1
Business Day
Another Look at Natural Gas
3
5
7
Technology
Q&A: Keeping Adobe Flash Player Secure
8
Opinion
Firearms and Domestic Violence
11
12
Health
Suddenly, They're All Gone
14
15
Science
A Tale of Two Frozen Lakes
16
Opinion
Ovarian Cancer
17
19
Business Day
Condoleezza Rice to Write Book for Henry Holt
20
1
N.Y. / Region
Stars of a Violent Rap Video Are Found Guilty of Violent Crimes in Real Life
Some of the performers in a rap video depicting armed robbery were found guilty of committing similar crimes in the Bronx and Westchester County.
2
Business Day
Existing-Home Sales Hit 3-Year High, as Prices Rise
The National Association of Realtors said that home sales grew 0.8 percent to an annual rate of 4.98 million, the highest since November 2009. Prices also rose.
3
Health
F.D.A. Seeks to Toughen Defibrillator Regulations
The Food and Drug Administration said the new rules are intended to improve the use of the devices, which have failed thousands of times in cardiac arrest cases since 2005.
4
Sports
The Thrill of It All: Picasso, War, Racing
A Q. and A. with the American photographer David Douglas Duncan, 97, a renowned Life magazine photographer and a longtime Formula One fan.
5
Sports
Runner Who Died During Half Marathon Is Identified
The runner who collapsed and died in Sunday’s New York City Half, a 13.1-mile run around Manhattan, has been identified as John Tanner, 46, of Marlborough, Mass.
7
World
As Pollution Worsens in China, Solutions Succumb to Infighting
Even as top officials admit the severity of China’s environmental woes, conflict within the government is one of the biggest obstacles to enacting stronger policies.
8
Business Day
When You Hire the Right Person for the Wrong Position
What do you do if it turns out that the job itself is not a good fit for the company?
9
10
Fashion & Style
The Man of the Hour, or Four
Anderson Cooper is honored and Madonna is the star at the (lengthy) Glaad Media Awards.
11
Business Day
Justices Permit Resale of Copyrighted Imports
The court ruled that owners of goods from overseas can do what they like with them, just as they can with those bought in the United States.
12
World
Progress Is Reported in Arms Talks With Russia
Renewed cooperation may be under way just days after the United States canceled part of a Europe-based missile defense program that had infuriated the Kremlin.
13
Health
The Doctor's New Prescription: A Lawyer
Elderly people often need legal help, and law students need experience. Some health care institutions are making the match.
14
N.Y. / Region
A Zigzag Offers a More Direct Route to a Park
The long-awaited Squibb Bridge provides a new, faster way to gain access to Brooklyn Bridge Park from Brooklyn Heights.
15
16
Business Day
Wealthy Russians Ensnared as Cyprus Crisis Deepens
About 25 percent of Russian foreign direct investment moves through Cyprus, according to an estimate, often in a way meant to lubricate Russia’s economy.
"Cyprus’s fate hangs in the balance
as euro-area finance ministers meet today to decide whether the
tiny Mediterranean island has done enough for a bailout that
will avert its financial collapse.
As thousands of protestors marched through the capital Nicosia yesterday, Cypriot officials worked to broker a deal with the European Central Bank, European Commission and International Monetary Fund on how to raise the 5.8 billion euros ($7.5 billion) needed to qualify for aid. Those talks, which focused on a plan to impose levies on bank deposits over 100,000 euros, ended at a “very sensitive stage” last night and will continue in Brussels today, the government said. Eurogroup finance ministers are due to convene in the Belgian city at 6 p.m.
“There are only hard choices left,” European Union Economic and Monetary Affairs Commissioner Olli Rehn said in a statement. “It is essential that an agreement is reached by the Eurogroup on Sunday evening in Brussels on a financial assistance program for Cyprus.”
The third-smallest economy in the 17-nation euro area was plunged into chaos last week when its lawmakers rejected an EU proposal to confiscate a portion of all bank deposits in order to qualify for 10 billion euros in bailout funds. The ECB has imposed a deadline of tomorrow for a new deal to be struck by threatening to cut off emergency funding to Cypriot banks, which have been closed all week and are due to reopen on March 26.
