This is, of course, relatively unremarkable in that the long-term stated Purpose of the government (with a definite capital P) is sustainable economic growth.

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Then last month the chief of the State Administration of Foreign Exchange, a division of the central bank, removed any ambiguity when he stated that China would make the renminbi convertible on the capital account in five years.

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HSBC's unusually detailed pay disclosures showed that in a scorecard measuring various aspects of his performance, he achieved full marks on rebuilding the bank's capital position, hitting dividend payout targets and pursuing stated strategic goals.

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That means that even though CHK may be reporting positive accounting earnings, capital expenditures for lease acquisitions and drilling are greater than stated net income.

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He also notes the increased sway that faculties now hold over university administrators, which often cause big capital projects to run over budget to satisfy professors' stated requirements.

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Two key Russian steel companies, Magnitogorsk Metal Combine and Severstal (owned by billionaire Alexei A Mordashov), have publicly stated they are looking at mines owned by Akhmetov's System Capital Management.

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Stated less bluntly, the argument would be that Morgan needs more time to meet the new capital requirements which is tantamount to saying the same thing.

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He stated that his education in the U.S. and the connections he formed within the venture capital community gave him the confidence to incorporate his company.

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The first, stated relatively plainly, is that Morgan does not have the money to do the deal given the new capital regulations.

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