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Because fixed-income trading accounts for a big chunk of overall income at Wall Street banks, market disruptions can put a serious dent in profits. Interest-rate sensitive products like Treasury bonds and foreign-exchange represent 40 to 50 percent of fixed-income trading revenue, Ramsden said, making it difficult for banks to make up for weak trading there with other businesses that performed well, like high-yield debt trading.
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The election system in the city is the real joke, not Weinerâ?s social-network foibles. Itâ?s designed to prevent people from voting, not to encourage it â? which is why few turn out, most incumbents are re-elected and nobody dynamic or exciting wants the job.
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They are pioneers of sorts: in his State of the City address in February, Mayor Michael Bloomberg called food waste â?New York Cityâ?s final recycling frontierâ? and announced the pilot program as a way to reduce the amount of trash shipped to landfills.
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It would suit Cameron to have the damaging correspondence out in the open, especially in the run-up to the general election, because it would damage Labour. But his hands are bound by the Whitehall protocols on secrecy which the mandarins are determined to uphold.