid-1990s, the company was reorga- of Brambles’s revenue but would ac- 50% equity and 50% debt. The eq-
The proposed acquisition would nized in U.S. bankruptcy court after count for 13% if the acquisition uity component would be derived
accelerate consolidation among glo- Caterpillar CEO Doug Oberhelman. a leveraged buyout left it with more gains regulatory approval, which from a 110-million-Australian-dollar
bal makers of mining equipment. In debt than it could handle. Brambles expects to occur within ($US108.5 million) share-purchase
February, Bucyrus bought Terex The cash offer from Caterpillar, Bucyrus has manufacturing facil- nine months. plan and underwriting the next
Corp.’s mining-equipment division already the world’s largest maker of ities in South Milwaukee, Houston The other half of IFCO’s revenue three dividend-reinvestment plans.
for $1.3 billion. Other big rivals in construction and mining equipment, and Germany. comes from the company’s U.S. Debt would come from existing
the mining-equipment segment in- values Bucyrus at $92 a share, a Mr. Oberhelman said there is vir- wooden-pallet-recycling business. facilities.
clude Komatsu Ltd. of Japan and 32% premium over last week’s clos- tually no overlap between the types Owning IFCO would help Brambles Separately, Brambles said sales
Joy Global Inc. of the U.S. ing price for Bucyrus on the Nasdaq of mining equipment made by manage its own pallet pool. revenue for the four months ended
“Our customers have told us they Stock Market. Bucyrus and Caterpillar. Many min- Sydney-based Brambles, with in October totaled US$1.43 billion,
want fewer suppliers” of mining Caterpillar said it would finance ers use Bucyrus shovels to load Cat- business in at least 45 countries, up 2% from a year earlier and 3% on
equipment, Mr. Oberhelman said. the purchase partly with debt and erpillar-made mining trucks. primarily operates in the U.S., U.K., a constant currency basis.
22 THE WALL STREET JOURNAL. Tuesday, November 16, 2010
CORPORATE NEWS
hundreds” of orders for the C919 buy foreign jetliners, placing orders
will be announced, Mr. Zhang said for 102 planes from Airbus this
at a news conference on the eve of month.
the six-day air show. The ARJ21 already has had some
He didn’t name prospective buy- The C919, on display at the Zhuhai air show, is designed to compete with jets made by Boeing and Airbus. success in the global market, at-
ers. But industry observers said tracting 240 orders from home and
they are expected to include state- regional jets. Executives of the U.S. its space program in terms of na- order announcements. abroad. First deliveries of the air-
run domestic airlines Air China company have said GE plans to lease tional prestige. Some industry insiders also have craft are expected to be made next
Ltd., China Eastern Airlines Corp., the 70-seat ARJ21s to China’s do- Still, it was unclear how firm the questioned whether the C919 will be year, Commercial Aircraft told the
China Southern Airlines Co. and mestic airlines for use within the expected orders will be, and completed on schedule—noting that official Xinhua news agency on
possibly Hainan Airlines Co. country. whether Commercial Aircraft will the ARJ21 is already almost two Monday. Four aircraft were under-
Another possible buyer is Gen- The expected order for the C919 require a nonrefundable deposit years behind its original introduc- going test flights while another two
eral Electric Co.’s leasing arm, would represent a vote of confi- from prospective buyers, as is de- tion date of 2009. were being tested on the ground to
which agreed two years ago at the dence in China’s decades-long quest manded by most foreign manufac- The C919 isn’t expected to make earn airworthiness certificates.
previous Zhuhai air show to pur- to develop a large passenger jet—a turers. Given the importance of the its first flight until 2014, and the —Norihiko Shirouzu
chase 25 Commercial Aircraft ARJ21 project that Beijing rates alongside C919 project, politics could drive the first deliveries aren’t expected until contributed to this article.
CORPORATE NEWS
Vodafone is pressed
in India tax case Db 13 - 14 2010, itc m , mb
BY R. JAI KRISHNA AND ROMIT GUHA Vodafone International failed to
withhold tax when it paid $11.2 bil-
NEW DELHI—India’s top court lion to buy Hong Kong-based
Monday asked a unit of U.K.’s Voda- Hutchison Whampoa Ltd.’s 67%
fone Group PLC to pay a deposit of stake in Hutchison Essar. Hutchison
25 billion rupees ($558.2 million) Essar was renamed Vodafone Essar
within three weeks as the U.K. tele- after the stake transfer. Tax depart-
communications company appeals a ment officials couldn’t be reached
massive $2.52 billion tax bill. for comment.
The court set Feb. 24 as the final Vodafone has since claimed that
date for an appeal hearing in the the Indian government is not enti-
case, which involves Vodafone Inter- tled to tax the transaction since it
national Holdings BV. was agreed outside India by two
The appeal is against a lower foreign companies.
court ruling that permitted a tax Meanwhile, Vodafone said in a
claim on the company’s 2007 acqui- statement that it has been in talks
sition of a majority stake in Hutchi- with the Dutch government, which
son Essar Ltd. it said probably appealed to an In- Driving your investments through the new silk roaD
India’s tax department had sent dia-Netherlands tax treaty to re-
Vodafone International a tax de- solve the dispute.
mand of 112.18 billion rupees, in- Vodafone International is regis- www.chimeinvestment.com
cluding interest. Vodafone has said tered in the Netherlands.
it “strongly disagrees” with the tax “The Dutch government’s inter- P
d:
calculation. vention is a standard mechanism
The court registry payment of 25 which can be invoked between coun-
billion rupees would be paid back to tries to review tax matters,” Voda-
Vodafone if the company wins the fone said Monday, responding to lo-
court case. A three-judge panel cal media reports.
asked the income tax department to Officials at the Netherlands High
provide a guarantee that it would Commission in India couldn’t be
bear the applicable interest on the reached Monday.
