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BofA plans 30,000 job cuts; investors underwhelmed

(Reuters) – Bank of America Corp said it is cutting 30,000 jobs in the coming years as it looks to slash annual expenses by $5 billion, but investors were disappointed in the scant new detail the bank provided about its plans. The bank’s chief executive,Brian Moynihan, said Bank of America…

Obama to send jobs bill to Congress

US President Barack Obama will ratchet up pressure on Republicans on Monday by sending his $447 billion American Jobs Act to Congress and calling on lawmakers to pass it, a White House official said. Obama will hold an event in the Rose Garden of the White House including people who…

Auto makers defy crisis at IAA motor show

Clouds may be gathering over the global economy, but auto makers are revving up to try and dispel any gloom with nearly 90 new models at the world’s biggest motor show, the IAA. With more than 1,000 exhibitors from 32 countries crowding into 235,000 square metres (23 hectares) of the…

Swiss banks ‘allegedly’ providing information to US

Swiss banks have “allegedly” begun providing information to Washington on accounts held by US citizens, Swiss media reported Saturday. Local daily Neue Zuercher Zeitung reported that US authorities had “allegedly” received information from Swiss banks on their American customers, without citing sources. It said that on Friday nine banks “allegedly…

Economic turmoil in Europe drives Dow down 300

NEW YORK — US stocks plunged on Friday, with the Dow Jones Industrial Average sliding more than 300 points, as global stock markets were stung by fresh anxiety in the eurozone over Greece’s bailout. The Dow fell 303.68 points (2.69 percent) to close at 10,992.13. The broader S&P 500 fell…

Apple wins key German patent case against Samsung

Apple won the latest battle in a global legal war with Samsung on Friday when a German court banned the Korean firm from selling a tablet computer in Germany, ruling it had copied the iPad. The court, in the western city of Duesseldorf, said Samsung’s Galaxy Tab 10.1 computer, a…

Major Yahoo shareholder calls for new board

NEW YORK (Reuters) – Shareholder activist Daniel Loeb has scooped up shares of Yahoo Inc and is demanding that the company overhaul its board, saying the directors have made “serious misjudgments” and “destroyed value” for stockholders. A “reconstituted board with new directors who will bring fresh eyes, relevant industry expertise…

Bank of America discussing up to 40,000 job cuts: report

BANGALORE (Reuters) – Bank of America Corp officials have discussed slashing roughly 40,000 jobs during the first wave of a restructuring, the Wall Street Journal said, citing people familiar with the plans. The number of job cuts are not final and could change. The restructuring aims to reduce the bank’s…

Budget cuts will mean smaller U.S. Army: general

Under mounting budget pressure, the US Army probably will have to shrink the size of its force below a planned target of 520,000 troops, the new Army chief of staff said Thursday. General Ray Odierno, who took over as Army chief Wednesday, said the push to reduce the deficit would…

As cartels rapidly expand in U.S. cities, authorities confront futility of drug arrests

America’s war on drugs is virtually lost on all fronts: illicit drug use is increasing, drug cartels are growing stronger and enforcement is becoming less effective — and the government is well aware of all this, according to documents released this week. In three separate releases this week — a…

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