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Bring on 2015—We’re ReadyAnd Hopeful

n The dollar rallied, risingto its highest level against ma-jor currencies since Septem-ber 2003, as investors bet onstrong U.S. growth comparedwith the rest of the world. A1n Pimco disclosed a sharprise in outflows from its flag-ship fund, as the bond man-ager continues to grapplewith Bill Gross’s departure. B1n The trustee unwindingLehman struck a deal withPimco to settle more than$187 million in claims. B2n The ISM’s purchasingman-agers index slipped last month,but the average PMI for 2014bodes well for U.S. factories.A2n The share of Americansunder 30 who own busi-nesses hit a 24-year-low, re-flecting low risk tolerance. A1n U.S. stocks ended mixedFriday, with the Dow indus-trials eking out a gain on thefirst trading day of 2015. B5n Oil prices slid to more-than-five-year lows on weakChinese economic data andreports of higher output. B5n U.S. ethanol makers arebracing for a drop in earn-ings as crude-oil prices falland corn prices rise. B4n The FCC plans to vote inFebruary on new rules for howbroadband providers treattraffic on their networks. B3n Linn Energy and Breit-burn Energy Partners areslashing shareholder payoutsand capital spending. B1

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The U.S. leveled sanctionsagainst North Korea’s

arms industry in retaliationfor Pyongyang’s allegedhacking of Sony Pictures. A1n Italy’s coast guard res-cued a cargo ship packed withhundreds of Syrian refugees,the latest “ghost ship” to beabandoned by its crew. A5nFour people in a fishing boatfrom Pakistan allegedly carry-ing explosives died after a clashwith India’s coast guard. A6n Former Greek PrimeMin-ister Papandreou has formed anew political party three weeksbefore a snap election. A5n Detroit’s bankruptcy hasresulted in a windfall of nearly$178 million for lawyers, con-sultants and other advisers. B2n Pope Francis is likely tolook to the developing worldas he seeks to reshape theRoman Catholic hierarchy. A5n A federal judge cleared theway for same-sex couples inFlorida to begin marrying. A3n China dismissed a seniordiplomat as President Xi’s an-tigraft campaign widens. A6n Sweden boosted securityaround mosques after threesuspected arson attacks. A7n Israeli settlers pelted aU.S. Consulate vehicle withrocks in the West Bank. A8n A fire at Libya’s largest oilport was put out after burn-ing for more than a week. A8

HONOLULU—The Obama ad-ministration renewed a U.S.campaign of financial pressureagainst North Korea, imposingsanctions against the country’slucrative arms industry inwhat American officials saidwas a first step in retaliationfor Pyongyang’s alleged cyber-attack on Sony Pictures Enter-tainment.

President Barack Obamasigned an executive order onFriday widening his authorityto further punish a countrythat is already the world’smost isolated. The move re-turns the U.S. to a posture ofopen hostility with its oldestremaining Cold War adversaryafter the American leader lastmonth initiated a détente withCuba.

Treasury Secretary JacobLew said the moves were de-signed to “further isolate keyNorth Korean entities and dis-rupt the activities of close to adozen critical North Koreanoperatives.” He said the U.S.would defend its businessesand citizens from “attempts toundermine our values orthreaten the national securityof the United States.”

The new moves come de-spite lingering questions overwhether North Korea was be-hind the November attack byhackers who released thou-sands of embarrassing internalemails and threatened Sept. 11-like attacks on movie theatersif the studio released “The In-terview,” a comedy about theassassination of North Korea’sleader Kim Jong Un. TheObama administration has dis-counted those attacks.

Some nongovernmental cy-bersecurity experts have chal-lenged the U.S. conclusion thatNorth Korea was behind thehacking, arguing the attackwould make more sense as thework of an aggrieved formerSony employee. Some securityresearchers not involved in theSony probe argue the govern-ment didn’t prove its case.

However, the White Househas stood by the Federal Bu-reau of Investigation’s assess-ment. “We remain very confi-dent in the attribution,” anadministration official saidFriday during a conference callwith reporters.

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BY CAROL E. LEEAND JAY SOLOMON

NorthKoreanArmsDealersTargeted

Investors snapped up dollars,pushing the greenback to itshighest level against major cur-rencies since September 2003,as they ramped up bets the U.S.economy will pull ahead of therest of the world, with the Fed-eral Reserve in the driver’s seat.

But as the value of the dollarrises against the currencies ofsome of the country’s biggest

trading partners, so do the risksto America’s manufacturing andtourism sectors and to broaderfinancial markets, economistsand industry officials say. An-other worry: The dollar’s gainreflects concerns about weak-ness in China, Europe and Japanthat could become a drag on U.S.growth.

The WSJ Dollar Index, whichtracks the U.S. dollar’s perfor-mance against 16 other curren-cies, opened the year on Friday

with a 0.8% rise. That gainbuilds on a 12% rally in 2014 thatbolstered the allure of U.S.stocks and bonds.

Propelling the rally is antici-pation of the Fed’s first interest-rate increase in almost a decade,a move widely expected to comethis year. The Fed is preparing toraise rates from near zero amidsteady improvement in the U.S.economy and labor market sincethe financial crisis.

The Fed is poised to tighten

credit just as other central banks,such as the European CentralBank, are weighing expansions ofeasy-money policies. Higherbenchmark interest rates tend toboost a currency as investors,searching for bigger returns, con-vert cash into that currency.

“U.S. economic outperfor-mance is at the forefront of thisrally,” said Alan Ruskin, head ofG-10 foreign exchange strategyat Deutsche Bank in New York.

