PRESS DIGEST - Wall Street Journal - Jan 7

Mon Jan 7, 2013 2:03am EST
 
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Jan 7 (Reuters) - The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy.

* Republicans won't accept further tax increases in the United States in coming budget and debt negotiations, the party's Senate leader said on Sunday, putting Republican lawmakers on a collision course with Democrats over raising the government's borrowing limit. ()

* Global banking regulators watered down a key element of their plan for creating a safer financial system, giving ground to banks that argued the rules were unworkable and financially risky. ()

* Banks were closing in on a $10 billion foreclosure-abuse settlement with U.S. regulators that could be announced as soon as on Monday, according to people familiar with the talks. ()

* ExxonMobil Corp said it will spend $14 billion to develop the Hebron oil field off the shore of eastern Canadian province Newfoundland and Labrador, a project it expects to yield 700 million barrels of oil. ()   Continued...