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7/2/2015

The Securities and Exchange Commission has backed a proposal to require top executives to return performance-based bonuses and other incentives if financial results are restated because of errors. The clawback rule is subject to public comment and a second vote before taking effect. The plan aims to implement the Dodd-Frank Act's "objective to recover funds that should not have been paid out in the first place," SEC member Kara Stein said.

7/2/2015

The EU has halted negotiations with Greece regarding financial aid. "There will be no talks in the coming days," Eurogroup President Jeroen Dijsselbloem said. "We will simply await now the outcome of the referendum on Sunday." Greek Prime Minister Alexis Tsipras has called on voters to reject tough terms for aid and says EU leaders are trying to force the nation out of the eurozone. The Council of Europe has raised concerns about the referendum, including a short notice and the complexity of questions.

7/2/2015

The U.S. and Venezuela are working behind the scenes to overcome conflict that has made relations stormy in recent years, a senior U.S. official said. Venezuelan President Nicolas Maduro initiated dialogue in March, when he asked for a "direct channel of communication" with the U.S. State Department and President Barack Obama, the official said.

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Reuters
7/2/2015

Federal Housing Finance Agency Director Mel Watt approved significant pay raises for Fannie Mae CEO Timothy Mayopoulos and Freddie Mac CEO Donald Layton, who each have total annual target compensation of $4 million. Their salaries had been capped at $600,000 each. The White House and some in Congress criticized the raises.

7/2/2015

Market participants were concerned an additional second Tuesday would cause havoc, but it passed relatively smoothly. Some exchanges avoided the leap second, set at midnight Greenwich Mean Time, by opening late or closing early. Others, including exchanges in Japan and Australia, traded through the extra second and saw few issues.

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leap second
7/2/2015

Issuance of high-yield bonds in Asia has jumped since 2013, with wealthy investors buying $17 billion worth, or nearly one-fourth of the inventory. Chinese property developers particularly have been interested in issuance, spurring recovery in the real estate market.

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real estate market
7/2/2015

Luxembourg has made breaking an impasse on a bill to regulate money market funds a priority, as it assumes the rotating EU presidency. The legislation, approved by a committee of the European Parliament, faces opposition from Germany and France, which say it is too weak to protect the financial system in a crisis.

7/2/2015

Traders face mounting challenges due to advancements in technology and the proliferation of corporate-bond trading venues. Some suggest rules are needed to deal with glitches and other issues.

7/2/2015

Insufficient government debt due to massive bond buying by the European Central Bank and the Bank of Japan might hobble efforts by the Federal Reserve to raise long-term rates. The Fed could start raising short-term rates this year, with long-term Treasury yields also moving up.

7/2/2015

The U.S. Export-Import Bank's charter has expired, and the bank should announce a plan for liquidating assets, seven Republican senators said in a letter to bank Chairman Fred Hochberg. The bank no longer accepts new business but has said it will remain open to manage $112 billion of obligations.

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Reuters
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Ex-Im Bank, Fred Hochberg, GOP

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