1. business and industrial
2. energy
3. oil

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TODAY IN PERSONAL JOURNAL
The Office Yell: ‘It’s My Room!’
WEDNESDAY, OCTOBER 15, 2014 ~ VOL. CCLXIV NO. 90
******
DJIA 16315.19 g 5.88 0.04%
NASDAQ 4227.17 À 0.3%
i
NIKKEI 14936.51 g 2.4%
STOXX 600 321.53 g 0.01%
10-YR. TREAS. À 28/32 , yield 2.206%
OIL $81.84 g $3.90
GOLD $1,233.60 À $4.30
BY RUSSELL GOLD
i
O
il prices slid 4.5% to
$81.84 a barrel in New
York, their biggest drop in
nearly two years, amid a
global glut of crude. A1, C9
 Exxon and Shell are emitting more carbon dioxide despite tapping less oil and gas,
according to company data. B1
n AbbVie will reconsider its
deal for Shire, a sign new
Treasury rules are discouraging U.S. firms from moving
abroad for tax reasons. A1
n Ireland moved to close a
corporate-tax loophole, a step
that could boost overseas tax
for a range of U.S. firms. B1
Oil prices posted their biggest
one-day drop in nearly two years
Tuesday as a U.S.-led wave of
crude has crashed into weak global
demand, threatening the stability
of some countries and providing an
economic lifeline to others.
Tuesday’s slide of 4.5% by U.S.
crude oil to $81.84 a barrel on the
New York Mercantile Exchange left
the price down 20% since the start
of June. That was the lowest closing price since June 2012, and
some analysts predict the price will
fall as much as $10 a barrel lower.
The same factors that sank
prices Tuesday are behind oil’s
four-month tumble, which is pressuring countries from Russia to
Iran to Venezuela. World-wide demand is stagnant, and the International Energy Agency cut its full-
year oil-demand growth forecast
Tuesday to the lowest level in five
years.
Yet oil output remains high. In
the U.S., hydraulic fracturing has
unleashed a torrent of new crude
that is flooding the market. U.S.
output is expected to increase
again this year, according to Ed
Morse, global head of commodities research at Citigroup Inc.
Lower crude prices could slow
next year’s growth.
Despite the steep drop in oil
prices, the Organization of the Petroleum Exporting Countries,
which controls about one-third of
global oil supplies, has been unwilling to rein in production. Saudi
Arabia is focused on maintaining
market share even if it means cutting prices, a controversial stance
addressed in a rare public letter
Tuesday from Saudi Prince al-Wa-
i
World-Wide
n The WHO warned that as
many as 10,000 new Ebola
cases a week could be reported
by early December. A1, A9
n The CDC is intensifying its
Ebola response, dispatching a
special team to any U.S. hospital with a confirmed case. A8
n Obama said there had
been successes in the fight
against Islamic State as he
met with military leaders
from over 20 countries. A13
n Kurdish fighters, aided by
airstrikes, recaptured a strategic hill from Islamic State in a
Syrian city near Turkey. A13
n Turkish warplanes bombed
Kurdish militants’ camps in
the country’s southeast. A13
n The Supreme Court blocked
a Texas abortion-law provision
that could leave the state with
as few as seven clinics. A3
n Republicans remain in a favorable position ahead of midterm elections but the outlook
is unsettled, a poll found. A4
n Embryonic stem cells were
effective in treating patients
with severe vision loss, according to a new study. A7
n A nationalist protest outside
Ukraine’s parliament turned
violent, the most serious unrest in Kiev in months. A11
n Hong Kong police and protesters fought for territory in
districts that have been paralyzed by demonstrations. A20
n A study of colleges blamed
an absence of required core
subjects for big gaps in graduates’ knowledge of history. A6
n Arizona agreed to improve
prison conditions under a settlement with the ACLU. A3
Opinion.................. A17-19
Property Report C10-12
Sports.............................. D6
Technology................... B4
U.S. News................. A2-8
Weather Watch........ B8
World News.. A9-16,20
>
ROAD HAZARD: Officers forced demonstrators early Wednesday to a nearby park, as positions hardened with no resolution in sight for the conflict. A20
Ebola Survivors Care for New Victims
BY HEIDI VOGT
MONROVIA,
Liberia—Six
mornings a week, Salome Karwah gets up and goes to work at
the Ebola treatment unit where
she watched her parents wither
and die just three days apart and
where she almost died of Ebola
as well.
