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Friday, 22 November 2013
Novartis helps European shares edge up after buyback
Nov 22 (Reuters) - European shares opened higher on Friday, lifted by Swiss drugmaker Novartis after a $5 billion share buyback announcement, with sentiment also supported by rallies in U.S. and Japanese shares overnight.
Shares in Novartis rose 1.3 percent after the company said it would allocate capital to a strong and growing dividend, bolt on buys and a $5 billion share buyback to take place over two years.
They were the single largest contributor to the FTSEurofirst 300 index, which was up 0.2 percent at 1,298.67 points at 0806 GMT.
The U.S. Dow Jones index closed above the psychologically key 16,000 points level for the first time on Thursday and Japanese stocks scaled six-month peaks after U.S. economic data pointed to a slowly improving labour market and subdued inflation.
Adding to the positive market sentiment, James Bullard, president of the Federal Reserve Bank of St. Louis and a voting member of the FOMC, said late on Thursday that the inflation data gives the central bank some leeway to keep the accommodative policy, which has helped European equities rise nearly 20 percent since September 2012.
With no major European or U.S. companies due to report on Friday, investors were likely to focus on Germany's Ifo business morale index, due to be published at 0900 GMT and expected to rise to 107.7 points after a fall in the previous month.
Oil Lower on Fed Tapering Fears
Crude-oil futures were lower in Asian trading hours Friday, as investors weighed recent positive U.S. economic data, the possibility of early tapering by the Federal Reserve and ongoing talks over Tehran's nuclear program.
On the New York Mercantile Exchange, light, sweet crude futures for delivery in January traded at $95.17 a barrel at 0439 GMT, down $0.27 in the Globex electronic session. January Brent crude on London's ICE Futures exchange fell $0.22 to $109.86 a barrel.
Both oil benchmarks had surged in overnight floor trade. Nymex West Texas Intermediate has settled higher for two of the past three sessions.
"WTI is much more sensitive to data emerging from the U.S. than Brent. Although WTI has dropped significantly due to rising production and inventory levels in the U.S., it touched its highest level in three weeks on unemployment data in the U.S.," Vyanne Lai, analyst at National Australia Bank Ltd. said.
On Thursday, U.S. jobs and manufacturing data came in better than expected, indicating stronger economic recovery, which is bullish for oil demand. However, it also raised concerns that the Fed may opt for an early withdrawal of its stimulus, which boosts the greenback and weighs on oil prices.
Ms. Lai said in the longer term the rise in the dollar has already been priced in and when the Fed eventually decides to announce its tapering the dip in oil prices will be short-lived.
Some market players were also optimistic about global manufacturing gaining momentum despite weaker data from China.
"We judge that stronger global economic growth lies ahead," analyst Nick Kounis at ABN Amro said in a note. "The U.S. should clearly lead the way with a strong acceleration, while we should see a slower upswing in the eurozone," which should feed through to Asia and emerging markets more widely, he said.
Meanwhile, in Geneva a final deal on Tehran's nuclear program between Iran and western countries continues to face hurdles with Iran demanding that the West recognize its right to enrich uranium.
The impact of Iranian and potential U.S. oil exports on global oil markets is likely to weigh on the Organization of the Petroleum Exporting Countries which will meet on December 4 in Vienna, Austria.
Nymex reformulated gasoline blendstock for December--the benchmark gasoline contract--fell 88 points to $2.7350 a gallon, while December heating oil traded at $3.0017, 50 points lower.
ICE gasoil for December changed hands at $929.25 a metric ton, up $6.00 from Thursday's settlement.
Jet finally lifts off after landing at wrong airport
The massive plane – ferrying parts for the company's 787 Dreamliners – was able to take off about 2:15 p.m. new York time Thursday despite the short runway at the small airport where it landed.
A Wichita TV station had shown photos of the 235-foot jumbo jet on the ground at Jabara Airport, about eight miles north of McConnell Air Force Base, where the wayward jet was supposed to land.
Jabara only has a 6,101-foot runway, far shorter than that those 747s usually take off from.
A Boeing spokesman confirmed in a statement to The Wall Street Journal that the 747 "bound for McConnell Air Force Base in Wichita safely landed at nearby Col. James Jabara Airport instead. We are working to determine next steps."
Air traffic control recordings show the 747 was cleared to land.
But after landing, the crew radioed the tower, where puzzled controllers
notified them that they may have landed, but it wasn't at McConnell.
