Supreme Court Denies Arizona’s Request to Block Driver’s Licenses for Young Illegal Immigrants

The U.S. Supreme Court on Wednesday denied an emergency request by Arizona officials that sought to prohibit state driver’s licenses for young illegal immigrants who received a reprieve from deportation from the Obama administration.

Top News
2
Live Blog: Obama Announces Big Shift on Cuba

KERRY STATEMENT: Secretary of State John Kerry compares the Cuba shift to the U.S. approach with Vietnam. “Beginning more than twenty years ago, I have seen firsthand as three presidents — one Republican and two Democrats — have undertaken a similar effort to change the United States’ relationship with Vietnam. It wasn’t easy. It isn’t complete still today. But it had to start somewhere, and it has worked. As we did with Vietnam, changing our relationship with Cuba will require an investment of time, energy and resources. Today’s step also reflects our firm belief that the risk and the cost of trying to turn the tide is far lower than the risk and cost of remaining stuck in an ideological cement of our own making.

3
Financial Times on Twitter

Why are US authorities slow to rule on commercial drones? A look at the regulators' dilemma http://on.ft.com/1sAGPZP  pic.twitter.com/4N45si2ftA

4
Johns Hopkins Just Accidentally Accepted Almost 300 People. Why Do Colleges Keep Doing This?

You'd think colleges would be extra careful to get this right. (As Rajah said to me: "These colleges are ranked the top in the country, and it's surprising to me that they can't send out a simple e-mail.") But MIT , Fordham , UCLA , and others have burned applicants in recent years with false acceptance letters. This is happening more, in part because more colleges are ditching thick paper envelopes and relying on e-mail to communicate with both applicants and accepted students. It takes only one misplaced click of the mouse to break applicants' hearts.

5
Global Life Expectancy Increases by About Six Years

Actuaries take note. Time for a talk about Social Security retirement age. Social Security was designed as an insurance product just in case you lived longer than the expected life span, which at the time was about 60 years old. For every year we need to insure beyond this artificially set retirement age the program is converted into a longer retirement program that requires substantially more contributions by those that are able to work but would prefer to live in comfortable retirement off of an insurance program they did not fund for that purpose. Failing to adjust the retirement age to more accurately reflect life expectancy is continuing to bankrupt the program. Our children will soon no longer be able to support us. No Free Lunch!

6
Can BlackBerry Ltd's Classic launch win back smartphone customers?: Live coverage

The company is also bringing back many keyboard-based shortcuts that were featured on older BlackBerrys, such as typing B to launch a browser or C to compose a message. Those features disappeared from newer “BlackBerry 10” smartphones in 2013. Watch BlackBerry’s video showcasing some of the Classic’s shortcuts:

7
Sony Pulls Korea Film ‘The Interview;’ U.S. Blames Pyongyang for Hack

Sony Pictures canceled its planned release of “The Interview” after hackers threatened violence against theaters that played the film, as U.S. officials concluded that North Korea was behind the broad cyberattack on the company.

8
WSJ/NBC Poll: Mood Brightens on Economy, Not on Race Relations

America’s long-standing pessimism about the economy is showing signs of waning, but the nation’s view of race relations has turned more dour. A new Wall Street Journal/NBC News poll shows that Americans end the year with a hopeful view of some aspects of their lives and more pessimistic views of the state of the nation. Falling gasoline prices have had a positive impact on many families, about half of Americans say, and expectations...

9
‘The Colbert Report’ leaves us 5 important investing rules to live by

Watch out for tears this week from fans of “The Colbert Report” as they contemplate a potentially bleak TV-viewing future. It’s not like Comedy Central can produce new episodes sans Colbert, and it’s possible Colbert won’t be as funny on “The Late Show,” where he’s expected to play himself.

10
Every 25-Year-Old In America Should See This Chart

Compound interest occurs when the interest that accrues to an amount of money in turn accrues interest itself. It's the deceivingly simple force that causes wealth to rapidly snowball. This is why it's the concept that is at the core of all finance.

11
U.S. moves expected to ease trade restrictions on Cuba

Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2014 and/or its affiliates.

12
Can BlackBerry Ltd's Classic launch win back smartphone customers?: Live coverage

The company is also bringing back many keyboard-based shortcuts that were featured on older BlackBerrys, such as typing B to launch a browser or C to compose a message. Those features disappeared from newer “BlackBerry 10” smartphones in 2013. Watch BlackBerry’s video showcasing some of the Classic’s shortcuts:

13
As China’s Economy Slows, So Too Does Growth in Workers’ Wages

Growth in minimum-wage levels across China appeared to have slowed this year, amid low inflation rates and a slowdown in the world’s second-largest economy, a labor watchdog says.

