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Example of articles relating to market failure From WSJ December 29, 2005 1. Perez, E. 2005. Delta Pilots Clear Interim Wage Cuts. Wall Street Journal (Eastern Edition), p. A.2, December 29. Retrieved January 31, 2006 from Wall Street Journal database. The Air Line Pilots Association said the interim agreement with Delta won approval by 58% to 42% among rank-and-file pilots who voted. The deal gives the two sides until the end of March to reach a long- term agreement on wage concessions, after which a three-person arbitration panel could decide whether Delta can dump the pilots' collectivebargaining contract and impose terms. In autumn 2004, the Delta pilots union approved a 33% wage cut as part of $1 billion in annual givebacks, while nonunion workers had a 10% pay cut imposed on them, in a bid to help the company avert a bankruptcy-court filing. Delta filed for Chapter 11 on Sept. 14, and, after failing to reach a new deal with the union, asked the U.S. bankruptcy court to allow it to dump its pilots contract and impose new pay cuts, as it had done with its nonunion workers. 2. Lee, J.L. and P. Glader. 2005. Baotou Iron Holds Talks to Sell Stake To Mittal Steel. Wall Street Journal (Eastern Edition), p. B.2, December 29. Retrieved January 31, 2006 from Wall Street Journal database. Although Valin produces 8.5 million metric tons of steel a year, more than Baotou at present, a stake in Baotou could fetch a higher price than Valin did because of its raw-material assets and because the values of steel companies have risen dramatically in recent months. Last week, Luxembourg-based Arcelor upped its bid for Canadian steelmaker Dofasco Inc. to US$4.2 billion. Sridhar Krishnamoorthy, country manager of Mittal Steel China, said Mittal Steel has "looked at" another Chinese steelmaker, Kunming Iron & Steel Group, but hasn't made any progress beyond that. "There were some reports that we were doing a JV [joint venture] and all that, but that's not true," he said. 3. Emshwiller, J.R. and J.M. Biers.2005. Enron Prosecutors Gain New Ally; Causey Plea May Offer Look Into Top Officers' Actions Before Company's Collapse. Wall Street Journal (Eastern Edition), p. A.3, December 29. Retrieved January 31, 2006 from Wall Street Journal database. In Houston yesterday, Mr. Causey pleaded guilty before U.S. District Judge Sim Lake to one count of securities fraud in connection with his work at Enron, which collapsed into bankruptcy proceedings in December 2001. Under the plea agreement the Justice Department's Enron Task Force prosecutors and Mr. Causey's attorneys would seek a seven-year prison sentence for him. However, prosecutors could recommend a reduction to five years if Mr. Causey provides "truthful, complete, and accurate information" in the federal Enron investigation, the agreement added. Mr. Causey also agreed to forfeit $1.25 million to the government. Mr. Causey's help to the government would almost certainly involve information about what his two former bosses, Mr. [Kenneth Lay] and Mr. [Jeffrey Skilling], knew about the financial and business affairs of Enron prior to its collapse. In his plea agreement, Mr. Causey admitted that he "conspired with members of Enron's senior management to make false and misleading statements" about the company's financial condition. The government has charged Messrs. Skilling and Lay with lying to the public about the company's condition and helping to orchestrate transactions to hide Enron's mounting problems. Messrs. Skilling and Lay have pleaded not guilty to the charges. 4. Lieber, R. 2005. Home & Family -- Cranky Consumer: The Dirt on Green Housecleaners. Wall Street Journal (Eastern Edition), p. D.5, December 29. Retrieved January 31, 2006 from Wall Street Journal database. Perry Phillips, the executive director of the Association of Residential Cleaning Professionals says that the green-cleaning concept is particularly hot on the West Coast, where he figures that up to 50% of companies do some sort of "natural" cleaning. "It's definitely the buzz n the industry right now," he says. We found most of the home-cleaning services in the major cities where sales of organic and natural products tend to be much higher than the national average. In Los Angeles, we used a local franchise of a national chain with a "healthy touch" cleaning program that uses environmentally "preferable" products. In New York, meanwhile, we sprang for the full "spring cleaning" package from a local outfit that burns essential oils while cleaning and leaves organic chocolate on the pillow. Deanna Hains, ZENhome's owner, says she is aware that large, new windows may be harder to handle for smaller, female cleaners, and that she might adjust staffing on her spring-cleaning crews. "We're a new company, and we're learning and trying to make this as five-star a service as possible," she says. 5. Nakamichi, T. 2005. Japanese Economic Data Show Recovery on Track. Wall Street Journal (Eastern Edition), p. A.9, December 29. Retrieved January 31, 2006 from Wall Street Journal database. "Overall, those data mean that Japan is sure to emerge from deflation soon," said Koji Fukaya, chief economic researcher at Bank of Tokyo-Mitsubishi, referring to the persistent decline in prices that has for years weighed on the country's economy. "Domestic demand is maintaining strength, and production is picking up steadily. Japan's economic uptrend remains firm, although the pace of its growth has been not brisk, but incremental." 6. Wall Street Journal(Eastern Edition), . 2005. Austrian Airlines: AgeBias Lawsuit Is Settled With Ex-Worker For $500,000, p. A.5, December 29. Retrieved January 31, 2006 from Wall Street Journal database. The Equal Employment Opportunity Commission said Austrian Airlines has agreed to pay $500,000 to settle an age-discrimination lawsuit. 7. Wall Street Journal(Eastern Edition). 2005. Bird-Flu Stock Scams Take Wing, p. D.2, December 29. Retrieved January 31, 2006 from Wall Street Journal database. "This is an age-old pump-and-dump scheme with a brand-new disguise," said John Gannon, NASD vice president of Investor Education. "Unfortunately, fraudsters are quick to exploit every new crisis or catastrophe to peddle their get-rich-quick scams to unsuspecting investors." 8. Wall Street Journal(Eastern Edition). 2005. Bristol-Myers Squibb Co.: New Cancer Drug's Application Seeks Priority Review by FDA, p. D.7, December 29. Retrieved January 31, 2006 from Wall Street Journal Database. Bristol-Myers Squibb Co. said it completed an application to the Food and Drug Administration for approval of a new cancer drug. 9. Wall Street Journal(Eastern Edition). 2005. Probe Finds No Evidence of Tailored Stem Cells, p. B.4, December 29. Retrieved January 31, 2006 from Wall Street Journal database. "The panel couldn't find stem cells that match patients' DNA regarding the 2005 paper and it believes that [Hwang Woo Suk]'s team didn't secure scientific data to prove that [stem cells] were made," Dr. [Roe Jung Hye] said.