"Yes sir, we just landed at the other airport," the crew of the 747 radioed back, according to the WSJ.
Oil Pipeline Blast in China’s Qingdao City Kills at Least 22
BEIJING—An oil pipeline explosion near a petrochemicals plant Friday morning left at least 22 people dead in the eastern port city of Qingdao, according to local authorities and the official Xinhua news agency.
Xinhua reported the accident occurred while workers were trying to fix the pipeline, which had begun leaking in the early hours of the morning. Xinhua said the pipeline is owned by Sinopec Group, the country's largest refiner. The company didn't immediately respond to a request for comment.
Pictures posted to Sina Corp.'s popular Weibo microblogging service appeared to show significant damage, with small stretches of road reduced to rubble and thick columns of black smoke rising in the air. The pictures' authenticity couldn't immediately be verified.
The explosion took place in an industrial zone and appeared to be near a shopping mall as well as the large Lidong petrochemicals facility, which industry websites identified as producing the industrial chemicals paraxylene and benzene. Staff at the facility couldn't immediately be reached.
Xinhua reported the explosion didn't endanger the nearby chemical facility. Local authorities said the fire had been extinguished by Friday afternoon.
The accident could renew fears about public safety risks posed by large industrial complexes being built near major cities. Both Sinopec and China National Petroleum Corp. have previously faced protests and other complaintsfrom residents in several cities about siting major oil refineries and petrochemical plants near densely populated areas.
Local governments across China and the companies have embarked on a campaign over the past few years to turn the tide of public opinion. State media and local officials have countered that such facilities are safe and necessary for economic growth.
German Growth Led by Domestic Demand as Investment Climbs
German economic growth was driven exclusively by domestic demand in t
Capital investment rose 1.6 percent in the three months through September from the prior quarter and construction increased 2.4 percent, the Federal Statistics Office in Wiesbaden said today. The expansion in gross domestic product slowed to 0.3 percent from 0.7 percent, it said, confirming a Nov. 14 estimate.
Commercial and residential property stands along the River Main in Frankfurt. Gross domestic product grew 0.6 percent from a year earlier when adjusted for working days, today's report showed. Photographer: Krisztian Bocsi/Bloomberg
Germany is relying more on its domestic economy as the euro area, its biggest export destination, struggles to sustain a nascent recovery. Growth in the 17-nation currency bloc almost stalled in the third quarter, as the French economy unexpectedly shrank and Italy extended a record-long recession.
"The investment surge was much stronger than we and consensus had expected and bodes well for an investment-led expansion next year as well," said Christian Schulz, senior economist at Berenberg in London. Domestic demand "highlights Germany's potential to continue to play a positive role in supporting the euro-zone crisis countries' export-led recovery," he said.
Net Trade
Gross domestic product grew 0.6 percent from a year earlier when adjusted for working days, today's report showed. Government spending rose 0.5 percent from the prior quarter and private consumption gained 0.1 percent. Total domestic demand added 0.7 percentage point to GDP, while net trade subtracted 0.4 percentage point. Exports rose 0.1 percent while imports climbed 0.8 percent.
Germany's increased reliance on its home economy may counter criticism from theInternational Monetary Fund and the U.S. Treasury, which have said the nation is hampering European and global growth by focusing too heavily on exports. European Union regulators said on Nov. 13 they started a probe of Germany's trade surplus.
The German Economy Ministry rejected the criticism on Oct. 31 as "not justified" andChancellor Angela Merkel said in Berlin yesterday that it would be "absurd" to to try make German companies reduce production or cut back on quality.
The Bundesbank said in its monthly report on Nov. 18 that Europe's largest economy is on a "solid" path that points to it growing according to its potential.
Ifo Index
German business confidence rose more than expected in November, with the Ifo institute's business climate index, based on a survey of 7,000 executives, increasing to 109.3 from 107.4 in October. Manufacturing activity surged to the highest in almost 2 1/2 years this month, an index by London-based Markit Economics showed yesterday.
Economists forecast an expansion of 0.4 percent in the final three months of this year, while the European Commission predicts growth of 0.5 percent this year. By contrast, the commission forecasts the euro-area economy will shrink 0.4 percent in 2013.
The European Central Bank, which cut its benchmark interest rate to a record low of 0.25 percent this month, will publish economic forecasts on Dec. 5. The ECB has said that support from monetary policy will remain in place for as long as necessary to counter slowing inflation, which was the weakest in four years in October.
