Obama faces Senate opposition to Bernanke four year term
The White House rushes to shore up support as four Democrats announce opposition to Ben Bernanke’s renomination. Rahm Emanuel and Timothy Geithner advise allies while Republicans show varied signals. Senate Leader Reid endorses Bernanke but activists remain split amid broader financial crisis concerns.
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Administration
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Massachusetts
Harry Reid
Nevada
Russia economy steadies as Fitch upgrades outlook
Fitch Ratings raised its outlook on Russia from negative to stable, reflecting improved economic and financial stability as oil prices rebound and capital inflows return. The ruble gains, MICEX climbs, and banks bolster reserves while nonperforming loan risk eases amid a 3 percent growth forecast for 2010.
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Moscow
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Standard and Poor
Brazil
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China defends Internet controls after U S criticism
Beijing blasts Hillary Clinton over claims China censors online content and restricts free speech. Foreign Ministry spokesman Ma Zhaoxu says Chinese Internet rules follow law and do not curb the world’s largest online population, urging the United States to respect facts and end accusations.
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Beijing
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China
Foreign Ministry
Ma Zhaoxu
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Google
Obama plans to curb big banks faces cautious market reaction
President Obama’s proposed limits on bank size and proprietary trading spooked investors but analysts say the rules would have limited impact on major banks like JPMorgan Chase Bank of America and Citigroup. They question enforcement and whether taxpayers face reduced bailout risk as details remain unclear.
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