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What’sNews

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World-Widen The Affordable Care Act,having survived political andlegal challenges and a techno-logically disastrous rollout, nowfaces a fundamental test. A1n New state laws are high-lighting hot-button issuessuch as minimum-wage in-creases and gun control. A4n Regulators are examiningwhy crude carried by trainfrom North Dakota has ex-ploded in recent accidents. B1n Heavy fighting continuedin South Sudan even as en-voys traveled to Ethiopiato discuss a cease-fire. A12n Thai officials said pro-testers are close to achievingtheir goal of preventing elec-tions from going ahead. A12n Kerry is set to begin talksto push for a broad Israeli-Palestinian peace accord. A18n Bill de Blasio was sworn inas NewYork’smayor, promisingan agenda to remake the city asa foundry for liberal ideas. A3n Putin visited Volgograd tomeet with survivors of thetwin suicide bombings. A13n North Korea’s Kim JongUn lauded the purge of hisuncle but signaled no policychanges in a speech. A13n The last three ethnic Ui-ghur Chinese nationals heldat Guantanamo Bay weretransferred to Slovakia.n The Palestinian ambassa-dor to the Czech Republicdied after what was calledan accidental explosion. A18n An explosion rocked athree-story building inMinneapolis, injuring 14. A3

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F iat will take full controlof Chrysler in a $4.35 bil-

lion deal, ending a standoffthat had clouded the futureof both auto makers. B1nMany of the most lucra-tive investment moves of2013 required going againstthe prevailing wisdom. A1n The Dow rose 72.37 Tues-day to end 2013 at 16576.66,capping the index’s biggestannual rally in 18 years. C3n Puerto Rico is strugglingto convince investors that itis on the path to financialhealth as it grapples withrising borrowing costs. C1nMore private-equityfirms are buying debt of com-panies they took private ifthe buyouts go badly. C1nManufacturing in Chinashowed signs of losing mo-mentum in December, ac-cording to new data. A18n Investors likely will turnup the heat on certain U.S.CEOs, demanding improvedresults in the new year. B1n Tech maverick Cody Wil-son is set to launch softwareaimed at covering the tracksof bitcoin transactions. A1n Apple said it didn’t workwith the NSA to create abackdoor way for the agencyto spy on iPhone users. B3n U.S. energy drillers areseeing less foreign investment,a sign of leaner times for thecash-hungry companies. B2n Revlon will exit its opera-tions in China, in the firstmajor action taken by thecosmetics firm’s new CEO. B3

Business&Finance

Nearly four years after Presi-dent Barack Obama signed hishealth initiative into law, the Af-fordable Care Act is officially re-shaping America’s $2.75 trillionhealth-care system.

A survivor of bare-knuckle po-litical fights, a U.S. SupremeCourt challenge and a technolog-ically disastrous rollout, the lawnow faces a fundamental test:Can its mix of government subsi-dies and market-based competi-tion extend health insurance tomillions of people whose medicalconditions, income level or per-sonal choice left them withoutit?

So far, there are some trou-bling signs. A high proportion ofpeople signing up for new plansare older or have existing healthproblems—and not enough youn-ger, healthier people may bejoining the plans to balance themout and make the plans profit-able.

Early glitches in Health-Care.gov, the federal marketplaceserving 36 states, as well as insome state marketplaces likelydeterred younger customers, saidinsurers and actuaries. Less-healthy shoppers were morelikely to persist and sign up, theysaid.

If the trend continues as 2014enrollment closes at the end ofMarch, insurers in the new mar-ketplaces “will think twice aboutlosing money” and withdrawplans, said Jim O’Connor, an ac-

PleaseturntopageA4

BY CHRISTOPHER WEAVER

HealthSignupFacesNew Test

LONDON—A Ukrainian lawyer namedOlena Tyshchenko traveled to the RoyalCourts of Justice on the afternoon of July 22as a bit player in one of the most complex le-gal dramas ever seen here.

When she left the imposing edifice,though, she unwittingly walked into a star-ring role. Kazakhstan’s state-owned BTABank had sued its former chairman, MukhtarAblyazov, accusing him of embezzlement andfraud on a monumental scale. It had won bil-lions of dollars in damages.

But Mr. Ablyazov, who denied the allega-tions, hadn’t paid. He fled Britain in 2012when he was about to be sentenced for con-tempt of court. BTA was desperate to findhim.

Outside the court that day, Ms. Tysh-chenko hailed a cab. The bank followed her.

Its private detectives trailed her to an of-fice building, then to Heathrow airport. Theywatched her shop in Terminal 5 and get ona late flight to Nice, France, according to anaccount provided by the bank to The WallStreet Journal.

In Nice they saw her get chauffeured toher house in the hills above Cannes, switchcars to a gray Land Rover and, around 2:30a.m., drive south to a villa on the Mediterra-nean coast. At 3:40 a.m., one of the privateeyes spied a figure through a bedroom win-dow, according to the bank’s account.

It was Mr. Ablyazov, the man they hadbeen hunting for a year and a half.

