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JOHANNESBURG (AP) — U.S. President Barack Obama exhorted the world Tuesday to embrace Nelson Mandela's universal message of peace and justice, electrifying tens of thousands of rain-lashed spectators and prompting a standing ovation by scores of heads of state in a South African stadium.
By Emily Stephenson and Douwe Miedema WASHINGTON (Reuters) - U.S. regulators toughened key sections of the Volcker rule's crackdown on Wall Street's risky trades on Tuesday as they finalized one of the harshest reforms after the credit meltdown. The rule - named after former Federal Reserve Chairman Paul Volcker, who championed the reform - generally bans banks from proprietary trading, or speculative trading for their own profits. The final rule includes strictly defined carve-outs for trades executed to serve clients' interests or to protect against market risks, and forces banks to show regulators that they are not trying to pass off speculative bets as legitimate trades. Regulators are eager to prevent a repeat of trading debacles such as JPMorgan's $6 billion trading loss in 2012, dubbed the "London Whale" because of the huge positions the bank took in credit markets.
JOHANNESBURG (AP) — President Barack Obama shook hands with Cuban President Raul Castro Tuesday at a memorial service for Nelson Mandela, a simple gesture that signaled possible thawing between the leaders of two Cold War foes.