Cyprus Finance Minister Michael Sarris said yesterday that bank deposit levies were back on the table in discussions with the so-called troika of the ECB, Commission and IMF.
Media including Reuters and German newspaper Welt am Sonntag reported last night that a deal had been reached to apply a 20 percent levy on deposits over 100,000 euros at Bank of Cyprus Pcl, the country’s biggest lender, and a four percent tax on deposits of that size at other banks.
Those reports couldn’t be confirmed, and state-run Cyprus News Agency cited a government official as saying a deal wasn’t close.
“The situation is very difficult and the margins are tight,” Cyprus government spokesman Christos Stylianides said in an e-mailed statement. Anastasiades and Sarris will fly to Brussels today for further discussions, he said.
The Cypriot parliament passed nine bills on March 22 aimed at preventing capital flight and restructuring the banking sector. Cyprus Popular (CPB) Bank Pcl, the second-biggest, will be wound down and have losses imposed on its depositors.
A collapse of the nation’s banking system could precipitate its exit from the euro and unleash another wave of turmoil across a region already mired in a debt crisis and recession.
The Stoxx Europe 600 Index (SXXP) fell for the first week in a month on the back of the Cyprus impasse and the euro posted its biggest two-day drop since July at the start of the week. The Stoxx 600 steadied at the end of the week as investors bet on a compromise, and Europe’s single currency rose 0.7 percent.
The crisis is the biggest faced by Cyprus since it was invaded and its northern third occupied by Turkey in 1974.
Thousands of protestors, mainly bank employees, marched through the streets of Nicosia yesterday. They targeted the central bank, where they demanded the resignation of Governor Panicos Demetriades -- in office less than a year -- before congregating at Parliament and chanting “hands off our jobs and pension funds.”
Cyprus in June became the fifth euro-area nation to request a rescue. The move came after Greece’s debt restructuring, the largest in history, left lenders including Bank of Cyprus and Cyprus Popular reeling.
Cyprus Popular, founded in 1901 as a small savings bank, operates in Cyprus, Greece, the U.K., Ukraine, Russia, Romania, Serbia, Malta and China through 439 branches, serving 1.35 million customers, according to its website.
Cyprus’s total bank assets swelled to 126.4 billion euros at the end of January, seven times the size of the 18 billion- euro economy, from 78 billion euros in 2007, data from the ECB and the EU’s statistics office show. Russian companies and individuals have an estimated $31 billion of wealth in Cyprus, according to Moody’s Investors Service.
At 17 billion euros, Cyprus’s financial needs are almost equivalent to the country’s entire economic output, a magnitude of bailout that has never been awarded before, German Chancellor Angela Merkel told reporters on March 20. That means “the bank sector must contribute to the sustainability of Cypriot debt,” she said.
Sarris, who met last week in Moscow with Russian First Deputy Minister Igor Shuvalov and Finance Minister Anton Siluanov, has said that Russia won’t offer additional support beyond restructuring a 2.5 billion-euro loan granted in 2011.
To contact the reporters on this story: Tom Stoukas in Nicosia at astoukas@bloomberg.net; Georgios Georgiou in Nicosia at ggeorgio5@bloomberg.net
To contact the editor responsible for this story: John Fraher at jfraher@bloomberg.net"
As thousands of protestors marched through the capital Nicosia yesterday, Cypriot officials worked to broker a deal with the European Central Bank, European Commission and International Monetary Fund on how to raise the 5.8 billion euros ($7.5 billion) needed to qualify for aid. Those talks, which focused on a plan to impose levies on bank deposits over 100,000 euros, ended at a “very sensitive stage” last night and will continue in Brussels today, the government said. Eurogroup finance ministers are due to convene in the Belgian city at 6 p.m.
“There are only hard choices left,” European Union Economic and Monetary Affairs Commissioner Olli Rehn said in a statement. “It is essential that an agreement is reached by the Eurogroup on Sunday evening in Brussels on a financial assistance program for Cyprus.”
