TODAYINMARKETPLACE Pricey Beef TakesaCut

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Pricey Beef Takes a Cut

MONDAY, JUNE 30, 2014 ~ VOL. CCLXIII NO. 151

*****

Last week: DJIA 16851.84 g 95.24 0.6%

i

NIKKEI 15095.00 g 1.7%

STOXX 600 341.97 g 1.8%

10-YR. TREASURY ? 26/32 , yield 2.531%

OIL $105.74 g $1.09

EURO $1.3649

YEN 101.41

Militants

Leverage

Iraq Gains

In Syria

i

Business & Finance

B

NP Paribas is set to be

hit Monday with nearly

$9 billion in penalties and

plead guilty to hiding some

$30 billion in deals with

sanctioned countries. A1

BY SAM DAGHER

n Two U.S. investment firms

say Puerto Rico¡¯s new debtrestructuring law violates

the U.S. Constitution. C1

n Facebook ran a moodchanging study on nearly

700,000 unknowing users in

2012, prompting uproar over

ethical considerations. A1

TRAPPED: Rescuers search for workers inside the rubble of an 11-story building that collapsed while under construction in India. At least 22 died. A12

n Argentina is on pace to

miss an interest payment

Monday, starting a 30-day

clock for the nation to avoid a

second default in 13 years. C3

Big Bank¡¯s $9 Billion Blunder

n Blackstone is quietly

planning to launch a hedge

fund specializing in big, risky

bets, a strategy other funds

have shied away from. C1

Years After Start of U.S. Probe, BNP Paribas Did Business With Sanctioned Nations

n As beef prices soar, restaurants and food retailers

are altering their strategies

to draw customers and protect their margins. B3

PARIS¡ªThe landmark settlement expected Monday between

U.S. authorities and BNP Paribas

SA began to take shape last

summer, after bank executives

flew to New York to make an

embarrassing admission: The

French bank had been processing potentially illicit dollar

transactions with countries

blacklisted by Washington years

after the U.S. began investigating the lender.

¡°We can¡¯t believe we¡¯re hav-

n With their contract expiring at 12:01 a.m. Tuesday,

West Coast port workers and

managers may reach a deal

without a work stoppage. A3

n Video company Aereo

suspended its operations following a crippling loss in the

Supreme Court last week. B3

i

i

i

World-Wide

n Obama is seeking more

than $2 billion to respond to

a surge in migrants from

Central America illegally

crossing the U.S. border. A4

n A new Georgia gun law

starting Tuesday will expand

permit holders¡¯ right to carry

weapons in places like bars

and houses of worship. A3

n Gunmen in Nigeria killed

at least 30 people during

services at three churches

near where 276 schoolgirls

were kidnapped in April. A12

n The Supreme Court will

rule on whether religious beliefs will allow employers to

opt out of contraception

coverage for employees. A4

n Gay pride parades in the

U.S. Sunday celebrated a year

of victories for same-sex

marriage in several states. A4

Media............................... B4

Moving the Market C2

Opinion..................... A9-11

Sports.......................... B7,8

U.S. News................. A2-4

Weather Watch........ B6

World News...... A5-7,12

>

s Copyright 2014 Dow Jones & Company.

All Rights Reserved

ª´ Islamists in Iraq issue warning

to other jihadist groups............ A6

Stock Picker Rises Again,

Unchanged by Crisis

SANTA FE, N.M.¡ªOn a sunny Friday afternoon, mutual-fund manager Bill Miller sat in a

darkened conference room here, absorbed in a

scientific lecture about how biological organisms

learn to adapt and survive.

He knows a lot about survival. After 15 years

as the best stock picker in the business, Mr.

Miller destroyed his reputation during the financial crisis, walked away from the fund that made

him rich and famous, and seemed likely to recede into oblivion as the manager of a much

smaller mutual fund.

Over the last three years, though, Mr. Miller¡¯s

Legg Mason Opportunity Trust has outperformed

HEARTBREAK: A fan emotes after Mexico was bounced from the

World Cup by two late Dutch goals Sunday. It is Mexico¡¯s sixth straight

Cup exit after the first knockout-round game. B7

Facebook

Experiment

Prompts

Outrage

DAMASCUS¡ªThe extremist

group known as the Islamic

State of Iraq and al-Sham (ISIS)

is expanding its foothold in Syria

after recent gains in neighboring

Iraq, intensifying its clashes here

against other Islamist rebel factions.

These battles pit ISIS against

the al-Qaeda-linked Nusra Front,

the Army of Islam and other militant groups across Syria, from

the eastern border with Iraq to

towns and villages near the

northern city of Aleppo, and

even in the suburbs of the capital, Damascus, according to opposition activists and residents.

¡°All leaders of Daesh are now

targets for us and those that do

not surrender will be killed,¡±

Army of Islam commander Zahran Alloush said on an official

Twitter account regularly used

by him last week, referring to

ISIS by its Arabic acronym.

For its part, ISIS on Sunday

claimed itself above all other jihadist organizations and simplified its name to ¡°the Islamic

State.¡±

The turf battles among extremists benefit the Syrian regime of President Bashar al-Assad, further weakening the

splintered Syrian opposition.

The clashes are also likely to

increase the suffering of civilians trapped in war zones amid

a severe heat wave that has hit

the country in recent days.

The signs that the conflict

Please turn to page A6

MILLER TIME

European Pressphoto Agency

n With a cease-fire expiring

Monday, some Ukrainians are

growing impatient with Kiev¡¯s

peacemaking efforts. A5

abrupt fall from grace for the

mother ship of France¡¯s banking

industry, whose roots can be

traced back to the mid-19th century, and forms the closing

chapter of a surprising management failure.

