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The California Public Employees' Retirement System said it is pushing for governance changes at three companies it is invested in, chiefly focusing on executive compensation, supermajority and plurality voting requirements.
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International Paper Co. (IP) predicted Thursday its pretax earnings will increase by 38% over the next three years or so, as the company raised its cost reduction goal from the integration of recently acquired cardboard box marker Temple-Inland Inc.
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TOP STORIES: Argentina: Still Discussing Some GMO Corn Export Issues With China BEIJING -(Dow Jones)- Argentina government officials are still trying to resolve differences with China's Ministry of Agriculture over some strains of genetically modified corn that are impeding the passage of Argentine corn exports to China, Agriculture Minister Norberto Yauhar said Thursday.
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J.P.
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On Thursday, gold (NYSEARCA:GLD) futures for June delivery increased $9.10 to settle at $1,557.50 per ounce, while silver (NYSEARCA:SLV) futures gained 64 cents to close at $28.16.Both precious metals traded like true safe-havens, despite the U.S. dollar index climbing to as high as 82.36, its highest level all year.
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Canada's official international reserves fell $167 million in the week ended May 23, the Bank of Canada reported.
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The Federal Reserve Thursday released a set of detailed plans banks have put together to correct problems in their mortgage-servicing and foreclosure-processing operations.
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The president of the New York Federal Reserve Bank said Thursday that given his current forecast for the U.S. economy, there is an argument for further monetary easing, arguing that today's policy makers shouldn't rely solely on the Taylor rule formula to calculate rates.
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For some American money managers, food and beverage firms like Nestle SA (NSRGY, NESN.VX) and SABMiller PLC (SBMRY, SAB.LN, SAB.JO) look like a tasty way to tap growth in emerging markets.
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United Technologies Corp. (UTX) has hit the U.S. bond market with a six-part benchmark deal to help it finance its $16.5 billion takeover of Goodrich Corp. (GR).
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RG Steel said it will idle its steel mills and lay off most employees after creditors suspended funding of the cash-strapped company's day-to-day operations.
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Alfred C.
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Struggling Belgian-French lender Dexia SA (DEXB.BT) may get between $3 billion and $4 billion from the sale of its Turkish Denizbank AS (DENIZ.IS) unit to Russia's largest bank, OAO Sberbank (SBER.RS), if their exclusive talks end in a deal, a person familiar with the matter told Dow Jones Newswires on Thursday.
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Newmont Mining Corp. (NEM) has pushed back the start date of its $4.8 billion Minas Conga copper and gold project in Peru, the company said.
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United Technologies Corp. (UTX) has hit the U.S. bond market with a six-part benchmark deal to help it finance its $16.5 billion takeover of Goodrich Corp. (GR).
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RG Steel has warned employees of impending layoffs, the closely held steelmaker said in a statement Thursday.
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U.S. banks reported their highest quarterly profit since mid-2007 for the first quarter, while overall lending activity decreased for the first time in four quarters, a bank regulator said, a sign that while the industry continues to heal from the 2008 financial crisis, its willingness to lend continues to lag.
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Struggling Belgian-French lender Dexia SA (DEXB.BT) is in exclusive talks to sell its Turkish unit Denizbank AS (DENIZ.IS) to Russia's largest bank, OAO Sberbank (SBER.RS), a person familiar with the matter told Dow Jones Newswires on Thursday.
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Swedish lender Swedbank AB (SWED-A.SK) said Thursday it has decided to incorporate its mutual fund company Swedbank Robur under its support function unit to bring the mutual fund operations closer to the bank.
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LIMA, Peru -(Dow Jones)- Peru's state-owned Petroleos del Peru (PETROBC1.VL), or Petroperu, has signed a contract with Societe Generale (SCGLY, GLE.FR) to provide financial structuring services for the modernization of the Talara refinery.
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Dow Chemical Co. (DOW) said it was awarded $2.16 billion for damages after Kuwait's Petrochemical Industries Co. dumped the chemical giant from a multibillion-dollar joint venture in 2008.
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A blockbuster initial public offering by one of China's biggest financial firms that should have been welcomed by Western banks grappling with a listing drought in Hong Kong is instead becoming a new challenge.
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Russian President Vladimir Putin said Thursday that independent oil companies should have the right to develop offshore resources as long as they don't sell those rights to foreign corporations, Interfax reported.
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Greece's central bank governor said Thursday that Greek lenders will receive a capital boost of EUR18 billion either Friday or Monday to cover losses stemming from the country's recent debt restructuring.