They watched him for six more days, thencalled the French police. Mr. Ablyazov was

arrested on July 31 by a squad of gendarmesdisguised as gardeners.

Today, Mr. Ablyazov resides in a crowdedprison south of Aix-en-Provence, while law-yers and judges debate where he should besent. To Ukraine, Russia or Kazakhstan, eachof which wants him on fraud charges? To theU.K., where he is due to serve a prison sen-tence and from which he fled? Or nowhere atall?

Behind the wrangling is a more vexingquestion: Is Mukhtar Ablyazov a hero or acrook?

Mr. Ablyazov, 50, once was a protégé ofNursultan Nazarbayev, Kazakhstan’s authori-tarian president, trusted enough to be en-ergy minister in a country steeped in oil andgas. Like other members of Kazakhstan’s

PleaseturntopageA14

BY CHARLES FORELLE

KAZAKH CONNECTION

Billions Vanish in Banking Scandal

AUSTIN, Texas—Cody Wilsonrattled lawmakers and law-en-forcement agencies with a plas-tic gun created from a 3-Dprinter, home computer andblueprints he posted online foranyone to download.

Now, the 25-year-old law-school dropout is about tolaunch software aimed at cover-ing the tracks of financial trans-actions made with bitcoin, thevirtual currency that has ex-ploded in popularity among

PleaseturntopageA4

BY DANNY YADRON

TechMaverickSets SightsOn Bitcoin

Toasting the New Year With an Icy Splash

RUNNING START: Hundreds braved the frosty waters of Boston’s Dorchester Bay on New Year’s Day for the annual Polar Plunge. Residents ofNew England and parts of New York are preparing for a winter storm predicted to bring snow and frigid temperatures to much of the region.

JeremiahRo

binson

/Zum

aPress

JOHANNESBURG—As theclock approached midnight onNew Year’s Eve, chaos prevailedon the streets of Hillbrow. Glassbottles were flung at pedestriansfrom the neighborhood’s high-rise buildings. Some residentsset off fireworks from apartmentwindows. Random fistfightserupted.

But there wasno flying furni-ture. As two po-lice vehiclespassed eachother shortly af-ter the New Year began, officersgave each other thumbs up. “It’sa mission accomplished,” saidMajor Gen. Theko Pharasi.

The Hillbrow tradition ofthrowing out old furniture tostart the New Year is hallowedfor some—and hazardous for all.It is now colliding with a driveto gentrify Johannesburg’s

crime-ridden core, prompting apolice crackdown along withangst among some Hillbrow resi-dents.

“You just want to start offfresh for the New Year,” saidBethel Osuagwu, a five-year Hill-brow resident.

The 36-year-old techniciansaid he once put aside useditems, such as a rusty stove, an

old TV set orworn-out clothesto throw off hisbalcony on Dec.31. But risingrents make fur-niture-tossing

unaffordable as well as illegal,and police now patrol in ar-mored vehicles.

The Hillbrow tradition rankedfourth in a poll of the strangestNew Year’s Eve customs, accord-ing to a new survey by social-networking site Badoo.com thatgot 7,200 responses. First place

PleaseturntopageA14

BY JENNY GROSS

This New Year’s Hurling TraditionIs Even Worse Than You Think

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South African Neighborhood CelebratesBy Chucking Furniture From Windows

African Woe

DISPLACED: A woman and childjoined the 180,000 fleeing fightingbetween government and rebelforces in South Sudan. A12

BenCu

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ssociatedPress

A trader who made more than$100 million from a $10 millionbet against gold. A hedge fundthat gained 42% after a bullishwager on stocks. A firm that sawreturns of 48% thanks in part tosoaring Japanese stocks.

These were among the win-ning investors who managed torack up huge gains forecasting ahandful of key shifts in a yearthat vexed many market gurus.

Many of the most lucrative

moves required going againstthe prevailing wisdom, whileothers relied on bold calls aboutthe impact government policymakers would have on shareprices.

Chris Tuohy, a senior traderin the London office of Tudor In-

vestment Corp., a $14 billionhedge-fund firm, was one of thefew to profit from a sharp dropin the price of gold.

Early last year, Mr. Tuohy be-gan buying gold “puts,” or op-tions contracts that pay off if aninvestment falls in price, accord-ing to people close to the firm,even as many gold strategistswere bullish on the preciousmetal.

As investors began dumping

gold-related investments in thespring, Mr. Touhy’s profits piledup. Paul Tudor Jones, Tudor’sfounder, also wagered againstgold, the people said, though hedidn’t make as big a bet as Mr.Tuohy’s.

Mr. Tuohy, a former GoldmanSachs trader, held on to his bear-ish positions through the sum-mer but exited from the tradebefore a further tumble for gold

Pleaseturntothenextpage

By Gregory Zuckerman,Rob Copeland

and Nicole Hong

A Few Brave Investors ScoredHuge, Market-BeatingWins

Contraception rule on hold..... A4 State laws hit hot buttons...... A4

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