2014 05 17 cmyk na 04 - the wall street...
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VOL. CCLXIII NO. 115 * * * * * * *
SATURDAY/SUNDAY, MAY 17 - 18, 2014
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WEEKENDreview
WARSTORIES
REVIEW
Take aDroneOnVacation
OFF DUTY
n GM will pay $35 million,the highest fine allowed, aspart of a deal to settle an in-vestigation of delayed recallsof 2.6 million vehicles. A1n Former SAC CapitalAdvisors portfolio managerMichael Steinberg was sen-tenced to 3½ years in prisonfor insider trading. B1nWorld Wrestling Enter-tainment shares fell 44% afterthe company reached a TVdeal with NBCUniversal. A1n Stocks gained, helped byupbeat housing data. TheDow gained 44.50 points,or 0.3%, to 16491.31. B5nApple and Google dis-missed all lawsuits betweenthem, which were related topatents gained by Googlewhen it bought Motorola. B1nU.S. housing starts rose13.2% in April, fueled by ajump in multifamily homes. A2n Darden Restaurants willsell its struggling Red Lob-ster business to Golden GateCapital for $2.1 billion. B4n Alcoa agreed to a five-yearpact giving workers annualraises and preserving healthand pension benefits. B4n Israel’s Mobileye aims toraise as much as $1 billion inan IPO that could value thecrash-warning system makerat $3.5 billion to $5 billion. B3
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CONTENTSBooks..........................C5-10Corp. News................B3-4Eating...........................D6-9Heard on Street.......B14Letters to Editor......A12Opinion.....................A11-13
Sports.............................A10Style & Fashion.....D3-4The Week.......................C4Travel........................D10-11U.S. News..................A2-5Weather Watch........B13Wknd Investor.....B7-10
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InsideNOONAN A13
Bring Back theSchoolgirls—
Quietly
India’s BJP Party ap-peared headed for a major
victory, setting up its Hindunationalist, pro-business leader,Narendra Modi, to becomeprime minister. A1, A7, C1 The defeat of the Congressparty raised questions aboutits future and that of theNehru-Gandhi dynasty. A7n Turkish police broke up aprotest related to the miningdisaster that may have killedmore than 300. A1, A9n A senior VA official re-signed a day after testifying ata Senate hearing on the stateof veterans’ health care. A4n Colombia agreed with thecountry’s Marxist insurgencyto work together againstnarcotics trafficking. A6n The FBI and foreign policeraided the homes of peoplelinked to a type of hacking soft-ware called Blackshades. A3n Parents of Nigerianschoolgirls kidnapped by mili-tants waited in vain for a visitfrom President Jonathan. A8n Class of 2014 collegegraduates are the most in-debted ever, with an average$33,000 in student loans. A5n Obama faces an increas-ingly resistant Democraticcaucus on Capitol Hill aheadof the November elections. A4n Talks on Iran’s nuclear pro-gram hit a “difficult moment”this week, a U.S. official said. A8nDied: Jeb Stuart Magruder,79, Nixon aide jailed for his rolein the Watergate scandal. A4
‘WE’RE BURNING INSIDE‘
Turkish Coal Mine DisasterLeaves Deep Scars
SOMA, Turkey—Fikri Yildirim awoke Tuesdayshortly after sunrise, grabbed breakfast andheaded to his 8 a.m. shift. The 36-year-old supervi-sor had for nine years commuted to one of Tur-key’s largest coal mines, where 6,000 workers pro-duced 2.5 million tons of coal a year.
By day’s end, Mr. Yildirim’s long routine wasshattered. In the hours after the most lethal indus-trial mine disaster in Turkey’s history, Mr. Yildirimcarried away the charred remains of more than 80friends, relatives and colleagues—members of abrotherhood forged in work deep inside the Earth’scrust.
“Every waking second, all I can see in my mindis that mine and that scene. I carried my friendsand my uncle out of there,” he said, eyes bloodshotfrom emotion and fatigue.
