Today's Paper: Europe

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	February 2, 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   PAGE ONE A1 THE OUTLOOK Financial Protectionism Is Latest Threat to Global Recovery The chill at last week's global economic conference in Davos wasn't from the Alpine air but from the threat of financial protectionism.   Now Hiring: Lehman Lehman Brothers has become a hot source of work for finance professionals needed for the lengthy process of dissolving the firm.   A2 • Russian Gloom Overtakes Rhetoric   A3 • Euro-Zone Inflation Falls; Unemployment Rises • Crisis Fuels Backlash on Trade   CORPORATE NEWS A4 Roche Cuts Price of Bid to Own Genentech Roche made a lower, hostile bid for Genentech valued at about $40 billion after failing to reach a deal with the company's directors. • Heard on the Street: Roche Can Go Higher • Health Blog: Will Genentech Scientists Stay Put?   Venezuela Restarts Talks With a Foreign Oil Firm France's Total is in talks with Venezuela about expanding its operations there.   EMI's Loss Raises Concerns on Label's Turnaround Plan EMI Group reported a first-half loss of $221.9 million as deep cost cuts failed to offset declining CD sales and a large interest bill.   A5 • Motorola Cutbacks Affect High-End Devices • Tax Bill Threatens GM's Overhaul • Honda Profit Declined 90%; Porsche Sales, Profit Drop • Talks Go On for Refiners and Unions   A6 • Lukoil Warns on Taxes   A7 • Oil's Decline Slows Exxon, Chevron Profit Growth • Sales Fall Across P&G's Units • Shell Temporarily Grounds Sikorskys Amid Probe After Helicopter Crash   A8 • Threat to Russian Privatization Seen • Restoring Confidence With More Transparency • Moscow Considers Buying Stake in Aluminum Giant   ECONOMY AND POLITICS A9 Economy Dives as Goods Pile Up The U.S. economy contracted at a 3.8% annual rate in the fourth quarter, adding to worries about the current period. The decline in GDP was the largest since 1982 as consumer spending dropped 3.5%. Obama said the data underscore the urgency of passing the stimulus package. • Economists React: 'We Are Not Comforted' • Interactive: Layoffs Pile Up | Sortable Chart • Video: Inventory Buildup Inflates GDP Report   More Banks to TARP: Thanks, but No Thanks At least 50 banks have rejected funds from the Treasury over concerns that tougher restrictions may be imposed.   A10 • After Jabs at Cheney, Biden Pursues an Activist Role • Senior Democrat Snubbed by Iran in Outreach Bid • Stimulus Package Set to Grow in Senate   A11 • China's Small Factories Struggle • Mugabe, Rivals to Rule Zimbabwe • Pakistani Calls Attack Evidence Flimsy   A12 • Daschle Paid Back Taxes After Vetting • Caspian Sea Pipeline Delays Spark Ire in Azerbaijan • Iraqi Election Officials Begin Vote Tally • South Korean Exports Take Massive Hit   A13 OPINION A Capital Strike Stocks and hope: They're down nearly 9% this year.   Protectionism as Stimulus We need to trade more, not less.   'Idiots' Indeed The greater fool theory is having a field day.     A14 OPINION Declarations Look at the Time In Congress and the boardroom, failure to recognize a new era.     A15 OPINION ULRICH VOLZ Sovereign Debt Risk Looms Large This Year The U.S. shouldn't consume all the available lending.   Obama's Not-So-New Strategy By Daniel Freedman The president takes up the European plan for Iran. From today's Wall Street Journal Europe.     A16 • Hijacked on the High Seas   MARKETPLACE A29 New Chief at Wal-Mart Looks Abroad For Growth Mike Duke takes the helm of Wal-Mart tasked with keeping his company growing in the midst of a contracting global economy.   Let Them Eat Foie Gras At Paris couture week, designers are taking different approaches to coping with the recession. Some are embracing the downturn while others are ignoring it. (Photos)   A30 • In Jerusalem, Arabs and Jews Finally Agree ... • Dell Prepares To Dial Into Smartphone Marketplace   A31 • Option ARMs See Rising Defaults   A32 • AIG in Talks for U.S. to Backstop Assets • Investors Brace for Losses on Hybrids • HEARD ON THE STREET: Sovereign Safety Net Has Holes • HEARD ON THE STREET: Bad Bank's Winners and Losers View the latest What's News Online Past Editions of In Today's Paper advertisement MONEY AND INVESTING A19 ABREAST OF THE MARKET Signs of Hope in Bleak Landscape A few markets are showing a little life as some investors begin to expect a return to economic growth.   Brown Warns Global Economy Is Slipping into Financial Protectionism Britain's Brown warned that the global economy is slipping into a dangerous form of financial protectionism. (Interview transcript)   ECB to Lay Out 'Bad Bank' Rules The ECB is drawing up guidelines for "bad banks" to house toxic assets, as Germany moved closer to legislation to help its banks set up individual bad banks. • Davos Blog: Prescriptions From Britain • Topics & People: World Economic Forum   A20 • CREDIT MARKETS: Treasury Yields Are Likely to Rise, Pressuring Fed • CREDIT MARKETS: Debt Markets See Record Issuance • CURRENCY TRADING: High Rates Keep Euro Down   A21 • Ex-Merrill Executives Got Burned by Madoff • Firms Receiving U.S. Aid Face Pay Curbs • Legislators Seek Hedge-Fund Disclosure   A22 • Moynihan Tries to Rally the Troops at BofA • BNP Paribas to Cut Stake in Fortis Insurance • Merrill Settles Charges on Conflicts of Interest • Profit Falls at Two Spanish Banks • Dexia Expects Loss, Plans Job Cuts   A23 • Agency Brokers Carry On • Mediobanca Hiring Spree Part of Europe Expansion • Trade-Value Commissions Pinch European Brokers   A24 • IMF Liquidity Plan Urged • Fall in output, Toshiba's loss send Japan shares down 3.1% • Rio Tinto Considers Investment by Chinalco   A25 • Fannie, Freddie Criticized on Rental Policy • Hitachi, NEC Slash Jobs Amid Big Losses • Mizuho's Losses Pile Up as Stock Portfolio Slides

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