P2JW350000-6-A00100-1--------XA CMYK Composite CL,CN,CX,DL,DM,DX,EE,EU,FL,HO,KC,MW,NC,NE,NY,PH,PN,RM,SA,SC,SL,SW,TU,WB,WE BG,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 TODAY IN PERSONAL JOURNAL New Ways to Treat Alcoholism TUESDAY, DECEMBER 16, 2014 ~ VOL. CCLXIV NO. 142 ****** DJIA 17180.84 g 99.99 0.6% NASDAQ 4605.16 g 1.0% Getty Images PLUS The 20% Who Spread Most Disease NIKKEI 17099.40 g 1.6% STOXX 600 323.29 g 2.2% 10-YR. TREAS. g 4/32 , yield 2.117% OIL $55.91 g $1.90 i i Business & Finance R n Google is planning to enhance its online shopping site with a “buy” button, in a more direct challenge to Amazon. B1 A spiraling currency crisis, fueled by the bite of Western sanctions and the plummeting price of oil, spurred Russia’s central bank to raise interest rates late Monday, a drastic move aimed at shoring up the collapsing ruble. Joosep Martinson/Getty Images n Schorsch resigned from American Realty’s board in the wake of disclosures of accounting irregularities. C1 Australian Hostage Drama Ends in Deaths, Questions n China said it will revise the estimate of the size of its economy by 3% for 2013 to reflect more detailed census data. A11 BY DANIEL STACEY n A Madoff aide was sentenced to six years in prison for her role in the fraud. C1 SYDNEY—The 16-hour siege of a Sydney cafe ended with three people dead, including the lone gunmen whose Islamist rhetoric raised fears in Australia about the threat posed by radicalized individuals with no clear links to organized terror groups. Police stormed the Lindt Chocolate Café in the heart of this city’s business district behind a barrage of gunfire after n The SEC dropped an insider-trading case over the purchase of Herbalife options. C3 n WeWork closed a $355 million funding round that values the provider of shared office space at about $5 billion. B1 n NBC is launching a live stream of its broadcast network for pay-TV subscribers. B2 i By Nicole Hong in New York, Andrey Ostroukh in Moscow and Chiara Albanese in London Police carried a woman out of the Lindt Chocolate Café in Sydney after the end of the hostage standoff. n U.S. factory output climbed 1.1% in November and a revised 0.4% in October, putting it above its prerecession peak. A2 i i hours of fruitless negotiations, during which most of the captor’s 17 hostages managed to escape. Two hostages—a 34-yearold man and a 38-year-old woman—were killed during the siege. Police, who said the raid was triggered by the sound of gunshots, didn’t say whether the victims’ wounds came from the gunman himself. “Unbelievably, overnight we have lost some of our own in an attack we would never think we would see in our city,” said Mike Baird, premier of New South Wales, Australia’s most populous state. The gunman was identified as 50-year-old Man Haron Monis, a self-proclaimed Shiite cleric with a history of run-ins with Australian law enforcement. One of the dead hostages was Please turn to page A8  Muslim ties to police tested.. A8  Gunman’s rage was known...... A9 Toll Climbs in Java Landslide World-Wide n Russia’s premier renewed threats of tariffs and cuts in aid to Ukraine if Kiev implements a deal with the EU. A10 n Turkey’s president defended the detention of journalists and security officials as necessary to catch alleged traitors. A10 n Palestinian leaders said they would press for Israel’s pullout from the West Bank at the U.N. Security Council. A9 n Japan’s Abe said he would push for higher wages amid criticism that his policies don’t help average people. A11 n A manhunt was under way outside Philadelphia for a man suspected of killing his ex-wife and five of her relatives. A2 CONTENTS Arts in Review.......... D5 CFO Journal................. B5 Corp. News....... B2,3,6,7 Global Finance............ C3 Health & Wellness D1-4 Heard on the Street C12 In the Markets....... C6,7 Markets Dashboard C4 Opinion.................. A13-15 Sports.............................. D6 U.S. News................. A2-6 Weather Watch........ B7 World News.......... A8-11 > s Copyright 2014 Dow Jones & Company. All Rights Reserved BY JON KAMP AND THOMAS M. BURTON Antara Foto/Reuters The Food and Drug Administration’s warning last month was unusual: Doctors shouldn’t use a common surgical tool on most women because it can spread hidden uterine cancer. A year earlier, the FDA had no official concerns about laparoscopic power morcellators, which it began approving in 1991. The November warning came after multiple cases emerged this year of women whose cancers worsened after surgery with the devices used to cut and remove tissue in procedures such as hysterectomies. The FDA over two decades cleared at least 10 such morcellators from various companies through a streamlined process that lets a device GRIM HUNT: Police use a dog to search for bodies in Banjarnegara, Indonesia, where at least 56 died when a village was inundated Friday. Officials said illegal logging has made landslides more common. Republican Governors Reshaping Aid Programs BY DAMIAN PALETTA AND MARK PETERS A large number of Republican governors are pushing to reshape social-welfare programs with drug testing or other requirements, arguing that the new rules better prepare recipients for employment and assure taxpayers that the benefit money is well spent. Gov. Scott Walker of Wisconsin, fresh off his re-election, said he would propose his state join several others in mandating drug screening for people seeking nutrition or cash assistance. Utah Republicans want to require that certain residents allow the state to assist them in finding a job if they want to collect benefits through Medicaid, the healthcare program for low-income and disabled Americans. Indiana Gov. Mike Pence is proposing MedicPlease turn to page A4 Composite n The EU will try to step up cooperation with Russia and Iran over Syria, the bloc’s new foreign-policy chief said. A9 The surprise action came at the end of a turbulent day for global financial markets. Currencies and stock markets from several developing nations were buffeted by the deepening oil-price slump and worries about future interest-rate increases in the U.S. The epicenter of the troubles was Russia, where the ruble plunged to a record low in its biggest one-day decline since 1999. The ruble’s fall, described by analysts as “staggering” and “extreme,” prompted Russia’s central bank to hike a key interest rate by 6.5 percentage points, to 17%, after New York’s trading day had ended. One dollar now buys more than 65 rubles, compared with 33 rubles at the start of the year. Before Russia’s late move, U.S. stocks posted their fifth loss in six sessions, with the Dow industrials dropping 99.99 points, or 0.6%, to 17180.84. The selling was more intense in other markets, with Europe’s main index down 2.2%. Stock markets from Thailand to Mexico also dropped. In early trading Tuesday, Japan’s Nikkei Stock Average was off by more than 2%. Analysts chalked up that bout of selling to growing anxiety about the impact on fragile developing economies of falling oil prices and the Federal Reserve’s looming policy shift. Many investors expect the Fed to signal at the end of its two-day meeting Wednesday that it is closer to raising interest rates than it has indicated in the past. That would deliver a hit to emerging markets that have benefited from years of easy-money policies by the U.S. Russia’s central bank, which anPlease turn to page A10 High Jump Russia lifted its repurchase rate alongside another key interest rate. 20% Repo rate effective Tuesday 15 18% 10 5 0 ’06 Source: FactSet ’08 ’10 ’12 ’14 The Wall Street Journal Devices Get Quick Approval, Little Follow-Up From FDA n Consumers rushed to meet Monday’s deadline to enroll in health plans, testing the revamped HealthCare.gov site. A6 n Tennessee’s GOP governor announced a plan to expand Medicaid coverage. A6 n The Supreme Court allowed the use of drug evidence from a traffic stop, giving the police additional leeway. A6 YEN 117.82 FAST TRACK n The siege at a Sydney cafe ended with three people dead, including the gunman. He was identified as a self-proclaimed Shiite cleric with a history of run-ins with Australian law enforcement. A1, A8-9 n The