Good morning New York,
FT ALPHAVILLE
Dan looks at the record of Neil Woodford -- the greatest British investor ever?
NEWS
Jamie Dimon gave up his chairmanship of JPMorgan's main banking subsidiary after an intervention by the Office of the Comptroller of the Currency. The OCC, the main regulator for JPMorgan Chase Bank NA, suggested the move as way to improve its governance (Wall Street Journal).
Dagong downgraded its rating for the United States, to A- from A. The federal shutdown of the past fortnight "highlights the deterioration of the government's solvency" despite the deal to raise the debt ceiling, the Chinese rating agency said (FT Alphaville).
Reflections on the debt ceiling deal: "This package is just a joke, but live and learn," said Lindsey Graham, a Republican senator from South Carolina. "We'll be doing this again in a couple of months." Wednesday's night vote to raise the debt ceiling will also restart budget negotiations, ensuring fiscal friction continues in Washington. But the White House believes that it has won an important precedent through refusing to negotiate under the threat of default (Financial Times).
Back to work for US government employees. 'Agencies don't yet know when workers will receive back pay for the period they were furloughed during the shutdown.' (Wall Street Journal)
London gains low-tax reputation: Noble Corp, a deepwater drilling rig specialist, 'is part of a wave of overseas companies moving head offices to London, lured in part by the country's declining corporate taxes... Last year 45 foreign companies moved their global or regional headquarters to London, up from just 25 in 2009' (Bloomberg)
India cleared Walmart of allegations that it had flouted a ban on foreign direct investment into the country's retail sector with a 2010 purchase of convertible debentures from Bharti Enterprises (Wall Street Journal).
