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* * * * * * FRIDAY, JANUARY 23, 2015 ~ VOL. CCLXV NO. 18 WSJ.com HHHH $3 .00

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IN TOMORROW’S PAPERwsj. magazine

rem koolhaas & dasha zhukovareinvent a moscow museum

TOMORROW’S PAPERwsj. magazine

koolhaas & dasha zhukovareinvent a moscow museum

IN TO

rem kreiThe House of the Year

MANSION

CONTENTSCorporate News.... B2,3Global Finance............ C3Heard on the Street C8In the Markets........... C4Movies............................ D4Opinion.................. A13-15

Sports.............................. D8Technology................... B4Television............... D2,6,7Theater........................... D7U.S. News................. A2-5Weather Watch........ B6World News.......... A6-11

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What’sNews

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World-Widen Saudi King Abdullah, whoinsulated his nation from dem-ocratic and Islamist move-ments roiling the Arab world,died at about age 90.A1, A10, C1n The U.S. and Iraq have be-gun preparations for an as-sault by summer to retakeMosul, Iraq’s second-largestcity, from Islamic State. A1n Yemen’s president andcabinet quit amid a standoffwith a militia, leaving the fu-ture of U.S. counterterrorismefforts there uncertain. A6nU.S. accident investigatorscalled for tamper-prooftracking systems and datarecorders on all airlines. B1nNetanyahu agreed to addressCongress, fanning an electiondebate in Israel over his rela-tions with theWhite House. A6n The House passed a bill tofurther restrict federal fundingfor abortions after a Republi-can rift scuttled a vote on a20-week abortion ban. A4nAn EU court struck downsanctions on a leading Iranianbank and a string of Iranianshipping companies. A6nNewYork’s Assembly leaderwas accused by federal prose-cutors of taking kickbacks fol-lowing a corruption probe.A5n California officials are try-ing to stem the spread of ameasles outbreak, sending un-vaccinated students home. A3nA Saudimanwas accused ofaiding bin Laden and playing arole in the bombing of U.S. em-bassies as his trial began. A5nDied: Vince Camuto, 78, afounder of NineWest shoes. B3

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The ECB launched an ag-gressive bond-buying

program in a plan to flood theeurozone with over $1 trillionin newly created money. A1 Stocks rallied on the move.The Stoxx Europe 600 endedat a seven-year high; the Dowjumped 259.70 points to17813.98. The euro sank. C1, C4n Hutchison Whampoa isnearing a deal to buy U.K.mobile-phone operator O2from Spain’s Telefónica formore than $15 billion. B1n RBC is paying $5.4 billionto buy City National, a LosAngeles-based lender knownfor its Hollywood ties. C1n Janus confirmed that starmanager Gross has investedover $700 million of his ownmoney in his new fund. C1nQualcommdisclosed that itgave its two top executives $95million worth of stock grantslast year to retain them. B1n J.P. Morgan’s Dimon willreceive $20million in pay for2014. Goldman’s Blankfein willtake homeup to $24million.C3n Family Dollar shareholdersapproved a sale to Dollar Tree,favoring the bid over an offerfrom rival Dollar General. B2nMcDonald’s was sued by10 ex-employees in a test ofthe restaurant chain’s liabilityfor franchisees’ actions. B3n Union Pacific said conges-tion at West Coast ports ishurting the railroad’s first-quarter volumes. B5n Starbucks named KevinJohnson, a longime tech-in-dustry leader, as president. B5

Business&Finance

TAMPA, Fla.—The U.S. and Iraqhave begun preparations for an as-sault by summer to retake Mosul,selecting and training militaryunits and cutting supply lines toIslamic State militants who controlIraq’s second-largest city, the topAmerican commander in the Mid-dle East said.

Gen. Lloyd Austin, the head ofthe military’s Central Command,told The Wall Street Journal thatthe international campaign againstIslamic State has inflicted signifi-cant damage. Opposing forces havereclaimed about 300 square milesof territory in Iraq and killed some6,000 members of the Sunni radi-cal group, eliminating about halfits leadership.