25 billion rupees deposited by Voda- During its address in court Mon-
fone if the company were to win the day, company lawyers reiterated its F
f f
,
: +971 4 367 1383
appeal. argument that the deal wasn’t tax- q @b.
The court, headed by Chief Jus- able in India.
tice S.H. Kapadia, also asked Voda- India’s Central Board of Direct p
fone International to provide a bank Taxes had calculated capital gains of
guarantee valued at 85 billion ru- 374.14 billion rupees on the transac-
pees with a state-run bank in the tion. The tax on the gains was calcu-
next eight weeks. lated at 79 billion rupees as of Feb.
India’s tax department says 11, 2007, the board said.
For information about listing your funds, please contact: Carson Wong tel: +852 2831-6481; email: carson.wong@dowjones.com
Tuesday, November 16, 2010 THE WALL STREET JOURNAL. 25
GAM Money Mkt USD EU EU VGB 11/10 USD 100.19 0.3 0.2 0.1 JF China (SGD)A(acc) AS EQ LUX 11/12 SGD 14.11 2.1 NS NS
GAM Multi-Arb EUR Op HS HS VGB 11/08 EUR 96.47 -13.3 -14.7 -9.7 JF China (USD)A(dist) AS EQ LUX 11/12 USD 52.94 10.8 11.5 43.5
GAM Multi-China EUR Op HS HS VGB 11/08 EUR 170.87 1.7 7.4 7.7 JF Greater China (SGD)A(acc) AS EQ LUX 11/12 SGD 14.93 5.4 NS NS
GAM Multi-China USD Op HS HS VGB 11/08 USD 181.67 2.9 8.5 8.5 JF Greater China (USD)A(dist) AS EQ LUX 11/12 USD 28.94 14.4 16.6 43.6
GAM Multi-Emer Mkts GBP $F $F VGB 11/08 GBP 137.84 4.8 7.8 13.3 JF India (SGD)A(acc) EA EQ LUX 11/12 SGD 16.61 15.4 NS NS
GAM Multi-Emer Mkts USD $F $F VGB 11/08 USD 684.19 5.1 8.0 13.2 JF India (USD)A(acc) EA EQ LUX 11/12 USD 29.07 25.2 32.1 49.9
GAM Multi-Eur EUR Op HS HS VGB 11/08 EUR 269.51 0.2 1.5 3.4 JF Korea Equity (USD) A (acc) AS EQ LUX 11/12 USD 10.27 22.4 29.7 49.7 n YUKI INTERNATIONAL LIMITED
n SENSIBLE ASSET MANAGEMENT LIMITED
GAM Multi-Eur II EUR Op
GAM Multi-Eur II USD Op
$F
$F
$F
$F
VGB
VGB
11/08
11/08
EUR
USD
138.69
113.67
0.3
0.5
1.6
1.7
3.4
3.1 In print & online. Contact:
JF Pacific Tech (USD) A (acc)
JF Singapore (SGD)A(acc)
OT
AS
EQ
EQ
LUX
LUX
11/12
11/12
USD
SGD
15.54
16.35
3.6
13.6
10.4
NS
28.7
NS www.samfund.com.hk Tel: (852) 2868 6848 Fax: (852) 2810 9948
Tel +44-207-269 0203 www.yukifunds.com
GAM Multi-Eur USD Op HS HS VGB 11/08 USD 470.88 0.7 1.9 3.3 JF Singapore (USD)A(dist) AS EQ LUX 11/12 USD 33.80 23.4 31.4 53.2 Asia Value Formula Fd-B AS EQ CYM 11/12 USD 10.19 27.1 31.5 57.3
GAM Multi-Nth Am EUR Special $F $F VGB 11/08 EUR 134.63 0.5 1.5 5.3 JPM Africa (USD) A (acc) OT OT LUX 11/12 USD 11.35 31.8 30.5 51.7 n YMR-N Series
GAM Multi-Nth Am USD Special
GAM Multi-Pac EUR Op
$F
HS
$F
HS
VGB
VGB
11/08
09/30
USD
EUR
219.68
138.69
0.7
-3.3
1.7
-1.4
5.9
0.5
carson.wong@dowjones.com
JPM Asia Pac Bond (USD)A(acc)
JPM Brazil Alpha+ (USD)A(acc)
AS
OT
BD
EQ
LUX
LUX
11/12
11/12
USD
USD
10.88
11.95
NS
11.9
NS
16.0
NS
57.3
n SGAM FUND YMR-N Growth Fund
YMR-N Small Cap Fund
EU
EU
EU IRL 11/15 JPY
EU IRL 11/15 JPY
8784.00
6139.00
-7.8
-12.5
-2.3
-10.8
-0.3
-0.8
Amundi Hong Kong Limited
GAM Multi-Pac USD Op $F $F VGB 09/30 USD 161.14 -2.6 -0.8 1.1 JPM Brazil Alpha+(SGD)A(acc) EU EU LUX 11/12 SGD 14.81 NS NS NS
GAM Portable Dvr/S&P500 HS HS VGB 08/24 USD 70.11 17.7 -27.7 -22.9 JPM East Eur (EUR)A(dist)(JF) OT EQ LUX 11/12 EUR 33.84 29.8 37.6 57.3
Hotline in Hong Kong 2166 5099 n Yuki 77 Series
JPM Emerg EMEA (SGD)A(acc) OT OT LUX 11/12 SGD 15.24 NS NS NS
www.sgam.com Yuki 77 General EU EU IRL 11/15 JPY 5428.00 -12.4 -9.0 -5.9