The third-smallest economy in the 17-nation euro area was plunged into chaos last week when its lawmakers rejected an EU proposal to confiscate a portion of all bank deposits in order to qualify for 10 billion euros in bailout funds. The ECB has imposed a deadline of tomorrow for a new deal to be struck by threatening to cut off emergency funding to Cypriot banks, which have been closed all week and are due to reopen on March 26.
‘Bankrupt’ Banks
“We cannot fund banks that are bankrupt,” ECB council member Erkki Liikanen told Finland’s YLE TV1 yesterday. “There is now a chance of drawing up a program in which the banks are recapitalized or reorganized to reach solvency. The ball is in Cyprus’s court.”Cyprus Finance Minister Michael Sarris said yesterday that bank deposit levies were back on the table in discussions with the so-called troika of the ECB, Commission and IMF.
Media including Reuters and German newspaper Welt am Sonntag reported last night that a deal had been reached to apply a 20 percent levy on deposits over 100,000 euros at Bank of Cyprus Pcl, the country’s biggest lender, and a four percent tax on deposits of that size at other banks.
Those reports couldn’t be confirmed, and state-run Cyprus News Agency cited a government official as saying a deal wasn’t close.
‘Very Difficult’
President Nicos Anastasiades met with political party leaders last night to brief them on the troika talks.“The situation is very difficult and the margins are tight,” Cyprus government spokesman Christos Stylianides said in an e-mailed statement. Anastasiades and Sarris will fly to Brussels today for further discussions, he said.
The Cypriot parliament passed nine bills on March 22 aimed at preventing capital flight and restructuring the banking sector. Cyprus Popular (CPB) Bank Pcl, the second-biggest, will be wound down and have losses imposed on its depositors.
A collapse of the nation’s banking system could precipitate its exit from the euro and unleash another wave of turmoil across a region already mired in a debt crisis and recession.
The Stoxx Europe 600 Index (SXXP) fell for the first week in a month on the back of the Cyprus impasse and the euro posted its biggest two-day drop since July at the start of the week. The Stoxx 600 steadied at the end of the week as investors bet on a compromise, and Europe’s single currency rose 0.7 percent.
Solutions Seen
“I don’t see any major contagion issues,” Finnish Prime Minister Jyrki Katainen told reporters in Saariselkae, Finnish Lapland, yesterday. “I’m very confident that we can see solutions tomorrow or Monday.”The crisis is the biggest faced by Cyprus since it was invaded and its northern third occupied by Turkey in 1974.
Thousands of protestors, mainly bank employees, marched through the streets of Nicosia yesterday. They targeted the central bank, where they demanded the resignation of Governor Panicos Demetriades -- in office less than a year -- before congregating at Parliament and chanting “hands off our jobs and pension funds.”
Cyprus in June became the fifth euro-area nation to request a rescue. The move came after Greece’s debt restructuring, the largest in history, left lenders including Bank of Cyprus and Cyprus Popular reeling.
Cyprus Popular, founded in 1901 as a small savings bank, operates in Cyprus, Greece, the U.K., Ukraine, Russia, Romania, Serbia, Malta and China through 439 branches, serving 1.35 million customers, according to its website.
Russian Deposits
The bank, which employs about 8,500 people, posted a net loss of 1.56 billion euros for the first nine months of 2012, after a net loss of 3.65 billion euros in 2011 following writedowns on Greek government bond holdings, goodwill related to its Greek business and provisions for loan losses.Cyprus’s total bank assets swelled to 126.4 billion euros at the end of January, seven times the size of the 18 billion- euro economy, from 78 billion euros in 2007, data from the ECB and the EU’s statistics office show. Russian companies and individuals have an estimated $31 billion of wealth in Cyprus, according to Moody’s Investors Service.
At 17 billion euros, Cyprus’s financial needs are almost equivalent to the country’s entire economic output, a magnitude of bailout that has never been awarded before, German Chancellor Angela Merkel told reporters on March 20. That means “the bank sector must contribute to the sustainability of Cypriot debt,” she said.
