2014 10 03 cmyk na 04 - the wall street...

1
YELLOW ***** FRIDAY, OCTOBER 3, 2014 ~ VOL. CCLXIV NO. 80 WSJ.com HHHH $2.00 DJIA 16801.05 g 3.66 0.02% NASDAQ 4430.19 À 0.2% NIKKEI 15661.99 g 2.6% STOXX 600 332.05 g 2.4% 10-YR. TREAS. g 9/32 , yield 2.436% OIL $91.01 À $0.28 GOLD $1,214.20 g $0.40 EURO $1.2669 YEN 108.43 TODAY IN MANSION Bargain Mansions ARENA Baseball’s Painful Playoff Problem CONTENTS Business Tech.............. B4 Corp. News............ B2-3,5 Global Finance ............. C3 Heard on Street ....... C10 In the Markets........C4-5 Movies ...................... D4,D9 Mansion................... M1-14 Opinion.....................A11-13 Sports............................. D10 Television ................ D5,D8 U.S. News...................A2-6 Weather Watch.......... B6 World News .... A7-10,14 s Copyright 2014 Dow Jones & Company. All Rights Reserved > What’s News i i i World-Wide n Health officials are screen- ing some 100 people for poten- tial Ebola exposure in Texas, where a Liberian man with the disease is hospitalized. A1 n Finding health workers who are qualified to care for the thousands of patients in West Africa has proved difficult. A6 n An American journalist tested positive for Ebola while working in Liberia and is ar- ranging to return to the U.S. A6 n Student protesters in Hong Kong agreed to hold talks with the city’s No. 2 gov- ernment official as pro-de- mocracy rallies continued. A9 n Turkey’s Parliament voted to expand military authority as Islamic State threatened a Syr- ian town near the border. A7 n Over 9,000 civilians have been killed in Iraq this year amid growing rights abuses by Islamic State, the U.N. said. A8 n Health insurers will cancel plans for tens of thousands of consumers this fall, in the lat- est sign of how the health-care law is reshaping the market. A3 n An appeals court said a pro- vision of a Texas abortion law can take effect, potentially shutting all but seven clinics. A2 n The Supreme Court will hear cases on employment dis- crimination, fair housing and congressional redistricting. A4 n A search is on in Mexico’s Guerrero state for 43 missing students amid fears they were kidnapped by drug gangs. A14 n The Treasury is targeting Los Angeles’s garment district to fight suspected money laun- dering by drug cartels. A2 i i i B erkshire agreed to buy Phoenix-based auto re- tailer Van Tuyl in an all-cash deal and use it to launch a consolidation of the sector. A1 n J.P. Morgan said about 76 million households were af- fected by this summer’s cyber- security attack on the bank. A1 n The bank is selling a smaller chunk of its physical-com- modities business to Mercuria than previously planned. C1 n Sears plans to sell most of its 51% stake in Sears Canada to its own shareholders, with $168 million expected to come from CEO Lampert. B1 n The European Central Bank took no new action despite eurozone inflation weaken- ing to a five-year low. A8 n UPS and FedEx are lobby- ing retailers to make holiday changes to avoid a repeat of last year’s shipping fiasco. B1 n Facebook said it changed how it conducts experiments on users, implementing new standards for researchers. B4 n Disney’s Iger will stay on as chairman and CEO until mid-2018, two years later than his planned retirement. B2 n U.S. stocks stabilized after a stretch of sharp declines as small caps rallied. The Dow eased 3.66 to 16801.05. C4 n GoPro’s stock was roiled after the company said its CEO and his wife gave 5.8 million shares to a charity. C1 n The New York Fed’s chief pushed back against allegations his institution has been a weak and deferential regulator. C3 Business & Finance Warren Buffett wants to sell you a car. The billionaire investor on Thursday agreed to buy Amer- ica’s fifth-largest auto retailer and use it to launch a consolida- tion of the highly fragmented business. His Berkshire Hathaway Inc. would acquire an about $8 bil- lion retail business with opera- tions from Florida to California, and use it to snap up family- owned dealerships elsewhere. The retailer, which will be named Berkshire Hathaway Au- tomotive, can leverage Berk- shire’s other companies to pro- vide car sales, financing and related services. The move comes as car-retail- ing is poised to undergo signifi- cant changes that provide greater efficiencies. Dealer profits have been rising as auto makers culled less financially stable businesses during last decade’s financial cri- sis. Customers also have em- braced the Web to shop for cars, cutting dealer overhead costs. “We’re certainly thinking big and would like to grow the busi- ness,” said Jeff Rachor, presi- dent of Phoenix-based Van Tuyl Group, which Berkshire agreed to acquire in an all-cash deal. The purchase price wasn’t dis- closed. Mr. Rachor, who will become Berkshire Hathaway Automo- Please turn to the next page By Christina Rogers, Erik Holm and Chelsey Dulaney Buffett Makes Drive Into Car Sales The number of people in Texas who are being screened for po- tential exposure to Ebola ex- panded Thursday to roughly 100, as health officials cast a wide net to try to prevent the one con- firmed case of the disease from sparking an outbreak. Four members of a family close to Thomas Eric Duncan, the Liberian man diagnosed with the virus, were ordered to remain in their Dallas home and not re- ceive any visitors until at least Oct. 19, to pass the 21-day maxi- mum incubation period for the often-deadly disease. The 100 people being screened represent a “very wide net,” in- cluding some who possibly had brief encounters with Mr. Duncan, Texas health officials said. They added that the number is likely to drop as they narrow the list to those actually at potential risk of infection. Thursday, an American free- lance journalist