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Global debt write-downs may reach $4.1 trillion: IMF

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Banks and other financial institutions around the world will eventually need to write down assets by $4.1 trillion in order for global financial stability to be restored, the International Monetary Fund said on Tuesday.

Pentagon takes back job outsourced to Lockheed

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The U.S. Defense Department is taking back responsibility for billions of dollars in pay and benefits for veterans, a task handled since 2002 by Lockheed Martin Corp, the Pentagon's No. 1 contractor by sales.
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No quick solution to financial crisis: IMF

Banks and other financial institutions around the world will eventually need to write down assets by $4.1 trillion in order for global financial stability to be restored, the International Monetary Fund said on Tuesday.
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Geithner says most banks have sufficient capital

Treasury Secretary Timothy Geithner said on Tuesday that most U.S. banks have enough capital to keep lending but a pile of bad debts is fostering doubts about their health and slowing a recovery.
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Geithner says most banks have needed capital

Treasury Secretary Timothy Geithner said on Tuesday that most U.S. banks have enough capital to keep lending but a pile of bad debts is fostering doubts about their health and slowing a recovery.
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Citi's Pandit vows to repay every dollar

Citigroup Inc Chief Executive Vikram Pandit said he expects the No. 3 U.S. bank to rebound from its current woes and pledged that it would repay ever dollar it owes to the U.S. government.
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Obama: Mideast players must step back from abyss

President Barack Obama on Tuesday urged Israel and the Palestinians to step back from the abyss, saying he expected good faith gestures from both sides in coming months as part of a bid to revive stalled peace efforts.
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Wall Street rises on banks, United Tech, tech sector

Stocks rose on Tuesday, led by the financial sector, after Treasury Secretary Timothy Geithner said the vast majority of U.S. banks are well capitalized and industrial bellwether United Technologies Corp reported forecast-beating earnings.
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DuPont profit tops forecast, but trims outlook

Chemical maker DuPont posted a better-than-expected quarterly profit, but trimmed its full-year outlook and said it would cut more jobs as weak economic conditions continued to constrict demand.
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Citigroup CEO says I intend to see this through

Citigroup Inc Chief Executive Vikram Pandit said he expects the No. 3 U.S. bank to rebound from its current woes and pledged that it would repay every dollar it owes to the U.S. government. Pandit commented on the bank's prospects on Tuesday at the annual shareholders' meeting.
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Stocks rise on techs, United Tech beats Street

Stocks rose on Tuesday as a profit from United Technologies Corp topped expectations and lifted the Dow, and better-than-expected results from technology companies offset concerns about corporate profits and even cloudier outlooks.
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Global debt writedowns may reach $4.1 trillion

Global write-downs of toxic debt among banks and other financial institutions in the United States, Europe and Japan could reach $4.1 trillion, the International Monetary Fund said on Tuesday.
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Merck profit falls short, shares drop 7 percent

Merck & Co reported disappointing sales and earnings on Tuesday due to the global economic slowdown and plunging sales of its Gardasil vaccine, and announced a setback for its experimental migraine drug, sending its shares down 7 percent.
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Bank of NY Mellon and State Street profit falls

Two of the biggest U.S. custodial banks, Bank of New York Mellon Corp and Northern Trust Corp , reported disappointing earnings as declines in client assets depressed fees, sending their shares sharply lower.
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China to show off resurgent naval strength

China will show off its resurgent naval strength this week at a parade marking 60 years since the founding of its navy, presenting its fleet of warships and nuclear submarines as a force for peace, not aggression.
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Rare talks among Koreas fizzle over venue row

Rare talks between North and South Koreas fizzled on Tuesday with the rivals unable to even agree on a venue for the meeting, which had already been clouded by Pyongyang's threat to restart its nuclear arms plant.
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Penguin signs China e-book deal as sales rise in U.S.

Penguin Group has become the first international publisher to sign an English electronic book distribution deal in China after seeing significant growth in the United States, the head of the group said on Tuesday.

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