GAM Selection Hdg HS HS VGB 11/05 USD 3155.57 19.6 26.9 39.1 Bonds Eur Hi Yld A EU EU LUX 11/11 EUR 23.06 12.0 14.0 26.2
GAM Sing/Malaysia AS EQ VGB 11/11 USD 2981.92 18.1 23.0 34.5 JPM Emerg EMEA (USD) A (dist) OT EQ LUX 11/12 USD 63.95 24.9 27.5 57.8
JPM Emerg Mid East Eq(SGD)A(acc) EU EU LUX 11/11 SGD 15.39 NS NS NS
Bonds EURO A EU EU LUX 11/11 EUR 42.80 4.3 3.8 5.9 n Yuki Chugoku Series
GAM Sterling Spe Bd Inc EU EU VGB 11/08 GBP 267.64 16.4 18.4 28.0 Bonds EUROPE A EU EU LUX 11/11 EUR 40.92 4.6 4.2 5.3 Yuki Chugoku Jpn Gen EU EU IRL 11/15 JPY 6340.00 -8.0 -3.0 -1.3
GAM Trading EUR Inc EU EU VGB 10/29 EUR 340.86 4.8 4.6 6.2 JPM Emerg Mid East(USD)A(dist) OT OT LUX 11/11 USD 26.45 31.3 26.6 32.8 Bonds US OppsCoreplus A EU EU LUX 11/11 USD 40.56 9.9 9.9 14.8 Yuki Chugoku JpnLowP EU EU IRL 11/15 JPY 7143.00 -5.7 -5.5 -6.1
GAM Trading USD Inc HS HS VGB 11/08 USD 1039.74 6.9 7.2 7.7 JPM Emerg Mkt Eq (SGD)A(acc) OT OT LUX 11/12 SGD 15.14 6.4 NS NS Bonds World A EU EU LUX 11/11 USD 44.83 6.7 2.8 10.8
GAM Trdg II IncEUR Op HS HS VGB 11/08 EUR 148.20 6.6 6.8 7.5 JPM Emerg Mkt Eq (USD)A(dist) OT OT LUX 11/12 USD 32.84 15.4 18.6 44.0 Eq. AsiaPac Dual Strategies A AS EQ LUX 11/12 USD 11.56 10.9 13.0 36.1
GAM Trdg II IncUSD Op HS HS VGB 11/08 USD 337.71 6.9 7.2 7.7 JPM Emerg Mkt Infra(USD)A(acc) OT OT LUX 11/12 USD 8.86 19.2 22.7 50.5 Eq. China A AS EQ LUX 11/12 USD 25.34 5.0 6.2 36.2 n Yuki Hokuyo Japan Series
GAM Trdg IV IncEUR Op EU EU VGB 11/08 EUR 156.07 6.3 6.6 7.3 JPM Emerg Mkt LC Debt(USD)A(mth) GL BD LUX 11/12 USD 16.54 17.4 NS NS Eq. Concentrated Euroland A EU EU LUX 09/30 EUR 86.45 -7.0 -5.2 -3.5 Yuki Hokuyo Jpn Gen EU EU IRL 11/15 JPY 4121.00 -12.3 -7.4 -6.9
GAM Trdg IV IncUSD Op HS HS VGB 11/08 USD 165.02 6.8 7.1 7.5 JPM Glb Dyn (SGD)A(acc) GL EQ LUX 11/12 SGD 14.34 0.8 NS NS Eq. ConcentratedEuropeA EU EU LUX 11/11 EUR 29.45 9.0 12.5 18.5 Yuki Hokuyo Jpn Inc EU EU IRL 11/15 JPY 4718.00 -10.6 -6.3 -6.4
GAM Trdg V IncEUR Op HS HS VGB 11/08 EUR 131.96 6.0 6.3 7.1 JPM Glb Dyn (USD)A(dist) GL EQ LUX 11/12 USD 13.07 9.4 10.3 20.7 Eq. Emerging Europe A OT EQ LUX 11/11 EUR 28.32 20.2 25.6 34.9 Yuki Hokuyo Jpn Sm Cap EU EU IRL 11/15 JPY 4450.00 -12.9 -11.6 -1.2
GAM Trdg V IncUSD Op HS HS VGB 11/08 USD 138.11 6.6 6.9 7.4 JPM Glb Nat Res (EUR)A(dist) GL EQ LUX 11/12 EUR 20.81 37.2 42.5 66.7 Eq. Euroland A EU EU LUX 11/11 EUR 10.85 0.3 3.8 8.3
GAM TrdgIII IncEUR Op HS HS VGB 11/08 EUR 166.68 6.2 6.5 7.3 JPM Glb Nat Res (SGD)A(acc) GL EQ LUX 11/12 SGD 25.52 21.1 NS NS Eq. Euroland Small Cap A EU EU LUX 11/11 EUR 162.84 15.4 17.8 25.5
n Yuki Mizuho Series
GAM TrdgIII IncUSD Op HS HS VGB 11/08 USD 173.57 6.8 7.1 7.5 JPM Glb Nat Res (USD)A(acc) GL EQ LUX 11/12 USD 20.38 31.5 31.4 74.8 Yuki Mizuho Gen Jpn III EU EU IRL 11/15 JPY 3882.00 -12.7 -7.3 -7.5
Eq. EurolandCyclclsA EU EU LUX 11/11 EUR 19.35 8.7 13.1 20.0
GAM USDSpecBondInc EU EU VGB 11/08 USD 646.05 21.9 23.7 46.6 JPM Latin Amer (USD)A(dist)JF OT EQ LUX 11/12 USD 46.41 16.2 19.8 57.9 Yuki Mizuho Jpn Dyn Gro EU EU IRL 11/15 JPY 4090.00 -12.9 -10.6 -8.2
Eq. EurolandFinancialA EU EU LUX 11/11 EUR 9.92 -12.3 -17.0 3.3
GAM Worldwide GL EQ VGB 11/11 USD 2323.98 4.4 4.6 17.8 JPM Latin Amer Eq(SGD)A(acc) OT EQ LUX 11/12 SGD 15.10 NS NS NS Yuki Mizuho Jpn Exc 100 EU EU IRL 11/15 JPY 6082.00 -13.3 -7.1 -2.9
Eq. Glbl Emg Cty A OT OT LUX 11/11 USD 9.77 0.9 0.9 30.3
