Bank of America gives another jerk to the US citizens who are already jolted by severity of economic depression looming over entire globe. The bank has recently announced to cut slash down 30,000 jobs in order to save $5 billion from its yearly expenses. The Bank of America (BAC) is reducing these jobs in order to reshape its own budget and save itself from the aftermaths of recession.
Brian Moynihan, CEO of the bank stated this while addressing the US investrs in New York.
Moynihan also revealed that the banks position has deteriorated and reduced to half of its 2008 value due to poorly-written mortgages. Many investors have filed lawsuits against the BAC over its failure in the matter of selling mortgage-backed securities.
The failure was evident after the real estate values collapsed during recession. Cutting 30,000 jobs will reduce the workforce of BAC by a total of 10 percent. At present, the total number of employees working with BAC is 288,000. Recently, BAC has already removed 6000 top officials from its workforce.
The Charlotte, N.C. stated that more reduction in jobs may follow through attrition as well as permanently removing the positions which are yet to be fulfilled. The BAC is yet not sure about the exact number, but it be around 30,000 to effectively reduce its expenditure and save $5 billion by 2014.
The Syrian unrest turns to a new direction following the reemergence of longtime supporter Russia. President Basar Assads’ regime, which is about to tumble down hopes to survive through the fierce rebel by Syrian people due to this new development despite the fact that a;lmost entire international community is against the regime.
Russia expressed its apprehension for the UN resolution that brings sanctions against Syria. Seeing the casualties, which has exceeded 2600 deaths now, UN stated that government has crossed all limits to suppress the rebellions in Syria in last six months. China too supports Basad’s regime and both Russia and China are permanent members of the United Nations Security Council, who can use veto powers.
Dmitry Medvedev, Russian President stated that any resolution from the United Nations should not be biased against the government and it should target the opposition as well. Medvedev further added that Russia believes that there is no need of approving a tough resolution for taking a tough stand on Syria, rather the international community should take a step to strike a balance between both parties—Syrian government and the opposition forces to resolve the conflict.
President Obama talks first time with the new IMF chief over global issues. The White House agrees with Christine Lagarde (lah-GAHRD’) considering the global need for formulating policies for creating jobs and inducing economic growth.
The two diplomats agreed on recognition of emerging economies like China for their contribution to the growing pace of global economic growth.
Dominique Strauss-Kahn had joined IMF as its managing director in 2007, supported by Sarcozy, France’s president. He continued working with the organization until May, 2011. Kahn is also a professor of economics at the Paris Institute for political studies. He resigned from the post when charged of sexual assault were made against him.
Lagarde has achieved the post as the first woman to head the International Monetary Fund. She also hails from France.
She was a lawyer by profession and also worked as Minister of economic affairs, finance and industry, agriculture minister and trade minister for France.
Democrat of Connecticut, Senator Richard Blumenthal presented a bill seeking protection of citizens’ private data from online data breaches. The legislation would punish companies and Web sites for breach of privacy in case the mishandle customers information.
Senator Richard Blumenthal andSenator Richard Blumenthal of Connecticut have always emphasized on securing online security and demanded for proper regulations on this issue.
Senator Blumenthal stated that the proposed law will make online world much safer for companies and individuals who store important and crucial information online. In the absence of proper legislative guidelines, it is almost impossible to prevent breach of privacy in the online world.
The bill known as Personal Data Protection and Breach Accountability Act of 2011, has been proposed at a time when the Congressmen are in the mid of firing debates over online security and privacy issues. The Democrat government is also going to look into the matter for establishing guidelines for online privacy rules.
The bill would be enforced upon companies that maintain data for more than 10,000 people in their online database systems. The bill will also incorporate storage guidelines and ensure preventing breach of information.
Senator Blumenthal was in the limelight due to severely criticizing breach of information in Sony company which endangered 77 million customers of the company at risk. Senator pressurized Sony to disclose the extent of damage to the customers and asked the company to notify them.
If the new bill passes, the individuals will be benefitted in terms of asserting their rights to sue those companies which break the promises to keep data confidential.
Myanmar sets up human rights commission to investigate into cases of human rights abuses in the country, states UN special rapporteur for human rights in Burma, Tomas Ojea Quintana, while talking to the local media. The country has established the human rights commission to protect its citizens against human rights abuses.
The organization consists of bureaucrats and scholars who are 15 in total, according to a report published in a national newspaper. Hoever, there is not detail available about the duties and jurisdictions of the panel.
The establishment of a human rights organization has occurred in the wake of newly founded civilian administration in Myanmar. This is also an initiative toward improving Burma’s image on international level.
The authority of the newly established organization to challenge the functionalities of government is not yet been declared clearly and therefore experts doubt its capacity. Tomas Ojea Quintana, the UN official in Burma called on formation of human rights commission for Burma last month during his visit to the country. He was also given permission to visit Insein jail, situated near Rangoon. At present, Insein jail holds 2,000 political prisoners of Burma.
