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BNP Paribas on Thursday posted a net quarterly loss of 4.3 billion euros ($5.75 billion), as a record fine for violating US economic sanctions sent it into the red for the first time since 2008. The French banking giant recorded an exceptional expenditure of 5.95 billion euros for the second quarter, linked to the penalty imposed for moving billions of dollars through the US financial system on behalf of Cuba, Iran, Myanmar and Sudan, all under economic sanctions. BNP Paribas agreed in June to a total settlement of 6.6 billion euros to avoid the case going to trial. Excluding the cost of the fine, BNP Paribas's statement said it had generated net quarterly profits of 1.9 billion euros, up 23.2 percent on the same period last year, with a strong performance by its corporate and investment banking branch.
LOS ANGELES (AP) — The rupture of a nearly century-old water main that ripped a 15-foot hole through Sunset Boulevard and turned a swath of the University of California, Los Angeles, into a mucky mess points to the risks and expense many cities face with miles of water lines installed generations ago.