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30 January 2013
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  • Chesapeake Energy CEO McClendon will step down
    Aubrey McClendon, CEO and co-founder of Chesapeake Energy, the second-biggest producer of natural gas in the U.S., will step down April 1. The company's share price rose 11% after his planned departure was made public. The company said it is investigating McClendon's financial matters, including his involvement in Chesapeake's Founder Well Participation Program. Forbes (29 Jan.), CNBC (29 Jan.) LinkedInFacebookTwitterEmail this Story
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  Market Activity 
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  Economics 
  • No plan in sight to avert deep spending cuts in U.S.
    Severe, across-the-board U.S. government spending cuts are set to automatically take effect March 1 and lawmakers of both parties said there is little hope of averting them. Military spending will take a big hit, and some of the Pentagon's most vocal advocates are resigned to seeing the cuts implemented for now. The Washington Post (29 Jan.) LinkedInFacebookTwitterEmail this Story
  • Strategist: Economy is in better shape than reported
    While it may not be apparent from news reports, the fundamentals underlying the U.S. economy look remarkably good, Greg Valliere, Potomac Group's chief political strategist, said at the Financial Services Institute's OneVoice 2013 conference in San Diego. Unemployment is set to fall to 7% by year's end, gross domestic product likely will rise 2.5% in the second quarter, there isn't a hint of inflation and interest rates are low, he said. WealthManagement.com (U.S.) (29 Jan.) LinkedInFacebookTwitterEmail this Story
  • Japanese banks expand corporate lending in U.S. and Europe
    Banks in Japan are increasingly stepping in to satisfy loan demand by U.S. and European businesses. The Bank for International Settlement says Japan is steadily increasing its share of global lending, accounting for about 10%, compared with 6% shortly before Lehman Brothers Holdings collapsed in 2008. The Wall Street Journal (29 Jan.) LinkedInFacebookTwitterEmail this Story
  • Analysis: Cameron's EU referendum gambles with U.K. economy
    U.K. Prime Minister David Cameron is gambling unnecessarily with the economy by proposing a referendum on whether to leave the EU, according to The Economist. "Business is, by and large, horrified by the prospect that Britain might leave. ... The threat of an exit as soon as 2017 is likely to discourage multinational companies from investing in Britain," the magazine notes. The Economist (tiered subscription model) (26 Jan.) LinkedInFacebookTwitterEmail this Story
  • Advisers gain business amid tougher retirement-plan rules
    Recent moves by the U.S. Labor Department to strengthen rules governing employer-sponsored retirement plans are bringing business to financial advisers, according to a white paper by Broadridge Financial Solutions. Employers are seeking out advisers who can help them understand and comply with the requirements. Many small-business owners are demanding that advisers assume fiduciary duty when they work on retirement plans, the paper says. InvestmentNews (free registration) (28 Jan.) LinkedInFacebookTwitterEmail this Story
CFA Institute: Global Investment Risk Symposium
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  Geopolitical/Regulatory 
  • FERC suggests $470M fine against Barclays
    The Federal Energy Regulatory Commission recommended fining Barclays $470 million and sending the case on possible manipulation of the energy market to U.S. court. The fine would be the biggest in FERC's history. "If the FERC proceeds, we intend to vigorously defend this matter in federal court," Barclays spokesman Mark Lane said. The Wall Street Journal (29 Jan.) LinkedInFacebookTwitterEmail this Story
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  Financial Products 
  • IShares readies 8 target-maturity bond ETFs
    IShares filed with the Securities and Exchange Commission for authorization to offer eight passively managed exchange-traded bond funds maturing in a specified year. Four of the ETFs would buy multisector investment-grade bonds maturing in 2016, 2018, 2020 or 2023. The remaining funds would acquire financial-sector bonds due in 2016, 2018, 2020 or 2023. Morningstar (28 Jan.) LinkedInFacebookTwitterEmail this Story
  Ethics 
  • BP's $4B plea deal in rig explosion gains court approval
    U.S. District Judge Sarah Vance accepted a plea agreement between BP and the government regarding the 2010 explosion of the Deepwater Horizon drilling rig. The agreement requires BP to pay $4 billion to settle criminal charges. The oil company pleaded guilty to 11 counts of felony manslaughter, one count of felony obstruction of Congress and a long list of violations of environmental law. The Times-Picayune (New Orleans) (30 Jan.), BBC (29 Jan.) LinkedInFacebookTwitterEmail this Story
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