GAMut Investments EU EU VGB 11/10 USD 8068.37 6.4 6.6 7.7 JPM Russia (USD) A (dist) EE EQ LUX 11/12 USD 15.08 17.4 19.8 68.0 Yuki Mizuho Jpn Gen EU EU IRL 11/15 JPY 8004.00 -7.7 -3.1 -1.8
Eq. Global A GL EQ LUX 11/11 USD 30.13 8.2 8.7 20.4
Yuki Mizuho Jpn Gro EU EU IRL 11/15 JPY 5856.00 -8.5 -5.0 -3.9
Eq. Global Energy A EU EU LUX 11/11 USD 18.40 1.5 0.3 13.3
n GAM Star Fund Plc Eq. Global Resources A GL EQ LUX 11/11 USD 129.86 18.9 19.8 47.2
Yuki Mizuho Jpn Inc EU EU IRL 11/15 JPY 7023.00 -8.5 -2.9 -7.1
GAMStar-AsEqCHF Ord Ac AS EQ IRL 11/11 CHF 11.65 5.6 12.8 24.9 Yuki Mizuho Jpn Lg Cap EU EU IRL 11/15 JPY 4695.00 -10.1 -5.6 -5.0
Eq. Gold Mines A EU EU LUX 11/11 USD 41.34 36.5 30.1 71.4
GAMStar-AsEqEUR Ord Ac AS EQ IRL 11/11 EUR 14.01 17.6 28.0 33.1 Yuki Mizuho Jpn LowP EU EU IRL 11/15 JPY 10382.00 -10.3 -8.9 -2.9
Eq. India A EA EQ LUX 11/12 USD 154.86 18.4 24.4 47.2
GAMStar-AsEqGBP Ord Ac AS EQ IRL 11/11 GBP 1.76 12.5 20.0 35.9 Yuki Mizuho Jpn PGth EU EU IRL 11/15 JPY 6897.00 -13.5 -11.1 -6.8
Eq. Japan CoreAlpha A EU EU LUX 11/12 JPY 7055.01 -2.7 -0.9 7.8
GAMStar-AsEqUSD Ord Ac AS EQ IRL 11/11 USD 15.05 12.2 16.7 39.3 Yuki Mizuho Jpn SmCp EU EU IRL 11/15 JPY 6221.00 -13.0 -11.4 1.1
Eq. Latin America A OT EQ LUX 11/11 USD 130.48 12.2 14.4 43.5
GAMStar-AsPacEqEUR Acc OT EQ IRL 11/11 EUR 111.50 10.2 15.6 9.5 Yuki Mizuho Jpn Val Sel OT EQ IRL 11/15 JPY 5218.00 -8.3 -5.9 0.0
Eq. US Lg Cap Gr A EU EU LUX 11/11 USD 16.74 9.7 12.0 22.0
GAMStar-AsPacEqEUR Inc OT EQ IRL 11/11 EUR 107.12 10.2 15.6 9.5 Yuki Mizuho Jpn YoungCo OT EQ IRL 11/15 JPY 2245.00 -17.5 -20.3 -6.2
n MANULIFE ASSET MANAGEMENT TEL:(852)2108 1110 Eq. US Rel Val A EU EU LUX 11/11 USD 22.16 7.6 9.0 19.4
GAMStar-China EqUSD AS EQ IRL 11/11 USD 21.75 23.6 31.4 64.3 Eq. US Sm Cap Val A EU EU LUX 11/11 USD 17.81 11.6 17.2 16.3
GAMStar-ContEurEqEUR Ac EU EU IRL 11/11 EUR 12.05 9.5 13.3 15.1 Internet:http://www.manulife.com.hk 47/F Manulife Plaza, Causeway Bay, Hong Kong
American Growth EU EU LUX 11/12 USD 16.48 7.9 11.1 16.8 Money Market EURO A EU EU LUX 11/11 EUR 27.49 0.4 0.4 0.9 n Yuki Shizuoka Japan Series
GAMStar-EurpEqEUR Acc EU EU IRL 11/11 EUR 191.89 4.8 7.5 11.7 Yuki Shizuoka General Japan EU EU IRL 11/15 JPY 4555.00 -15.6 -11.4 -6.7
For information about listing your funds, please contact: Carson Wong tel: +852 2831-6481; email: carson.wong@dowjones.com
26 THE WALL STREET JOURNAL. Tuesday, November 16, 2010
MARKETS
TM
Introducing The Wall Street Journal Asia for iPad . greater Bangkok area, said Jefferies
analysts. Tesco declined to comment
which are also expected to be sold
soon.
TM
Download The Wall Street Journal Asia for iPad from the iTunes App Store Now. on the deal. While Carrefour got a price for its
Casino said the acquisition will Thai business that exceeded expecta-
generate synergies of 1.2% esti- tions, its move to exit countries re-
mated-2010 sales by 2013. It will fi- mains controversial. “There are some
nance the deal using existing re- strategic implications of exiting
sources and debt. Casino also said it countries that together raise the key
now intends to sell assets valued at question of what is the sustainable
€700 million in 2011, in addition to long-term growth rate of Carrefour,”
the €1 billion asset-disposal pro- said Bernstein in a note, citing Carre-
gram already in place. four’s exposure to the lower-growth
Analysts said Carrefour fetched a markets in Western Europe.