Three days after a suspected explosion sparkeda fire in the Soma coal mine, Turkey has beenplunged into grief over the nearly 300 deaths.Many families were frustrated with the slow recov-ery of bodies, and angry at government officialsunable to deliver sufficient explanation or comfort.
On Friday, police here used tear gas and watercannons against demonstrators, as mournersshouted, “We’re burning inside.” The tensions posethe threat of a broader fallout against the govern-ment of Prime Minister Recep Tayyip Erdogan,perhaps influencing presidential elections sched-uled for August.
Survivors, hospital staff, rescue workers andwitnesses described poor safety conditions and amining town ill-prepared for a large-scale emer-
PleaseturntopageA9
BY AYLA ALBAYRAK AND JOE PARKINSON
How Convenient: In Taiwan,The 24/7 Store Does It All
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Chains Offer Dinner Out, Dry Cleaning,Suckling Pig To-Go; Mascot Begets aMusical
TAIPEI—Yata Wang visits aconvenience store each day forbreakfast. He returns after lunchfor some sweets.Then afternoon tea.Then a late-nightsnack.
“Conven i encestores are likebraised pork rice,”said Mr. Wang, aTaipei art vendor.“They are every-where in Taiwan butyou still keep long-ing for their flavor.”
Such ardent,high-frequency pa-tronage is the normhere—and no won-der. Taiwan’s convenience storesare some of the most convenientin the world.
Beyond the staple snacks, theyprovide a ballooning array of
services including dry cleaning,train and concert ticket reserva-tions, traffic fine and utility pay-ment, hot sit-down meals, maildrop-off and book pickup. They
also deliver every-thing from refrigera-tors to multicoursebanquets that featurefatty pork stacked ina pile, half a dozenvarieties of chickenfeet and a nearly 8-pound suckling pigthat rotates on a bat-tery-powered spit.
C o n v e n i e n c estores jostle shoulderto shoulder in urbanareas like Taipei. Butwhen you climb Alis-han Mountain or fly
to the remote Taiwanese islandsof Penghu, you’ll find at least afew of the gleaming storefrontsthat greet you with a dual assault
PleaseturntopageA9
BY EVA DOU AND JENNY W. HSU
Open-Chan
Holed up backstage during thetaping of a recent match, WorldWrestling Entertainment Inc.Chairman and CEO Vince McMa-hon barked instructions into aheadset about camera angles be-fore leaping out of his chair togive a pep talk to a heavily-bearded wrestler preparing to dodamage in the ring.
The Chairman, as he is knownin wrestling circles, can be foundmost weeks with his sleevesrolled up, orchestrating WWEmatches from the “Gorilla” roomwhere wrestlers prep before goingon stage. Charged with runningthe public company he founded,Mr. McMahon is still intimatelyinvolved in the product itself, fly-ing to weekly matches in the red-and-black-branded WWE jet andhelping craft story lines and char-acters.
But as he approaches his 69thbirthday, questions are emergingabout what the future holds forWWE. Its stock plummeted 44%on Friday after Mr. McMahonfailed in a high-stakes effort towring a huge increase in televi-sion fees it receives from ComcastCorp.’s NBCUniversal—part of aneffort to boost the company’sstagnant revenues and decliningprofits.
The episode highlighted ashortcoming: While an unbeatablepromoter and a creative genius,Mr. McMahon has at times strug-gled to master corporate negotia-tions and dealings with WallStreet.
In recent years, he has bol-stered his executive ranks andgroomed his son-in-law PaulLevesque—better known to fansas the wrestler “Triple H”—andhis daughter Stephanie McMahonto take bigger roles. But Mr. Mc-Mahon, a self-confessed worka-holic and the controlling share-holder, still makes all the keydecisions—both at the corporatelevel and at events.
