CM Y K Composite

* * * * * MONDAY, MARCH 30, 2015 ~ VOL. CCLXV NO. 73 WSJ.com HHHH $3 .00

CONTENTSAbreast of the Market C1Business News B2-4,8Global Finance............ C3Heard on the Street C6Law Journal................. B7Markets Dashboard C4

Media............................... B6Moving the Market C2Opinion................... A11-13Sports.............................. B9U.S. News................. A2-4Weather Watch........ B8World News........... A6-9

s Copyright 2015 Dow Jones & Company.All Rights Reserved

>

What’sNews

Rubio is laying plans to an-nounce his candidacy for theGOP presidential nomination intwo weeks. Paul is set to enterthe race in just over a week. A1 TheWhite House is ramp-ing up a campaign to persuadelawmakers and the public tosupport a nuclear deal withIran as a deadline looms. A1U.S. and European officialsare seeking Russian backing toreinstate Iran sanctionsquickly if Tehran is caughtcheating on a nuclear deal. A6 Saudi warplanes struckrebel-held military bases inYemen in a U.S.-backed cam-paign that has led to fears ofa Mideast proxy war. A6 Iranian-backed Shiite mili-tias remained on the front linesof the battle to retake Tikrit,Iraq, from Islamic State despiteU.S. demands they pull out. A6 Nigeria extended its pres-idential election into a sec-ond day amid glitches atpolling stations, militant at-tacks and mounting anger. A7 Lufthansa and its insurerwill likely face large liabilityclaims in the Germanwingscrash despite signs that the co-pilot hid medical problems. A8 Indiana’s governor de-fended a religious-objectionslaw and declined to say if itwould allow discriminationagainst gay people. A3 French President Hollandesuffered a setback as a center-right alliance took a sweepingmajority in local elections. A8 Singapore bade farewell tofounding PrimeMinister Lee ina grand funeral marked withunprecedented pageantry. A9

Volvo will spend $500million to build a new ve-

hicle plant in the U.S., stem-ming a tide of auto-industryinvestment in Mexico. B1 China is suspected in anattack on U.S. coding websiteGitHub, in a possible attemptby Beijing to shut down anti-censorship tools. B1 A Canadian lawsuit allegesserious governance lapses in-volving the trust throughwhich the Thomson familycontrols Thomson Reuters. B1 Reynolds and Lorillardare set to meet with the FTCahead of a final decision onthe tobacco firms’ deal. B3The NFL is joiningwith twoinvestment firms on a ventureto expand the league’s pre-mium hospitality business. B3 IMF data are expected toshow central banks pilinginto the dollar, likely boost-ing the U.S. currency rally. C1U.S. farmers are plantingsoybeans instead of corn, shak-ing up futures markets and theagricultural economy. C1Best Buy is shutting downits Canadian Future Shop chainto focus on the electronic re-tailer’s namesake brand. B3 The Chinese chemical firmbehind a $7.7 billion bid fortire maker Pirelli said it won’trule out an improved offer. B8 Lifestyle Lift filed forChapter 11, 3½weeks after theplastic-surgery chain abruptlyshut down its business. B8 DreamWorks’ “Home”topped the weekend box of-fice, giving the animationstudio a much-needed hit. B6

Business&Finance

World-Wide

Rubio,RivalsPrepareTo RunPaul also set for race assparring accelerates

up flights of stairs, lugging ev-erything from laser printers andkitchen appliances to cans ofCoca-Cola for their country’sburgeoning consumer class.

“It’s a risky job,” said Mr. Ku-mar, who has to dodge potholes,erratic drivers and the occa-sional cow—all while carryingloads that at times weigh morethan he does. “Sometimes peo-ple order dumbbells and thenthe bag gets really heavy,” hesaid.

Men like Mr. Kumar are themuscle behind the billions of dol-lars global investors are pouringinto local online sellers like Flip-

Please see PACK page A10

NEW DELHI—One morning,Ashok Kumar hoisted a huge,110-pound pack jammed withbooks, cellphones, bluejeans andother items onto his back andcinched the shoulder straps.