in Liberia tested positive for the disease, his father and his employer, NBC News, said. The 33-year-old man is ten- tatively scheduled to be trans- ported back to the U.S. on Sunday. In Mr. Duncan’s case, Tom Frieden, director of the Centers for Disease Control and Preven- tion, said officials so far have identified only “a handful” of in- dividuals who may have had close contact with him. The public health search comes as authorities in Liberia grapple with how Mr. Duncan managed to leave their country and bring Ebola to the U.S. de- spite government efforts to stop transmission of the virus, a jour- ney that took him from a neigh- borhood of tin-roof houses in a West African capital to an isola- tion ward at a Dallas hospital. Before traveling to Texas via Please turn to page A6 By Ana Campoy, Drew Hinshaw and Dan Frosch U.S. Ebola Screening Grows Officials Say About 100 Individuals Will Be Monitored for Potential Exposure Tears and Fears in Liberia Where Dallas Patient Was Infected Glenna Gordon for The Wall Street Journal SALANG, Afghanistan—It had already taken Abdul Wali all morning to make the trip, hauling fuel some 200 miles from the border of Uzbeki- stan along a potholed highway. But the worst part of his journey was ahead: crossing the Sa- lang Tunnel, some 2 miles above sea level. On this day, traffic had already slowed to a crawl, as fog blanketed the north approach to the tunnel. A mud-flecked convoy of police trucks, bristling with machine guns and rocket- propelled grenades, idled near the entrance. Mr. Wali, wearing a crisp white shalwar kameez and blue checkered scarf, stowed his tool kit and BY NATHAN HODGE BOTTOMLESS PIT U.S. Balks at Bills For Crumbling Afghan Tunnel For weeks, military planners have debated a thorny strategic problem. In recent days, they sent a suggestion to the Penta- gon’s top brass. It was rejected. America’s newest war won’t be called Op- eration Inher- ent Resolve. Two months since war planes first started striking Islamic State targets, opera- tions in Iraq and Syria don’t have a fancy name. One of the generic place- holders found on classified Pen- tagon PowerPoint slides reads: “Operations in Iraq and Syria.” To some military officers, In- herent Resolve didn’t properly evoke the Middle East. Others faulted it for failing to highlight the international coalition the U.S. had assembled. Still others simply found it uninspiring. One senior official said In- herent Resolve was a place- holder name and never seri- ously considered for the overall war effort. Other officials said had the name been better re- ceived it might well be the new war’s moniker. “It is just kind of bleh,” said a military officer. And so aides to the Joint Chiefs of Staff have asked Gen. Lloyd Austin, head of Central Command, for new options. The modern tradition of op- erational code names began with the Germans in World War I. The U.S. started in earnest Please turn to page A7 Operation Name-That-Mission: The Hunt for Military Monikers i i i From Desert Storm to Sea Angel, Pentagon Seeks Evocative Options; ‘Kind of Bleh’ The Pentagon teapot for the next stage of the daylong journey. He looked on the bright side: At least the weather was good. “It takes two or three days to go to Kabul in the winter,” he said. Considered a marvel of engineering when it was built decades ago, the Salang serves a critical role in this corner of the world. Carved from the rock of the Hindu Kush mountain range, it is the only viable land route linking the capital, Kabul, to northern Afghanistan. According to the U.S. military, some 80% of the country’s commerce passes through it. But if it is Afghanistan’s main economic artery, the Salang Tunnel is in desperate need of bypass Please turn to page A10 No Fresh Steps From ECB on Europe’s Weak Economy LaPresse/Press Pool In a community near where victim Thomas Eric Duncan lived in Monrovia, many have died and children are worried they will be taken away. SLOW GOING: European Central Bank President Mario Draghi, at center with the bank’s governing council on Thursday, said the effect of recent stimulus had yet to be fully felt. European stocks fell on the news. A8 Heard on the Street: Getting mileage out of car deal .......... C10 American journalist in Liberia tests positive for Ebola............ A6 Lack of qualified staff in Africa hurts efforts.................................... A6 United contacts passengers... A6 J.P. Morgan Chase & Co. said about 76 million households were affected by a cybersecurity attack on the bank this summer in one of the most sweeping disclosed breaches of a financial institution. The largest U.S. bank by assets said the unknown attackers stole customers’ contact information— including names, email addresses, phone numbers and addresses. The breach, which was first dis- closed in August and is still under investigation by the bank and law enforcement, extended to the bulk of the bank’s customer base, af- fecting an amount equivalent to two-thirds of American house- holds. It also affected about seven million of J.P. Morgan’s small-busi- ness customers. It isn’t clear how many of those households are U.S.- based. The bank said hackers were un- able to gather detailed information on accounts, such as account num- bers, passwords, Social Security numbers or dates of birth. Cus- tomer money is “safe,” the bank said in a statement to customers on Thursday. Please turn to page A10 BY EMILY GLAZER AND DANNY YADRON J.P. Morgan Breach Hit 76 Million Households BY JULIAN E. BARNES J.P. Morgan’s resource deal with Mercuria gets reined in ............. C1 C M Y K Composite Composite MAGENTA CYAN BLACK P2JW276000-5-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 P2JW276000-5-A00100-1--------XA