"The euro zone still faces a hard slog in developing the recovery and remains vulnerable to setbacks," said Howard Archer, chief European economist at IHS Global Insight in London. "The hope for the euro zone has to be that a combination of recent steadily rising confidence, ultra accommodative monetary policy, very low inflation and reduced fiscal tightening will fuel a gradual recovery."
Better job news sends stocks higher; Dow at 16,000
The Dow closed above 16,000 for the first time after the Labor Department said applications for unemployment benefits fell last week to near where they were before the recession. The Dow has been on fire, fueled by solid corporate profits, a strengthening economy, and the Fed's easy-money policies. Since Jan. 1, the blue-chip index is up 22%. If it holds onto the gains, the Dow will have its best year since '03. It topped 14,000 in February and 15,000 in May. In a sign that investors are less risk-averse, small-company stocks rose at a much faster pace than the rest of the market Thursday; the Russell 2000 jumped 1.8%.More think doctors should try to extend lives, no matter how painful http://www.latimes.com/local/la-me-1122-end-of-life-20131122,0,82488.story#ixzz2lMjJqX2X
In addition, an increasing number of people say that even if they were suffering an incurable disease and were in severe pain, they would not ask their doctors to halt treatment.
The surge in such attitudes surprises bioethicists who want physicians and families to carefully weigh aggressive medical treatments for patients near death. Invasive procedures may not lengthen or improve life for the chronically ill, they warn. Such procedures also can drive up healthcare costs.
As physicians, "very commonly we find ourselves doing aggressive care at the request of patients and families and shaking our heads when we walk away, wondering whether we're doing the right thing," said Paul L. Schneider, president of the Southern California Bioethics Committee Consortium. "This points to a growing gap between where the public is and where many doctors are."
Two out of three people believe there are some situations in which a patient should be allowed to die, Pew found. However, the percentage of Americans who say physicians should always do everything possible to save a life has more than doubled since 1990, rising to 31% from 15%.
There have also been smaller upticks in Americans saying they would not ask their own doctors to halt treatment, even if they had a disease with no hope of improvement. In the new poll, 35% said they would want to continue treatment if they were incurable and in great pain, compared with 28% in 1990.
The dilemma touches many Americans: Nearly half of adults told Pew they had a close friend or relative facing a terminal illness or in a coma in the last five years. Of those, about half said the question of whether to continue "life-sustaining" treatment for that person had come up.
In Mission Viejo, Clydene Bresee watched her husband, Gary, endure chemotherapy and radiation while battling lung cancer. He lost weight and grew disoriented. Sometimes he woke her in the middle of the night, insisting it was time for an appointment. When a doctor told them the cancer was out of control, Bresee and her husband — a former construction worker who didn't mince words — discussed whether to press on with treatment.
He said something like, "I've had enough of that crap," Bresee recalled. "And I agreed.… I felt that the treatment he was getting was as bad as the disease."
The question divides Americans by race and other attributes: Whites are more likely than blacks and Latinos to say they would tell their doctor to halt treatment if they were incurable and suffering, Pew found. Younger people and those who have not given much thought to their end-of-life wishes are less likely to agree.
Excitement about new technology may have fueled families' belief that physicians should always try any treatment they can, said Wendy Kohlhase, a Los Angeles bioethics consultant. The trend could also be tied to diminished trust in doctors, as patients get less time with physicians.
The attitude shift "reflects a failure of the medical community to have honest and difficult conversations with patients," said Dr. Jonathan Bergman, UCLA assistant professor of urology and family medicine. "When we explain things to patients ahead of time, they often choose not to have a very aggressive intervention."
Pew found that many Americans, even the elderly, have not considered their end-of-life wishes. A quarter of those 75 and older said they hadn't given it much thought.
http://www.latimes.com/local/la-me-1122-end-of-life-20131122,0,82488.story#ixzz2lMjOpGVa
Controlling Blood Pressure, Cholesterol In Obese People Can Help Reduce Risk of Heart Diseases and Strokes
In a new study, researchers from Imperial College London found ways in which the risk of developing these diseases can be lowered. Controlling blood pressure, blood glucose and cholesterol in obese people can help reduce the risk of heart diseases and strokes associated with obesity and being overweight, researchers revealed in a press statement.
This finding was revealed after a team of researchers analyzed some 97 previous studies which had concluded that obese people are more likely to develop heart diseases and strokes because their weight increases the chances of them having high blood pressure, high cholesterol and high blood glucose.
Addressing a long on-going debate of whether excess weight causes heart disease and stroke through effects on other risk factors, researchers conducted this study to see if treatments that tackle these factors can offset the risks of being overweight.