Senate confirmed Vivek Murthy as surgeon general in a 51-43 vote despite opposition from gun groups. A4 EURO $1.2439 With Its Currency Tumbling, Moscow Raises Key Interest Rate by 6.5 Points maker seek approval by showing a product is similar to an already-approved device. Congress created that expedited process in 1976. The FDA used it to review 99% of about 3,000 new medical-device applications it cleared in the 2013 fiscal year. In contrast, the FDA has recently approved roughly 30 new drugs each year, after stringent reviews that usually require controlled clinical trials that can take years. The agency didn’t start studying how morcellators might harm women until December 2013, after The Wall Street Journal highlighted the tools’ hazards. The FDA system clears thousands of devices that doctors use to help maintain the health of millions of Americans. There is no evidence the FDA’s oversight of morcellators departed from its stanPlease turn to page A12 No Fare: London Fund Manager Pays Steep Price for Train Ticket i i iShares Funds can help you keep more of what you earn. i Britain Bans Dodgy Commuter From Finance For Not Paying His Way; ‘I Am Sorry’ After all, that’s why you invest. BY SIMON CLARK British passions about finance and fair play. LONDON—Last November, a Mr. Burrows commuted reguticket inspector in one of Lon- larly from the English countrydon’s main rail stations spotted side to BlackRock’s London ofJonathan Burrows, a fund man- fice. His journey started in ager at BlackRock Inc., passing Stonegate—a rural station with through a gate havno ticket barriers an ing paid a questionhour and 22 minutes able fare. southeast of the U.K And so ended a capital. 20-year career in fiStonegate is nance. served by a comMonday, Britain’s muter line, for which financial regulator passengers purchase deemed Mr. Burrows rail tickets. A parallel “not fit and proper” fare system operates and banned him from in metro London, althe industry for life. lowing passengers to Commuter train Just how many train use a payment card fares he dodged is called Oyster to disputed. The train company travel on buses, the Tube and insays £43,000 worth, or about ner-city rail. $67,240; he says significantly Mr. Burrows, the Financial less. Conduct Authority said, boarded Either way, Mr. Burrows’s the train in Stonegate without a Please turn to page A12 case has stirred particularly iShares Funds are diversiﬁed, low cost and tax efﬁcient. Ask your ﬁnancial advisor. Visit iShares.com IVV iShares Core S&P 500 Fund IJH iShares Core S&P Mid-Cap Fund IJR iShares Core S&P Small-Cap Fund Call1-800-iShares for a prospectus, which includes investment objectives, risks, fees, expenses and other information you should read and consider carefully before investing. Risk includes loss of principal. Diversiﬁcation may not protect against market risk or loss of principal. Transactions in shares of ETFs will result in brokerage commissions and will generate tax consequences. All regulated investment companies are obliged to distribute portfolio gains to shareholders. The iShares Funds are not sponsored, endorsed, issued, sold or promoted by S&P Dow Jones Indices LLC nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not afﬁliated with the company named above. Distributed by BlackRock Investments, LLC. ©2014 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are trademarks of BlackRock, Inc. iS-12264-0414 P2JW350000-6-A00100-1--------XA ussia’s central bank raised rates by 6.5 points after the ruble slid to a record low. The move followed a turbulent day in global markets, which were buffeted by the oil slump. A1  Oil dropped for a fourth day, pushing U.S. prices down to $55.91 a barrel, their lowest level since May 2009. C7  U.S. stocks fell. The Dow lost 99.99 points to a sevenweek low of 17180.84. Europe’s Stoxx 600 tumbled 2.2%. C6  Foreign investors are buying U.S. Treasury bonds at the fastest clip in two years, pushing down yields to fresh lows. C1 GOLD $1,207.20 g $14.80 Russia Moves To Help Lift Sinking Ruble What’s News i HHHH $3.00 WSJ.com MAGENTA BLACK CYAN YELLOW