2014 01 21 cmyk na 04 - the wall street...

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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% STOXX 600 335.50 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 Numbers PLUS How Qualified Is Your Doctor? CONTENTS CFO Journal................. B6 Corporate News.... B2,3 Global Finance............ C3 Heard on the Street C8 Health & Wellness D2-4 Leisure & Arts............ D5 Law Journal................. B5 Opinion.................. A13-15 Sports.............................. D6 Media & Marketing B4 U.S. News................. A2-6 Weather Watch........ B6 World News.... A7-11,16 s Copyright 2014 Dow Jones & Company. All Rights Reserved > What’s News i i i World-Wide n The U.N. withdrew an invi- tation to Iran to participate in Syria peace talks this week, amid intense pressure from the U.S. and other nations. A1 n Iran would have to take drastic steps, including re- moving 15,000 centrifuges, to forge a nuclear deal with the West, a report said. A8 n The deaths of 21 people, including 13 foreigners, in a terrorist attack at a Kabul restaurant Friday has rattled expatriates in Afghanistan. A7 n GOP prospects to pick up Senate seats this year have been boosted by Obama’s sag- ging approval ratings and the rocky health-law rollout. A1 n Pakistan is in talks with China to acquire three large nuclear power plants for around $13 billion. A16 n A bomb ripped through a market in Pakistan, killing at least 13, in the latest attack targeting the military. A16 n The Obama administration offered to send an envoy to North Korea to secure the re- lease of a U.S. missionary. A8 n An animal-feed plant in Nebraska collapsed and burst into flames, killing two peo- ple and injuring 10 more. A3 n The EU backed a military mission to the violence-ridden Central African Republic. A9 n The FAA ordered changes in landing and takeoff procedures at over a dozen airports. A2 n A visa program for inves- tors in the U.S. took in a record number of applications. A3 n Died: Claudio Abbado, 80, Italian orchestra conductor. i i i T he Fed is set to announce another cut in its bond- buying next week as a weak December jobs report failed to dim the central bank’s out- look for solid growth. A1 n Target’s CEO called for chip- based credit cards. A U.S. offi- cial said the arrest of two peo- ple with fraudulent cards isn’t tied to the Target breach. B1 n IBM is again seeking to sell its low-end server unit. Dell and Lenovo are said to be looking at the business. B1 n Most oil-pipeline leaks are discovered by people near the site, not high-tech sensors, a review of accidents found. B1 n China’s GDP grew 7.7% last year, matching 2012’s rate but well below the double-digit gains of the past 30 years. A11 n China’s rates fell after the central bank pumped funds into the money markets to pre- empt a liquidity crunch. C3 n Shell is selling its stake in an Australian gas project, its first disposal since issuing a profit warning last week. B3 n AB InBev is buying back South Korea’s Oriental Brew- ery for $5.8 billion as it spends some of its cash pile. B3 n Germany’s Hapag-Lloyd and Chile’s CSAV are near a merger deal to form the No. 4 container-shipping firm. B3ss n Pandora and Ascap are set for a court battle over how much the Internet-radio ser- vice should pay for music. B4 n Comcast’s “Ride Along” ranked No. 1 at the holiday- weekend box office. B4 Business & Finance The Federal Reserve is on track to trim its bond-buying program for the second time in six weeks as a lackluster Decem- ber jobs report failed to diminish the central bank’s expectations for solid U.S. economic growth this year, according to interviews with officials and their public comments. 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 be the last meeting for outgoing Chairman Ben Bernanke. The Fed has been buying Trea- surys and mortgage bonds in an effort to drive down long-term interest rates and spur spending, hiring and investment. Last year the Fed spent $85 billion a month buying bonds. Mr. Ber- nanke suggested at a December news conference that officials were inclined to continue cutting purchases in $10 billion incre- ments at subsequent meetings as long as the economy keeps strengthening. “We’re likely to continue on a path of gradual, measured reduc- tions in the pace of purchases, assuming the economy tracks as we expect it to,” San Francisco Fed President John Williams said in an interview early in the month. Bond buying is one of two prongs in the Fed’s strategy to boost the economy. The other is low interest rates, and Fed offi- cials are once again debating how best to describe their plans Please turn to the next page BY JON HILSENRATH Fed Set To Trim Stimulus Again The United Nations, under in- tense pressure from the U.S. and other countries, withdrew an in- vitation to Iran to participate in a Syria peace conference this week, a diplomatic bungle that muddied international efforts to end the civil war. The bruising international face-off over Iran’s participation came just two days before