Then he donned a helmet,climbed onto a motorcycle and,balancing precariously, headedout into the traffic-cloggedstreets of the Indian capital forhis daily rounds.

Mr. Kumar and thousands ofmen like him fan out across thecrowded cities of the world’ssecond-most-populous nationevery day—foot soldiers on the

BY SEAN MCLAIN

For India’s Deliverymen, E-Commerce Can Be a Big Paini i i

Motorcycles trump trucks, but backpacks filled with appliances get heavy

front lines of India’s e-commercerevolution.

This low-tech army of urbansherpas hauls bags of online pur-chases down narrow alleys and

Ashok Kumar

Nigerian Elections Marred by Violence, Glitches and Anger

TIFE

OWOLA

BI/EURO

PEANPR

ESSP

HOTO

AGEN

CY

TEMPERATURES RISING: The government extended the presidential vote into Sunday after polling stations were attacked and others suffereddelays. President Goodluck Jonathan is being challenged by Muhammadu Buhari, a former military dictator. Results are expected by Tuesday. A7

Andy KesslerPrivate Equity’sGlory Days Are Over

OPINION | A13

Lastweek: DJIA 17712.66 g 414.99 2.3% NASDAQ 4891.22 g 2.7% NIKKEI 19285.63 g 1.4% STOXX600 395.54 g 2.1% 10-YR. TREASURY g 4/32 , yield 1.946% OIL (new)$48.87 À $2.30 EURO $1.0890 YEN 119.14

|

Down to FourJason Gay on college basketball’s dramaticweekend, and whether anyone can beat KentuckySPORTS | B9

Sen. Marco Rubio (R., Fla.) islaying plans to announce hispresidential bid in two weeks, astep that, along with other re-cent activity among likely con-tenders, shows the early spar-ring and positioning in the 2016race for the White House isabout to accelerate.

Mr. Rubio has made tentativearrangements to announce hisWhite House bid on April 13 atthe historic Freedom Tower inMiami, a Rubio adviser said,though aides haven’t yet madefinal the location and timing.The Freedom Tower is wherethousands of Cuban refugeeswere admitted to the countryduring the 1960s and 1970s. Mr.Rubio is the son of Cuban immi-grants.

With a year and seven monthsbefore Election Day, the presi-dential field on both sides iscoming into clearer focus.

Sen. Rand Paul (R., Ky.) isscheduled to announce his candi-dacy in just over a week at arally in Louisville, his adviserssaid, before embarking on a tourof four states holding early pres-idential contests: New Hamp-shire, South Carolina, Iowa andNevada. Republican CarlyFiorina, a former chief executiveof Hewlett-Packard Co., on Sun-day described the chance of herentering the race at better than90%, with her announcementcoming in April or May.

Less clear is the timetablefor former Republican Gov. JebBush of Florida. His announce-ment could come as late as

Please see RUBIO page A4

BY PETER NICHOLASAND PATRICK O’CONNOR

ple familiar with the discussions.Meanwhile, the Obama ad-

ministration has lined up Repub-licans to try to tamp down alikely political battle over anydeal with Iran and scientists todefend an agreement on its tech-nical merits.

Perhaps most significant,White House officials have be-gun to express privately a will-ingness to accept legislation thatgives Congress some oversightof the nuclear deal if talks in the

Swiss city of Lausanne result inagreement on the main outlinesof a final nuclear deal beforeTuesday night’s deadline.

“There’s a recognition thatCongress is going to take somesort of vote after negotiationsare complete,” said Sen. ChrisMurphy (D., Conn.) in an inter-view. The White House’s out-reach is “ratcheting up by thehour.”

White House officials still op-pose legislation that would give

Congress final approval of a dealwith Iran or apply new sanc-tions. And officials don’t wantlawmakers to vote on any Irandeal until after the June 30deadline for a comprehensiveagreement.

But widespread oppositionfrom lawmakers in both partieshas forced the White House to

Please see IRAN page A6

As negotiations with Iran on anuclear deal come down to thewire, the White House is ramp-ing up a yearlong campaign topersuade lawmakers and thepublic to support an agreement.

