Today's Paper: Europe

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	June 29, 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   PAGE ONE A1 THE OUTLOOK Germany Can Change to Confront Export Slump -- but Will It? Germany firmly believes it has no alternative to export-led growth. But there is an alternative -- the country just doesn't have the stomach for the changes it would require.   At UBS, Mr. Grübel's Job Isn't Getting Any Easier UBS's move to boost its capital base underlines its continuing struggles to return to profitability even as its competitors are minting money. • Heard: Raising Cash Under Regulatory Pressure   Arrests in Iran Raise Ire of U.K. Iran arrested nine local employees of the British Embassy in Tehran, drawing a terse response from the U.K. government and signaling an escalation of tensions.   A2 • Protests Flare Ahead of Ruling on Iran Vote   A3 • Unease Mounts as U.S. Troops Leave Iraq's Cities   CORPORATE NEWS A4 Computer Failures Are Probed in Jet Crash Investigators suspect a rapid chain of computer and equipment malfunctions stripped the Air France Flight 447 crew of automation pilots typically rely on to control a big jetliner. • Northwest Jet Suffers Similar Malfunctions   Hungarian Carrier Expands in Downturn Wizz Air Hungary Airlines is likely to dominate Central Europe's short-haul market, as the economic downturn batters its competitors.   A5 • Hummer Bidder to Begin Talks With China • Tata Adds Jaguar, Land Rover to India's Luxury-Car Segment • VW Denies It Issued Ultimatum to Porsche   A6 • British Workers Recover Jobs After Mass Protests • Justice Department Extends Probe of Oracle-Sun Deal   A7 • Suzlon Profit Slips; Job Cuts Considered • Takeda's Diabetes Drug Delayed • Pepsi Opens Chinese Factory, Plans Five More • Studies Show Diabetes Drug Might Have Cancer Link   A8 • Big Business Groups Complain to China's Premier • Decline in Chinese Industrial Profits Slows • GE Picks Michigan for R&D Center   ECONOMY AND POLITICS A9 Democrats Present Hurdles for Obama As Congress tackles Obama's top two domestic priorities -- climate change and health care -- he faces some of his biggest challenges from Democrats.   Signs of Hope Emerge in U.K. Economy Signs are emerging that two of the U.K. sectors worst hit by the economic downturn have stabilized and may even be about to recover.   A10 • Hariri Grapples With Task Of Governing With Hezbollah • Obama Wary of Tariff Provision • New Rift Opens Over Rights of Detainees   A11 • Foreign Investment Cushions Downturn in Africa   A12 • A Pesky Paparazzo Stalks the Wily Berlusconi   A13 OPINION Southern Discomfort Obama to Colombia: Military base now, free trade later.   Solidarity With Iran Reagan's Polish lesson for Obama and the American left.   Obama's Health Future Rationing, and not only withholding care from the elderly.     A14 OPINION JOSÉ MARIA AZNAR Silence Has Consequences for Iran The less we protest, the more people will die.   THE WEEKEND INTERVIEW The Bard of Berkeley By Michael Judge A former poet laureate on haiku and the responsibilities of writers.     A15 OPINION JAMIE DIMON A Unified Bank Regulator Is a Good Start Government must recognize that credit is good and capital is mobile.   POTOMAC WATCH The Climate Change Climate Change The number of skeptics is swelling everywhere.     A16 • Retailers Cut Back on Variety, Once the Spice of Marketing   MARKETPLACE A29 ADVERTISING Jackson Popularized Celebrity Ads Michael Jackson was credited on Madison Avenue with ushering in the up-tempo age of celebrity advertising.   Police Say Jackson's Doctor Isn't a Suspect The cardiologist who was with Michael Jackson during the pop star's final moments sat down with investigators for three hours to explain his actions, and his spokeswoman says he isn't a suspect.   A30 • Drug Firms' Medical Staffs Say What Salespeople Can't • Amazon Cuts North Carolina Affiliates to Avoid Tax • Nestlé Unit Denied FDA Requests   A32 • Coup Rocks Honduras • HEARD ON THE STREET: Timing the Endgame in Government Bonds • HEARD ON THE STREET: KKR's Test to Come on New York Stage View the latest What's News Online Past Editions of In Today's Paper advertisement MONEY AND INVESTING A19 Madoff's Wife Cedes Asset Claim Madoff's wife has agreed to give up her potential claim to more than $80 million worth of assets, keeping just $2.5 million in cash in a deal reached with prosecutors. • WSJ.com/Madoff: News, victims list, more   Fed Documents Fuel Concerns About Expanding Central Bank's Role Documents revealing disagreements among top Fed officials about how to handle BofA's acquisition of Merrill are fueling concerns about giving the central bank more power.   ABREAST OF THE MARKET Junk Yields Tempt, but Watch Out Junk bond yields may go higher in the face of record-high defaults, low recoveries and a possible wave of new debt.   A20 • CURRENCY TRADING: ECB, U.S. Payrolls to Provide Direction   A21 • Spanish Bank Fund Approved • Convertible-Bond Converts • CREDIT MARKETS: Traders Ponder Job Loss Numbers   A22 • Delphi Fires Back in Asset Fracas • AIG's Deal: Fed Gets Stakes, Debt Is Cut • Unemployment Vexes Foreclosure Plan • Putnam Sheds 'Life of Mediocrity'   A23 • Rates Low, Firms Race to Refinance Their Debts • Stanford Bail Reviewed • Gudmundsson Appointed Iceland Central Bank Head   A24 • Beijing Formalizes Call for New Reserve Currency • Commodities Help Indexes Higher • Japan Raps Citigroup's Supervision   A25 • Plain-Vanilla Financing Could Melt Bank Profits • China's Banks See Surge in Lending • Emaar Falls 10% on Merger Announcement • New World IPO Champ: VisaNet's $4.27 Billion

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