At one recent WWE taping, Mr.PleaseturntopageA5
BY MERISSA MARR
WrestlingStock DivesAs InvestorsSlam TV Deal
Narendra Modi, leader of the victorious Hindu nationalist Bharatiya Janata Party, addressed the public in Ahmedabad, India, on Friday.
Divyakant
Solanki/Eu
ropean
Presspho
toAgency
General Motors Co. agreed topay a $35 million fine to settle aU.S. auto-safety investigationthat found GM had maneuveredto hide information on faulty ig-nition switches installed on 2.6million vehicles.
U.S. regulators for the firsttime disclosed details of theprobe, including revealing thatthe Detroit company hadcoached workers against using“defect” and “Corvair-like” incommunications. They also saidthe nation’s largest auto makerhad information that shouldhave allowed it in 2009 to linkthe defective switches to airbags not inflating duringcrashes.
The auto maker’s “decisionmaking, structure and processstood in the way” of communi-cating safety problems, said Da-vid Friedman, acting administra-tor of auto-safety regulatorNational Highway Traffic SafetyAdministration. GM’s employeetraining even “discouragedworkers from using terms likedefect, dangerous and safety re-lated,” he added.
GM admitted to the actionsbut said it has taken steps to im-prove its safety policies sincethe February recalls. “We en-courage employees to be factualin their statements and will con-tinue to work with NHTSA to im-prove our safety processes,” aspokesman said.
The fine is the maximum al-lowed for violations of U.S. law
Pleaseturntothenextpage
BY JEFF BENNETTAND JOSEPH B. WHITE
U.S. SaysGMHidRecallFailures
NEW DELHI—India’s voterschose a Hindu-nationalist, pro-business politician to be theirnext prime minister, tossing outthe party that has led the coun-try for most of the past 67 years.
Riding a wave of voter discon-tent with the incumbent Con-gress party and a sharply slow-ing economy, the BharatiyaJanata Party, led by NarendraModi, was on track Friday eve-ning to win 282 of the 545 seatsin the lower house of Parlia-ment, according to the ElectionCommission.
If those results are confirmed,it would be the first time inthree decades that a single partyhas captured an outright legisla-tive majority, giving the BJP astrong position from which topush for broad reforms. ofAsia’s third-biggest economy.
India’s stock market hit a re-cord high on Friday as the con-tours of Mr. Modi’s victory,which was hailed by businessleaders hampered by India’sheavily regulated economy andworkers frustrated by high un-employment.
Congress—the party that ledIndia’s freedom struggle against
the colonial British, and is con-trolled by the Nehru-Gandhifamily—appeared to be holdingon to roughly 44 seats, its low-est tally ever, the Election Com-mission said.
President Barack Obamacalled to congratulate Mr. Modion Friday and invited him to theU.S., opening the door to im-proved relations with a politi-cian who had been kept at armslength by official Washington.
The vote amounted to a sur-prisingly broad repudiation ofCongress’s welfare-focused ap-proach to policy-making and anendorsement of Mr. Modi’s call
for more effective governanceand business-friendly measuresto create jobs and drive growth.
“I didn’t get a chance to sacri-fice my life in India’s freedomstruggle, but I have the chanceto dedicate myself to good gov-ernance,” Mr. Modi said tocheers in a victory speech in hishome state of Gujarat on Fridaynight. “I will develop this coun-try. I will take it to new heights.”
Mr. Modi tapped into thePleaseturntopageA7
BY NIHARIKA MANDHANA
Indian Opposition TriumphsPro-Business Hindu Nationalist Modi Puts End to Decades of Congress Party Rule
Review: India’s Moment............ C1 Party’s humiliating defeat....... A7 India stocks hit record.... B5, B14
Riot police break up protesting mourners............... A9
VA Official Steps DownOver Wait-Time Inquiry
VA health official Dr. Robert Petzelresigned Friday amid questionsover wait-time allegations. A4
Reuters
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