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BY IRA IOSEBASHVILIAND IAN TALLEY

Dollar Hits an 11-Year HighRisks Rise for Manufacturing and Tourism as U.S. Becomes More Expensive

MerlijnDoomernikforTh

eWallS

treetJournal

EndangeredSpecies:The YoungEntrepreneur

ARNHEM, Netherlands—Two dozen scruffyskateboarders launched perilous jumps in a soaringold church building here on a recent night, watchedover by a mosaic likeness of Jesus and a solemn ar-ray of stone saints.

This is the Arnhem Skate Hall, an uneasy rein-carnation of the Church of St. Joseph, which oncerang with the prayers of nearly 1,000 worshipers.

It is one of hundreds of churches, closed orthreatened by plunging membership, that pose aquestion for communities, and even governments,across Western Europe: What to do with once-holy,now-empty buildings that increasingly mark thecountryside from Britain to Denmark?

The Skate Hall may not last long. The once-stately church is streaked with water damage andbadly needs repair; the city sends the skaters taxbills; and the Roman Catholic Church, which stillowns the building, is trying to sell it at a price theycan’t afford.

“We’re in no-man’s-land,” says Collin Versteegh,

BY NAFTALI BENDAVID

NEW MISSION

Europe’s Empty Churches Go on Sale

The share of people under age30 who own private businesseshas reached a 24-year-low, ac-cording to new data, underscor-ing financial challenges and alow tolerance for risk amongyoung Americans.

Roughly 3.6% of householdsheaded by adults younger than30 owned stakes in private com-panies, according to an analysisby The Wall Street Journal of re-cently released Federal Reservedata from 2013. That compareswith 10.6% in 1989—when thecentral bank began collectingstandard data on Americans’ in-comes and net worth—and 6.1%in 2010.

The Journal’s findings runcounter to the widely held stere-otype of 20-somethings as entre-preneurial risk-takers. The sharpdecline in business ownershipamong young adults, even whentaking into account the agingpopulation, adds to worries

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BY RUTH SIMONAND CAELAINN BARR

the youthful 46-year-old who runs the operation,rolling cigarettes between denouncing local politi-cians. “We have no room to maneuver anywhere.”

The Skate Hall’s plight is replicated across acontinent that long nurtured Christianity but is be-coming relentlessly secular.

The closing of Europe’s churches reflects therapid weakening of the faith in Europe, a phenome-non that is painful to both worshipers and otherswho see religion as a unifying factor in a disparatesociety.

“In these little towns, you have a cafe, a churchand a few houses—and that is the village,” says Lil-ian Grootswagers, an activist who fought to savethe church in her Dutch town. “If the church isabandoned, we will have a huge change in ourcountry.”

Trends for other religions in Europe haven’tmatched those for Christianity. Orthodox Judaism,which is predominant in Europe, has held relativelysteady. Islam, meanwhile, has grown amid immi-gration from Muslim countries in Africa and the

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AirAsia Recovery Effort Speeds Up

DarrenWhiteside/R

euters

The former Roman Catholic Church of St. Joseph in Arnhem, Netherlands, one of hundreds of decommissioned churches, was turned into a skate park.

WHITE COFFINS: Men in military formation carried remains of AirAsiaFlight 8501 victims to a waiting plane on Friday. Thirty bodies havebeen recovered so far, with searchers helped by better weather. A7

Source: Pew Research CenterThe Wall Street Journal

No CongregationPercentage of population whosay they are unaffiliated withany religion, 2010

Brazil

China

France

Germany

Italy

Netherlands

Nigeria

U.K.

U.S.

7.9%

52.2

28.0

24.7

12.4

42.1

0.4

21.3

16.4

Quickest Plays in Pro FootballMay Come from the DJ

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Audio Engineer Scores Pop-Music Interludes;Orange Crush, Black Cat

In December, in an NFL gametelevised by NBC’s “Sunday NightFootball,” San Diego Charger Dar-rell Stuckey scooped up a fumbleby the New England Patriots andtook it 53 yards for a touchdown.

After the extra point waskicked, the broadcast seguedto a commercial with re-plays of the fumble andMr.Stuckey celebrating witha kiss to the heavens.Those images wereaccompanied by aninteresting bit ofbackground music: therock riff that opens“Cryin’,” a 1993 hitby the Boston-bredband Aerosmith.

Crying is justwhat New Englandfans felt like doing at that mo-ment, of course, and the brief ref-erence was no accident.

“Sunday Night Football,”whosecrew will air a playoff game to-night and the Super Bowl in Feb-ruary, has all the traditional trap-pings of an NFL broadcast: active

graphics, a martial theme songand a glitzy opening number. Butproducers of the show also caterto a hipper demographic with sub-tle pop- and indie-music refer-ences that spice up the transitionsto commercial breaks.

Much of themusic playedduring those

“bumpers”—as the 10-to 15-second segues are

known in the broadcastingindustry—is carefully chosen,even if the connection to thegame isn’t immediately obvi-ous. The snippets are nearlyalways from the instrumen-

tal portions of the songs—nolyrics—which can make it more

challenging to identify the artistand the title of the tune.

During a 2013 broadcastfrom Denver, the show

played a snippet of the R.E.M.song “Orange Crush” following agoal-line stand by the orange-suited Denver Broncos, and a bit ofMaroon 5’s “Harder to Breathe”over video of a lineman using anoxygen mask to augment the thin

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BY TOM MCGINTY

Darrell Stuckey

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