U.S. defense officials have bris-tled under criticism from Iraqi of-ficials and others that the cam-paign against Islamic State isstalled or moving too slowly. U.S.Central Command is eager to showthat airstrikes are having an effecton the ground and that the Ameri-can and Iraqi militaries have a planto continue to drive fighters out oftheir key strongholds in Iraq.

U.S. officials said they don’thave a good estimate of the cur-rent size of Islamic State forces, al-though they were once estimatedat up to 14,000. They concede thatIslamic State fighters still controllarge parts of northern and west-ern Iraq, but say much of theKurdish-controlled areas havebeen reclaimed. Islamic State cap-tured Mosul, a city of 600,000, inJune at the start of its blitz acrossparts of Iraq.

On Wednesday and Thursday,U.S. airstrikes focused on cuttingsupply lines between militantswho control Mosul and Islamic

PleaseturntopageA6

BY JULIAN E. BARNES

U.S., IraqSet SightsOn MosulOffensive

FRANKFURT—The EuropeanCentral Bank ushered in a newera by launching an aggressivebond-buying program Thursday,shifting pressure to Europe’s po-litical leaders to restore prosper-ity in one of the global econ-omy’s biggest trouble spots.

Investors cheered the ECB’scommitment to flood the euro-zone with more than €1 trillion($1.16 trillion) in newly createdmoney, sparking a rally in stockand bond markets and sendingthe euro plunging.

But in light of Europe’s under-lying problems of stagnantgrowth, high debt and rigid la-bor markets, ECB President Ma-rio Draghi suggested the centralbank’s largess alone won’t beenough to right its economy.

“What monetary policy can dois create the basis for growth,” hesaid. “But for growth to pick up,

you need investment; for invest-ment, you need confidence; andfor confidence, you need struc-tural reform.”

The reactions to the centralbank’s move rippled widelythrough the world’s trading floors,corporate boardrooms and Euro-pean capitals. “It’s one piece ofgetting Europe back to growth,and we should see an impact,” JoeJimenez, chief executive of druggiant Novartis said in an interviewin Davos, Switzerland, where thepolitical and economic elite are

gathered for meetings of theWorld Economic Forum.

The effects also reverberatedbeyond the borders of the 19-mem-ber eurozone: Denmark on Thurs-day cut its main interest rate forthe second time in a week, seekingto damp investor interest in itscurrency as investors sold the euro.

Mr. Draghi said the ECB willPleaseturntopageA11

By Brian Blackstone,Paul Hannon

and MarcusWalker

Bond Buys Usher In New EraEuropean Central Bank Launches $1 Trillion-Plus Plan; Focus Shifts to Governments

Sources: European Central Bank (balance sheet); Tullett Prebon (forex); FactSet (indexes); Tradeweb (bond yields);Agence France-Presse/Getty Images (photo) The Wall Street Journal

‘What monetary policy can dois create the basis for growth.But for growth to pick up,you need investment; forinvestment, you needconfidence; and for confidence,you need structural reform.’

MARIO DRAGHI, ECB PRESIDENT

€3.0 trillion

0

0.5

1.0

1.5

2.0

2.5

’092008 ’10 ’11 ’12 ’13 ’14 ’15 ’16

ECB’s balance sheet

STOXXEurope 600+6.31%

STOSTOXXXX

DAX+7.20%

Thursday:

+6.31%

FTSE 100+0.02%

Stock index performance10

–15

–10

–5

0

5

%

’152014

Spain1.416%

Greece8.866%

1.41.416%

Germany0.395%

10-year government-bond yields10

0

2

4

6

8

%

’152014

What It Takes | The ECB’s bond-buying plan jolted markets

$1.137

How many dollars one euro buys$1.35

1.10

1.15

1.20

1.25

1.30

’152014

Estimatedeffect of

asset-buyingprogram

SaudiMonarchAbdullahIs Dead

WASHINGTON—When ComcastCorp. heard rumors that PresidentBarack Obama was preparing to callfor tough new Internet regulations,the cable giant’s influence machineswung into action.

Chief Executive Brian Roberts telephoned ValerieJarrett, Mr. Obama’s senior adviser. He pressed herfor information and stressed that Comcast opposedsuch a move, according to people familiar with thecall.