Upload: others

Post on 11-Aug-2020

0 views

Category:

Documents


0 download

TRANSCRIPT

Page 1: 2014 10 03 cmyk NA 04 - The Wall Street Journalonline.wsj.com/public/resources/documents/pageone1003.pdf · ***** friday,october 3, 2014~vol. CCLXIV NO.80 WSJ.com HHHH $2.00 DJIA

YELLOW

* * * * * FRIDAY, OCTOBER 3, 2014 ~ VOL. CCLXIV NO. 80 WSJ.com HHHH $2 .00

DJIA 16801.05 g 3.66 0.02% NASDAQ 4430.19 À 0.2% NIKKEI 15661.99 g 2.6% STOXX600 332.05 g 2.4% 10-YR. TREAS. g 9/32 , yield 2.436% OIL $91.01 À $0.28 GOLD $1,214.20 g $0.40 EURO $1.2669 YEN 108.43

TODAY IN MANSION

Bargain MansionsARENA Baseball’s Painful Playoff Problem

CONTENTSBusiness Tech..............B4Corp. News............B2-3,5Global Finance.............C3Heard on Street.......C10In the Markets........C4-5Movies......................D4,D9

Mansion...................M1-14Opinion.....................A11-13Sports.............................D10Television................D5,D8U.S. News...................A2-6Weather Watch..........B6World News....A7-10,14

s Copyright 2014 Dow Jones & Company.All Rights Reserved

>

What’sNews

i i i

World-WidenHealth officials are screen-ing some 100 people for poten-tial Ebola exposure in Texas,where a Liberian man with thedisease is hospitalized. A1nFinding healthworkerswhoare qualified to care for thethousands of patients in WestAfrica has proved difficult. A6nAn American journalisttested positive for Ebola whileworking in Liberia and is ar-ranging to return to the U.S. A6n Student protesters inHong Kong agreed to holdtalks with the city’s No. 2 gov-ernment official as pro-de-mocracy rallies continued. A9nTurkey’s Parliament votedto expand military authority asIslamic State threatened a Syr-ian town near the border. A7nOver 9,000 civilians havebeen killed in Iraq this yearamid growing rights abuses byIslamic State, the U.N. said. A8nHealth insurerswill cancelplans for tens of thousands ofconsumers this fall, in the lat-est sign of how the health-carelaw is reshaping themarket. A3nAn appeals court said a pro-vision of a Texas abortion lawcan take effect, potentiallyshutting all but seven clinics.A2nThe Supreme Courtwillhear cases on employment dis-crimination, fair housing andcongressional redistricting. A4nA search is on in Mexico’sGuerrero state for 43 missingstudents amid fears they werekidnapped by drug gangs. A14nThe Treasury is targetingLos Angeles’s garment districtto fight suspectedmoney laun-dering by drug cartels. A2