14
Financial Times on Twitter

When you tweet with a location, Twitter stores that location. You can switch location on/off before each Tweet and always have the option to delete your location history. Learn more

15
Parsing the Fed: How the Statement Changed

The following tool compares the latest statement with its immediate predecessor and highlights where policy makers have updated their language. This is the December statement compared with October:

16
ECB’s Coeuré Sends Strong Signal on Asset Purchases

FRANKFURT—European Central Bank executive board member Benoît Coeuré sent one of the clearest signals to date that the ECB is poised to embark on large-scale asset purchases centered on government bonds early next year, as the bank grapples with a weak economy and ultralow inflation.

17
Oil’s Plunge Is Pushing Mortgage Rates Down

After rising earlier this year, rates have drifted below 4.25% during the second half of the year. The Bank of America Merrill Lynch analysis notes a “non-trivial possibility” of reaching the 3.25% to 3.5% range on the 30-year fixed-rate mortgage if the slide in oil prices is sustained, which could significantly boost refinancing and new purchase-loan demand.

18
Wealth Gap between America’s Rich and Middle-Class Families Widest on Record

The typical affluent family in America now has nearly seven times the wealth of a middle-income family, the biggest wealth gap in three decades, according to  a new analysis by Pew Research Center .

19 The MBA is losing its magic - FT.com

What is the staying power of an MBA education? Why year after year do students sign up for the countless MBA programmes across the world? Are they after new skills? Maybe. Eager to learn about the latest academic research output? Unlikely. Keen to go through a learning experience? Possibly. In search of a networking opportunity? Most certainly.

20
Hoyer Statement on Senate's Failure to Reauthorize the Terrorism Risk Insurance Act | The Office of Democratic Whip Steny Hoyer

"I am very disappointed that the Senate failed to reauthorize the Terrorism Risk Insurance Act before it adjourned for the year.  The House acted last week in an overwhelmingly bipartisan fashion to reauthorize this program that provides peace of mind to businesses that they will be covered for severe losses in the event of a terrorist attack.  In order to end the uncertainty that is holding back job creation and economic growth, the 114th Congress must come together to reauthorize TRIA, and I urge the House Republican leadership to make it a top priority when the House convenes in January."

21
Bloomberg TV: Business Live TV

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22
Pakistan Vows to Eliminate Every Terrorist After School Massacre

The carnage at the school on Dec. 16 that left 132 students dead may galvanize support for a more aggressive campaign to uproot Taliban militants based along the border with Afghanistan who want to impose their version of Islamic law in place of Pakistan’s democracy. General Sharif yesterday met Afghan President Ashraf Ghani who said his nation’s territory won’t be allowed to serve as a base for terrorist attacks, the Pakistani military said in a press statement.

23
Financial Times on Twitter

OMG Italy!!! “ @FT : Our datawatch chart of the day: people who have never used the internet http://on.ft.com/1wG3adr  pic.twitter.com/8qhaAqj8LC ”

24
Obama: It's time for a new U.S. approach to Cuba

WASHINGTON (MarketWatch) -- President Barack Obama said Wednesday "it's time for a new approach to Cuba," and that isolating the country through sanctions "has not worked." Speaking at the White House, Obama detailed steps to begin normalizing relations with Cuba, including establishing a U.S. embassy in Havana and lifting many restrictions on travel and money transfers. Obama said he spoke personally with Cuban leader Raul Castro to finalize the release of U.S. contractor Alan Gross, which was announced at the same time as the U.S. policy shift.

25
Financial Times on Twitter

Good morning, New York. Most read right now: Russian rouble swings on government intervention http://on.ft.com/1wYvGJm  pic.twitter.com/zHymPoOxBv

26
Janet Yellen: Cheap oil is good for America

Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2014 and/or its affiliates.

27
Law School Enrollment Continues to Slide

The 204 ABA-approved law schools reported total J.D. enrollment (full-time and part-time students) of 119,775. This is a decrease of 8,935 students (6.9 percent) from 2013 and a 17.5 percent decrease from the historic high total J.D. enrollment in 2010. The 2014 total enrollment is the lowest since 1982, when there were 169 ABA-approved law schools.

28
A risky state

As with all data, there are caveats. Prices affect the numbers: when commodities are expensive, they will account for a larger share of exports and imports. Some producing economies managed the gains from the good times better than others: they have much bigger reserves to cope with falls in prices. That said, the map does suggest which economies, from copper-producing Chile to oil-rich Angola, are most vulnerable to a downward lurch in the commodity cycle. 

