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TODAY IN PERSONAL JOURNAL

If This Clutter Could TalkSPORTS Brazil’s Contingency Plan

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What’sNews

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World-Widen Ukraine laid plans for asiege of pro-Russia separat-ists’ remaining bastions, asPutin faced a critical decisionon whether to answer rebelpleas for military help. A1n Thousands who boughtinsurance through the Af-fordable Care Act still don’thave coverage due to enroll-ment-system problems. A1nAshraf Ghani edged closer toAfghanistan’s presidency aftera preliminary vote count, buta crisis over the election’s va-lidity remained unresolved. A6n Political wrangling in Iraqpostponed a parliamentarysession to elect a new govern-ment, but an outcry by politi-cians shortened the delay. A8nMilitants fired nearly 100rockets and mortars fromGaza into Israel, which re-sponded with airstrikes. A9n Pope Francis asked for for-giveness in his first meetingwith victims of sexual abuseby priests since he becamehead of the Catholic Church.A7nMore than 60 Nigerianwomen abducted by Isla-mist militants in June es-caped over the weekend. A8n Scientists have identifiedthe largest flying bird everfound, an ancient glider with awingspan of 21 feet or more. A3n Police arrested the head ofa World Cup hospitality pro-vider, saying he aided scalperswho resold tickets illegally. A7nDied: Eduard Shevardnadze,86, helped steer Soviet Uniontoward détente with West. A7… Alfredo Di Stéfano, 88,Real Madrid soccer legend. D3

i i i

B ig Wall Street bankshave slashed jobs and cut

expenses, but expanding paypackages and rising costs tocomply with regulations haveneutralized those efforts. A1n A series of deals involv-ing Alibaba founder Jack Maare raising red flags withcorporate-governance expertsas the firm prepares its IPO. B1n Goldman Sachs hasstepped up efforts to groomleaders as it broadens thelist of executives who couldeventually run the firm. C1n Tim Cook has been re-fashioning Apple to broadenits focus and make it a morecollaborative partner. B1n Investors are snapping upstocks that offer steady in-come, an endorsement offirms’ health but also a signof worry over the bull run. C1n The Dow dropped 44.05points to 17024.21 as inves-tors took a breather ahead ofthe start of earnings season. C4n Comcast’s purchase ofFreeWheel is stoking fears atmedia firms that it is gather-ing too much influence overthe digital-TV business. B1n Decisions not to installequipment to make shale oilfrom North Dakota safer tohandle are coming back tohaunt the oil industry. B1n Puerto Rico’s power au-thority said it reached agree-ments with banks allowing itto defer certain payments. C4n Archer Daniels Midlandsaid it agreed to buy Swissfood-ingredients companyWild Flavors for $3 billion. B2

Business&Finance

Just weeks after being namedchief executive of the world’s big-gest retailer, Wal-Mart’s Doug Mc-Millon held a meeting with his topexecutives and gave them a home-work assignment: Read “The Ev-erything Store,” the tell-all bookabout Amazon.com Inc. founderJeff Bezos.

It was a surprising order fromthe top of a company that long agodevised one of retail’s most suc-cessful formulas and milked it fornearly half a trillion dollars insales last year. According to thebook, Mr. Bezos himself studiedWal-Mart as he built Amazon, in-ternalizing its credo of acting fastand experimenting often.

But now, with the price gapshrinking betweenWal-Mart Stores Inc. and its com-petitors, the retailing giant faces the double sorrowof sluggish sales and traffic.

In May, the company reported its fifth straightquarter of negative U.S. sales, excluding newly opened

or closed stores, and its sixthstraight quarter of dwindling traf-fic. Wal-Mart’s return on invest-ment dropped to 17% in the yearended Jan. 31, down from 20%seven years ago. The weak resultsled to the lowest levels of bonusesto executives in several years.

The discounter is also doggedby allegations of bribery overseas,and continues to face regulatorychallenges from its nonunionizedworkforce. It has stumbled incountry after country in its at-tempts to expand overseas, evenas it remains a dominant retailingforce in countries like Mexico andCanada.

For Mr. McMillon, who at 47years-old is the youngest CEO tolead the company since founderSam Walton, the problems of the

past are forcing him headlong into the future. Sincetaking the helm in February, Wal-Mart executives sayhe has doled out urgent instructions to acceleratenew store concepts and online strategies in an at-

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BY SHELLY BANJO

RETAILER’S REINVENTION

Wal-Mart Looks to GrowBy Getting Smaller

Big-Box BluesWal-Mart's same-store sales inthe U.S., excluding fuel, changefrom a year earlier

The Wall Street Journal

Source: the company

Note: For fiscal years ending Jan. 31

4

–2

0

2

%

’10 ’11 ’12 ’13 ’142009

Q1 2014: –0.1%

LOS ANGELES—After parkingtheir scooters outside, the actorsgot down to business.

Their production, “Law andDisorder,” is a sendup of thepopular police procedural—re-cast with a team of octogenariancrime fighters.

The studio, Channel 22, is thein-house network at the retire-ment home run by the MotionPicture & Television Fund. It isone studio in Los Angeles whereageism is never an issue.

In fact, some of the actors areabout as old as the film industryitself.

“We need something to do be-cause we’re not really oldenough to collapse or pass outyet,” said Norman Stevens, theshow’s creator, who describeshimself as “80-something.”

