Roberto Abraham Scaruffi

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December 29, 2010 -- 6:30 a.m. CET

Visit WSJ.com at U.S. | EUROPE | ASIA News by section: Front Section | Opinion | Front Section | | Front Section |   FRONT SECTION 1 Russia Moves to Draw in More Foreign Investors Putin promised to loosen restrictions on foreign investment in some sectors next year, hours after Medvedev reiterated his calls to improve what he called Russia's "bad" investment climate. AIG Stock's Unlikely Comeback AIG shares are among the stock market's top performers this year, defying critics with a gain of nearly 97% in the year to date and over 42% in December alone. 2 • AGENDA: Euroland Moves From Tragedy to Farce   3 • Moscow to Probe Airport Meltdowns   4 • ETA 'Close' to Laying Down Arms • Inside ETA's political struggle • Police Link Italian, Greek Anarchists to Bombs   5 • Vive le Funding for Arte TV in Europe • Sweet Dreams: Gelato School Gives Students Taste of New Career   6 • U.K. Law on Bribes Has Firms in a Sweat • Germans Seek Ban on Islamic Radicals   7 • Housing Recovery Stalls • THE OUTLOOK: For Tough Fed Call, Even Hindsight Is Not 20-20   8 • A Gun Store Comes Under Fire • Strapped Cities Hit Nonprofits With Fees   9 • Fierce Winds Snarl Cleanup • FAA Seeks Fixes to Midair Collision Warning Devices   10 • Iraq Wants the U.S. Out • Pakistan Party Quits Cabinet   11 • Tehran Executes 2 Political Prisoners • India on Terror Alert Ahead of New Year • India Joins U.S. Effort to Stifle Iran Trade   12 • Japan's Premier Scores a Win • BRIC club to welcome new member • Production Recovery Brightens Japan Outlook   OPINION 13 Obama's Detainee Mess The White House prefers indefinite detention to military tribunals. A Prisoner in Putin's Russia Khodorkovsky's biggest crime was asserting political independence. Jersey Judge Grudge Chris Christie's refusal to reappoint a judge roils the Garden State. 14 OPINION Letters to the Editor • Taxes Are for Spreading the Wealth • Pay Rules for Banks and Congress •  HUGO RESTALL: China's Real-Estate Frenzy • Preparing Another Meltdown   15 OPINION •  FOUAD AJAMI: Obama's Presidency Joins the Fray •  MARC SUMERLIN: The Fed's Dual Mandate Is Not the Problem   FRONT SECTION 16 As Ireland Flails, Europe Lurches Across the Rubicon Angela Merkel and Nicolas Sarkozy's pact at Deauville set off a chain of events that has led the leaders of the euro zone to stumble into an even closer union. • ECB's Mersch Urges Stiffer Penalties • Readers React: 'Merkel is a hero' • Sovereign Debt Watch   FRONT SECTION 28 GOLF JOURNAL Breaking 140: The Best of the Tour Twitterers Pro golfers can come off as stuffy and uncommunicative, but their tweets, from trash-talking to tragedy, say different. Tip of the day Less than halfway through the Spanish football season, the title race is all but over. 29 • In a Tale That Wags Dog Owners, They Rent Flocks for Bored Collies   30 • WORLD AT A GLANCE: World Watch   31 • BUSINESS AT A GLANCE: Business Watch View the latest What's News Online Past Editions of In Today's Paper advertisement 19 Hard Call for FDIC: When to Shut Bank More than 300 U.S. banks and savings institutions failed in the past four years. But there are huge differences in how sick they were when regulators seized them. Oil Industry Cranks Up Spending World-wide spending on oil and natural gas exploration and development is projected to hit a record next year in a sign of the energy industry's confidence that high crude prices won't fall and may go higher. • Vote: Where will oil prices be by April? • Factiva Search: Deepwater Drilling Tech 'Brusli?' No. Chuck Norris Action-movie hero Chuck Norris has a holiday hit on his hands—in the Czech Republic. The 70-year-old actor is starring in a series of TV commercials for T-Mobile and its satellite-TV service. 20 • China Cuts Export Quota on Rare-Earth Metals • Banks in GM's IPO Bullish on Outlook • Steelmakers Grapple With Price-Increase Pressures   21 • New Battleground for Ex-Citi Rivals: The Rich • SEC Probes Trading in Facebook, Private Firms   22 • Golf in Greece: a Byzantine ordeal • Judge Approves Compromise Between Lehman, Bankruptcy Trustee • Risky Venture in Diamond District   23 • European Stocks Mixed   32 HEARD ON THE STREET 3D in TV, Movies Yet to Take On New Dimension The 3D Reality: There is no guarantee 3D programming will ever become as widespread as HD. Those hoping for a faster takeoff of 3D could be left feeling, well, flat. HEARD ON THE STREET Credit Faces Tougher Times in 2011 Corporate-bond investors have enjoyed two consecutive years of strong returns. They shouldn't count on three in a row. HEARD ON THE STREET Food for Thought in India India should use the money raised from the sale of state assets to improve its food security. Not doing so poses a threat to the country's economic future. Overheard: The Housing Map Homeowners think in three dimensions: location, location, location. But there is a fourth: timing. Despite Tuesday's dismal S&P Case-Shiller house-price data, for the three months to October, the suffering isn't universal. For example, prices in Washington, D.C., are down 25.7% since their May 2006 peak but are up almost 4% in the year to October. Las Vegas has suffered the biggest decline from its peak, down 57%. The worst performer on a 12-month basis, though, is Chicago, off 6.5%. Keep an eye on Phoenix. Until early 2009, it vied with Vegas for the country's biggest drop from peak prices. It is now the second-worst, down 53.4%. However, while Vegas appears to have stabilized, Phoenix's 12-month trend has deteriorated from a gain of 7.2% in May's index to a decline of 4.3% in the latest. Phoenix's struggle to rise from the ashes isn't over yet. Follow WSJ on Facebook and Twitter.