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Treasury's Mnuchin dispels rumors of Turkish bank sanctions over Iran
Treasury Secretary Steven Mnuchin said Saturday he did not threaten to sanction Turkish banks in a recent conversation with a senior government official, quieting rumors that had jarred that country's markets earlier this week. "Turkey is not the focus right now, for the moment," Mnuchin told the Wall Street Journal and other reporters traveling with him on a trip through the Middle East. Amid an escalation of U.S. sanctions against Iran for its ballistic missile program, Turkish media reported that the U.S. would sanction six Turkish banks that maintained business relations with Iran's sanctioned military unit. "There is no truth to those rumors," Mnuchin said. "I did have discussions with them [on the sidelines of a global finance ministers' meeting in Washington earlier this month] but I did not have specific conversations on sanctions." Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
The Los Angeles Times names former Forbes exec its top editor
The Los Angeles Times, owned by Tronc Inc. , said on Monday that it has named former Forbes executive Lewis D'Vorkin as the paper's editor-in-chief. The Times also tapped Mickie Rosen as president. The hirings come after the paper shook up the leadership team, parting ways with former editor Davan Maharaj in August. In addition to being the chief product officer at Forbes, D'Vorkin has held roles at The Wall Street Journal, Newsweek and The New York Times. "Lewis is one of the most transformational editors and digital innovators in the media industry and is exceptionally qualified to lead the evolution of the Los Angeles Times newsroom," said Chief Executive and Los Angeles Times publisher Ross Levinsohn. Rosen most recently served as a senior advisor to the Boston Consulting Group and has served as the senior vice president of global media and commerce at Yahoo!. Rosen has also held positions at 20th Century Fox Inc. , Fandango and Walt Disney Co. . Rosen and D'Vorkin's appointments are effective immediately. Shares of Tronc have gained 105 in the year to date, while the S&P 500 index is up nearly 14% and the Dow Jones Industrial Average is up more than 15%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Merkel set to win 4th term
Angela Merkel is set to win a fourth term in Germany's general election on Sunday, where polls closed roughly half an hour ago at 6 p.m. Central European time. Meanwhile, the anti-immigrant Alternative for Germany party is slated to come in third, with first projections showing them above 13% of the vote, according to the Wall Street Journal and local reports. Merkel's Christian Democratic Party is leading with around 33%--its worst result since the Federal Republic of Germany's first election in 1949--followed by her main challenger Martin Schulz's social democrats with roughly 20%. Both parties have registered steep losses compared with the last election, and the social democrats are unwilling to enter into another grand coalition to lead the country, local media reports. This means Merkel will likely have to form ties with the Greens and liberals, in the so-called Jamaica coalition.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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