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China Construction Bank's Net Profit Rises

The Wall Street Journal reports China Construction Bank's first-half net profit rose 13% from a year earlier, as a result of higher interest income and commissions. Activists and ... More The Wall Street Journal reports China Construction Bank's first-half net profit rose 13% from a year earlier, as a result of higher interest income and commissions. Activists and the mayor of Richmond, California, have asked Wells Fargo to drop a lawsuit aimed at stopping Richmond's first-in-the-nation plan to use the government's constitutional power of eminent domain to "seize" hundreds of mortgages from the bank and other financial institutions. The city of San Bernardino is expected to learn if it is eligible for bankruptcy protection, despite the opposition of California's powerful public pension system. The case is an important test for the federal law used by Detroit and other U.S. cities burdened by pension payment costs. Less

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