29
It’s official: America is now No. 2

There’s no easy way to say this, so I’ll just say it: We’re no longer No. 1. Today, we’re No. 2. Yes, it’s official. The Chinese economy just overtook the United States economy to become the largest in the world. For the first time since Ulysses S. Grant was president, America is not the leading economic power on the planet.

30
Bloomberg TV: Business Live TV

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31
Bloomberg TV: Business Live TV

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32
Bloomberg TV: Business Live TV

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33
The Economist Apps and Digital Editions - The Economist Espresso

Get a head start each weekday with our new morning briefing. Delivered to your iPhone or Android smartphone before breakfast, it tells you what’s on the global agenda in the coming day and, most importantly, what to make of it.

34
How 'The Simpsons' would be different today

According to Executive Producer Al Jean (one of the show's original writers), if "The Simpsons" premiered today it would be a bit different. Here's three ways how:

35
Live News Events & Coverage

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36
Bloomberg TV: Business Live TV

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37
Proof that the pen is mightier than the keyboard - FT.com

Proof that the pen is mightier than the keyboard

38
Fed to be 'patient' with interest rate hikes

The central bank said Wednesday afternoon that it would be "patient in beginning to normalize the stance of monetary policy" and added that this new language is consistent with earlier statements that it plans to keep interest rates low for a "considerable time," which it also kept.

39
Russia has cash to prevent economic collapse

Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2014 and/or its affiliates.

40
Recap: Fed Decision and Janet Yellen’s Press Conference

Fed officials now see inflation ranging between 1.0% and 1.6% next year, versus September’s forecast of 1.6% to 1.9% gain. The inflation dynamic is tricky for the Fed: strong growth and job gains argue in favor of interest rate increases, while weakening inflation at a time when price gains are already well short of the Fed’s 2% price goal support keeping in place an ultra-easy policy stance. It’s a challenging situation for central bankers, and the issue will be at the heart of the Fed’s policy debate in 2015.

41
5 novelty gifts for people with money to burn

Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2014 and/or its affiliates.

42
Gadget GiftSayer

We selected nearly 100 of the coolest, weirdest and most useful gadgets to give as a gift this holiday season, and then created a semi-autonomous robotronic crystal ball from the future to tell you all about them. Just think of who you’re shopping for, then click through these questions to arrive at custom-fit tech-gift suggestions. The picks were carefully chosen by our own team of testers, supplemented with the opinions of respected colleagues and reviewers from around the Web. Are you ready?

43
Russia Is So Screwed

What will? Perhaps nothing. But some, like Bloomberg View’s Leonid Bershidsky , say that it may be time for capital controls, which are basically rules meant to at least keep money from fleeing the country. There’s some precedent for this; Malaysia used them to save its economy from a meltdown during the emerging markets currency crisis of the late 1990s. But currency controls are also tricky, because the second anybody starts seriously talking about them, there’s a risk that investors will start trying to get their money out the door before it slams shut. Plus, the sorts of billionaire oligarchs who dominate Russia don’t like being told where they can and can’t send their money.

44
McDonald's forced to ration fries in Japan

Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2014 and/or its affiliates.

45
Decadeslong Arrest Wave Vexes Employers

@Barrie Harrop   I'm sure a lot of 3rd world countries would have the highest # of criminals if they could afford more jails and guards and didn't allow the cutting off of thieves hands and treating them humanely. Look at what east Asian countries do to minor drug offenders. The punishment is way too long and they make it that way to discourage others from commiting the crime. That doesn't make it right. So what if the US has the highest % incarceration rate atleast it treats those convicted of a crime humanely. I'd like to see a comparison of countries that treat their prisoners humanely while in prison and give out fair sentences that are fit for the crime. The list would be very different with an apples to apples comparison. Exclude countries that make people disappear forever for speaking out against the gov't because if the US did that the prison population would be a lot smaller.

46
Economists React to the Fed’s December Decision: ‘What Was The Point!’

“In one line: Edging closer to a hike, but still very keen to hedge their bets . The FOMC dropped ‘considerable time’ from the statement. It now says it can be ‘patient in beginning to normalize’ policy, but argues that this is ‘consistent’ with the previous ‘considerable time’ formulation. ‘Patient’ is undefined, so it’s hard to see what is achieved by this change; Plosser dissented on these grounds. More significant, then, is the slightly more forceful language on the labor market, which has ‘improved further’, so the degree of underutilization ‘continues to diminish.’ And the Fed is dismissive of the drop in headline inflation due to lower energy prices, which it calls ‘transitory.’ In other words, we think the statement represents another small step towards the first rate hike, but the Fed has offered no new information on what exactly will trigger the move.” – Ian Shepherdson, Pantheon Macro

47
Kids Shot Point Blank One by One in Pakistan School Massacre

After they left the room, Naqvi hid behind a chair with three other students. He watched as his friends lay in pools of blood on the ground before he was rescued by medical staff. His mother, a teacher at the school, wasn’t as fortunate. She died from a gunshot wound to the head, which Naqvi discovered when he realized they were in the same ambulance.