i i i

Berkshire agreed to buyPhoenix-based auto re-

tailer Van Tuyl in an all-cashdeal and use it to launch aconsolidation of the sector. A1n J.P. Morgan said about 76million households were af-fected by this summer’s cyber-security attack on the bank. A1nThe bank is selling a smallerchunk of its physical-com-modities business to Mercuriathan previously planned. C1n Sears plans to sell most ofits 51% stake in Sears Canadato its own shareholders, with$168 million expected tocome from CEO Lampert. B1n The European Central Banktook no new action despiteeurozone inflation weaken-ing to a five-year low. A8n UPS and FedEx are lobby-ing retailers to make holidaychanges to avoid a repeat oflast year’s shipping fiasco. B1n Facebook said it changedhow it conducts experimentson users, implementing newstandards for researchers. B4nDisney’s Igerwill stay onas chairman and CEO untilmid-2018, two years later thanhis planned retirement. B2n U.S. stocks stabilized aftera stretch of sharp declines assmall caps rallied. The Doweased 3.66 to 16801.05. C4n GoPro’s stock was roiledafter the company said itsCEO and his wife gave 5.8million shares to a charity. C1n The New York Fed’s chiefpushed back against allegationshis institution has been a weakand deferential regulator. C3

Business&Finance

Warren Buffett wants to sellyou a car.

The billionaire investor onThursday agreed to buy Amer-ica’s fifth-largest auto retailerand use it to launch a consolida-tion of the highly fragmentedbusiness.

His Berkshire Hathaway Inc.would acquire an about $8 bil-lion retail business with opera-tions from Florida to California,and use it to snap up family-owned dealerships elsewhere.The retailer, which will benamed Berkshire Hathaway Au-tomotive, can leverage Berk-shire’s other companies to pro-vide car sales, financing andrelated services.

The move comes as car-retail-ing is poised to undergo signifi-cant changes that provide greaterefficiencies. Dealer profits havebeen rising as auto makers culledless financially stable businessesduring last decade’s financial cri-sis. Customers also have em-braced the Web to shop for cars,cutting dealer overhead costs.

“We’re certainly thinking bigand would like to grow the busi-ness,” said Jeff Rachor, presi-dent of Phoenix-based Van TuylGroup, which Berkshire agreedto acquire in an all-cash deal.The purchase price wasn’t dis-closed.

Mr. Rachor, who will becomeBerkshire Hathaway Automo-

Pleaseturntothenextpage

By Christina Rogers,Erik Holm

and Chelsey Dulaney

BuffettMakesDrive IntoCar Sales

The number of people in Texaswho are being screened for po-tential exposure to Ebola ex-panded Thursday to roughly 100,as health officials cast a wide netto try to prevent the one con-firmed case of the disease fromsparking an outbreak.

Four members of a familyclose to Thomas Eric Duncan, theLiberian man diagnosed with thevirus, were ordered to remain intheir Dallas home and not re-ceive any visitors until at leastOct. 19, to pass the 21-day maxi-mum incubation period for the

often-deadly disease.The 100 people being screened

represent a “very wide net,” in-cluding some who possibly hadbrief encounters with Mr. Duncan,Texas health officials said. Theyadded that the number is likely todrop as they narrow the list tothose actually at potential risk ofinfection.

Thursday, an American free-

lance journalist in Liberia testedpositive for the disease, his fatherand his employer, NBC News,said. The 33-year-old man is ten-tatively scheduled to be trans-ported back to the U.S. on Sunday.

In Mr. Duncan’s case, TomFrieden, director of the Centersfor Disease Control and Preven-tion, said officials so far haveidentified only “a handful” of in-dividuals who may have had closecontact with him.

The public health searchcomes as authorities in Liberiagrapple with how Mr. Duncan

managed to leave their countryand bring Ebola to the U.S. de-spite government efforts to stoptransmission of the virus, a jour-ney that took him from a neigh-borhood of tin-roof houses in aWest African capital to an isola-tion ward at a Dallas hospital.

Before traveling to Texas viaPleaseturntopageA6

By Ana Campoy,Drew Hinshawand Dan Frosch

U.S. Ebola Screening GrowsOfficials Say About 100 Individuals Will Be Monitored for Potential Exposure

Tears and Fears in Liberia Where Dallas Patient Was Infected

Glenn

aGordonforTh

eWallS

treetJournal

SALANG, Afghanistan—It had already takenAbdul Wali all morning to make the trip, haulingfuel some 200 miles from the border of Uzbeki-stan along a potholed highway. But the worstpart of his journey was ahead: crossing the Sa-lang Tunnel, some 2 miles above sea level.

