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Chesapeake, Bank of New York, square off in bond trial

By Bernard Vaughan NEW YORK (Reuters) - Chesapeake Energy Corp <CHK.N> began an expedited trial on Tuesday against Bank of New York Mellon Corp <BK.N> over the energy company's effort to redeem $1.3 billion (852 million pounds) of notes at par. The proceeding in Manhattan federal court comes less than two months after Chesapeake sued the bank, the trustee for the bonds, seeking to prevent it from interfering with the redemption.

HSBC says to cut headcount by more than 1,000

HSBC on Tuesday said it planned a net reduction of 1,149 British jobs under a shake-up of the global bank's division that deals with high-depositing investors. "HSBC is today proposing changes within its UK business which will lead to a potential reduction of 1,149 roles," the British bank said in a statement.

Moody's sees pick-up in pharmaceutical industry M&A in 2013

LONDON (Reuters) - Cash-rich drug companies are likely to make more acquisitions in 2013 after a thin year for deals in 2012, ratings agency Moody's Investors Service said on Tuesday. In an review of the global sector reiterating a "stable" outlook, Moody's said leading companies such as Roche <ROG.VX>, Pfizer <PFE.N> and Novartis <NOVN.VX> had deleveraged after big deals three or four years ago and could start shopping again.

Spain's Indra inks power deal with Petrobras

Rio de Janeiro, Apr 22 (EFE).- Spain's Indra, a leading provider of technology products in Europe and Latin America, said Monday it won a contract to supply Brazilian oil giant Petrobras with systems for managing and operating its thermal power plants. "Petrobras will adopt the inGEN system in order to standardize scheduling and operating procedures in real time between the energy operations center (COE) and the company's power plants, as well as communications with the National Electrical System Operator (ONS)," Indra said in a statement.

HSBC chairman warns poorer customers could lose out

LONDON (Reuters) - HSBC's Chairman Douglas Flint has warned less well-off customers could lose access to basic financial services if lenders are overburdened by unnecessary regulation. "I do worry that we are beginning to see the industry move towards serving higher net worth individuals and moving away from the bottom of society," Flint told the City Week banking conference. UK Banks have argued that new rules introduced by Britain's financial regulator in January have made it too expensive to offer advice to many customers.

Halliburton in Gulf spill settlement talks, stock jumps

By Braden Reddall and Kathy Finn (Reuters) - Halliburton Co is in "advanced" talks to settle private claims against it in a trial to determine blame for the 2010 Gulf of Mexico spill, the oilfield services company said on Monday, as it booked a $1 billion (654 million pounds) pre-tax charge for a possible deal.

Analysis - BP's legal gamble may trim spill bill by billions

By Kathy Finn and Braden Reddall NEW ORLEANS/SAN FRANCISCO (Reuters) - BP Plc's attempt to get a U.S. federal court to pin at least a sizeable amount of the blame for the Deepwater Horizon disaster on other companies may have saved it billions of dollars. After failing to settle claims from the 2010 Gulf of Mexico spill through negotiations, the British oil company opted in February to go to trial with plaintiffs ranging from small businesses to the U.S. government over the damages it will face.

HSBC reviewing Iraq ops, continues Egypt investment -executive

DUBAI (Reuters) - HSBC Holdings <HSBA.L> is reviewing its operations in Iraq while continuing to invest in Egypt despite a challenging near-term environment there, the bank's regional chief executive said on Sunday. "In terms of Iraq, it's a market that we will continue to review," Simon Cooper, chief executive for the Middle East and North Africa, told reporters at a media event in Dubai. He did not elaborate and declined to comment when asked for clarification.

Former Chesapeake CEO McClendon keeps use of company jet

NEW YORK (Reuters) - Chesapeake Energy Corp's <CHK.N> former Chief Executive Officer, Aubrey McClendon, will use the company's aircraft for free through 2016 after departing in the wake of a governance crisis and a liquidity crunch caused by heavy spending on oil and gas properties. According to the company's proxy statement filed with regulators on Friday, Chesapeake also altered the terms of McClendon's non-competition clause in his employment agreement to allow him to buy land near where the company operates.

GE trims profit outlook, raising concerns on Wall Street

By Ernest Scheyder (Reuters) - General Electric Co <GE.N> cut the profit growth estimate for its core industrial businesses on Friday, citing weakness in Europe and sliding wind turbine sales, unnerving Wall Street and pushing its stock down in morning trading. The world's biggest maker of jet engines and electric turbines now expects industrial profit to rise by high single digits to double digits this year. Previously it had forecast double-digit growth.
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