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YELLOW ****** WEDNESDAY, FEBRUARY 25, 2015 ~ VOL. CCLXV NO. 45 WSJ.com HHHH $3.00 DJIA 18209.19 À 92.35 0.5% NASDAQ 4968.12 À 0.1% NIKKEI 18603.48 À 0.7% STOXX 600 387.25 À 0.6% 10-YR. TREAS. À 20/32 , yield 1.987% OIL $49.28 g $0.17 GOLD $1,196.90 g $3.40 EURO $1.1341 YEN 118.98 | CONTENTS Arts in Review.......... D5 Business News B1-3,6,8 Global Finance............ C3 Heard on the Street C12 Home & Digital ..... D1-3 In the Markets........... C4 Opinion................... A11-13 Property Report.. C6-8 Sports.............................. D6 Technology................ B1,4 U.S. News................. A2-6 Weather Watch........ B8 World News..... A7-9,14 s Copyright 2015 Dow Jones & Company. All Rights Reserved > What’s News Eurozone finance chiefs approved a four-month ex- tension of Greece’s bailout amid doubts Athens would follow creditors’ orders. A1 Obama vetoed legislation that would have approved the Keystone pipeline, a proj- ect that is a GOP priority. A3 Ukraine said it would buy weapons from the U.A.E., by- passing the West’s reluctance to provide arms for Kiev. A8 Senate leader McConnell of- fered to bring up a DHS funding bill that doesn’t block Obama’s immigration policies. A4 The IRS won’t collect addi- tional taxes from people who filed returns using an incor- rect health-exchange form. A3 An Afghan probe of a fuel deal has raised suspicions of possible rigged bidding. A7 Pakistan’s ex-leader said Kabul must share power with the Taliban if it wants peace. A7 Chicago Mayor Emanuel fell short of a majority needed to win re-election, forcing him into an April runoff. A2 A Texas jury convicted a former Marine in the shooting death of “American Sniper” Chris Kyle and another man. A6 The government said it wouldn’t charge the shooter in Trayvon Martin’s death. A6 The Yemeni leader forced to step down last month is seeking to reclaim power. A14 Islamic State has seized Christian villages in Syria and kidnapped civilians. A14 Died: Donald Keough, 88, former president of Coke. B8 Y ellen signaled that the Fed is on track to raise rates later this year in testimony to lawmakers that reflected opti- mism about the economy. A1 The Dow rose on the re- marks, closing up 92.35 at a re- cord 18209.19. The S&P 500 and Russell 2000 hit new highs. C4 J.P. Morgan unveiled cost cuts and plans to shed as much as $100 billion in de- posits, even as Dimon rebuffed calls to break up the bank. C1 The bank is in talks with the U.S. government in a probe of whether lenders are prevent- ing bias by auto leaders. C2 EU policy makers are draft- ing data-privacy rules that they hope will set a standard for Internet commerce. B1 Southwest took 128 jets out of service after telling the FAA it missed required inspections on certain rudder systems. B1 A top EU regulator said he would press the U.S. to change a rule that forces foreign banks to hold extra capital. C2 Sony Pictures named Tom Rothman to succeed Amy Pas- cal as its movie chief. B1 Cushman & Wakefield is up for sale. Analysts say the real- estate services firm could fetch as much as $2 billion. C1 Britain’s FTSE 100 closed at a record 6949.63, surpass- ing a peak set in 1999. C1 Regulators are scrutinizing CIBC’s acquisitions after fault- ing its risk management. C1 Several oil firms are com- plaining that pipeline company Enterprise is trying to domi- nate the export business. B2 Business & Finance World-Wide BRUSSELS—Doubts over the willingness of Greece’s left-wing government to follow its credi- tors’ orders on budget cuts and economic overhauls spilled into the open Tuesday, even as euro- zone finance ministers approved a four-month extension to the country’s bailout. The deal with the eurozone and the International Monetary Fund removes the immediate threat of a run on the country’s banks, following several weeks of big withdrawals by deposi- tors. The extension of the €240 billion ($273 billion) rescue package until the end of June staves off the need for controls to stem the flight of money from the country that, in a worst case, could have signaled Greece’s ex- pulsion from Europe’s currency bloc. Yields on Greek bonds dropped sharply after the exten- sion was granted, while shares on the country’s stock market jumped. Athens’s main stock ex- change closed almost 10% higher, primarily led by banks. Interest rates on Greek debt maturing between 2017 and 2019 fell by as much as four percentage points. But questions were raised by some of Greece’s creditors— most notably the IMF—over the measures that the government proposed to secure the bailout extension, exposing new cracks among the countries and institu- tions that have kept the nation afloat for nearly five years. The legislation that Alexis Tsipras, Greece’s young prime minister, must implement to ad- dress these concerns—and get new rescue money—will test his coalition and the voters who swept him into power last month. “Greece has won a few weeks,” said a senior Finance Please see GREECE page A8 BY GABRIELE STEINHAUSER Doubts Shadow Greek Bailout Federal Reserve Chairwoman Janet Yellen, sounding upbeat about the economy, laid the groundwork for interest-rate in- creases later this year. “The employment situation in the United States has been im- proving on many dimensions,” Ms. Yellen told the Senate Bank- ing Committee on Tuesday, her first of two days of semiannual testimony before lawmakers. Spending and production had in- creased at a “solid rate,” she added, and should remain strong enough to keep bringing unem- ployment down. If the economy continues to strengthen as the Fed anticipates and officials become more confi- dent that low inflation will rise toward their 2% goal, she said, the central bank “will at some point begin considering an increase in the target range for the federal