Run by some of France¡¯s

brightest minds from a hallway

of the bank¡¯s Paris headquarters

nicknamed the ¡°Hall of Mirrors¡±¡ªreferring to the famed

room at the Versailles Palace¡ª

Please turn to the next page

BY KIRSTEN GRIND

97% of the mutual funds in its category, according to research firm Morningstar Inc. It was No.

1 in 2012 and second-best in 2013. Its total return of 67% last year trounced the S&P 500 stock

index¡¯s 32% jump.

¡°I¡¯ve been on the top and I¡¯ve been on the

bottom,¡± the 64-year-old Mr. Miller says. ¡°And

the top is better.¡±

Lots of mutual-fund managers took a beating

during the crisis, but none so publicly as Mr.

Miller. As his Legg Mason Capital Management

Value Trust fund sank to the bottom of the rankings, fleeing investors shrank its assets to $2.8

Please turn to page A8

ª´ Managed funds trail market benchmarks................. C1

Qualitative Easing? Security Detail

For Fed Chairwoman Irks Neighbors

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Some in Gated Community Complain

Of Intrusion; Guns, Cameras, Pizza

BY REED ALBERGOTTI

BY ELIZABETH WILLIAMSON

A social-network furor has

erupted over news that Facebook Inc., in 2012, conducted a

massive psychological experiment on nearly 700,000 unwitting users.

To determine whether it

could alter the emotional state

of its users and prompt them to

post either more positive or

negative content, the site¡¯s data

scientists enabled an algorithm,

for one week, to automatically

omit content that contained

words associated with either

positive or negative emotions

from the central news feeds of

689,003 users.

The research, published in the

March issue of the Proceedings

of the National Academy of Sciences, sparked a different emotion¡ªoutrage¡ªamong

some

people who say Facebook toyed

with its users emotions and uses

Please turn to page A4

WASHINGTON¡ªIn

the

Georgetown gated community of

Hillandale, residents live in secluded calm governed by some

50 pages of rules banning fences,

motorcycles, certain paint colors,

tree species and

excess dogs and

cats (no more

than two total per

household).

¡°People come

to live in Hillandale because of

Janet

the quality of our

residential community, and that

is something that we need to

maintain,¡± says resident Sallie

Forman.

Then one of the most powerful economic policy makers in

the world moved in and, in the

words of some here, ruined the

neighborhood.

As neighbors tell it, earlier

Composite

n The trial of Benghazi suspect Ahmed Abu Khatallah is

reopening debate on the attacks¡¯ causes and the handling of terror suspects. A4

ing this conversation now,¡± said

one U.S. official in the meeting

with the Justice Department

and the New York District Attorney¡¯s office at the Federal

Reserve Bank of New York, according to a person present.

The U.S. had at times already

Same Sad Soccer Story for Mexico

n Obama is set to nominate

former P&G Chief Executive

Robert McDonald as secretary of the troubled VA. A3

n Extremist group Islamic

State of Iraq and al-Sham

has increased its presence in

Syria, intensifying clashes

against al Qaeda and other

Islamist rebel factions. A1

n ISIS claimed it was above

all other jihadist groups, demanding they fall in line with

its hard-line approach. A6

expressed frustration with the

bank¡¯s efforts in the probe.

U.S. authorities are expected

to say Monday that BNP Paribas

will pay nearly $9 billion in

penalties and plead guilty to attempting to conceal some $30

billion in transactions with

sanctioned countries. Beginning

in January, the bank is also expected to lose its capacity to

perform certain dollar-clearing

transactions for a year.

The settlement marks an

By David GauthierVillars, Christopher M.

Matthews

and No¨¦mie Bisserbe

this year, the security detail protecting new Federal Reserve

Chairwoman Janet Yellen barreled through the cul-de-sac

where she lives in oversize vans

loaded with guns, cameras and

takeout pizza. It established an

¡°armed

camp¡±

next door to Ms.

Forman¡¯s townhome, according

to a written bill of

grievances presented by concerned neighbors

deeming the uniformed

police

Yellen

presence ¡°uncomfortable for residents of various

religious persuasions,¡± such as

Quakers.

Security trucks, it continued,

¡°weighing approximately 7,000

pounds each¡± sit idling on the

street for ¡°approximately 22

minutes daily¡± at each Yellen

morning pickup. When Ms. YelPlease turn to page A8

KNOW HOW TO FIND

KNOW-HOW.

Visit the new TD Ameritrade Education

Center, where you¡¯ll find exclusive videos,

webcasts and in-depth courses designed

to answer all your investing questions.

edu

TD Ameritrade, Inc., member FINRA/SIPC/NFA. TD Ameritrade is a trademark

jointlyownedbyTDAmeritradeIPCompany,Inc.andTheToronto-DominionBank.

? 2014 TD Ameritrade IP Company, Inc. All rights reserved. Used with permission.

P2JW181000-5-A00100-1--------XA

n Alaska Air and Delta are

fighting for market share in

Seattle in one of the industry¡¯s

fiercest turf wars in years. B1

Reuters

n Computer hackers are a

growing worry for U.S. companies¡¯ boards following

high-profile data breaches. B1

CONTENTS

Abreast of the Market C1

Corporate News B2,3,6

Global Finance............ C3

Heard on the Street C6

Law Journal................. B5

Markets Dashboard C4

HHHH $2.00



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