48
Economists React to the Fed’s December Decision: ‘What Was The Point!’

“In one line: Edging closer to a hike, but still very keen to hedge their bets . The FOMC dropped ‘considerable time’ from the statement. It now says it can be ‘patient in beginning to normalize’ policy, but argues that this is ‘consistent’ with the previous ‘considerable time’ formulation. ‘Patient’ is undefined, so it’s hard to see what is achieved by this change; Plosser dissented on these grounds. More significant, then, is the slightly more forceful language on the labor market, which has ‘improved further’, so the degree of underutilization ‘continues to diminish.’ And the Fed is dismissive of the drop in headline inflation due to lower energy prices, which it calls ‘transitory.’ In other words, we think the statement represents another small step towards the first rate hike, but the Fed has offered no new information on what exactly will trigger the move.” – Ian Shepherdson, Pantheon Macro

49
USD to RUB Exchange Rate

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50
Cuba (the Energy Drink Firm) Soars 140% on Cuba (the Country) News

Shares of Cuba Beverage Co. , an energy-drink company with sales of $9,961 last quarter, are soaring Wednesday  in what appears to be the latest example of a company’s stock being affected by news events that are completely unrelated to its business.

51 Russian ruble crisis: Don't panic like it's 1998
52 Fed’s Janet Yellen Not Worried About Falling Oil Prices, Russian Turmoil
53 The world’s 5 most corrupt countries
54 General Mills brings quinoa to the cereal aisle
55 Cosentino: Three books for Christmas giving
56 Inflation basically does not exist
57 Cuba poised to join the Internet age
58 Uber to use Baidu's maps and apps in China
59 Memo to Staff: Time to Lose a Few Pounds
60 5 Things to Read Today: U.S., Cuba to Resume Relations, Fed Stays Patient on Interest Rates and More
61 StockTwits Social Stock Heatmap
62 Sony hackers threaten moviegoers with terrorist acts
63 Reddit takes down Sony hack forum
64 What You Googled in 2014: Robin Williams, ‘Flappy Bird,’ and ‘Frozen’ Rank Among Top Searches
65 Putin's cronies lose $50 billion
66 Fed Officials’ Forecasts See Slower Pace of Rate Rises
67 The Daily Wall St. Cheat Sheet
68 Congress poised to allow cuts to private pension payouts
69 An Interview With ECB Executive Board Member Benoît Coeuré
70 10 biggest billionaire winners (and losers) of 2014
71 12 top-paid CEOs
72 Fed’s Janet Yellen Not Worried About Falling Oil Prices, Russian Turmoil
73 Russia Crisis Hits Pimco Fund, Wipes Out Options
74 Charting the plastic waters
75 Video: This Is the Real Stephen Colbert
76 The World's Biggest Car Company Wants to Get Rid of Gasoline
77 U.S. moves expected to ease trade restrictions on Cuba
78 What Were the Most Memorable Photographs of 2014?
79 Ruble Strengthens After Central Bank Acts
80 Americans send $2 billion a year to Cuba
81 Elevators Set to Take New Direction
82 Fears Spread of Sony-Style Hack
83 Bloomberg Business on Twitter
84 Listen to the Haunting ‘Serial’ Score (Exclusive Premiere)
85 The Ruble Stopped Crashing Today. Russia Is Still Screwed.
86 Survey: U.S. Teens’ E-Cigarette Use Tops Traditional Cigarettes
87 Sony Hack Shines Light on North Korea’s Cyber Attackers
88 Review: Best Fitness Trackers to Get You Up Off the Couch
89 Rents rise at hottest pace in six years
90 Justice Is Swift as Petty Crimes Clog Courts
91 Serial's $2,500 Phone Bill and the Prison-Calling Racket
92 Wall Street Journal on Twitter
93 IWM investment information - iShares Russell 2000 Index ideas on StockTwits
94 Justices Scalia and Kagan Duck Washington for Hunting Getaway
95 Cuomo to Ban Fracking as Health Department Calls It Unsafe
96 The Best Books of 2014, According to WSJ Readers
97 A partisan cha-cha
98 New York Just Banned Fracking. Here's Why.
99 Fed Gets Rare Hat Trick of Dissent
100 U.S. could catch Russia’s cold: Shilling