world powers gather in Switzerland for a long-awaited conference aimed at finding a way out of the nearly three-year conflict that has claimed more than 100,000 lives. Beside calling attention to in- ternational friction over Syria, the political discord exposed challenges the U.S. is facing as its pursues a rapprochement with Tehran’s hard-line Islamic leadership. Iran is the main military and financial supporter of Syrian President Bashar al-Assad’s re- gime. Even as the U.S. pushed back on Iran’s participation in the Syria talks, Iran took con- crete steps Monday, verified by U.N. nuclear inspectors, to rein in its nuclear program in line with an interim agreement with the U.S. and other global powers reached in November. Senior U.S. officials on Mon- day said they were committed to keeping negotiations over Iran’s nuclear program apart from ef- forts to end Tehran’s support for Mr. Assad’s government. “The discussions of whether Iran should be invited…are en- tirely a separate issue from whether and how we are moving Please turn to page A8 By Jay Solomon in Washington, Joe Lauria in New York and Farnaz Fassihi in Beirut U.N. Rescinds Invite to Iran On Syria Talks as U.S. Balks The reclusive imam whose crumbling political marriage 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 who preaches a message of tolerance to his millions of followers from his self-imposed exile in Pennsylva- nia’s Pocono Mountains, accused Mr. Erdogan of abandoning the path of reform after more than a decade 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 probe plunged Mr. Erdogan’s government into crisis last month. “Purges based on ideology, sympathy or world views was a practice of the past that the present ruling 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—would like 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 shifting their support to the opposition Republican People’s Please turn to page A12 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 the rocky health-law rollout are ex- panding the map of competitive Senate races this year, giving Re- publicans new hope of capturing seats in states that the president carried in 2012. The GOP already had a strong opportunity to pick up a net six seats to win a Senate majority. Democrats have to defend many more seats than Republicans, in- cluding in seven states that Mr. Obama lost in 2012. Now, polls show tighter-than-expected races for Democratic-held seats in Colo- rado, Iowa and Michigan, while a formidable Republican is chal- lenging the Democratic incumbent in Virginia and another is weigh- ing a bid in New Hampshire. In 2012, Mr. Obama won all five of those states. With Election Day more than nine months away, the question is whether this marks a low ebb Please turn to page A4 BY PATRICK OCONNOR Republicans Widen Push To Pick Up Senate 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 with police 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/Reuters GUNBAR, Australia—To Bill Little, snakes crawling in sleep- ing bags, saddle sores and 12- hour days in scalding tempera- tures are all in a day’s work driving cattle vast distances across the Australian outback. Interruptions, especially for something like a rock concert, are more of a nui- sance. “One of my drovers took time off so she could fly up for a weekend to a Bon Jovi concert in Bris- bane” some 700 miles away, says Mr. Little, who has spent three decades in the saddle. “It would have been unbelievable not long ago.” Mr. Little and his crew of spur-clad cowboys are nearing the end of a six-month journey driving 18,000 cattle across more than 1,200 miles of Austra- lian countryside—the distance from Washington, D.C., to Hous- ton. That easily surpasses the U.S. record for the number of cattle in a single drive of 10,652 animals set at the T Anchor Ranch in the Texas Panhandle in 1882, and is the biggest anywhere for a century. The unlikely driving force: a re- clusive multimil- lionaire, Tom Brinkworth, who bought the cattle last April and scoffed at the industry practice of using trucks to move the mob from northern Queensland state to southern Australia. Instead, Mr. Brinkworth, who declined to comment, hired the 55-year-old Mr. Little and a rag- tag collection of riders. These in- Please turn to page A12 BY ROB TAYLOR For City Slickers, Snakes and Aches Are 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 with the 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 White non-Hispanic Black non-Hispanic Hispanic Other, don’t know, refused DIVERSE APPEAL: Twitter is trying to attract advertisers with data that show its users are more racially diverse than U.S. Internet users as a whole. Hispanics, easily identifiable through language, are a focus. B1 Measuring steps needed for Iran’s nuclear compliance......... A8 C M Y K Composite Composite MAGENTA 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,WE BG,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

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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