During the course of the study, they found that high blood pressure, cholesterol and blood glucose account for more than half of the increased risk of heart disease and three quarters of the increased risk of stroke among overweight or obese people. High blood pressure alone accounts for 31 per cent of the increased risk of heart disease and 65 per cent of the increased risk of stroke.
"Our results show that the harmful effects of being overweight or obese on heart disease and stroke partly occur by increasing blood pressure, serum cholesterol and blood glucose. Therefore, if we control these risk factors, for example through better diagnosis and treatment of hypertension, we can prevent some of the harmful effects of being overweight or obese," said senior author Goodarz Danaei, HSPH assistant professor of global health.
According to co-author Professor Majid Ezzati, from the School of Public Health at Imperial College London, while controlling hypertension, cholesterol, and diabetes through medication may be useful, it's not enough to offset the effects of obesity on a person's health. Therefore, physicians need to come up with creative approaches that can curb and reverse the global obesity epidemic.
Previous studies revealed that obesity had more than doubled globally since 1980. Statistics show that one in every three Americans is obese and a total of more than 1.4 billion adults aged 20 and older is overweight or obese worldwide. The researchers had also previously estimated that 3.4 million annual deaths are due to excess weight.
A very recent CDC report noted that though the weight disorder among U.S. adults continues to level off after several years of skyrocketing growth, it is still an epidemic.
"Even though it looks like a slight drop in the percentage of adults who are obese, this difference is not statistically significant," said Cynthia Ogden, an epidemiologist with the National Center for Health Statistics, according to a Medical News Today report. "This is more evidence that we're not seeing a change in adult obesity.
South Africa adds voice to Australia critics at climate change talks Read more: http://www.smh.com.au/environment/climate-change/south-africa-adds-voice-to-australia-critics-at-climate-change-talks-20131122-2y0yt.html#ixzz2lMiTrn73
In a speech on the conference floor in Warsaw, South African Environmental Affairs Minister Edna Molewa said her country was deeply concerned that Australia and Japan were reducing their climate change commitments.
South Africa is part of a powerful negotiating bloc of developing countries, known as BASIC, that includes Brazil, India, and China.
Australia has also been blamed for a brief "walkout" by developing countries including China at a important meeting earlier in the week.
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The complaints ranged from Australian representatives moving to block any parts of the conference negotiating text to the delegates wearing T-shirts and giggling during the talks.
Australia did not send a minister to the conference, and observers say the delegation of diplomats have been forced to stick to a limited negotiating brief set down by Canberra.
That includes not making any new commitments to financially help poor nations deal with climate change – a critical issue at the talks.
Countries have also been concerned about statements by Prime Minister Tony Abbott last week that appeared to narrow conditions under which Australia would adopt a more ambitious 2020 emissions target than the 5 per cent cut currently offered.
Japan has also been a focus of complaints after it dramatically scaled back the ambition of its 2020 emissions reduction target during the talks.
Ms Molewa said: "We are deeply concerned about recent announcements by Japan and Australia to significantly reduce their commitments.
"Taken together with uncertainties around finance, this sends a very negative signal about the sincerity and commitment of these parties," she said.
Like many UN climate summits before it, the Warsaw talks have been bogged down in divisions between major developed and developing countries over who is most to blame for global warming and who should pay to address it.
Developed countries, lead by the US, want developing nations to take on emissions cuts for the first time to reflect they are responsible for the majority of current global greenhouse gas emissions. But developing countries say rich nations are responsible for the majority of historic emissions and should act first.
In recent days, major developing countries – lead by China and India – have stepped up pressure on rich nations to detail how they will meet a previous commitment to provide $100 billion a year by 2020 in public and private finance to help poorer countries deal with climate change.
Negotiations over "loss and damage" – effectively compensation for unavoidable damage to developing nations – have also caused significant tension.
The talks in Warsaw are not expected to deliver a radical step forward, but are regarded as critical to working out a timeline towards a new treaty on global warming due to be finalised in 2015 and come into effect from 2020. The conference is due to finish overnight Friday.
CIVIL GROUPS WALK OUT
A collection of major environment, union and development groups staged a mass walkout on the talks overnight Thursday in protest over the lack of progress at the talks.
About 800 people representing the organisations, including WWF, Greenpeace, Oxfam, Friends of the Earth and ActionAid, left the football stadium where the talks are being held. They said it was the first time ever there had been a mass withdrawal from a major round of climate negotiations.
