USATODAY.com News - Top StoriesFriday's forecast: Snow, rain in the Northwest Fri, 06 Nov 2009 13:51:29 -0000
Wet weather is forecast to spread across the Northwest, while the East Coast should see drier and warmer conditions.
Jobless rate hits 10.2%, first time over 10% since '83 Fri, 06 Nov 2009 13:59:12 -0000
The unemployment rate hit 10.2% in October, surpassing 10% for the first time since 1983.
Shooter praised God before Fort Hood massacre Fri, 06 Nov 2009 13:26:30 -0000
An Army psychiatrist who had counseled troops and was upset about being deployed to Iraq shouted "Allahu Akbar!" and opened fire ...
The Economist: News analysisProtests in Iran: Green November Thu, 05 Nov 2009 08:13:21 -0000
Iran's opposition takes to the streets againTHIRTY years ago, the world was mesmerised by pictures of 52 blindfolded Americans being taken hostage in their embassy in Tehran by Iranian students. This week’s anniversary provided more gripping scenes, as Iranians used the official celebration of that event to take to the streets once again, this time to protest against their own government and their country’s controversial president, Mahmoud Ahmadinejad, whose re-election in June they still hotly dispute.The green movement, as the opposition calls itself, had held no big rally since Jerusalem Day in mid-September, when protesters turned an officially sponsored event into an anti-government one. On November 4th they did it again. Thousands came on to the streets, despite dark warnings from the authorities. There were big demonstrations in Tehran, and reports of others in provincial cities such as Arak, Isfahan, Mazandaran, Rasht, Shiraz and Tabriz. The internet hummed with tales of opposition protests, replete with videos and photographs. It was hard, however, to assess the size of the crowds. ...
General Motors keeps its European arm: Handbrake turn Wed, 04 Nov 2009 11:07:57 -0000
GM’s decision to keep Opel causes anger in GermanyTHE decision by General Motors to abandon its sale of a controlling stake in Opel to a consortium led by Magna, an Austrian-Canadian partsmaker, has embarrassed and angered the German government and alarmed workers. After months of negotiations, and with an agreement about to be signed, GM made a last-minute handbrake turn, unexpectedly announcing on Tuesday November 3rd that it will now hang on to all of its carmaking operations in Europe except Saab of Sweden, and try to revive them. Germany’s economy minister, Rainer Bruderle, denounced GM’s behaviour as “completely unacceptable”. Equally angry German trade unions are calling a strike at Opel, fearing that GM’s turnaround plans, unlike Magna’s, will involve huge job cuts. GM is likely to demand substantial state aid for its restructuring plan; the German government, having assured the European Commission in writing that the aid it had offered to Magna was available to anyone seeking to save Opel, may find it awkward to resist this. ...
American elections: The shine coming off Wed, 04 Nov 2009 06:02:54 -0000
Voters punish Barack Obama and the Democrats in two states, but offer solace in New YorkA YEAR after winning America's presidential election, Barack Obama and the Democrats have suffered two big defeats in governors races in Virginia and New Jersey. Last year Mr Obama won in Virginia in a particularly sweet moment for his party. This time the Republican, Bob McDonnell, trounced the Democrat, Creigh Deeds, by 59% to 41%. In northern corners of the state, which form part of Washington's suburbs and are vital to Democratic chances in statewide contests, the Republican did even better in some places, winning Loudoun county by 61% to 39% for example. In the much deeper-blue state of New Jersey, the loss was narrower for the Democrats. Chris Christie, the Republican, won with 49% of the vote, defeating Jon Corzine, the incumbent governor, who picked up around 45%. There were also various mayoral contests on Tuesday November 3rd. In New York Michael Bloomberg won a third term, but by a much narrower margin of victory than had been expected. Mary Norwood led the field in Atlanta but faces a run-off on December 1st, which if she wins will make her the first female white mayor in the historically black city. And in Houston Annise Parker picked up 31% of the vote and faces Gene Locke in a run-off on December 12th, which if Ms Parker wins would make her the first openly gay person to be elected to the mayor's office in Texas's largest city. ...