Tuesday, November 16, 2010 THE WALL STREET JOURNAL. 27
MARKETS
MARKETS
the RBS portfolios are worth £3.8 six months ended Sept. 30, more
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To see the full list of speakers, email enquiry@iqpc.com.sg, call +65 6722 9388 or visit www.cfo-chinasummit.com
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What happens when China
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benchmarks
At right, a look at the Asia Titans, the biggest and best known
Company
Samsung Electronics
Country
South Korea
Industry
Semiconductors
of US$
$91.4
local currency
808,000
Previous session
3.86%
52-week
13.2%
Three-year
41.8%
Sony Japan Consumer Electronics 33.6 2,790 2.65 9.4 -48.4
companies in Asia. Below, some of the Dow Jones Titans indexes of
biggest and most liquid stocks in individual countries and regions Shinhan Financial Grp South Korea Banks 18.2 43,450 2.60 -9.1 -19.8
Nintendo Japan Toys 33.0 21,360 2.05 -7.0 -66.3
Giants around the world In U.S.-dollar terms. Panasonic Japan Consumer Electronics 30.2 1,209 2.03 -0.4 -44.7
Credit derivatives
Tracking Spreads on credit derivatives are one way the market rates
Credit-default swaps: Asian companies
At its most basic, the pricing of credit-default swaps measures how much a buyer has to pay to purchase-and
credit
creditworthiness. Regions that are treading in rough waters can see how much a seller demands to sell-protection from default on an issuer's debt. The snapshot below gives a
spreads swing toward the maximum—and vice versa. Indexes below sense which way the market was moving yesterday.
are for five-year swaps.
dealmakers
1.04 99.83% 0.01% 1.18 0.95 1.04 Yesterday Yesterday Five-day 28-day Yesterday Yesterday Five-day 28-day
Eur. High Volatility: 14/1 1.56 97.40 0.01 1.79 1.45 1.59 Marui Group 130 –4 –13 –7 Shin Han Bk 120 7 15 8
Europe Crossover: 14/1 4.62 101.55 0.05 5.37 4.24 4.74 Bk of Tokyo Mitsubishi 56 –3 –4 –8 GS Caltex Oil 109 8 16 11
Asia ex-Japan IG: 14/1 1.08 99.59 0.01 1.25 0.93 1.08 Kajima 160 –2 –22 –30 Korea Dep Ins 80 8 16 11
Japan: 14/1 0.99 100.04 0.01 1.10 0.96 1.02 Kawasaki Heavy Inds 94 –1 –5 –5 Rep Indonesia 140 8 17 13
Note: Data as of November 12 Sumitomo 59 –1 –4 –4 KT 85 8 14 18
In percentage points Kawasaki Kisen Kaisha 142 ... –5 ... Expt Import Bk Korea 104 8 16 10
Spreads
— NOTICE TO READERS — Europe
Index roll
2.00
Asahi Kasei 32 ... ... –2 Kookmin Bk 115 9 17 11
Spreads on five- Takashimaya ... Ptt Pub 11
t
Follow the markets throughout the day, with updated stock Mitsubishi UFJ Financial Group 204 6.2 36 20 17 27
quotes, news and commentary at WSJ.com. Morgan Stanley 144 4.4 40 24 37 ...
Bank of America Merrill Lynch 129 3.9 60 14 25 2
Also, receive emails that summarize the day’s trading in Eu-
Citi 128 3.9 62 9 27 3
rope and Asia. To sign up, go to WSJ.com/Email.
Source: Dealogic
Tuesday, November 16, 2010 THE WALL STREET JOURNAL. 31
a-floating rate b-commercial rate c-government rate c-commercial rate d-Russian Central Bank rate f-Special Drawing Rights
Follow the markets throughout the day with updated stock quotes, news and commentary at WSJ.com from the International Monetary Fund ; based on exchange rates for U.S., British and Japanese currencies.
Also, receive email alerts that summarize the day’s trading in Europe and Asia. To sign up, go to WSJ.com/Email Note: Based on trading among banks in amounts of $1 million and more, as quoted by Thomson Reuters.
Major stock market indexes Stock indexes from around the world, grouped by region. Shown in local-currency terms.
Price-to- PREVIOUS SESSION PERFORMANCE Price-to- PREVIOUS SESSION PERFORMANCE
earnings ratio* Region/Country Index Close Net change Percentage change Yr.-to-date 52-wk. earnings ratio* Region/Country Index Close Net change Percentage change Yr.-to-date 52-wk.
18 ASIA-PACIFIC DJ Asia-Pacific 135.93 -0.50 -0.37% 10.5% 11.6% 27 Euro Zone Euro Stoxx 275.18 2.26 0.83% 0.1% 1.0%
... Australia SPX/ASX 200 4688.04 -4.69 -0.10 -3.7 -1.4 14 Euro Stoxx 50 2846.69 24.26 0.86 -4.0 -2.6
... China CBN 600 28332.93 345.84 1.24% -2.5 -3.3 21 Denmark OMX Copenhagen 405.73 2.42 0.60 28.5 27.7