WWF Australia's Kellie Caught said there had been good progress towards a new treaty in recent years, but the actions of several countries including Australia had undermined the talks at Warsaw.
"Australians will be dismayed to find out that the Abbott government has been a disruptive force in Warsaw," Ms Caught said
AUSTRALIA: ALL MAJOR COUNTRIES MUST ACT
Australian climate change ambassador Dr Justin Lee made a formal statement on behalf of the country saying a new treaty would for the first time establish a common platform for all countries to tackle the problem in a coordinated way.
In the meantime, Dr Lee said Australia would unilaterally reduce its emissions by 5 per cent and review its climate change policy in 2015.
While Mr Abbott and Environment Minister Greg Hunt have said other countries would have to make "binding" commitments for Australia to do more than 5 per cent, Dr Lee did not use this word.
Dr Lee said further action and targets would be considered "on the basis of comparable real global action, in particular by major economies and trading partners, and progress on the new agreement".
He said Australia under the Abbot government would implement a "direct action" climate change plan – under which industry and farmers can win grants for projects that reduce emissions – to replace the carbon price scheme.
"This is a fundamentally better way to reduce emissions than through a carbon tax," Dr Lee said.
Read more: http://www.smh.com.au/environment/climate-change/south-africa-adds-voice-to-australia-critics-at-climate-change-talks-20131122-2y0yt.html#ixzz2lMiYbg4V
Texas Board of Ed votes to drop algebra II mandate
The Texas Board of Education gave preliminary approval Thursday to dropping algebra II as a requirement for high school graduation, over the objections of critics who say the state is watering down its academic standards.
Eliminating the algebra II mandate for most students was part of a major overhaul of graduation, standardized testing and curriculum requirements unanimously approved by the Texas Legislature in May. The shake-up was meant to give students the flexibility to focus on career and vocational training _ not just college prep courses.
Much of the debate over the changes has focused on the algebra II requirement. Many academic experts and school administrators said it's a key prerequisite for success both in college and beyond. But some trade groups argued that plenty of high-paying jobs are available without a college degree or high-level math.
The Board of Education, which is charged with implementing the overhaul for the start of the 2014-2015 school year, considered keeping the algebra II requirement despite the objections of lawmakers who approved the overhaul. In the end, though, the board didn't defy the Legislature.
Thursday's was the first of several votes the board will take on the issue. Members usually don't change their minds _ but have been known to pull some surprises, especially on hot-button issues. Another vote is scheduled for Friday, followed by two more during its January meeting.
Texas is also stepping back from the strenuous accountability policies it has long been a national leader in championing, amid fears that youngsters are being forced to take too many high-stakes tests and that too many might drop out because of higher expectations. The new law also cuts the number of standardized tests students must pass to graduate from a nation-high 15 to five, but the board can't change that.
The overhaul comes even though the federal No Child Left Behind law was born in Texas, and billionaire Ross Perot first rallied big business to support tougher standardized testing and high school graduation standards here nearly three decades ago.
Texas' current curriculum standards already let students earning a diploma on the minimum academic plan graduate without taking algebra II _ and about 20 percent of the state's youngsters do. But critics fear the changes will allow more to avoid the class.
The vote means algebra II would be required of students who want "distinguished" degrees that allow them to qualify for automatic admission to any state public university in Texas. It will also be required of students who choose diploma plans that focus on STEM courses _ science, technology, engineering and math.
But the board removed a proposed algebra II requirement for students who choose all other diploma paths: arts and humanities, business and industry, multidisciplinary studies and public service. Students can also earn "foundation" degrees that don't include higher math or science requirements and don't focus on a particular discipline.
Earlier in the week, when it looked like the board might include algebra II as a requirement for most diploma plans, the two powerful sponsors of the law _ state Sen. Dan Patrick and Rep. Jimmie Don Aycock _ made an unplanned appearance before the board to argue against such a move.
Board member Marty Rowley, an Amarillo Republican who introduced the proposal to require algebra II for STEM diplomas, said leaving the course out of all but that diploma path was what the Legislature intended with the original law.
"I feel like we serve the interests of those who have given us this charge in the first place," Rowley said, "as well as the students and the educators and the parents we represent by taking that requirement out."
For now, 17 states, including Texas, require algebra II _ or at least start high school students in a default course plan including it or more advanced math studies, according to a 2012 report compiled by Achieve, a Washington-based nonprofit dedicated to strengthening academic standards nationwide.
