Kerry says Egyptian initiative is framework for Gaza truce

U.S. Secretary of State John Kerry said on Tuesday that an initiative from Egypt is the framework to end fighting between Israel and Hamas in the Gaza Strip. "There is a framework ... to end the violence and that framework is the Egyptian initiative," Kerry said at a joint news conference with Egyptian Foreign Minister Sameh Shukri.
Parents of abducted girls, escapees meet president

FILE- In this Sunday, May 18, 2014 file photo some of the parents of the kidnapped school girls sit outside a compound during a meeting in Chibok, Nigeria. At least 11 parents of the more than 200 kidnapped Nigerian schoolgirls will never see their daughters again. Since the mass abduction of the schoolgirls by Islamic extremists three months ago, at least 11 of their parents have died and their hometown, Chibok, is under siege from the militants, residents report. Seven fathers of kidnapped girls were among 51 bodies brought to Chibok hospital after an attack on the nearby village of Kautakari this month, said a health worker who insisted on anonymity for fear of reprisals by the extremists. At least four more parents have died of heart failure, high blood pressure and other illnesses that the community blames on trauma due to the mass abduction 100 days ago, said community leader Pogu Bitrus, who provided their names. (AP Photo/Sunday Alamba, File)ABUJA, Nigeria (AP) — President Goodluck Jonathan met for the first time Tuesday with many parents of 219 kidnapped Nigerian schoolgirls and dozens of classmates who managed to escape from their Islamic extremist captors.



Detroit retirees back pension cuts by a landslide

FILE - In a May 30, 2014 file photo, Detroit emergency manager Kevyn Orr speaks with reporters after addressing the Mackinac Policy Conference on Mackinac Island, Mich. The average annual pension for police and fire retirees is $32,000, while most other retired city workers get $19,000 to $20,000. Orr has said pension changes are unfortunate but necessary because two funds are underfunded by billions. If investment performance improves in the years ahead, he said, the cuts could be restored. "I want to thank city retirees and active employees who voted for casting aside the rhetoric and making an informed positive decision about their future and the future of the city," Kevyn Orr said in a statement late Monday. (AP Photo/David Eggert, File)DETROIT (AP) — A year after filing for bankruptcy, Detroit is building momentum to get out, especially after workers and retirees voted in favor of major pension changes just a few weeks before a judge holds a crucial trial that could end the largest public filing in U.S. history.



Credit Suisse posts big loss after U.S. tax settlement

A worker uses a cordless screwdriver to fix the logo of Swiss bank Credit Suisse at a branch office in ZurichBy Katharina Bart ZURICH (Reuters) - Credit Suisse Group AG will quit commodities trading after chalking up its biggest loss since the financial crisis in 2008, the result of a 1.6 billion Swiss franc ($1.78 billion) fine from U.S. authorities for helping its clients evade taxes. The Swiss bank reversed a recent vow to stick with its commodities unit, and thus joins the ranks of trading firms answering regulatory demands for more capital by significantly reducing or even shuttering their natural resource trading arms. Credit Suisse's fixed income unit outshone both its wealthy client unit and its U.S. rivals with a 4 percent rise in sales and trading, flouting its own downbeat guidance in May. That compares to drops of at least 10 percent at American banks like Goldman Sachs and JPMorgan last week. Credit Suisse said the commodities cuts, set to save $75 million, would allow resources and funds to be reassigned to its private bank, which disappointed investors with a 39 percent drop in revenue and weaker margins, and swung to a loss due to the fine.



Malaysian Airlines restructuring plan could be unveiled in August: sources

By Yantoultra Ngui KUALA LUMPUR (Reuters) - A plan to restructure Malaysian Airlines could be announced as early as the end of August, two sources with knowledge of the matter said, after one of its planes crashed in Ukraine in the second disaster to hit the carrier this year. State investor Khazanah Nasional Bhd [KHAZA.UL] said in June it would unveil plans within 6-12 months to restructure Malaysian Airline System Bhd, as a slump in business since the disappearance of Flight MH370 in March left the carrier set to exhaust its cash reserves by mid-2015. The same sources told Reuters this month that Khazanah, which has injected more than 5 billion ringgit ($1.58 billion) into Malaysian Airlines over the last 10 years, plans to take the carrier private as the first step. A spokesman for Khazanah said: "We do not comment on speculative reports." Malaysian Airlines declined to comment.


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