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What remains to be seen is how Ackman's investors, including pensions and funds of funds, will react to the Penney situation. This is shaping up as a rough year for Pershing Square, which was up 4 percent at the end of July, or about the average performance of most hedge funds. It has also recorded a more than $300 million paper loss on its $1 billion bearish bet against Herbalife.
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Banks across Europe have been closing branches in a bid totrim operating costs and improve their battered earnings.Consumer take-up of online and telephone banking services hasaccelerated the trend.
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Rubio has played down the possibility of a presidential campaign while Bush, whose father and brother were presidents, has indicated that he is at least considering a run. Republican operatives in Florida say that if Bush decided to run, the party's establishment almost certainly would back him.
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After a reckless attempt at racing a lawnmower nearly costs him his life, Theo is ostracised by the snail community. He decides to leave, and eventually ends up perched on a motorway bridge, watching cars speed past below. Caught up in the excitement, he leans forward, falls off the bridge and is sucked into the engine of a sports car. As the driver floods the engine with nitrous oxide, Theo’s entire body becomes infused with the chemicals, which alter his DNA. Once he is spat out he discovers that he can zoom around at 200mph. He races back home, but finds that his snail friends, including his (very cautious) brother, Chet, don’t appreciate his new talents. Fate then intervenes when Chet is plucked out of the plant by a crow and taken to the other side of LA. Theo gives chase and rescues his brother. The pair are then picked up by a taco vendor called Tito, who, it transpires, has his own dreams too (in his spare time he races snails). Having witnessed Theo’s incredible speed, he renames him Turbo and enters him in the Indy500.
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(Additional reporting by Arshad Mohammed and Jeff Mason in Washington, Martin Petty in Bangkok, Simon Johnson in Stockholm, Adam Rose and Jonathan Standing in Beijing and Dave Graham in Mexico City; Writing by Paul Taylor; Editing by Alastair Macdonald)
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