15 Hong Kong Hang Seng 24027.18 -195.40 -0.81 9.9 4.7 14 Finland OMX Helsinki 7329.60 62.72 0.86 13.5 14.7
20 India Sensex 20309.69 152.80 0.76 16.3 19.2 13 France CAC-40 3864.24 33.12 0.86 -1.8 ...
... Indonesia Jakarta Composite 3656.462 -9.384 -0.26 44.3 48.1 14 Germany DAX 6790.17 55.56 0.82 14.0 17.0
... Japan Nikkei Stock Average 9827.51 102.70 1.06 -6.8 0.4 12 Italy FTSE MIB 20993.27 163.44 0.78 -9.7 -11.1
... Topix 851.56 4.58 0.54 -6.2 -1.0 9 Netherlands AEX 345.53 2.33 0.68 3.0 7.3
... Malaysia Kuala Lumpur Composite 1501.56 1.75 0.12 18.0 17.5 ... Russia RTSI 1609.43 -1.54 -0.10% 12.8 8.6
... New Zealand NZSX-50 3328.227 17.643 0.53 3.0 4.9 9 Spain IBEX 35 10349.7 122.9 1.20 -13.3 -13.7
8 Pakistan KSE 100 10909.65 35.63 0.33 16.2 17.3 14 Switzerland SMI 6562.15 56.86 0.87 0.2 2.2
13 Philippines Manila Composite 4139.32 62.64 1.54 35.6 37.5 ... Turkey ISE National 100 69998.07 444.99 0.64 32.5 43.5
... Singapore Straits Times 3236.80 -15.20 -0.47 11.7 16.3 12 U.K. FTSE 100 5820.41 23.54 0.41 7.5 8.1
11 South Korea Kospi 1913.81 0.69 0.04 13.7 20.2 17 AMERICAS DJ Americas 323.97 0.39 0.12 9.3 10.1
14 Taiwan Weighted 8240.65 -75.40 -0.91 0.6 5.7 ... Brazil Bovespa 70367.15 Closed 2.6 5.6
10 Thailand SET 1029.14 10.28 1.01 40.1 45.6 ... Argentina Merval 3254.43 38.95 1.21 40.2 42.1
23 EUROPE Stoxx Europe 600 272.13 1.95 0.72 7.5 8.3 17 Mexico IPC 36057.39 Closed 12.3 16.3
14 Stoxx Europe 50 2600.86 18.25 0.71 0.9 2.2
Thomson Reuters is the primary data provider for several statistical tables in The Wall Street Journal, including foreign
*P/E ratios use trailing 12-months, as-reported earnings stock quotations, futures and futures options prices, and foreign exchange tables. Reuters real-time data feeds are used
European and Americas index data are as of 12:00 p.m. ET. Sources: Thomson Reuters; WSJ Market Data Group to calculate various Dow Jones Indexes.
High
12000 2650 1325
Close
Low
11500 2500 1250
50–day
moving average 10000 2050 1025
DJIA component stocks U.S. stocks: most active... ADRs of Asian companies*
Volume, CHANGE Volume, CHANGE 52-WEEK Volume, CHANGE
Stock Symbol in millions Latest Points Percentage Stock Symbol in millions Latest Points Percentage High Low Stock Symbol in OOOs Latest Points Percentage
AT&T T 6.9 $28.86 0.40 1.41% Citigroup C 160.8 $4.37 0.08 1.75% $115.04 $38.47 Baidu ADS BIDU 3,315.7 $109.53 –1.11 –1.00%
Alcoa AA 9.1 13.56 0.07 0.52 FordMotor F 92.9 17.04 0.74 4.54 11.69 9.30 TaiwanSemi TSM 3,311.6 11.16 0.11 1.00
AmExpress AXP 2.4 43.22 0.52 1.22 SPDR S&P 500 SPY 67.3 120.95 0.75 0.63 92.62 58.38 BHPBilton ADS BHP 2,307.7 88.72 1.75 2.01
BankAm BAC 54.6 12.24 0.12 0.99 CiscoSys CSCO 58.5 20.08 –0.07 –0.35 53.16 29.90 CtripInt ADS CTRP 1,488.8 46.47 –1.46 –3.05
Boeing BA 4.5 63.66 0.57 0.90 BankAm BAC 54.6 12.24 0.12 0.99 34.60 13.40 TataMtrs ADS TTM 1,436.9 31.48 1.27 4.20
Caterpillar CAT 8.7 83.41 2.37 2.92 SPDR FnclSelSct XLF 30.5 15.17 0.23 1.54 18.78 7.53 SuntechPwr STP 1,174.9 8.71 0.24 2.86
Chevron CVX 3.0 85.78 0.34 0.40 PwrShrs QQQ QQQQ 28.1 52.64 0.13 0.25 7.71 4.45 Slcnwr ADS SPIL 741.5 5.17 0.02 0.39
CiscoSys CSCO 58.5 20.08 –0.07 –0.35 IsilonSystems ISLN 27.1 33.77 7.49 28.47 13.30 8.38 AU Optrncs AUO 577.1 9.68 –0.09 –0.92
CocaCola KO 3.7 62.97 0.05 0.08 Level3Comm LVLT 26.2 1.18 0.04 3.61 58.22 32.68 ICICI Bk ADS IBN 520.3 54.59 0.63 1.17
Disney DIS 5.7 37.39 –0.36 –0.95 iShrMSCIEmrgMkt EEM 24.1 46.84 0.43 0.93 5.74 4.48 MitsuUFJ ADS MTU 486.3 4.76 0.06 1.19
DuPont DD 1.9 46.72 0.20 0.43 Microsoft MSFT 22.6 26.32 0.05 0.21 15.68 10.34 ChinaUnicomHK CHU 485.1 13.99 –0.07 –0.50
ExxonMobil XOM 7.5 70.99 ... ... SiriusXM SIRI 21.8 1.42 ... ... 27.27 12.26 FocusMediaHldg FMCN 409.8 24.57 0.57 2.38
GenElec GE 16.4 16.38 0.13 0.77 Intel INTC 20.9 21.44 –0.09 –0.42 9.61 5.90 TeleNZ ADS NZT 401.0 8.59 0.14 1.66