Study Abroad Fair 2013
His decision to leave caps 10 months of investigations and allegations of bribery, misconduct and shady dealings that gnawed at the 51-year-old Republican during his short tenure.
As Swallow announced his resignation Thursday, he vigorously denied breaking any laws and instead cited the strain the "perfect storm" of allegations has put on his family.
"Now is the time for the madness to stop and for the state to move forward," Swallow said. "The toll on my family, the toll on my office and the toll on our finances has been too much. It is time for it to stop."
The flameout of a politician who sailed into office with nearly two-thirds of the vote a year ago leaves the Utah Republican Party scrambling to find a replacement.
Utah Republican Gov. Gary Herbert will choose from among three GOP-picked candidates to fill the office. That person will serve as attorney general until a special election can be held next November, said Jeff Peterson, the Utah Republican Party's executive director.
The party's central committee has scheduled a Dec. 14 meeting to make the choice.
Within a week after Swallow took the oath of office in January, he was accused of engaging in questionable financial dealings with a businessman facing federal fraud charges. The allegations triggered a series of investigations and calls for his resignation
Swallow's resignation is the first time a Utah attorney general has stepped down midterm, saidTim Chambless of the University of Utah's Hinckley Institute of Politics. The state has seen two governors resign, but both left for other political posts and not in scandal, he said.
"Under these circumstances, this is unprecedented in Utah political history," Chambless said.
Swallow has been accused of arranging a bribery plot and trading offers of protection in return for favors from several businessmen. He is also accused of failing to disclose business interests on campaign forms and violating attorney-client privilege while serving in the attorney general's office. He has been or is currently being investigated by the state elections office, two county attorneys, the Utah House, the FBI, the Department of Justice and the Utah State Bar. Swallow has repeatedly denied any wrongdoing.
At his nearly half-hour news conference Thursday, Swallow repeatedly accused the Utah House of launching a politically driven investigation and cited his concerns about the amount of public money they were spending.
"I believe the investigation was calculated to make it very difficult for me to stay in office," he said.
Swallow didn't specify why he thought the investigation was politically driven beyond saying that House investigators were falsely accusing him of not cooperating.
He was at times defiant and even raised his voice slightly when defending himself or discussing the allegations against him. When he thanked his family and supporters and spoke of his time in office, he frequently paused between sentences and bit his lip.
"If I truly am innocent, as I claim I am," Swallow said. "Today is truly a sad day in Utah because an election has been overturned."
The scrutiny of Swallow began days of his inauguration, when Utah businessman Jeremy Johnson accused him of orchestrating a plan to bribe U.S. Senate Democratic Leader Harry Reid. Johnson was under investigation at the time and reached out to Swallow to make the issue go away.
Reid and Swallow both denied the allegation. Swallow said he simply connected Johnson with a Nevada payday-loan operator who could set Johnson up with lobbyists to plead his case.
Johnson said he paid Check City founder Richard Rawle $250,000. He said some of that money was later funneled to Swallow.
Legislators launched their investigation this summer. Thus far, investigators have talked with 140 witnesses and issued 15 subpoenas during the first three months of the inquiry, with the price tag nearing $1.5 million, said Rep. Jim Dunnigan, who chairs the bipartisan panel.
Dunnigan and House Speaker Rebecca Lockhart said late Thursday that the House investigation will continue, but they need to meet with their investigators to see if the scope will change because of Swallow's resignation.
Beyond the probes by the Utah lieutenant governor's office and the Utah House, Swallow has been the subject of several other investigations.
The U.S. Department of Justice announced in September it had closed a bribery probe of Swallow and was not planning to file any charges.
Two complaints against Swallow were lodged with the Utah State Bar. One of those complaints was dismissed; another is pending.
Swallow estimated he has so far spent about $300,000 of own money defending himself.
Swallow easily won election last year to succeed the retiring Mark Shurtleff. He previously served as chief deputy attorney general and directed the civil division where he oversaw lawsuits against the federal health care reform.
Swallow has previously run for office, losing in 2002 and 2004 to Democratic Rep. Jim Matheson. He was a legislator from 1997 to 2002.
The investigation could cause his election last year to be invalidated. Utah Democrats said late Thursday they would file a legal challenge over the Republican process to replace Swallow if a judge rules the election was invalid.
"If that's the case, then this is not something that should be appointed by just a few people in a back room," said Matt Lyon, executive director of the Utah Democratic Party.
Lyon said Democrats would argue an election should be held before November.
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