In recent days, officials havetried to neutralize skepticalDemocrats by arguing that op-posing President Barack Obamawould empower the new Repub-lican majority, according to peo-

BY CAROL E. LEE AND JAY SOLOMON

Obama Ramps Up LobbyingOn Iran as Deadline Looms

decades before Dodd-Frank.Bankers say the drought is a

sign of new regulatory require-ments in the wake of the finan-cial crisis, which are boostingexpenses and discouraging po-tential startups from even try-ing. Regulators say the profitsqueeze from rock-bottom inter-est rates is a bigger problem.

“There was, still is, a pent-updemand for a local bank,” Mr.O’Brien says, describing a localman who manufactures mat-tresses for dairy cows. Thoughthe mattresses are common in

Please see BANK page A2

BIRD-IN-HAND, Pa.—WilliamO’Brien, chief loan officer at theBank of Bird-in-Hand, closed somany loans in the bank’s firstyear of business that locals callhim “Gelt Chappie,” or “moneyman” in Pennsylvania German.

Based in a rural village in theheart of Amish country, Bank ofBird-in-Hand is the only newbank to open in the U.S. since2010, when the Dodd-Frank lawwas passed and enacted. An av-erage of more than 100 newbanks a year opened in the three

BY RYAN TRACY

A New Bank Sprouts,At Last, in Amish Land

DREAMWORKS CHIEFCALLS FOR REWRITE

Katzenberg vows to refocus on films after studio’s empire-building period

Sanctions debate flares aheadof Iran deadline............................. A6

sence,” she says.His peripatetic itinerary re-

flected a desire to branch intomultiple platforms and indus-tries—from television to pub-lishing, theme parks to You-Tube, mall attractions tochildren’s toys—to reduceDreamWorks’ reliance on theunpredictable returns of twoor three films a year. But thecompany began making cre-ative decisions that left audi-ences wanting and gave newancillary businesses little goodmaterial to work with.

In January, after severalcritical and commercial flops,DreamWorks carried out a re-structuring dramatic even byshow-business standards.

Mr. Katzenberg’s long string of early suc-Please see DREAM page A10

GLENDALE, Calif.—JeffreyKatzenberg, chief executive ofDreamWorks Animation SKGInc., until last year sent an oc-casional email to his animationstudio’s employees. He wouldrecount daily activities—break-fast with Steven Spielberg, forexample—and outline his workexpanding beyond the bigscreen into ventures like tele-vision, consumer products andoverseas operations.

“I would read his blog andget exhausted,” says a formerDreamWorks production coor-dinator who left recently. Shenoticed a pattern: The busierMr. Katzenberg was, the moreoff-track the studio’s film division—famous forhits like “Shrek” and “Kung Fu Panda”—seemedto her and fellow production managers. “Thecreative confidence wavered because of his ab-

BY ERICH SCHWARTZELFade to RedDreamWorks Animation'squarterly net income/loss

Source: the company

Note: Q4 2014 includes costs associated withrestructuring.

$50

–250

–200

–150

–100

–50

0

million

’13 ’142012

Quarters withimpairment chargesagainst movies

‘Home’ sweeps away the box office........................... B6

Hurry! It’s almost April 15th.

TD Ameritrade, Inc., member FINRA/SIPC. TD Ameritrade is a trademark jointlyowned by TD Ameritrade IP Company, Inc. and The Toronto-Dominion Bank.© 2015 TD Ameritrade IP Company, Inc. All rights reserved. Used with permission.

Call 877-tdameritrade orvisit tdameritrade.com/ira

Open and fund a TD Ameritrade IRA today for your full potential2014 tax benefits. It only takes 15 minutes to open an IRA, andour retirement consultants are here to give you step-by-stephelp if you want it.

Friends withpotential taxbenefits.

CompositeYELLOW MAGENTA CYAN BLACK

P2JW089000-5-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

P2JW089000-5-A00100-1--------XA