Today's Paper: Europe

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	March 27, 2009 -- 5:30 a.m.

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 Treasury Maps New Era of Regulation Geithner called on lawmakers to enact comprehensive changes to financial-market regulation, prompting hedge funds and others to look for ways to preserve autonomy. • Devil Lurks in the Details of Geithner Plan   Falling Oil Supply Risks a Price Rise The slowdown in investment in oil and gas production could lop off nearly 8 million barrels a day of future oil supply growth, setting the stage for another price spike.   Obama to Woo European Public on Overseas Trip Obama, heading overseas for the first time as president next week, aims to use a combination of summit protocol and campaign flash to corral support for his programs.   A2 • SEC's Oversight Would Expand • ECB Eyes a New Tactic: Buying Corporate Bonds   A3 • Zapatero Leaves Door Open to More Stimulus • Turkey Indicts 56 More in Military-Coup Case   CORPORATE NEWS A4 Commercial Property Faces Crisis Commercial real-estate loans are souring at an accelerating pace, threatening to exceed the commercial downturn of the early 1990s.   Plunge in Air Cargo Volume Levels Off The volume of international air cargo fell in February at a similar rate as it did in the previous two months, offering faint hope that freight traffic, a key economic indicator, is stabilizing, albeit at a low level.   A5 • ADVERTISING: Clinique, Sony Star in Web Sitcom • H&M's Earnings Fall 12%, Missing Expectations • Estée Lauder Chief Promises a Makeover • Rio Tinto Sees Alternatives to Chinalco Deal   A6 • GM Unlikely To Hit Goal Of March 31 Restructuring   A7 • Best Buy Outperforms Forecasts • Big Hopes for New Intel Chip • Hynix Expects to Bolster Finances   ECONOMY AND POLITICS A8 Climate Talks Look to U.S. Role The Obama administration faces high expectations as it makes its debut in international climate talks. Europe hopes the U.S. will help end a standoff over carbon emissions. • Photos: Drought Hits Kenya   A9 • WTO Details Rising Protectionism, Pushes Countries to Reverse Course • Profits Drop at Steepest Rate in 55 Years • New $4.1 Billion IMF Loan Will Help Struggling Serbia   MARKETPLACE A28 Air France Expects Loss as Traffic Falls Air France-KLM warned that it expects an annual operating loss of about $272 million, blaming shrinking passenger traffic and cargo activity and a hit from its fuel hedging.   HEARD ON THE STREET Double Win in Buying Back Bank Bonds There haven't been too many genuine win-win-win situations in the financial markets recently. But the current tide of banks offering to exchange or buy back their battered subordinated debt at hefty discounts to face value seems to be one of them.   HEARD ON THE STREET BOE's Corporate Bond Adventure The Bank of England's first purchases of corporate bonds under its Asset Purchase Facility are raising questions about its strategy.   HEARD ON THE STREET Dialing Down Faith in Wireless Wireless bulls beware: The industry's recession-resistant story may be looking a little wobbly.   U.S. Deters Hiring of Foreigners as Joblessness Grows The U.S. government is actively discouraging the recruitment of foreign workers.   View the latest What's News Online Past Editions of In Today's Paper advertisement A10 B-Schools Rethink Curricula Amid Crisis B-schools are rethinking their approaches to finance and investment banking, amid the global financial crisis.   Teaching Strategies to Survive Hard Times Business schools that once focused their executive education on how to make the most of good times are now trying to help companies come up with survival strategies for a perilous economy.   A11 • How to Attract Money to Fund Biotech Projects   A12 OPINION China and the Dollar Markets don't like Treasury talking down the dollar's status.   That's What Friends Are For Obama shouldn't fear frank talk from the Czechs.   The Death of De Gaulle The mother of all Gallic temper tantrums is over as France gets set to rejoin NATO command.     A13 OPINION ANDY KESSLER Have We Seen the Last of the Bear Raids? The short-sellers probably saved us five to 10 years of poor bank earnings.   JEHAN SADAT The Lessons of Camp David What Anwar Sadat can teach us about peace.     A14 • Auto Task Force Set to Back More Loans -- With Strings   MONEY AND INVESTING A17 Zambia's Economy Falls With Price of Copper The commodities downturn is walloping big swaths of Africa, ending an unprecedented period of optimism in resource-rich countries like Zambia. • Video: Zambian Economy Takes a Dive withCopper   IRS Cuts Penalties to Lure Tax Evaders The IRS is offering leniency to many wealthy Americans who volunteer to pay back taxes on offshore accounts, in exchange for information on the bankers who helped them hide the money. (Guidelines)   Hohn Moves to Limit Charity's Losses London money manager Christopher Hohn's charitable foundation is changing the way it invests in Mr. Hohn's hedge fund.   A18 • Bears Are Wary as Bull Returns • FTSE and DAX edge up, led by banks, car makers • Dollar makes gains on GDP data • Treasurys rise after well-bid auction   A19 • AIG Fights a Fire at Its Paris Unit • Some at AIG Buck Efforts to Give Back Bonus Pay • Private Equity Portfolio Shrinks   A20 • Man Group Warns Profit to Fall 43% • Fortis's Dutch Half Reports Loss • U.K. Attracts Strong Demand for Index-Linked Gilt Auction   A21 • Big Fund Houses Are Joining Forces • Midas Capital Restructures Debt, Starts CEO Hunt • Private Equity Snaps Up Failed U.K. Businesses   A22 • Mizuho Integrates ... Very Slowly • Chinese lenders pace gains as regional markets advance   A23 • ICBC Chairman Upbeat About China Economy • Judge Freezes Assets of Madoff's Brother • Falling Credit Rating Costs AIG   WEEKEND JOURNAL W3 An Inspired Riff on 'The Jazz Century' "The Jazz Century" exhibition in Paris is a multimedia exploration of jazz music's influence on Western culture and art.   W4 • Cindy Sherman as Every Woman   W5 • Shakespeare Meets Kabuki   W6 • Turning Paris Into Brooklyn • London Auctions Feature Major Works of 20th-Century Design   W7 • ADVISER: Moving On After 'Battlestar' • Debunking the Beethoven Myth   W8 • Turning Point   W10 • Can 3-D Save Hollywood?   W11 • FILM REVIEW: Complexity Defeats 'Duplicity'   W12 • TASTINGS: OTBN: Ports (and Rosés) in a Storm   W13 • HOW'S YOUR DRINK: What America's Oldest Club May Quaff   W14 • EATING OUT: Watching Robuchon Invent   W15 OPINION A Victorian Novel in Stone The Houses of Parliament -- a building that came about by accident and whose authorship was clouded by controversy -- tell the story of Britain's past. • Photos: Images from the Houses of Parliament   HOUSES OF WORSHIP Is One Man's Faith Another's Superstition? On a recent trip to Africa, Pope Benedict tried to warn his listeners of the dangers of belief in witchcraft.     W16 • Time Off

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