Sarris, who met last week in Moscow with Russian First Deputy Minister Igor Shuvalov and Finance Minister Anton Siluanov, has said that Russia won’t offer additional support beyond restructuring a 2.5 billion-euro loan granted in 2011.
To contact the reporters on this story: Tom Stoukas in Nicosia at astoukas@bloomberg.net; Georgios Georgiou in Nicosia at ggeorgio5@bloomberg.net
To contact the editor responsible for this story: John Fraher at jfraher@bloomberg.net"
Russia Tie Puts Cyprus Crisis on East-West Fault Line
By ANDREW HIGGINS
With Cyprus’s role as a provider of financial services for Russians,
what began as another episode in a familiar narrative has escalated into
a drama with geopolitical implications.
Speculative noise.
Cyprus Makes Plan to Seize Portion of High-Level Deposits
By LIZ ALDERMAN and JAMES KANTER
Facing a Monday deadline to avoid a banking collapse, Cyprus and its
negotiators devised a plan Saturday to take a percentage of savers’
deposits above 100,000 euros to raise money for a bailout.
Not a deal. A plan for a deal. Desperate.
17
Science
A Tale of Two Frozen Lakes
18
World
India Passes Sweeping Bill on Crimes Against Women
India’s normally slow-moving Parliament passed the bill just three months after the Delhi gang rape that sparked widespread protests.
19
N.Y. / Region
Girls Excel in the Classroom but Lag in Entry to 8 Elite Schools in the City
More girls than boys have been going to college for years now, but at one set of prestigious public schools in New York City, it’s the girls who are lagging.
20
World
South Korea Says It Misidentified Source of Cyberattack
The country said on Friday that it was mistaken when it identified an Internet address in China as the source of attacks on banks and broadcasters.
"The Korea Communications Commission, a government agency, said the
Internet address actually belonged to a computer at NongHyup, one of the
three banks affected by the hacking on Wednesday. It was mistaken
earlier, it said, because the address, used only for the bank’s internal
network, was identical to a public Internet Protocol address in China.
Such an I.P. address is useful for tracing the location of an
Internet-connected computer, though experts say that that computer could
be controlled by hackers operating elsewhere."
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8
9
10
Business Day
Justices Permit Resale of Copyrighted Imports
12
13
14
T:Style
Travel Essentials | São Paulo
15
19
N.Y. / Region
Heating Oil Companies Face Inquiry on Purity of Fuel
As part of a criminal investigation, the authorities raided at least five heating oil businesses in and around New York City.
20
U.S.
Ohio: Teenage Killer Gets Life
A defiant 18-year-old was sentenced Tuesday to spend the rest of his life in prison for a 2012 shooting at a high school cafeteria in Chardon, where he killed three students and wounded three others.
3
4
Business Day
Justices Permit Resale of Copyrighted Imports
6
Business Day
The Risks of Expanding Into Australia, Part 2
The role of a general manager evolves dramatically in the first few years; unfortunately, only about half of our G.M.’s survive the transition.
8
9
T:Style
Travel Essentials | São Paulo
10
14
15
World
Police Storm Squatters at Rio Stadium Site
At the home of the 2014 World Cup and 2016 Olympics, the clash highlighted tension over evictions in areas scheduled for development.
16
Style
Funding Site to Designers: Leave the Business End to Us
Byco, a new microfinancing site, combines old-fashioned capitalism with crowd-funding principles.
17
Opinion
Obama’s Nixonian Precedent
The bombing of Cambodia in the Vietnam War era can’t be used to justify today’s drone attacks.
18
Business Day
Thai Cabinet Backs Plan for Ports and Rail Lines
The plan calls for borrowing $67.6 billion to build high-speed rail lines, ports and other infrastructure over the next seven years, officials said.
19
U.S.
The Sly Coyote Becomes a Bounty Hunters’ Target in Utah
An incentive program in Utah to curb the coyote population has provoked enthusiasm from hunters and concern from environmentalists.
20
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