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* * * * * * WEDNESDAY, NOVEMBER 12, 2014 ~ VOL. CCLXIV NO. 114 WSJ.com HHHH $2 .00

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What’sNews

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World-Widen China and the U.S. strucknew climate, military, tradeand visa agreements, asObama and Xi made signifi-cant strides in improving anoften-tense relationship. A1n Iran and global powers sig-naled they will extend diplo-macy beyond Nov. 24 if neededafter failing to reach a break-through in nuclear talks. A7n Russia said it signed a dealto build two new nuclear-re-actor units in Iran, possibly tobe followed by six more. A7n A jailed Palestinian leaderissued a call to arms and Is-raeli troops shot and killed aPalestinian man in West Bankclashes as tensions rose. A7nMigrants whomovewithinthe EU seeking welfare benefitsinstead of work can be deniedpayments, a court ruled. A9n Eleven women in Indiadied after sterilization surgeryas part of the country’s popu-lation-control program. A10nRocket scientists at theEuropean Space Agency areset to attempt to land a probeon the surface of a comet. A11nU.S. grad schools have seenan 8% jump in overseas studentsthis year, while enrollment fromU.S. students has stayed flat.A3nAU.S. Iraqwar veteranwhodeserted, calling the war illegal,could have the right to claimEU asylum, a court said. A9n Heavy storms slammedthe Upper Midwest, droppingmore than a foot of snow. A6nDied: John Doar, 92, formerJustice Department lawyerwho championed civil rights.

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Seven banks are set to set-tle foreign-exchange probes

with U.S., U.K. and Swiss regu-lators, with penalties likely to-taling about $4 billion. A1nAckman has taken a roughly$2 billion stake in Zoetis andcould push the animal-healthcompany to sell itself to a largedrug firm such as Valeant. B1nMicrosoft, H-P and Appleare likely to be among the bigbeneficiaries if a deal betweenChina and the U.S. leads toslashed tech-product tariffs. B1n Obama’s call for strongnet-neutrality rules has hard-ened stances and may lead toa fight with Republicans. B6nBoehner has indicated hewould block a bill that wouldlet states compel many onlineretailers to collect sales tax. B3nWal-Mart will scrap the“Black Friday” sales model andspread deals over five days. B3nAlibaba hosted a record $9.3billion in sales on China’s big-gest online shopping day. B4n Yahoo agreed to buy video-advertising platform Bright-Roll for about $640 million. B2nU.S. stocks edged higher toset another record for the Dowand S&P 500. The blue chipsrose 1.16 points to 17614.90. C4nNewYork bank regulatorLawsky will likely leave hispost early next year. C2nSmall investors are loadingup on silver via ETFs despite aprice drop in themetal. C1n Sugar prices surged onnews of a surprisingly sharpdrop in Brazilian output. C1

Business&Finance

BEIJING—China and the U.S.struck new climate, military,trade and visa agreements dur-ing a marathon two days oftalks, as presidents BarackObama and Xi Jinping made sig-nificant strides in improving anoften-tense relationship.

In an unexpected move, thetwo leaders on Wednesday un-veiled substantial new commit-ments to curb greenhouse gasemissions, with China agreeingfor the first time to stop increases

in carbon dioxide emissions byaround 2030 or earlier, U.S. offi-cials said.

Messrs. Xi and Obama alsoreached two new agreements de-signed to avert military confron-tations in Asia, one on notifyingeach other of major activities,such as military exercises, and the

other on rules of behavior for en-counters at sea and in the air.

Shortly before the summit, thetwo sides completed deals to is-sue 10-year tourist and businessvisas and to drop tariffs on semi-conductors and other informa-tion-technology products, whichbackers say could cover $1 trillionin trade.

“Our relations are now stand-ing at a new historical point,”Mr. Xi said at their meeting onWednesday, calling their cooper-

ation a “new model” for rela-tions. “I’m ready to work withyou in this direction.”

“There are important differ-ences that we have both practi-cally as well as our vision forour respective countries and ourconduct in foreign policy,” Mr.Obama said, but he added thatthey try to work together whenthey can.

The agreements are rare signsof progress on core issues in therocky relationship. The U.S. is

trying to consolidate influence inAsia, while Beijing is determinedto make China the region’s pre-eminent military and economicpower.

Relations have foundered overthe past year on cyberspying, de-mocracy demonstrations in theChinese territory of Hong Kong

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By Carol E. Lee,Jeremy Page

andWilliamMauldin

U.S., China inRareAccord atSummitObama and Xi Reach Agreements to Curb Greenhouse Gases, Reduce Risk of Military Confrontations

MIAMI—One quarter of His-panics in the U.S. lack health in-surance, the highest rate for anyracial or ethnic group, accordingto census data. Reducing thatnumber will be one of theObama administration’s biggestchallenges when it reopenshealth-insurance exchanges for asecond year on Saturday.

During the first year’s sign-upperiod, just 2.6 million of an es-timated 10.2 million uninsuredHispanics eligible for coverageenrolled in health plans, accord-ing to an October report by theDepartment of Health and Hu-man Services. The Latino unin-sured rate among those ages 18to 64 declined 18%, but that wasa smaller percentage decreasethan for other groups.

