The U.S. economy posted a decline of 0.1 per cent at an annual rate last quarter, shocking experts although there was an expectation that growth would be lower than the 3.1 per cent gain in the third quarter, the government said Wednesday. It's the first decline in GDP since a -0.3 per cent decline in 2009's third quarter. A survey of economists by Bloomberg had expected growth of one per cent in the fourth quarter, held back by Superstorm Sandy's impact, among other factors. [USA Today]

Payroll processor ADP estimated Wednesday that private employers added 192,000 jobs in January. ADP revised December's estimate from 215,000 to private 185,000 jobs. The government said last month that economy ended 2012 with 155,000 more jobs in December and a 7.8% unemployment rate. It said private employers added 168,000 jobs while governments cut 13,000. [USA Today]

Boeing on Wednesday reported a fourth-quarter profit that topped analyst estimates and said it did not expect the recent problems with the batteries on its new 787 Dreamliner to have a significant impact on its earnings in 2013. W. James McNerney Jr., Boeing's chief executive, said in a statement that fixing the battery problems, which led to a fire on one plane and smoke on another, was the company's "first order of business for 2013." And even though the planes have been grounded and Boeing has temporarily halted deliveries, Boeing said it still plans to deliver 60 of the planes this year. [The New York Times]

Aubrey K. McClendon, Chesapeake Energy's daring and innovative co-founder, will step down as chief executive on April 1 after months of scrutiny over how he mixed his personal finances and those of the corporation. Mr. McClendon's retirement, announced by the company on Tuesday, comes as the national boom innatural gas drilling, which he helped set in motion, is fading, diminishing Chesapeake's prospects. [The New York Times]

Kinder Morgan Energy Partners LP agreed to acquire Copano Energy LLC in a $3.23 billion deal as the pipeline company looks to expand its midstream services. Kinder Morgan Energy said it will swap 0.4563 of a share for each Copano share, valuing Copano at $40.91 a share—a 24% premium to Tuesday's $33.13 close. The total deal is worth about $5 billion including the assumption of debt, and is expected to close in the third quarter. TPG Capital LP, Copano's largest shareholder with roughly a 14% stake, has agreed to support the transaction. [The Wall Street Journal]

In the four years since the federal government pumped billions into the nation's financial firms to stave off economic collapse, virtually all of the biggest companies have repaid their debts. But Ally Financial, once one of the largest auto lenders in the country, still owes the government $11.4 billion. Now a government watchdog is pressing the Treasury Department to develop a plan for Ally to repay taxpayers, who own 74 percent of the company. In a report to Congress being issued Wednesday, the special inspector general for the Troubled Assets Relief Program criticizes Treasury for being slow to get Ally into line. [The Washington Post]

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