Ms. Karwah, 26 years old,
who had been a nurse’s assistant
at a private clinic before the outbreak, recovered from the virus
and was discharged on Sept. 5 as
a patient from the Elwa treat-
ment unit here. Less than a
month later, she returned as one
of seven survivors hired by the
clinic, run by Doctors Without
Borders, to counsel and comfort
those suffering from the disease.
She and the other survivors
are paid for their work at the
Ebola unit, but few see it as a
job. They are part of a select
group that have withstood the
virus here and they want to help.
The epidemic is escalating:
More than 4,400 people have
died from the disease, and on
Tuesday, the World Health Orga-
without worrying that any skin
contact is lethal.
It isn’t clear how long immunity lasts, and recent survivors
have weakened immune systems,
so they still wear gloves, aprons,
face masks and goggles. But that
is a far cry from the full-body
protective suits—dubbed “moon
suits” for their resemblance to
Please turn to page A9
 CDC pledges fast response ....... A8
 Nation divided over readiness... A8
 Epidemic gains momentum..... A9
 Health workers on edge........... B7
CROSSING THE LINE
At Terror’s Border,
Iraqis Make Daily Commute
BY MARGARET COKER
MAKTAB KHALED, Iraq—Attalaf al Nour, a farmer who lives in
Iraq’s Sunni heartland, long enjoyed a simple life that revolved
around livestock, crops and trips
to the city to sell his grain.
But since July, when Islamic
State militants swept into Iraq,
his world has been upended by
new geographic and political
borders that don’t yet appear
on any map. They are fracturing
Iraq’s fragile cohesion by forcing thousands of families to
cross, at their peril, militant
checkpoints to reach their markets, schools and jobs.
“Iraq is broken like never be-
 Europe split as woes deepen... A10
 Energy bets burn funds............ C3
 Demand outlook hits crude.... C9
60
Wrong
track
65%
50
40
30
20
Right
direction
25%
10
’98
2002
’06
’10
Attalaf al Nour, a farmer, makes
the crossing every 10 days or so.
Banks Brace for Hit
J.P. Morgan and Citi
prepare for another
round of legal costs. C1
i
i
Deployments Thin Ranks of Unit That Has Lured Blue Bloods Since 1774
70%
’94
 Turks bomb Kurdish PKK...... A13
 Obama meets on strategy...... A13
i
Opinions on where things in the nation are headed,
in October polls of midterm election years
0
1990
fore, thanks to Daesh,” said Mr.
Nour, using the Arabic acronym
for Islamic State. “We are all
divided and our lives are now
upside down.”
The jihadists’ push has deepPlease turn to page A14
Pharmaceutical giant AbbVie
Inc. signaled Tuesday it was having second thoughts about its
planned acquisition of Shire PLC,
saying its board would reconsider the $54 billion deal in light
of new Treasury rules that make
it less attractive.
The statement by AbbVie is
the strongest sign yet that the
Treasury Department rules, announced last month, are having
their intended effect of discouraging companies from relocating
overseas for tax purposes.
Late Tuesday, North Chicago,
Ill.-based AbbVie said that its
board of directors would meet
by next week to decide whether
to stick with its original recommendation to purchase Shire.
The deal, which was struck in
July, would allow AbbVie to relocate to the United Kingdom and
lower its tax rate to 13% by 2016,
from 22% this year.
AbbVie Chief Executive Richard
Gonzalez said in July that AbbVie
wasn’t buying Shire “just for the
tax impact.” But some analysts
identified the tax change as the
main near-term financial benefit
of the acquisition.
The financial benefits were
called into question last month
when the Treasury announced
rules that made these deals,
known as inversions, more difficult and less lucrative. With the
deals, a U.S. company buys a foreign company and then relocates
its tax residence to a foreign
country with a lower corporate
tax rate. In AbbVie’s statement
Tuesday, the company said that
its board would consider the impact of the tax rules, among
other things.
The move is an about-face for
AbbVie, whose CEO last month
sent a memo to Shire employees
saying that the deal would go on.
Another AbbVie executive at the
time told AbbVie employees that
the deal would close in the
fourth quarter.
