2012 was a year of change and turmoil within the business and political arenas – from the ongoing sagas of the Eurozone crisis and Libor scandal, to the first year in the life of the world’s newest nation, South Sudan. Discover some of Reuters outstanding investigative journalism and coverage of international events that made the news.
Chesapeake energy series
For years, not even the largest shareholders of Chesapeake Energy Corp knew its CEO’s secrets. Aubrey K. McClendon, who had founded the nation’s second-largest natural gas producer and served as chairman and chief executive, had taken out more than $1 billion in personal loans in exchange for pledging his share of company wells. What’s more, he had been quietly operating a$200 million hedge fund from inside Chesapeake headquarters. Both matters were exposed in an extensive series of Special Reports and scoops. As a result, Chesapeake board members stripped McClendon of his chairmanship, the IRS and Securities and Exchange Commission opened inquiries, and the price of Chesapeake stock tumbled.
Reuters has led the Greek debt story this year with a series of major scoops and special reports. Our reporting exposed a series of conflicts of interest, interconnected loans and payoffs that had not been disclosed to investors, highlighted by auditors or investigated by regulators. Our coverage has been spoken about in the Greek parliament and formed the basis of debates on Greek television.
In a gripping four-part serial narrative, Reuters reconstructed the making of the so-called new face of terrorism – Colleen LaRose, the blonde-haired, green-eyed, American-born woman who went by the nickname Jihad Jane. Based on our months-long review of confidential investigative documents and interviews with sources in Europe and the United States — including the first and only interview with Jihad Jane herself – our series of Special Reports revealed a far less menacing and, in some ways, more preposterous undertaking than what the U.S. government asserted. Indeed, at almost every turn LaRose and her accomplices bungled their plot to kill the Swedish artist Lars Vilks, Reuters found. (more…)
Yesterday, Standard & Poor’s raised Greece’s sovereign credit rating to B-minus with a stable outlook from selective default, citing Europe’s efforts to keep the country part of the euro. Today’s graphic shows the credit ratings for the US, Japan and the euro zone.
Greece’s parliament overcame divisions today to defeat an early challenge to an austerity package needed to secure vital international aid, but it still faced internal dissent and angry protests ahead of a final vote. Today’s graphic breaks down the austerity plan.
Angela Merkel braved Tuesday’s protests in Greece to reaffirm her commitment to keeping the debt riddle country in Europe’s single currency. Today’s graphic compares the economies of Greece and Germany using charts of 8 key economic indicators.
Highlighting the economic crisis in Greece, and the effects it’s having on the population, members of the far-right party handed out boxes of milk to residents. The ongoing Greek debt crisis has continued its spread across the Euro Zone, with fears of a dissolution of the Zone at an all time high.
Political parties supporting Greece’s international bailout will begin forging a government today after an election victory over radical leftists off the prospect of the debt-laden country leaving the euro. The head of Greece’s New Democracy party began talks to form a government, giving him the daunting task of imposing austerity measures in a near-bankrupt economy while containing rising social tensions. Today’s graphic shows the results of yesterday’s election.
Greece’s jobless rate hit a record high in March, data showed on Thursday. ELSTAT, Greece’s statistics service, said that unemployment hit 21.9%, up from a downwardly revised 21.4% in February, with 1.075 million people out of work. Today’s graphic breaks down the unemployment rates by age brackets. Notice how unemployment is significantly higher in the youngest age group of 15 – 24 years old.
European Union leaders, advised by senior officials to prepare contingency plans in case of a “Grexit”, urged the country to stay the course on austerity and complete the reforms demanded under its bailout program. Today’s graphic is a timeline of the ups and downs of the euro. The chart shows the Dollar to euro ratio since its creation, highlighting key events throughout its history. How do you think things will unfold with the euro?
Today’s graphic is an economic snapshot of Greece, using 8 key economic indicators. For some more detailed charts, check out Alpha Now’s analysis of the Greek economy. Click here to get up to the minute news on all things Greece. Do you think Greece is going to leave the euro zone?
Steven L. Caponi Steven L. Caponi is a partner at Blank Rome LLP. His national litigation practice covers all facets of business litigation, including corporate and IP matters, cybersecurity, M&A litigation, and securities litigation.
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