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By Robin Respaut SAN FRANCISCO (Reuters) - California State Treasurer John Chiang on Wednesday announced a sweeping suspension of business relationships with Wells Fargo & Co as punishment for the company's defrauding of customers. In addition, Chiang vowed to work with the state's two giant public pension funds to change the management structure at the bank, which is California's oldest financial institution. The sanctions, which will last for 12 months, include suspending Wells Fargo as a managing underwriter on state negotiated bond sales, Chiang said.
By Rania El Gamal and Alex Lawler ALGIERS (Reuters) - OPEC agreed on Wednesday to cut its oil output for the first time since 2008, with the group's leader Saudi Arabia softening its stance on arch-rival Iran amid mounting pressure from low oil prices. "OPEC made an exceptional decision today ... After two and a half years, OPEC reached consensus to manage the market," Iranian Oil Minister Bijan Zanganeh was quoted by Iran's SHANA news agency as saying, without giving details. OPEC's informal meeting in Algeria was still continuing after five hours.