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BNP Paribas set for record $8.9bn fine

France’s largest bank, BNP Paribas, is set to be hit with a record fine of $8.9 billion by US authorities for breaking sanctions by processing financial transactions with Iran, Cuba and Sudan. The figure is in spite of French government calls for the fine to be "proportionate". Also today: Argentina is heading for a technical default on its debt if it doesn’t resolve outstanding issues with its creditors.