HewlettPk HPQ 6.7 42.92 0.71 1.69 StrlFnlWA STSA 20.0 0.24 –0.26 –52.06 17.74 8.20 CityTelecm CTEL 379.2 15.46 1.02 7.06
HomeDpt HD 3.9 31.80 0.36 1.13 BucyrusInt BUCY 20.0 89.67 20.05 28.79 22.81 16.45 KT Crp ADS KT 341.6 22.04 0.24 1.10
Intel INTC 20.9 21.44 –0.09 –0.42 4.24 2.50 UtdMicro ADS UMC 328.8 3.06 0.05 1.50
IBM IBM 1.5 144.16 0.42 0.29 Biggest gainers... 40.45 25.85 SonyCp SNE 303.1 33.80 0.85 2.58
JPMorgChas JPM 13.6 40.53 0.92 2.32 21.59 13.13 LG DisplayADS LPL 289.3 17.09 0.20 1.18
JohnsJohns JNJ 5.6 64.16 0.49 0.77 BucyrusInt BUCY 19,954.8 $89.67 20.05 28.79% 19.14 14.58 SK Tele ADS SKM 278.3 18.80 0.06 0.32
KftFoods KFT 2.7 30.89 0.27 0.88 IsilonSystems ISLN 27,122.1 33.77 7.49 28.47 71.99 49.55 Infosys INFY 270.4 66.66 0.36 0.54
McDonalds MCD 1.2 79.22 0.37 0.47 HeartWareInt HTWR 547.3 90.00 17.74 24.55 54.70 44.36 ChinaMobile CHL 263.3 51.59 0.31 0.60
Merck MRK 5.7 34.91 0.20 0.56 MediaComm A MCCC 10,040.5 8.39 1.53 22.30 91.97 67.56 ToyotaMtr ADS TM 248.0 76.20 0.69 0.91
Microsoft MSFT 22.6 26.32 0.05 0.21 HenryBrosElec HBE 164.6 8.23 1.28 18.42 8.58 4.75 NmuraHldg NMR 187.8 5.55 0.09 1.65
Pfizer
ProctGamb
PFE
PG
13.8
4.9
16.89
64.70
0.04
0.37
0.24
0.58
...Biggest losers 25.38
43.66
17.36
26.16
ChunghwaTel
Netease.com
CHT
NTES
186.8 24.51 0.19
161.3 40.54 –0.69
0.78
–1.66
3M MMM 1.0 86.65 0.41 0.48 SoCTBcp SSE 49.0 $4.35 –1.85 –29.85% 18.20 10.43 KoreaElecPwr KEP 159.6 13.07 0.07 0.54
TravelersCos TRV 1.4 56.82 0.51 0.91 Hallwood HWG 33.6 20.69 –8.28 –28.58 40.25 22.96 DrRdyLab ADS RDY 147.2 39.30 –0.10 –0.25
UnitedTech UTX 1.4 75.25 0.37 0.49 RINO RINO 3,907.6 8.37 –2.64 –23.98 32.26 18.29 Yanzhou ADS YZC 146.3 29.85 –0.71 –2.32
Verizon VZ 5.1 32.89 0.33 1.02 Thoratec THOR 7,865.2 24.90 –6.05 –19.55 34.27 18.03 AluCpChina ACH 126.6 23.66 –0.14 –0.59
WalMart WMT 4.1 54.02 –0.11 –0.20 MakeMyTrip MMYT 1,389.3 32.40 –5.75 –15.07 81.00 57.04 ChinaLfIns ADS LFC 117.4 67.74 –0.24 –0.35
*Most active American depositary receipts tracked by Dow Jones
Source: WSJ Market Data Group
0.800 10 1.075 -177.2 -172.6 -168.5 -208.3 1.001 0.880 1.343 Prime rates Euro Libor Eurodollars
5.000 Netherlands 2 1.072 54.8 57.3 47.5 7.4 1.064 0.845 0.888 U.S. 3.25% 3.25% One month 0.80750% 0.39500% One month 0.3500% 0.2500%
3.500 10 2.783 -6.4 3.7 2.9 15.2 2.764 2.594 3.578 Canada 3.00 2.25 Three month 0.99125 0.67125 Three month 0.5500 0.4500
1.475 1.23250 0.7500
5.000 Portugal 2 4.446 392.2 444.7 304.2 33.4 4.938 3.412 1.148 Japan 1.475 Six month 0.97875 Six month 0.6000
Britain 0.50 0.50 One year 1.51125 1.21250 One year 1.0500 0.8500
4.800 10 6.836 398.9 427.8 324.3 39.4 7.005 5.808 3.820
ECB 1.00 1.00 Hibor
2.750 Spain 2 2.370 184.6 194.0 152.8 53.5 2.431 1.898 1.349
Switzerland 0.58 0.53 One month 0.16929 0.10036% Latest 52 wks ago
4.850 10 4.514 166.7 184.4 142.2 43.5 4.571 3.987 3.861
Australia 4.75 3.50 Three month 0.24750 0.14929 U.S. discount 0.75% 0.50%
4.000 Switzerland 2 0.518 -0.6 1.0 15.5 -35.3 0.501 0.525 0.461
Hong Kong 5.25 5.25 Six month 0.34857 0.35929 Fed-funds target 0.25 0.25
2.000 10 1.557 -129.0 -118.3 -106.2 -143.8 1.544 1.503 1.988 One year 0.67786 0.63929 Call money 2.00 2.00
5.000 U.K. 2 0.798 27.4 30.8 29.7 53.7 0.799 0.667 1.351 Libor Asian dollars
4.750 10 3.262 41.5 46.8 38.4 37.3 3.195 2.949 3.799 One month 0.25344% 0.23750% One month 0.2671% 0.24% Overnight repurchase rates
0.375 U.S. 2 0.524 ... ... ... ... 0.491 0.370 0.814 Three month 0.28438 0.27125 Three month 0.3040 0.2783 U.S. 0.36% 0.10%
2.625 10 2.847 ... ... ... ... 2.727 2.565 3.426 Six month 0.44250 0.51781 Six month 0.4620 0.5288 U.K. (BBA) 0.560 0.477
Source: Thomson Reuters One year 0.76481 1.08813 One year 0.7730 1.0950 Euro zone 0.73 0.34
MARKETS
fast running out of top-tier targets you don’t—so asset acquisitions are but they might also be pleased to to add to its earnings in year two.