“Providing insurance to 2.6Pleaseturntothenextpage

BY ARIAN CAMPO-FLORES

LatinosLagUnderHealthSign-Up

DELRAY BEACH, Fla.—At Burt & Max’s Bar andGrille one day this summer, stockbroker Rafael Golangave a group of elderly people a financial seminar.After his hourlong talk on topics from real estate toannuities, the free food arrived.

Dinners like this have landed him clients before.Some later lodged complaints against him, makinghim part of a cluster of brokers with troubled regula-tory records that a Wall Street Journal analysis iden-tified in this corner of Florida.

Among those clients were Pinny and Rebecca Slot-

nick, octogenarians who became Mr. Golan’s custom-ers in 2003 after a dinner and later filed a complaintwith regulators alleging he mishandled their ac-counts. He paid them a $125,000 settlement this year.He denies any wrongdoing in this or any other case.

A Wall Street Journal investigation, analyzing therecords of about 550,000 stockbrokers, identified 16U.S. hot spots like this one where troubled brokerstend to concentrate. Parts of New York’s Long Islandand South Florida, long notorious for “boiler room”operators, made the list. But so did areas around De-troit, Las Vegas and California cities not known for

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BY JEAN EAGLESHAM AND ROB BARRY

HOT SPOTS

In Spotting Troubled Brokers,Geography Matters

Taking StockNumber of U.S. brokers reportingat least one regulatory red flag,per 1,000 brokers

The Wall Street Journal

Source: WSJ analysis of data fromstate securities regulators

Any red flagsNon-hot spotsHot spots

119205

Bankruptcies and financial problems47

79Criminal charges

2031

Customer complaints46

96Regulatory actions and investigations1225

Terminations for cause1018

America Remembers Its Veterans and Their Sacrifices

LMOtero/A

ssociatedPress

SALUTE: John Fay led an honor guard of paralyzed veterans before a parade in Dallas Tuesday as cities nationwide celebrated Veterans Day.

LONDON—U.S., British andSwiss regulators are set to penal-ize big banks for alleged impro-prieties in the foreign-exchangemarkets on Wednesday, and indi-vidual employees are next in linefor scrutiny.

Regulators plan to announce aseries of settlements, starting at6 a.m. in London, with total pen-alties against seven banks likelyreaching about $4 billion, ac-cording to people familiar withthe discussions. The settlementsstill await approval from somebanks’ boards as of Tuesday eve-ning, the people added.

Among the biggest losers:UBS AG, which faces the largestpenalty from the U.K., at a bitless than £300 million (about$475 million), as well as a sepa-rate Swiss enforcement action,one person said.

The settlements are likely tofault banks for inadequately su-pervising their traders and otheremployees and lacking sufficientcontrols to prevent them fromengaging in allegedly improperbehavior, including trading fortheir own personal accounts, inthe foreign-exchange markets,these people say. Regulators areexpected to say that the activityhad the potential to skew one ofthe world’s biggest, most inter-connected markets and to hurtthe banks’ customers.

Wednesday’s settlementswon’t target any individuals,these people say. The U.K.’s set-tlement documents, for example,aren’t likely to name or other-wise identify individuals, oneperson said.

But actions against individualsare in the pipeline, as regulators

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BY DAVID ENRICH

Banks SetTo SettleCurrencyProbes

Hejmo Kara Hejmo: Service HelpsEsperanto-Speaking Travelers

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That’s ‘Home Sweet Home’ for FansOf Invented Language; ‘Kind of a Kook’

The key to a free night’s stayin Jim Medrano’s New York Cityapartment isn’t a stellar ratingon Airbnb or a lot of frequenttraveler points.

It is really just about knowingthe right words to say—in Espe-ranto.

Through a ser-vice called “Pas-porta Servo,”speakers of thisartificial languageinvented over acentury ago haveaccess to a direc-tory of hostsfrom all cornersof the globe, will-ing to open their houses free topromote a tongue with no homeof its own.

Produced by an Esperantoyouth organization in the Neth-erlands, Pasporta Servo was firstprinted in 1974, listing 39 hosts.

The latest book, published in2011, is filled with 1,087. An up-dated edition is due early nextyear, with a revamped websiteexpected this month.

Esperanto was created in thelate 19th century by Ludwik Laz-arus Zamenhof, who lived in Po-land under the Russian Empire

and believed thata universalmeans of com-m u n i c a t i o nmight be the keyto world peace.The estimates ofthe number ofspeakers of thelanguage varywidely—from aslow as 100,000 to

as many as 2 million.“The goal of Esperanto is to

understand other cultures, andtraveling through PasportaServo is one of the main wayswe have to do that in the real

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BY CHARLIE WELLS

Ludwik Lazarus Zamenhof

The Great Mall of China

BIG PLAYER: Alibaba’s market cap has surpassed some of the largestU.S. companies since its September IPO. The Chinese e-commerce firmrang up big sales during a major online shopping day in China. B4

APEC’s awkward moments... A10 Tariff deal’s big winners............ B1 Iron ore hit by summit.............. C4

Uninsured strain hospital......... A2

Market value at IPO price, Sept. 18

Oct.Sept. Nov.

Market capitalization of selected U.S. companies since Alibaba’s IPO

Source: S&P Capital IQ The Wall Street Journal

Google$377B

Tuesday:

J&J$305B

Wells Fargo$280B

GE$265B

Walmart$254B

Chevron$225B

Alibaba$285B

$400billion

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