UNITED STATES

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Treasury ready to twist arms over consumer agency

The Treasury Department is warning the financial services industry that it will not back down from its proposal to create a new consumer protection agency, even while lobbyists build a warchest and strategy to defeat the plan.

Daily Wrap Up for July 6 - Finance

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More mortgage losses expected Standard & Poor's Monday boosted its expectations for losses on risky loans backing U.S. mortgage securities to as much as 40 percent, suggesting a darkened outlook for the troubled housing market. According to a S&P report the more dire assessment is likely to significantly impact bonds originally carrying AAA ratings.
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Summertime....Will the Home Buying be Easy?

It was a good kick-off for the summer season. The pending home sales index figure that was released earlier this month marked a third straight month of rising pending sales. That is certainly welcome and encouraging news.
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Bail set at $750,000 for ex-Goldman programer

A former Goldman Sachs Group Inc computer programer accused of stealing secret trading codes from the financial firm was being held in federal custody on Monday, pending the posting of $750,000 bail.
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China says 156 dead in Xinjiang riot

At least 156 people have been killed in rioting in China's northwestern Xinjiang region, with the government blaming exiled separatists for the traditionally Muslim area's worst case of unrest in years.
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Bail set at $750,000 for ex-Goldman programmer

A former Goldman Sachs Group Inc computer programer accused of stealing secret trading codes from the financial firm was being held in federal custody on Monday, pending the posting of $750,000 bail.
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Chinese visit brings Italian deals worth $2 bln

Chinese President Hu Jintao's visit to Italy generated over $2 billion worth of deals between the two countries on Monday, including a Fiat SpA (FIA.MI) joint venture to produce cars and engines in China.
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U.S. Justice Dept said eyeing telecom giants

The U.S. Justice Department has begun looking at big telecom companies to try to determine if they have abused their market power, the Wall Street Journal reported in its online edition on Monday.
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GM to get final $20 billion in funding this year

General Motors Corp has been given about a third of the bankruptcy financing promised by the U.S. Treasury and will get the remaining $20 billion over the remainder of the year, a senior U.S. official said on Monday.
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Fate of GM in hands of bankruptcy judge

A federal bankruptcy judge will decide the immediate fate of General Motors Corp's effort to quickly sell its best assets to a group funded by the U.S. government, after a three-day court hearing concluded on Thursday.
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Reaction to U.S.-Russia summit

The following are analysts' comments on agreements reached on Monday between U.S. President Barack Obama and Russian President Dmitry Medvedev.
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U.S. service sector activity strongest since Sept

The U.S. service sector was still shrinking last month but at a decelerating pace, with activity at the highest since September 2008, when Lehman Brothers' collapse exacerbated the global financial crisis, a report showed on Monday.
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Midday Minute - Tech July 6

Best Buy, known as a vendor of giant televisions, is moving towards a new market by selling electric-powered scooters, bicycles and Segway transporters.
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Mid-Day Minute - July 6 - Industries

High Volume Trading Codes at Goldman Sachs Stolen: FBI, Judge approves sale to New GM, Rio Tinto sells food packaging division for $1.2 billion
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Rio sells American food packaging unit for $1.2 billion

Global miner Rio Tinto further improved its cash position on Monday by selling a part of its food packaging business to Bemis Co for $1.2 billion in a deal that makes Bemis by far the largest North American player in a still fragmented industry.

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