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February 7, 2013
Obama looks to delay spending cuts through
short-term deal

President Barack Obama is pushing for a short-term agreement to put off sequestration cuts scheduled to take effect March 1. "Our economy right now is headed in the right direction and it will stay that way as long as there aren't any more self-inflicted wounds coming out of Washington," he said. CNN (2/6) LinkedInFacebookTwitterEmail this Story
News Roundup:  GOP considers a spending bill below $1 trillion  (More stories below ...)

Surveys & Studies:  States lost money because of offshore tax avoidance, study says  (More stories below ...)

  News Roundup 
  • GOP considers a spending bill below $1 trillion
    The Republican-controlled House might pass a continuing resolution that would set federal spending for the current fiscal year at $974 billion. The continuing resolution would take effect if legislation funding the federal government runs out before new spending legislation is passed. The Senate would likely oppose a continuing resolution that includes steep budget cuts. Bloomberg (2/5) LinkedInFacebookTwitterEmail this Story
  • Chief of Japan's central bank will step down early
    Masaaki Shirakawa, governor of the Bank of Japan, has announced that he will step down three weeks before the end of his term. Shirakawa, who has been criticized for being too passive in combating deflation, is expected to be succeeded by someone with more aggressive monetary policies. The New York Times (2/5) LinkedInFacebookTwitterEmail this Story
  • France calls for currency intervention
    French President Francois Hollande this week urged the European Parliament to set a medium-term exchange rate for its currency, arguing that a strong euro risks hurting exporters and France's efforts toward financial recovery. Germany opposes Hollande's view, insisting that the eurozone should not intervene in currency movements. Reuters (2/5) LinkedInFacebookTwitterEmail this Story
  • UBS to pay Libor fine with money cut from bonuses
    UBS has cut its bonus pool for investment bankers by a third in order to pay its $1.5 billion Libor fine. Financial Times (2/5) LinkedInFacebookTwitterEmail this Story
  • China looks to maintain liquidity of money market
    China's money markets this week received $72 billion from the central bank, which is looking to maintain liquidity ahead of the Chinese New Year holiday. Financial Times (2/5) LinkedInFacebookTwitterEmail this Story
  Surveys & Studies 
  • States lost money because of offshore tax avoidance, study says
    Offshore tax avoidance cost state governments nearly $40 billion in 2011, according to a study by the U.S. Public Interest Research Group. The majority of lost money was from corporations, which avoided taxes by moving profits overseas. Bloomberg (2/5) LinkedInFacebookTwitterEmail this Story
  • Analysis: The eurozone is slowly recovering
    The eurozone's economy is recovering, but the divide between its two biggest members, Germany and France, is widening, according to Markit's Eurozone Composite PMI. The index increased for the third straight month in January to a 10-month high of 48.6. Germany's PMI increased, while France's decreased to its lowest level in four years. Reuters (2/5) LinkedInFacebookTwitterEmail this Story
  • Service industries gain momentum
    Service industries are expanding and hiring more workers in spite of the budget battle in Washington. The Institute for Supply Management's nonmanufacturing index was 55.2 in January; any reading above 50 indicates expansion. Bloomberg (2/5) LinkedInFacebookTwitterEmail this Story
  • Dell deal may foreshadow more LBOs
    Private-equity firms may be encouraged to pursue more mergers and acquisitions after the leveraged buyout of computer-maker Dell. M&A volume shrank last year. Record-low borrowing costs in junk-bond markets may help spur more leveraged buyouts. Bloomberg (2/5) LinkedInFacebookTwitterEmail this Story
  SmartQuote 
I've learned that people will forget what you said, people will forget what you did, but people will never forget how you made them feel."
--Maya Angelou,
American author and poet


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