Today's Paper: Europe

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	January 30, 2009 -- 12:00 a.m. EST

Visit WSJ.com at U.S. | EUROPE | ASIA News by section: Page One | Corporate News | Economy and Politics | Money and Investing | Marketplace | Weekend Journal   PAGE ONE A1 Europe Basks as U.S.-Style Capitalism Draws Fire A day after Chinese and Russian leaders blamed the U.S. financial system as the source of the crisis, Europeans are taking comfort in what they see as their kinder, gentler version of capitalism.   A2 • Euro-Zone Business Morale Sinks to 24-Year Low   A3 • Senate Begins Its Horse-Trading Over Stimulus Bill • Shell to Raise Capital Spending, Dividend Despite Quarterly Loss • Strike Disrupts Services Across France   CORPORATE NEWS A4 AstraZeneca Cuts Jobs As Drug Sales Flatten AstraZeneca reported a 1.4% decline in fourth-quarter net profit and unveiled plans to cut a further 7,400 jobs world-wide by 2013.   Linklaters Cuts Lawyers Amid Slump Linklaters said it would lay off attorneys and paralegals to cut more than 4% of its staff, as the global recession continued its assault on large law firms.   H&M Is Forging Ahead, Despite Retail's Misery Fashion retailer Hennes & Mauritz aims to forge ahead with a fast-paced global expansion, despite December sales hurt by the economic downturn.   Military Contractors Expect to Beat Layoff Trend Defense companies expect to maintain much of the momentum they built up during the Bush administration's sharp increase in weapons spending.   A5 • Amazon's Sales Surge, Bucking Retail Slump • Toshiba Retrenches As Big Loss Looms • AutoNation Lifts Net As Cost Cuts Deepen • Nintendo Trims Forecast for Wii • GM Ends Job Bank; Chrysler Warns Suppliers • Sony Net Plunged 95% in Quarter   A6 • After Rough Year, Airlines Bet on More Fees, Lower Fuel Costs   A7 • IATA Calls for Industry Change as Air-Cargo Traffic Slides 23% • Glaxo Warns of a Charge, Hints at Pact   A8 • IMF Considers Issuing Bonds to Raise Money • British Airways Expects Decision on Iberia Soon   A9 • Moralizing makes up for lost morals   A10 • Sign of the Times: CEOs Play 'Refugees' at Forum • ElBaradei Urges U.S., Iran to Meet   ECONOMY AND POLITICS A11 Wen Defends China's Currency Policy Against U.S. 'Manipulation' Comment Chinese Prime Minister Wen Jiabao said China can't be blamed for fluctuations in currency markets, an apparent response to criticism from the U.S.   NEC Electronics Reports Wider Loss, Will Trim Jobs NEC Electronics reported a deeper quarterly loss and unveiled plans to cut jobs and shut plants on expectations of another unprofitable fiscal year.   Treasury Toughens Its TARP Contracts The Treasury Department has been imposing increasingly aggressive executive-pay curbs on top banks receiving bailouts. • Chart: TARP Participants   A12 • Capital Spending Continues to Fall • Missing in Package: Bipartisan Support • Business to Get Share of Relief • Individuals' Tax Breaks Fulfill Campaign Promise   A13 • Southeastern Europe Faces More Bank Woes • Iraq Will Force Blackwater to Leave the Country   A14 OPINION Fan and Fred's Lunch Tab A quarter-trillion dollars, and rising.   The Entitlement Stimulus More giant steps toward government health care.   In France, A Strike Against the Economy REVIEW & OUTLOOK From today's Wall Street Journal Europe     A15 OPINION A Way Forward for Zimbabwe By John Makumbe From today's Wall Street Journal Europe   Money, Not Credit, Is the Issue By Jamie Dannhauser U.K. policy should push quantitative easing instead of bank lending. From today's Wall Street Journal Europe     A16 • Tech Industry CEOs Back Obama's Rescue Package • Senate Begins Its Horse-Trading Over Stimulus Bill   MARKETPLACE A29 Jewelers, Watchmakers Feel Slow Times Bulgari said fourth-quarter sales were down 9.8%, and rival Swatch posted a 6% sales decline, while neither announced a profit.   U.S. Deserter 'Having Time of My Life' as He Seeks Asylum in Germany A U.S. deserter who fled to avoid another tour in Iraq enters uncharted legal territory. • Video: Seeking Asylum   A30 • Rental-Car Firms Seek a Bailout • U.K. still counts on firms to push digital network   A31 • A Layoff in the Smith Family Ripples Through Town • Kodak Resumes Cuts After Loss   A32 • Xstrata plays lender • HEARD ON THE STREET: Unintended Cost of the Bailouts • Xstrata takes few chances with its large rights issue • As Red Ink Spills, Ford Drains Credit Lines • Agreement Boosts Citi Oversight View the latest What's News Online Past Editions of In Today's Paper advertisement MONEY AND INVESTING A19 Xstrata Details Plan to Cut Its Debt Load Xstrata detailed a $5.9 billion rights offering and unveiled a deal to buy Colombian coal operations from its major investor. • Heard on the Street: Xstrata Bites the Bullet   Julius Baer Faces Rethink of Private-Client Strategy The unexpected death last month of Julius Baer Holding's head of private banking may hasten a rethink of the Swiss bank's costly expansion.   Right Forecast by Schiff, Wrong Plan? Peter Schiff predicted a collapse of the U.S. financial system, but he didn't foresee the bust-up that made mincemeat of investors who took his advice in 2008.   A20 • Most Stocks Fall, Halting Streak • Banks, airlines help end three-day positive run • Soros remarks depress euro • Treasurys succumb to supply   A21 • CURRENCY TRADING: Ruble Hits Record Lows • U.S. Moves to Bail Out Credit Union Network   A22 • Schapiro Getting Large Finra Payout • Painting the Scene of Madoff's Operation • Germany's Venture Law Draws Heat   A23 • Woes Multiply at Dow Chemical • Banks jump across Asia; yen's fall aids exporters • Tokyo bourse to open AIM by March   A24 • Chinese Premier Blames Recession on U.S. Actions   A26 • Peek at Paulson's success • Investcorp credit rating lowered to 'junk' by S&P • Dutch ruling means windfall for EU tax-exempt investors   WEEKEND JOURNAL W3 ON STYLE A Glimpse of the Future of Luxury Luxury designers and retailers are responding to a new discounted environment by altering the way they make, price and sell their goods. • What's Fair Pricing for Luxury Retailing?   TRICKS OF THE TRADE Protecting Your Skin From Winter Weather Anthony Sosnick, founder of men's skin-care label Anthony Logistics, on a simple men's skin-care regimen that keeps the face from flaking or cracking.   W4 • Bank on London's Recession-Proof Plays   W5 • Mixing Melody With Noise • London Sales Are Year's First Test   W6 • Asia's Lost Treasure Trove   W8 • Bound for Glory: Parkour Goes From Urban Oddity to Fitness Fad   W10 • GOLF JOURNAL: The State of Blacks in Golf   W11 • Soccer for Rational People • Powerfully Good Cookie   W12 • A Comic's 'Good Hair' Day • Overdone effects blot 'Inkheart'   W13 • BOOKS: The Great Provoker • ADVISER: A Novel Version of Slavery   W14 • TASTINGS: Malbec Beckons -- Heed the Call   W15 OPINION DE GUSTIBUS The Case of the Holmes Hobbyists Borat as Sherlock? Please, say it isn't so.   TASTE Are Pro Sports Too Big to Fail? Signs that a winning streak may be about to end.     W16 • Time Off: Cultural Events Around Europe

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