like Potash and Rio, and the regula- critical. But they needn’t be so hear that Mr. Kloppers is no longer Thank goodness for generous
BHP failed in a 2007 Rio takeover bid. tory climate is getting tougher. large, and mining companies can thinking so big. —David Fickling French friends. —Andrew Peaple
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MARKETS LINEUP
Follow the markets throughout the day, Volume Change Volume Change Volume Change Volume Change
with updated stock quotes, news and Stock in millions Close Net % Stock in millions Close Net % Stock in millions Close Net % Stock in millions Close Net %
commentary at WSJ.com. Mizuho Financial 337.23 127 unch. … Icbc 906.30 5.00 0.32 6.84 Icbc 420.92 6.49 unch. –1.82 Bharti Airtel-A 2.40 309.50 3.45 1.13
Mtshbsh Fin Grp 60.15 391 –1 –0.26 AgricBkofChina 296.37 2.75 0.03 1.10 CCB 268.15 7.34 –0.09 –1.21 Tata Steel-A 2.11 617.15 10.85 1.79
Also, receive emails that summarize 1.20
Hitachi 27.69 393 5 1.29 Zijin Mining 259.40 9.12 –0.40 –4.20 Bank Of China 217.09 4.49 –0.07 –1.54 Jaiprak Asso-A 128.05 -1.25 –0.97
the day’s trading in Europe and Asia. 1.19
Nomura Hldgs 27.52 460 3 0.66 United Network 183.14 5.24 –0.04 –0.76 ChinaPetroChem 111.38 7.50 –0.22 –2.85 Reliance Com-A 168.05 380.00 –1.12
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ResonaHldgs 27.49 463 –15 –3.14 Western Mining 158.65 20.50 –1.00 –4.65 PetroChina 79.11 10.06 –0.20 –1.95 Sbi New-A 1.05 3,164.15 133.75 4.41
In yen 10000 In rupee 5000 In Australian dollars 12.50 In yen 1500 In Australian dollars 10
8000 4000 10.00 1200 8
Price-to-earnings ratio 14 Price-to-earnings ratio 17 Price-to-earnings ratio 19 Price-to-earnings ratio 10 Price-to-earnings ratio 20
Earnings per share, past four quarters 365.40 Earnings per share, past four quarters 182.77 Earnings per share, past four quarters 0.37 Earnings per share, past four quarters 81.40 Earnings per share, past four quarters 0.31
Dividend yield 2.0 Dividend yield 0.9 Dividend yield 1.8 Dividend yield 4.8 Dividend yield 1.5
PERCENTAGE CHANGE PERCENTAGE CHANGE PERCENTAGE CHANGE PERCENTAGE CHANGE PERCENTAGE CHANGE
Daily 1 wk. 52 wks Daily 1 wk. 52 wks Daily 1 wk. 52 wks Daily 1 wk. 52 wks Daily 1 wk. 52 wks
Technology 0.6% -1.0% 12.3% Banks -0.3% -3.1% 2.4% Indus Gds & Svcs -0.4% -2.6% 20.1% Oil & Gas -0.9% -4.3% 11.2% Insurance -0.7% -2.0% -2.9%
Tokyo Electron 3.0% 0.2% 3.9% State Bank of India 4.4% -7.6% 35.0% Brambles 5.4% 2.5% -2.3% TonenGenl Sekiyu 6.4% 7.7% 0.9% AXA Asia Pacific Hldgs 6.7% 11.2% 3.0%
Noble Grp Resona Hldgs China Shenhua Energy Incitec Pivot China Coal Energy
Singapore S$2.08 Japan ¥463 Hong Kong HK$34.65 Australia A$3.77 Hong Kong HK$13.18
t 2.8% or S$0.06 t 3.1% or ¥15 t 3.2% or HK$1.15 t 3.3% or A$0.13 t 4.1% or HK$0.56
Shares of the commodities trading firm have The bank’s first-half net profit declined 4.5% Commodities firms fell on concerns China may The fertilizer maker complained of a higher The company’s report Friday that its October
lost 5.5% over the past two trading days. from a year earlier. impose price controls on the resources sector. Australian dollar and strong local competition. output rose 23% from a year ago failed to
boost shares.
In Singapore dollars 3.75 In yen 1750 In Hong Kong dollars 70 In Australian dollars 7.50 In Hong Kong dollars 20
3.00 1400 56 6.00 16
Price-to-earnings ratio 22 Price-to-earnings ratio 4 Price-to-earnings ratio 18 Price-to-earnings ratio None Price-to-earnings ratio 17
Earnings per share, past four quarters 0.10 Earnings per share, past four quarters 111.10 Earnings per share, past four quarters 1.97 Earnings per share, past four quarters -0.10 Earnings per share, past four quarters 0.77
Dividend yield 2.4 Dividend yield 2.2 Dividend yield 1.7 Dividend yield 1.6 Dividend yield 1.3
PERCENTAGE CHANGE PERCENTAGE CHANGE PERCENTAGE CHANGE PERCENTAGE CHANGE PERCENTAGE CHANGE
Daily 1 wk. 52 wks Daily 1 wk. 52 wks Daily 1 wk. 52 wks Daily 1 wk. 52 wks Daily 1 wk. 52 wks
Indus Gds & Svcs -0.4% -2.6% 20.1% Banks -0.3% -3.1% 2.4% Basic Resources -0.8% -3.5% 13.8% Chemicals -1.0% -3.9% 25.8% Basic Resources -0.8% -3.5% 13.8%
Noble Grp -2.8% -2.3% 12.4% Resona Hldgs -3.1% -1.1% -53.2% China Shenhua Energy -3.2% -7.7% -12.4% Incitec Pivot -3.3% -2.8% 35.1% China Coal Energy -4.1% -8.2% -2.9%
36
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