Local elections in America: An electoral test Tue, 03 Nov 2009 11:27:38 -0000
“Mini mid-term” elections get under way in America, with Democrats braced for bad newsVOTERS were at the polls to elect governors in New Jersey and Virginia on Tuesday November 3rd and others were voting in a special election to fill a vacant congressional district in upstate New York. Together, these three races (numerous mayoral contests and state referendums are also taking place) provide the biggest political test for the parties since last year's presidential election. A year since Barack Obama won that prize, these elections will be studied for clues about the electorate's mood. Facing what looks likely to be a heavy defeat for the Democrats in Virginia and a fight to keep the governor's mansion in New Jersey, the president would be wise to remind people of Tip O'Neill's famous dictum that “all politics is local”. But Mr Obama will not be able to avoid some of the finger-pointing if things go very badly.At the weekend Mr Obama supported Jon Corzine, the embattled governor of New Jersey, appearing at two rallies. Over the summer polls suggested that Mr Corzine was trailing Chris Christie, his Republican challenger, by large margins. Mr Christie attacked Mr Corzine's record on the local economy and found some traction on ethics issues. Mr Christie has been embarrassed in the last days of campaigning by a bizarre political advert he made featuring a Monty Python sketch. Michael Palin, who appeared in it, criticised the advert and said he was surprised that Mr Christie, a former federal prosecutor, was not aware about copyright infringement. ...
Reshaping British banking: Putting competition first Tue, 03 Nov 2009 06:53:10 -0000
Lloyds and Royal Bank of Scotland are forced to sell businessesAT THE height of the banking crisis, restoring financial stability was paramount for the British government. Worries about limiting the taxpayer’s exposure came second. Ensuring that banking customers continued to enjoy a competitive market was a distant third. Indeed, the government waived competition rules to let Lloyds TSB take over Halifax Bank of Scotland (HBOS), Britain’s biggest mortgage lender, in what proved to be a disastrous move for Lloyds, as the merged group then required a massive state bail-out. Now that the crisis has abated, fostering a competitive banking market is becoming more significant again, though mainly because of the intervention of Neelie Kroes, the European Union’s competition commissioner. Last week she forced ING, a rescued Dutch bank, to split its banking and insurance operations. She also imposed restrictions on lending and deposit-taking at Northern Rock, a nationalised mortgage lender which the British government is splitting into a “good” bank, to be privatised, and a “bad” part, to be wound down. ...
CIT files for bankruptcy: A prepackaged pratfall Mon, 02 Nov 2009 05:08:22 -0000
CIT, a lender to thousands of small businesses, files for bankruptcyTHE most gut-wrenching failures may be over, but the financial crisis continues to claim the occasional big victim. CIT, a lender to small and medium-sized businesses, from clothing retailers to Dunkin’ Donuts franchisees, filed for bankruptcy on Sunday November 1st after failing to garner enough support for a debt-restructuring plan. With $71 billion in assets, the century-old firm is only one-ninth the size of Lehman Brothers, which collapsed in September 2008. Nevertheless, its Chapter 11 filing augurs ill for America’s corporate minnows, whose financing options have narrowed dramatically over the past year.Financial-services firms have a harder time than most bouncing back from bankruptcy, because their business relies so heavily on trust, which has a tendency to evaporate in such situations. CIT has improved its chances by securing the support of the vast majority of its bondholders for a “prepackaged” filing that will reduce its debt by $10 billion while allowing its subsidiaries to go on operating. Among those persuaded to come on board is Carl Icahn, a veteran corporate gadfly who had been trying to derail CIT’s restructuring in the hope of profiting by picking through its entrails; he has even offered a $1 billion back-up loan. The firm’s advisers say it could emerge from bankruptcy by the end of the year. ...
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