Scripts are printed in extra-large type at the MPTF’s retire-ment home, where veterans ofHollywood’s Golden Age spendtheir golden years. The homeserves nearly 200 residents—allof whom worked in the enter-tainment industry.

Channel 22 is the commu-nity’s production house, whereresidents craft short films or TVshows with their contempo-raries; more than 1,300 seg-

ments have been recorded sinceit started about eight years ago.The closed-circuit channel airsthe programs, and some areavailable on YouTube.

Programs include a round-ta-PleaseturntopageA10

BY ERICH SCHWARTZEL

There’s a Whole Lot of Drama at This Retirement Homei i i

Aging Actors Craft Shows Like ‘Law and Disorder’; Better Than Bingo

Norman Stevens

Months after the sign-updeadline, thousands of Ameri-cans who purchased health in-surance through the AffordableCare Act still don’t have cover-age due to problems in enroll-ment systems.

In states including California,Nevada and Massachusetts,which are running their own on-line insurance exchanges, someconsumers picked a private

health plan and paid their pre-miums only to learn recentlythat they aren’t insured.

Others received a policy butthen got married, had a baby oranother “life event” that re-quired their coverage to be up-dated, yet have been waitingmonths for the change to takeeffect.

As a result, some of thesepeople say they have put offmedical treatments or paid outof pocket for health expenses.

Some insurers say they will bereimbursed.

The Obama administrationsaid in April that about eightmillion people had picked healthplans through the AffordableCare Act, using online exchangeswhere they compare prices andsee if they qualify for credits tosubsidize the cost.

Fourteen states built theirown exchanges for 2014 whereresidents shop for policies, whileothers relied on the federal ex-

change, HealthCare.gov. The re-ported problems with policy de-lays have occurred primarily instate-run exchanges.

There are no hard numbers onhow many consumers have expe-rienced coverage issues. Out ofeight million enrollees, the num-ber appears to be a tiny fraction.

Insurance-industry executivessay they believe the percentageof problems is somewhat higherthan with insurance plans notbought through the health ex-

changes, but don’t have any fig-ures.

Some figures have been madepublic. Minnesota said it has abacklog of about 6,500 requestsfor changes due to a life eventwhile Oregon reported about8,200 such requests pending.

In Nevada, about 150 peoplehave joined a lawsuit seekingclass-action status against thatstate’s exchange and XeroxCorp., which helped set up the

Pleaseturntothenextpage

BY STEPHANIE ARMOUR

Newly Insured Face Coverage Gaps

Ukrainian government troops in armored personnel carriers head to the base in Devhenke village, Kharkiv region, in eastern Ukraine on Monday.

EvgeniyMaloletka/A

ssociatedPress

As Ukraine laid plans for asiege of pro-Russia separatists’remaining bastions Monday,Russian President Vladimir Putinfaced a critical decision onwhether to answer rebel pleasfor military help—a move thatcould determine what he gainsor loses following a monthslongconflict that has roiled global

powers.Russia has encouraged and

supported the separatists duringtheir insurgency, but has beenunusually quiet since the Ukrai-nian military forced them to re-treat from their stronghold inSlovyansk on Saturday.

Mr. Putin has publicly ignoredincreasingly desperate appealsby militants to send in thousandsof regular troops he has massedon the border—a force thatwould likely brush asideUkraine’s growing but relatively

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By James Marson in Kiev,Ukraine, and Julian E.Barnes in Washington

PutinIs SilentAs UkraineAdvances

The biggest Wall Streetbanks have slashed tens ofthousands of jobs and prunedall manner of expenses since thefinancial crisis. But expandingpay packages and the rising costof complying with governmentregulations have neutralizedthose efforts.

With revenue pinched by aslowdown in trading and tepidloan demand, profits are comingunder pressure this year.

The squeeze is leading banksto look for new ways to save.

Cost cutting “is somethingthat we need to continue to fo-

cus on and drive because the re-covery…has obviously taken lon-ger than what we all would haveexpected,” Bruce Thompson,chief financial officer of Bank ofAmerica Corp., said at a recentinvestor conference.

Expense control has been atop priority for the banking in-dustry since the financial crisis.In 2011, Bank of America prom-ised to cut costs aggressively aspart of what it dubbed “ProjectNew BAC.” This year, J.P. Mor-gan Chase & Co. Chief ExecutiveJames Dimon promised in hisannual shareholder letter to re-main “extremely vigilant on ex-

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BY ANDREW R. JOHNSON

Wall Street’s CutbacksFail to TameRising Costs

Call1-800-iShares for a prospectus, which includes investment objectives, risks, fees, expensesand other information you should read and consider carefully before investing. Risk includesloss of principal. Diversification may not protect against market risk or loss of principal. Transactionsin shares of ETFs will result in brokerage commissions and will generate tax consequences. All regulatedinvestment companies are obliged to distribute portfolio gains to shareholders. The iShares Funds arenot sponsored, endorsed, issued, sold or promoted by S&P Dow Jones Indices LLC nor does this companymake any representation regarding the advisability of investing in the Fund. BlackRock is not affiliatedwith the company named above. Distributed by BlackRock Investments, LLC. ©2014 BlackRock, Inc. Allrights reserved. iSHARES and BLACKROCK are trademarks of BlackRock, Inc. iS-12264-0414

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