But Ms. Jarrett told him nothing and the last-ditch lobbying fell flat. A few days later, on Nov. 10,Mr. Obama called for the “strongest possible rules”to make sure broadband providers treat all Web traf-

POLITICAL CAPITAL

Comcast’s Lobbying MachineFaces Test in Washington

RIYADH—King Abdullah binAbdulaziz al Saud, who insulatedSaudi Arabia from the Islamistand democratic forces roiling theMiddle East in the name of sta-bility, died at about age 90, theroyal court said on Friday.

Abdullah’s half-brother, CrownPrince Salman, who is 79 yearsold, was declared king andPrince Muqrin, 69, became crownprince, according to the state-ment read on state television.

Born before his fatherfounded the modern Saudi statein 1932, Abdullah focused his fi-nal years on internal and exter-nal security threats to a nationhe had seen grow into an oil gi-ant and center of political andreligious power in the region.

In one of his final statements,an address this month before theconsultative Shoura Council readby his half-brother and heir tothe throne, Abdullah emphasizedthat his country was “blessedwith security and stability” inthe heart of a volatile region.

For Abdullah, who is widelybelieved to have run Saudi Ara-bia for the decade before his ac-cession to the throne in 2005following the death of his stroke-disabled brother King Fahd, sta-bility was the paramount virtue.He abhorred the revolutions thatbrought religious fundamental-ists to power in Iran in 1979 andunseated longtime fellow rulersin Egypt, Libya, and Tunisiathree decades later.

“The development we areworking at must be gradual,” theking said in February 2013 at theswearing-in of new members of

PleaseturntopageA10

BY ELLEN KNICKMEYERAND AHMED AL OMRAN

The dream of the enduranceathlete with the soul of the junk-food addict is reality: Ath-letes can now sustainthemselves on energybars and gels that tastelike french fries, barbecueand even pizza.

Energy-food entrepre-neurs have listened toathletes who prefer sa-vory flavors to sweets foran extra boost while exer-cising.

Clif Bar plans to unveila line of individually pack-aged energy gels in Febru-ary flavored like pizza andsweet potato french fries.This past summer, NewYork-based Kind snacksreleased five savory en-ergy bars—honey smokedbarbecue, hickory, Thai chili,honey mustard and roasted jala-

peño—after two years of producttesting.

“You’re seeing a lot of activepeople reaching for a bag of chips

or beef jerky,” says JohnLesser, brand director atKind Snacks.

The energy bar has be-come a staple for activeAmericans. PowerBars,Clif Bars and other energyproducts are made fromeasily digested carbohy-drates and proteins, whichdeliver fast energy to ath-letes. In recent years, theproducts have also beenmarketed as a healthy al-ternative to vending-ma-chine snacks or a conve-nient meal replacementfor dieters.

Data from the researchfirms Leisure Trends andNielsen peg the industry—

which now includes energy gelsPleaseturntothenextpage

BY FREDERICK DREIER

For Athletes Who Don’t Savor Sweets,How About a Squeeze of Pizza?

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Products Power Workouts in FlavorsLike Hickory, Thai Chili; Sick of Vanilla Gel

HoneySmoked BBQKind bar

fic equally—a change that would reg-ulate Internet service like a publicutility.

The news took Comcast by sur-prise. The company believes the

president’s strong “net-neutrality” proposal, if en-acted, could threaten future investment in its fast-growing Internet business and cast doubt on thelogic of its proposed $45 billion merger with TimeWarner Cable Inc.—a deal currently being chewedover by antitrust regulators.

Comcast boasts one of the biggest corporate lob-bying operations inWashington, spending $17millionin 2014, second only to Google Inc. That presence is

PleaseturntopageA12

By ShaliniRamachandran,Gautham Nageshand BrodyMullins

Yemen’s government falls....... A6

Analysis: Draghi’s doubters... A11 Stimulus draws cheers............... C1 Heard on the Street.................... C8

King Abdullah bin Abdulaziz al Saud

BrendanSm

ialowski/PressPo

ol

Future succession issues....... A10Worries for U.S. officials ....... A10 Oil policy unlikely to change... C1

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