Global Glance: Russia, Iran, Turkey urge Syria peace deal; Italy seeks billions to rescue troubled banks

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Here are today’s top business headlines from across the nation and world:

Russia, Iran and Turkey urge Syria peace deal

Russian Foreign Minister Sergey Lavrov says that Russia, Iran and Turkey are ready to act as guarantors in a peace deal between the Syrian government and the opposition. He spoke on Tuesday after a meeting of the three countries’ foreign ministers in Moscow – a day after Russia’s ambassador to Turkey was assassinated at an exhibition in Ankara by a policeman who shouted: “Don’t forget Aleppo! Don’t forget Syria!” Lavrov told reporters the three ministers have signed a joint statement which says that Russia, Iran and Turkey “are expressing their willingness to help the Syrian government and the opposition draft an agreement and act as its guarantors.” Read more

Italy seeks billions to shore up troubled banks if needed

MILAN (AP) — Italy’s new government is asking parliament to approve up to an additional 20 billion euros ($21 billion) in funding to rescue Italy’s troubled banks, if necessary. The Cabinet approved the measure late Monday, as Italy’s third-largest lender, Monte dei Paschi di Siena, is seeking to raise 5 billion euros in the markets to stay afloat. Investors signaled their doubts about the operation, with its share price dropping by 11 percent before the government’s announcement. Parliament must vote before the new funding can be allocated. Read more

IMF board: Lagarde will remain as chief despite conviction

WASHINGTON (AP) — Christine Lagarde will remain head of the International Monetary Fund despite her conviction Monday of negligence in a case dating to her tenure as France’s finance minister. The IMF’s executive board quickly met after the court’s decision and expressed “full confidence” in Lagarde’s ability to carry out her duties at the head of the Washington-based international lending agency. In a statement, the board cited her “outstanding leadership” and the respect and trust she has worldwide. After a weeklong trial, France’s Court of Justice of the Republic found Lagarde guilty of one count of negligence but spared her jail time and a criminal record. Read more

Largest public pension system to sell all tobacco stocks

SACRAMENTO, Calif. (AP) — The nation’s largest public pension system is giving up tobacco. The California Public Employees’ Retirement System decided Monday to sell its last $550 million worth of tobacco-related investments nearly two decades after trading away the bulk of them. In a 9-3 vote, the CalPERS investment committee disregarded the advice from its own financial advisers who recommended reversing a sell-off of tobacco stock that was approved in 2000, which has cost the system more than $3 billion in lost earnings. Read more

Yellen to college grads: Best job market in nearly a decade

WASHINGTON (AP) — Federal Reserve Chair Janet Yellen said Monday that college graduates are entering the strongest job market the country has seen in nearly a decade, and their degree is more important than ever. Yellen said that with changes in the job market such as technology and globalization, succeeding in the job market is increasingly tied to higher education. “Those with a college degree are more likely to find a job, keep a job, have higher job satisfaction and earn a higher salary,” Yellen said in remarks at commencement ceremonies at the University of Baltimore. Read more

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