Roberto Abraham Scaruffi

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January 28, 2011 -- 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 Arab Unrest Spreading The popular unrest sweeping across the Middle East sent thousands of protesters into the streets of Yemen and drew an exiled opposition leader home to riot-wracked Egypt, as questions mounted over who will benefit from the convulsions in the Arab world. • News Hub: Egypt Violence Shuts Markets • Photos: Protests Rage in Egypt • Opinion: Egypt Will Never Be the Same EU Gives Details on Talks Over Fund Euro-zone governments will increase the lending capacity of their bailout fund and make it more flexible, but governments won't raise its current €440 billion in guarantees. • Vote: Do you expect major achievements from the Davos meet? Citigroup Seeks Buyer for EMI As music firm's likely default nears, potential bidders step forward. 2 • AGENDA: China's Leaving Europe in the Slow Lane   3 • Jump in Art Sales at Christie's Points to Market Rebound   4 • Consumer Confidence in U.K. Falls, Retail Sales Growth Slows • Germany's plan: hitting debt brake • Hacking Probe Nets Five People in Britain   5 • German Inflation Hits Two-Year High • Ukraine Charges Opposition Leader • Spain Nears Broad Support for Pensions Pact   6 • Pay Shift at BofA, and Rivals Grumble • Leader Says Mexico Won't Tweak Peso • What was happening in panel discussions   7 • Crisis Forces Look at Pension Reforms • Snowy Streets Pose Fashion Challenges in Davos   8 • CAPITAL: What Sent States' Fiscal Picture Into a Tailspin? • IMF Urges U.S. to Take Fiscal Steps to Cut Deficit   9 • Head of Crisis-Panel Says Warning Signs Weren't Heeded • Data Reflect Economy's Strain   10 • Yemenis Rally Against Regime   11 • Environment & Science: New Study Redraws Early Path of Humans • Environment & Science: Planet Data to Fuel Hunt for Life   OPINION 12 A New Hanseatic League Dutch Prime Minister Mark Rutte is recruiting for a European free-trade zone. The Trials of Gitmo Where's the outrage? Land of Milk and Regulation Preventing the next dairy farm oil slick. 13 OPINION • Standing Up to Lukashenko •  BILL THOMAS, AND KEITH HENNESSEY AND DOUGLAS HOLTZ-EAKIN: What Caused the Financial Crisis?   FRONT SECTION 14 Japan Stung by Credit Downgrade Standard & Poor's downgraded Japan's sovereign-debt rating to double-A- minus, saying that it expects the country's fiscal deficits to remain high in the next few years. • Worries About Greece Scenario Are Muted • Japanese Yields Rise on S&P Downgrade • Rating Cut Roils Currencies • Text of Standard & Poor's Release • Sovereign Debt Watch 15 • Ratings Agency Cites Political Chaos   FRONT SECTION 27 THE MIDDLE SEAT Whatever You Do, Don't Buy an Airline Ticket On … When's the best time to buy an airline ticket? Travel experts have long said Tuesday is when sales are most often in place. But another day has deals that are as good and occasionally better than Tuesday. • Podcast: Best Time to Buy Plane Tickets China-Singapore high-speed train project is five years away 29 • Japan's Belching Smokestacks Draw Industrial-Strength Sightseers   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 17 Nokia Falls Behind; CEO Hints of Strategy Change Nokia reported a shrunken fourth-quarter profit as it lost market share in smartphones. CEO Elop warned of weak results in the current quarter and hinted at big changes ahead as it tries to reinvent itself. • Tech Europe: Nokia Hints at Switch to Android • Mobile Tech Watch BP Faces Challenge on Rosneft Deal TNK-BP's Russian shareholders sought to halt BP's recent deal with Rosneft, saying it violates the TNK-BP joint-venture agreement. • The Source: Russia Opens Up, but Is Tricky as Ever • Davos: Old School Soviet-Style Comeback • Rosneft, ExxonMobil to Explore for Oil • Exxon Predicts Gas Will Surpass Coal • Russian Oil Industry Looms Large Prada to List on Hong Kong