funds rate.” With that assessment, Ms. Yel- len took an incremental step, shifting the central bank away from promises that interest rates will stay low and toward a discus- sion of when and how fast they will move up. Her comments before the Sen- ate panel signaled the Fed still doesn’t expect to raise its bench- mark short-term rate from near zero at its March or April meet- ings. Many Fed officials have said in recent weeks that a midyear rate increase should be on the ta- ble, though not certain. Ms. Yellen sought to put the Fed’s shifting pronouncements about rates into perspective. In December, the Fed said it would be “patient” before raising rates, its first official acknowledg- ment in years that borrowing costs could rise. Ms. Yellen said then that patient meant liftoff wouldn’t come at the next two Fed policy meetings, an assurance that a move wasn’t yet near. She repeated the promise of patience Tuesday, but this time she broached the idea of moving be- Please see YELLEN page A2 BY JON HILSENRATH Yellen Puts Fed on Path to Lift Rates Low inflation a concern, but economic growth and job gains argue for a move later this year Bloodshed as Venezuela’s President Cracks Down Carlos Eduardo Ramirez/Reuters OPPOSITION: A demonstrator gestures at police after a student was killed amid antigovernment protests in San Cristóbal on Tuesday. A9 Chipotle’s Recipe How it juggles mass-produced and handmade PERSONAL JOURNAL | D1 William A. Galston ‘Love of Country’ Means What? OPINION | A11 Falling prices of cows and the rising cost of diapers in Chad have turned the tide in neighbor- ing Nigeria’s six-year war with Boko Haram. Rampaging through north- eastern Nigeria and attacking neighboring Cameroon in Janu- ary, Islamist militants squeezed paths used by herdsmen who walk one of Chad’s main ex- ports—cattle—to market in Nige- ria. Boko Haram also choked off the flow of manufactured goods into Chad’s capital, N’Djamena. Prices for everyday imports like plastic tubs have skyrocketed. The smothering of trade routes signaled a call to arms for Chad, Nigeria’s landlocked and poorer neighbor. Now its army— Please see CHAD page A9 By Michael M. Phillips in N’Djamena, Chad, and Drew Hinshaw in Abuja, Nigeria Nigeria’s Neighbor Deals a Blow To Terrorists Seeds of Discontent in Oklahoma: Is the State Vegetable Really a Fruit? i i i Watermelon crops up as wedge issue, with some calling for repeal; cucumber’s cousin Oklahoma lawmakers this year are confronting some difficult is- sues: health care, public school financing and whether water- melon should remain the state vegetable. Since 2007, the Sooner State has be- stowed the wa- termelon with that official des- ignation. But state Sen. Nathan Dahm, a Republican, is out to change that, pointing out the obvious. “Most people think of it as a fruit,” says Mr. Dahm, who adds that he is known as “the repealer guy” for his targeting of ques- tionable laws in Oklahoma. Mr. Dahm’s watermelon inqui- sition is regarded as common sense by some in the state capi- tol. But others hint that there may be darker political motives behind his campaign. The former legislator who championed the watermelon as Oklahoma’s state vegetable, Joe Dorman, was the Demo- cratic nominee for governor last year. He lost handily to incumbent GOP Gov. Mary Fallin and is now out of office. Mr. Dorman says that when he heard of Mr. Dahm’s efforts to repeal the wa- termelon designation, he imme- diately worried it was an act of political payback. “I hope it has nothing to do with politics,” he says. Mr. Dorman represented Rush Please see MELON page A10 BY NATHAN KOPPEL Watermelons JOBS AND THE CLEVER ROBOT Experts rethink belief that tech lifts employment as machines take on skills once thought uniquely human CAMBRIDGE, Mass.—Economist Erik Brynjolfs- son had long dismissed fears that automation would soon devour jobs that required the uniquely human skills of judgment and dexterity. Many of his colleagues at the Massachusetts Institute of Technology, where a big chunk of to- morrow’s technology is conceived and built, have spent their careers trying to prove such machines are within reach. When Google Inc. announced in 2010 that a specially equipped fleet of driverless Toyota Prius cars had safely traveled more than 1,000 miles of U.S. roads, Mr. Brynjolfsson realized he might be wrong. “Something had changed,” Mr. Brynjolfsson said, recalling his astonishment at machines navi- gating the many unpredictable moments that face drivers. From steam engines to robotic welders and ATMs, technology has long displaced humans— always creating new, often higher-skill jobs in its wake. But recent advances—everything from driver- less cars to computers that can read human facial expressions—have pushed experts like Mr. Bryn- jolfsson to look anew at the changes automation will bring to the labor force as robots wiggle their way into higher reaches of the workplace. They wonder if automation technology is near a tipping point, when machines finally master traits that have kept human workers irreplace- able. “It’s gotten easier to substitute machines for many kinds of labor. We should be able to have a lot more wealth with less labor,” Mr. Brynjolfsson said. “But it could happen that there are people who want to work but can’t.” In the Australian Outback, for example, mining giant Rio Tinto uses self-driving trucks and drills Please see ROBOTS page A10 BY TIMOTHY AEPPEL THE WALL STREET JOURNAL. Source: International Federation of Robotics Note: 2014 and later are projections. 300 0 50 100 150 200 250 thousand 1995 2000 ’05 ’10 ’15 Adding Machines World-wide industrial robot installations Stocks hit records........................ C4 Heard on the Street.................. C12 EU deflation threat increases... 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