In the statement Tuesday, AbbPlease turn to the next page
Philadelphia Is Looking for a Few Good Gentlemen
Unhappy and Uninspired
’14
Source: WSJ/NBC News telephone polls, most recent of 1,000 registered voters
conducted Oct. 8–12; margin of error: +/–3.1 pct. pts.
The Wall Street Journal
WILD CARD: The outlook for the midterm election is unsettled amid low
interest, dissatisfaction with leaders and a reordering of voter concerns. A4
Composite
s Copyright 2014 Dow Jones & Company.
All Rights Reserved
nization said as many as 10,000
new cases a week could be reported by early December. A Sudanese patient on Monday night
became the disease’s first fatality in Germany. The 56-year-old
United Nations aid worker had
been active in Liberia.
Ebola, as with other viruses,
leaves survivors immune to the
strain that sickened them. So the
survivors at Elwa clinic have become a key part of the operation—they are the ones who can
sit for long spells with the ill,
hold their hands, talk to them
Andrew W. Nunn for The Wall Street Journal
n Johnson & Johnson said
earnings rose 59% on higher
pharmaceutical sales. B2
Kin Cheung/Associated Press
n Intel’s net rose 12% on a
7.9% increase in sales, topping
analysts’ expectations. B4
BY MICHAEL M. PHILLIPS
PHILADELPHIA—Gregg Connell’s enlistment into his National
Guard cavalry unit went like this:
Already well-lubricated at the
armory bar, members of the troop
passed around a wooden box.
Those who wanted to accept Spc.
Connell dropped in white marbles.
Those opposed, black marbles.
White marbles outnumbering
black, Spc. Connell was summoned into the armory’s mess
hall, where, beneath oil paintings
of bewhiskered men in silver-buttoned tunics and helmets topped
with bearskin crests, the
captain pinned a fabric
rosette to his blue
blazer. Spc. Connell saluted and signed a muster roll with names dating back to 1774.
Then he stood on a
chair and sang a selection from the troop’s big
book of bawdy songs:
“Take It Out at the Ballgame.”
First Troop
So it was that the 24cavalry
year-old aspiring architect joined what is probably the
It is
most idiosyncratic unit in the U.S.
P2JW288000-6-A00100-1--------XA
n The Dow fell for a fourth
day, closing down 5.88 points
at 16315.19 after an early rally.
Other benchmarks rose. C8
n Stock-focused hedge funds
have been hard hit by the recent turmoil in the market. C3
leed bin Talal to the kingdom’s oil
minister. Iran signaled Tuesday
that it also would accept lower
prices.
As a result, the retail price of
gasoline for the average American
has dropped nearly 15% since late
Please turn to page A16
BY DANA MATTIOLI
AND JONATHAN D. ROCKOFF
n Eurozone economic data
showed further decline, with
the ECB and national governments in a policy standoff. A10
n Government-bond yields
tumbled to fresh lows on investor unease over signs of a
deepening slump in Europe. C8
CONTENTS
Careers............................ B7
Corporate News B2,3,6
Global Finance............ C3
Heard on the Street C14
Home & Digital...... D2,3
Leisure & Arts............ D5
YEN 107.06
New Rules
Threaten
AbbVie’s
Shire Deal
In Hong Kong, Clashes Escalate Between Protesters and Police
n J.P. Morgan swung to a
profit and Citigroup’s net
rose, but both banks reported hefty legal expenses
for expected settlements. C1
n Citigroup’s consumer chief,
who heads the bank’s troubled
Mexico unit, is preparing to
leave in coming months. C1
i
EURO $1.2659
U.S.-Led Wave of Crude Threatens Stability of Some Countries While Providing Lift to Others
Business & Finance
i
HHHH $2.00
WSJ.com
Global Oil Glut Sends Prices Plunging
What’s
News
i
Getty Images
PLUS Rice Revolution on Your Plate
military: First Troop
Philadelphia City Cavalry.
Part
blue-blooded
fraternity, part olivedrab fighting force, First
Troop is a throwback to
a time when militias
were democratic entities
raised by local luminaries, and it still operates
under rules that would
make most Army commanders splutter with
disapproval.
the only unit in the U.S.
Please turn to page A7
MAGENTA
BLACK
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