Exchange Italian fashion house Prada said it plans to list its shares in Hong Kong, the company's latest attempt to break a decade-long cycle of ditched stock market listings. • Exchange: Prada Comes With Some Baggage 18 • Strong Krona, Cotton Prices Hit H&M's Net • Sara Lee Pushes Plans to Split Businesses • Corrections & Amplifications   19 • Sony Unveils Next PSP Hand-Held Player • Microsoft Net Slips, but Sales Rise as Kinect Proves Popular • BSkyB Profit Jumps With Subscribers • Sticker Shock Over Amazon Growth • Lenovo Creates PC Venture With NEC   20 • Drug Makers Expect Tough 2011 • P&G Profits Hurt by Rising Materials Costs   21 • Tractor Sales Drive Fiat to Profit • Caterpillar Sees Sales Overseas Surging • Potash Corp. Profit More Than Doubles, Sales Soar   22 • Goldman Star Rises in New Position • La Caixa Plans Restructure • Portugal Asks Banks to Halt Dividends   23 • Europe's Markets End in Positive Territory   24 • EU Carbon Registries Stay Closed After Theft   32 HEARD ON THE STREET Nokia Should Ring the Changes A radical change in strategy may be needed to ensure last year's 15% share-price fall doesn't turn into an even bigger rout in 2011. HEARD ON THE STREET Banks as Lab Rats in U.K. Experiment Banks in the U.K. may find themselves in the unlikely position of a laboratory test subject, if Bank of England Monetary Policy Committee member David Miles gets his way with capital requirements. HEARD ON THE STREET Japan Faces Fiscal Woes. Really? Standard & Poor's downgrade isn't telling investors anything they didn't already know about Japan. The country's politicians must realize they need to finally tackle this fiscal mess, or they will one day be forced to by the markets. • S&P Cuts Japan Rating Overheard: Not a Shore Thing Is Qualcomm's cash homecoming party on hold? When announcing his company's $3.1 billion purchase of Atheros Communications, CEO Paul Jacobs excitedly told analysts he could use some of the company's stash of offshore cash to finance the deal. The implication was the money could be brought back without the tax hit normally associated with repatriation. But that shouldn't be possible, argues tax consultant Robert Willens, not without resorting to complicated tax maneuvers frowned upon by the Internal Revenue Service. Wednesday evening, during a conference call for Qualcomm's fiscal first-quarter earnings, UBS Securities analyst Maynard Um pestered management for further details. CFO Bill Keitel said Qualcomm still has "hope" that offshore cash can be used, according to a Thomson transcript. Not satisfied with the answer, Bank of America Merrill Lynch analyst Tal Liani pressed further. Mr. Keitel admitted, "we've got a ways to go here on the planning."   W3 Have Modern Travelers Lost Their Way? Alain de Botton reflects on the tradition of religious pilgrimages and what today's secular voyager can learn from them. W4 • New Island Charm in Thailand   W5 • In Search of a Billionaire's Paradise   W6 • Rediscovering a Sense of Adventure   W8 • A Coffee Break in Guatemala   W9 • BRUCE PALLING ON FOOD: A Broadening of the Mind • Will Lyons on Wine: Exploring the Wine Route • Drinking Now   W10 • Losing Oneself in Bermuda   W11 • OFF THE BEATEN TRACK: Muscat's Old World Charm   W12 • Coasting High in Provence   W13 • TINA GAUDOIN ON STYLE: Luggage: An Open and Shut Case   W14 • Pilgrimage to the Tip of Denmark • Where the sea and sky merge   W15 • HOME FRONT: Modern Among the McMansions   W16 • The Long History of British Disdain for America • Rock of Ages   W17 • Art & Auctions: With a Twist and a Turn • Making a Big Impression   W18 • Reviews: Inspiring Imperial Collections • Reviews: A Blind Date With 'Vanity Fair' • Reviews: Orozco Proves That Size Isn't Everything   W19 • Cultural Calendar: What's on Around Europe   W20 • Friday Night, Saturday Morning: Tremayne Carew Pole Finds His Yin and Yang Follow WSJ on Facebook and Twitter.