Daily Archives: December 25, 2011

The Best Places in the World to be on New Year’s Eve


Thoughts after 5 month of China – By an Economist Comedian

The list we have been waiting for…

Get started with your new iPad…

Pope for World Peace after Nigerian Church Blasts…

Liga BBVA – Best Final Ball Providers…

Vincent Kompany believes…

AVB will not recall Alex…

Africa Cup of Nations…

CNN – Gingrich fails to qualify for Virginia ballot

‘X Factor’ Crowns Melanie Amaro First US Winner

I was reading this news article in my MTV News iPhone application and thought you might like to see it:


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Yahoo! News – E-book pricing

I found the following news article from Yahoo! News.

E-book pricing – http://news.yahoo.com/video/entertainment-15749636/e-book-pricing-27623157.html

Sent via Yahoo!® for the iPhone®. Get it here.

Yahoo! News – Tens of thousands of protesters pressure Putin

I found the following news article from Yahoo! News.

Tens of thousands of protesters pressure Putin – http://news.yahoo.com/thousands-gather-protests-russia-113323914.html

Sent via Yahoo!® for the iPhone®. Get it here.

(BN) Moynihan Says Bank of America Is Prepared for Any ‘Turbulent Times’ Ahead

Bloomberg News, sent from my iPhone.

BofA’s Moynihan Says Lender Has Prepared for ‘Turbulent Times’

Dec. 24 (Bloomberg) — Bank of America Corp. Chief Executive Officer Brian T. Moynihan told employees in a year-end letter that he bolstered the firm against risk and will make more improvements in 2012.

“We greatly strengthened our risk culture in 2011, and that work has laid the foundation that will carry us through whatever turbulent times may lie ahead,” Moynihan wrote in a letter posted yesterday to an internal employee website. A copy of the message was obtained by Bloomberg News.

The bank is “simplifying our business model and organization, continuing to shed non-core assets and businesses, and reducing risk-weighted assets,” he wrote. “2012 will be a year for continued improvement in risk-management practices across the company.”

Moynihan, 52, plans to trim about $5 billion in annual costs by 2014 at the second-biggest U.S. lender to combat stagnant revenue and a sagging stock price. Shares of the Charlotte, North Carolina-based bank dropped 58 percent this year amid rising costs tied to faulty mortgages and concern that Europe’s debt crisis will derail the global economic recovery.

Bank of America cut riskier assets by $117 billion from the third quarter of 2010 and reduced risks tied to European sovereign and corporate debt by 43 percent since 2009, Moynihan wrote in the letter.

His predecessor, Kenneth D. Lewis, spent more than $130 billion on acquisitions to create the largest U.S. lender by assets, a rank the company held until this year. To improve capital levels ahead of stricter international rules, Moynihan has agreed to sell more than $47 billion in assets and units since taking over at the start of 2010. The bank is mostly done with such divestitures, he wrote.

“We can focus all our energy and $3 billion in technology investments — the ‘peace dividend’ that derives from no acquisitions/integrations — on increasing the pace of innovations” and improving service, he wrote.

To contact the reporter on this story: Hugh Son in New York at hson1

To contact the editor responsible for this story: David Scheer at dscheer

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(BN) Night Raids Deter Afghanistan From Signing Pact With the U.S., Karzai Says

Bloomberg News, sent from my iPhone.

Night Raids Deter Afghanistan From Pact With U.S., Karzai Says

Dec. 25 (Bloomberg) — Afghanistan President Hamid Karzai said NATO-led night raids and home searches are preventing the country from signing a strategic partnership with the U.S.

“Arbitrary operations and home searches have been a serious problem between NATO and Afghanistan for several years,” Karzai reiterated yesterday, according to a statement from his office in the capital Kabul. “This has been one of the main obstacles for signing the Afghanistan-U.S. strategic partnership pact.”

The U.S.-led forces, without coordinating with their Afghan counterparts, conducted raids in three places causing casualties among local people, Mohammed Zaher Safi, appointed by Karzai to investigate the incidents, said in the statement. The pact, now being negotiated, is to pave the relationship between the two countries beyond 2014, when the U.S. plans to withdraw most of its 98,000 combat soldiers in the country.

NATO’s International Security Assistance Forces last week expressed support for the nighttime raids as the safest way to target militants across the country.

To contact the reporter on this story: Eltaf Najafizada in Kabul at enajafizada1

To contact the editor responsible for this story: Jim McDonald at jmcdonald8

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