On this day, traffic had already slowed to acrawl, as fog blanketed the north approach tothe tunnel. A mud-flecked convoy of policetrucks, bristling with machine guns and rocket-propelled grenades, idled near the entrance. Mr.Wali, wearing a crisp white shalwar kameez andblue checkered scarf, stowed his tool kit and

BY NATHANHODGE

BOTTOMLESS PIT

U.S. Balks at BillsFor Crumbling Afghan Tunnel

For weeks, military plannershave debated a thorny strategicproblem. In recent days, theysent a suggestion to the Penta-gon’s top brass.

It was rejected. America’snewest war won’t be called Op-eration Inher-ent Resolve.

Two monthssince warplanes firststarted strikingIslamic Statetargets, opera-tions in Iraqand Syria don’t have a fancyname. One of the generic place-holders found on classified Pen-tagon PowerPoint slides reads:“Operations in Iraq and Syria.”

To some military officers, In-herent Resolve didn’t properlyevoke the Middle East. Othersfaulted it for failing to highlight

the international coalition theU.S. had assembled. Still otherssimply found it uninspiring.

One senior official said In-herent Resolve was a place-holder name and never seri-ously considered for the overallwar effort. Other officials saidhad the name been better re-

ceived it mightwell be thenew war’smoniker.

“It is justkind of bleh,”said a militaryofficer.

And so aidesto the Joint Chiefs of Staff haveasked Gen. Lloyd Austin, headof Central Command, for newoptions.

The modern tradition of op-erational code names beganwith the Germans in World WarI. The U.S. started in earnest

PleaseturntopageA7

Operation Name-That-Mission:The Hunt for Military Monikers

i i i

From Desert Storm to Sea Angel, PentagonSeeks Evocative Options; ‘Kind of Bleh’

The Pentagon

teapot for the next stage of the daylong journey.He looked on the bright side: At least the

weather was good. “It takes two or three days togo to Kabul in the winter,” he said.

Considered a marvel of engineering when itwas built decades ago, the Salang serves a criticalrole in this corner of the world. Carved from therock of the Hindu Kush mountain range, it is theonly viable land route linking the capital, Kabul,to northern Afghanistan. According to the U.S.military, some 80% of the country’s commercepasses through it.

But if it is Afghanistan’s main economic artery,the Salang Tunnel is in desperate need of bypass

PleaseturntopageA10

No Fresh Steps From ECB on Europe’s Weak Economy

LaPresse/Press

Pool

In a community near where victim Thomas Eric Duncan lived in Monrovia, many have died and children are worried they will be taken away.

SLOW GOING: European Central Bank President Mario Draghi, at center with the bank’s governing council onThursday, said the effect of recent stimulus had yet to be fully felt. European stocks fell on the news. A8

Heard on the Street: Gettingmileage out of car deal .......... C10

American journalist in Liberiatests positive for Ebola............ A6

Lack of qualified staff in Africahurts efforts.................................... A6

United contacts passengers... A6

J.P. Morgan Chase & Co. saidabout 76 million households wereaffected by a cybersecurity attackon the bank this summer in one ofthe most sweeping disclosedbreaches of a financial institution.

The largest U.S. bank by assetssaid the unknown attackers stolecustomers’ contact information—including names, email addresses,phone numbers and addresses.The breach, which was first dis-closed in August and is still underinvestigation by the bank and lawenforcement, extended to the bulkof the bank’s customer base, af-

fecting an amount equivalent totwo-thirds of American house-holds. It also affected about sevenmillion of J.P. Morgan’s small-busi-ness customers. It isn’t clear howmany of those households are U.S.-based.

The bank said hackers were un-able to gather detailed informationon accounts, such as account num-bers, passwords, Social Securitynumbers or dates of birth. Cus-tomer money is “safe,” the banksaid in a statement to customerson Thursday.

PleaseturntopageA10

BY EMILY GLAZERAND DANNY YADRON

J.P. Morgan Breach Hit76 Million Households

BY JULIAN E. BARNES

J.P. Morgan’s resource deal withMercuria gets reined in............. C1

CM Y K CompositeCompositeMAGENTA CYAN BLACK

P2JW276000-5-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

P2JW276000-5-A00100-1--------XA