Governor Rick Perry is preparing to be launched for presidential campaigns with elaborate training by his party members. He is quite cautious in commenting on any issue and tries his best to defend his image and performance as Texas governor.
To get support from all Republicans, Tea Party members as well as evangelicals Perry is all geared up.
Perry is being given a tough competition byFormer Gov. Mitt Romney of Massachusetts who is also fighting for Republican nomination. Romney’s strategy against Perry is to confront him on immigration, promises of creating employment in the state and long tenure as governor of Texas.
Representative Michele Bachmann of Minnesota is showing that the conflict between two Republicans would be quite tough. Her skepticism target Perry over his overspending in Texas to pull Tea Party supporters from his side. The Republicans are also trying to criticize President Obama at the same time, however, fight for nomination has taken more of the limelight and their campaign against Democrats seems to be less fierce.
The debates in the coming few weeks will put the three candidates Mr. Perry, Mr. Romney and Mrs. Bachmann at the same platform. The debates will focus on fund-raising, strategy of campaign and perceptions of voters in the coming presidential elections in 2012.
Southern Louisiana witnesses heavy rainfall due to tropical storm lee on Saturday. The storm continues hanging off the Gulf of Mexico with strong winds of 60 mph. Weather experts predict there is a possibility of heavy flooding in southern Alabama as well as Mississippi and Louisiana. The region is expected to receive a rainfall of around 20 inches due to storm lee.
According to the National Weather Service, center of the storm might hit the Louisiana coast on Saturday afternoon and probably slow down as moving toward southern Louisiana.
Local officials have alarmed the residents and declared states of emergency in Mississippi and Louisiana and people have been taken away to safer places. Pictures of the areas prone to floods have been put online in order to keep people aware.
Though the officials are prepared to tackle any emergency with swift-water rescue teams, they did not want to be a failure as during Katrina hurricane that occurred in 2005.The officials further revealed that Scenario in the New Orleans sea were also very much similar to other areas that are flooded and it would take few days to clear water from the streets.
Following the ouster of former Libyan President Col Gaddafi, document obtained from his office has shocked people all over the globe. According to the documented evidence found from Libyan dictator’s office, American secret agency CIA, helped him in providing information on dissidents.
The CIA worked in cooperation with the intelligence service previous Libyan regime for rendition of terrorist suspects.
Muammar Gaddafi’s intelligence services took help from the CIA in rendition of rebel suspects. Abdel-Hakim Belhaj, the rebel commander in Tripoli, was also among those terror suspects, revealed the documents.
The written evidence about CIA’s involvement were found in Musa Kusa’s office, who was the ex-chief of Libyan Intelligence. The information suggest that MI6 also informed Gaddafi about Libyan dissidents who were living in Britain.
The files have been disclosed by Human Rights Watch, which gave information on how intimately Gaddafi’s intelligence services were associated with MI6 and the CIA.
Two documents from March 2004 showed interaction between Gaddafi’s loyals with the US officials regarding rendition of Belhaj, who was a prominent leader of the Libyan Islamic Fighting Group. This group is now dissolved with al-Qaida.
The Democrats party is working for the downfall of its potential threats to the election Rick Perry who is the governor of Texas State. The Democrats are trying to play him down as a credible opponent in the election even as the governor has barely joined the race.
The target of attack against Governor Perry is on the economic front which he is using as a font as a credible alternative to President who is rated low on the economy. Perry has boasted that his government had created over forty percent of the jobs in the last years which the country had generated within the same period. This is going to be a critical issue in 2012 poll as the economy is going to be in the front burner.
The Democrat saw the economic campaign as being played by Perry as not having any affect in the election. The party had sent series of emails to media houses in the country where they release a bill which is detrimental to the course of Perry who is now a leading contender since he joined the race few weeks back.
The email said that Perry’s economic policy was against middle class families in the state just as they maintained that workers in the state are the most deprived as they are paid below the national minimum wage in the country. Even other indexes of life the mail maintained that the quality of life of people of Texas is among the worst in the country.
New York residents returned to work on Monday but the destruction that was left on the environment by Hurricane Irene made movement difficult for them. The town was standstill as there was no means of movement, train services was suspended because of bad rail lines.
The town was formless because the streets were blocked by trees, lives were becoming unbearable, and thousands of residents of the city were left without power supply.
The situation has become worrisome such that the Mayor of New York city Michael Bloomberg said that the authority is going to embark on environmental clean up. He lamented that over 38, 000 residents of the city were without power but was optimistic that the power situation would be normalized within few days.
However life is gradually returning to the city as subway services which were earlier closed had been restored. In the same way the normal bus services in the city is coming back gradually and it will be a matter of few days before everything comes back to normal in the city of New York. The mayor was addressing the press at the wake of the storm that had befallen the city.
Other parts of the country were also affected by the storm and they have their tales of woe to tell as well. That was the situation in places like New Jersey, Connecticut and some other parts of the country where movement was grounded as a result of the devastating hurricane. However normalcy is being gradually restored in those cities.