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India's state-run fuel retailers have no immediate plan to withdraw a record increase in the price of gasoline, the chairman of Indian Oil Corp. (530965.BY), the country's largest oil refining and marketing company by sales, said Thursday.
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Regional lender Banca Civica SA (BCIV.MC) will cut its staff by 1,500 through early retirements, buyouts and temporary suspensions, the bank said Thursday in a note to the market regulator.
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As expected, copper output at Chilean state copper company Codelco's wholly owned mines fell 10% in the first quarter to 373,000 metric tons from 414,000 tons in the same quarter last year, Codelco Chief Executive Diego Hernandez said Wednesday.
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CIMB Group Holdings Bhd.
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Royal Bank of Canada's (RY) fiscal second-quarter profit fell 7%, reflecting a loss related to its purchase of global custodian RBC Dexia Investor Services Ltd.
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India's state-run NMDC Ltd. (526371.BY) plans to export about 2.1 million metric tons of iron ore to steel mills in Japan and South Korea this year, Chairman N.K.
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Among the companies with shares expected to actively trade in Thursday's session are Hewlett-Packard Co. (HPQ), Pandora Media Inc. (P) and NetApp Inc. (NTAP).
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Goldman Sachs (GS) said Thursday it expects Chinese copper demand growth to stay sluggish until the end of the third quarter and predicts a 3% year-on-year rise in overall consumption for 2012, rising to 8% in 2013.
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Cnooc Ltd. (CEO) said Thursday in a statement that it has made a new oil discovery Luda LD 21-2 in south Liaodong Bay.
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Greece will likely leave the euro zone on Jan. 1 2013 and its new currency will immediately fall by 60% against the euro, unleashing a massive yet manageable wave of contagion across Europe, Citigroup said late Wednesday.
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The euro zone doesn't represent a significant enough demand component of the copper market to justify such a large slide in copper prices, Aurubis AG (NDA.XE) said Thursday.
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It will be critical that regulators charged with ensuring the stability of the financial system get political support whenever they make unpopular decisions, Bank of England policy maker Alastair Clark said Thursday.
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Net mortgage lending by U.K. banks dropped back in April as demand for property weakened following the end of the government's stamp duty land tax holiday for first-time buyers, and as rising euro zone tensions weigh more heavily on both business and consumer confidence, a survey from the British Bankers Association showed Thursday.
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Oxford Pharmascience Group PLC (OXP.LN), a U.K. pharmaceutical company, Thursday said it signed a 10-year licensing agreement with Bayer Consumer Care AG, under which Bayer Consumer Care will manufacture a calcium and vitamin D soft chew product using Oxford Pharmascience's OXP chew technology.
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Bank regulators may be inadvertently pushing banks to adopt tough new rules on capital and liquidity too quickly, which could limit the supply of credit to the economy, a Bank of England policy maker said Thursday.
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Australia's federal environment minister said Thursday that he wouldn't apologize for his caution over a proposal by Rio Tinto PLC (RIO) to expand its bauxite mining operations in Queensland state.
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China Steel Corp. (2002.TW), Taiwan's largest steel producer by revenue, plans to keep domestic prices of most steel products for the July-August period unchanged, citing concerns over the rising global uncertainty associated with the European debt crisis and impact from recent hikes in local fuel and power prices.
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Greece will leave the euro zone on Jan. 1 2013 and its new currency will immediately fall by 60% against the euro, unleashing a sizeable and unavoidable wave of contagion across Europe, Citigroup said late Wednesday.
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German pharmaceutical company Bayer AG (BAYN.XE) Thursday confirmed it sees peak annual sales of its Xarelto drug above EUR2 billion after a U.S. Food and Drug Administration advisory panel voted against expanded use of the blood thinner.
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Hungary's largest bank OTP Nyrt.
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The margin between mortgage rates and Swedish banks' financing costs have increased in recent years and was 1.1 percentage points at the end of the first quarter, Sweden's Financial Supervisory Authority said Thursday.
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OAO Sberbank (SBER.RS) is "very interested" in acquiring Turkey's Denizbank AS (DENIZ.IS), the Russian lender's Chief Executive German Gref said Thursday, Kommersant reported.
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Russia's largest steel producer OAO Severstal (CHMF.RS) said Thursday its first-quarter net profit was down 18% on lower realized prices and an additional allowance in respect of inventories at Severstal Russian Steel.
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Australian fund managers may be on the other side of the world from the drama unfolding in Europe, but local wealth managers are nonetheless feeling the impact from the region's debt crisis.
