Nation
Bank of America chief executive to resign
Kenneth Lewis, chief executive at Bank of America, announced Wednesday that he will resign at the end of 2009. An employee of Bank of America for 40 years, Lewis claims the pressure of the merger between Merrill Lynch and Bank of America proved too much. Bank of America and consequently Lewis are facing questions from the New York Attorney General and Congress as to Merrill shareholder’s possible losses or bonuses during the merger.
EPA and Senate move forward with emissions legislation
On Wednesday both the Environmental Protection Agency and Senators John Kerry (D-MA) and Barbara Boxer (D-CA) proposed emissions legislation. The EPA, with support from President Obama would begin to regulate the emissions of close to 400 power plants that are either new or remodeling. The regulation could be in place as soon as 2011 and would only apply to the largest plants. The Kerry-Boxer bill would require national greenhouse gas emissions to decrease to 20 percent below 2005 levels by 2020. Although vague in how the emissions would be decreased, the bill does not contribute to the growing national deficit.
Unemployment rises as Obama and Congress look at options
The unemployment rate for September rose to 9.8 percent, up from 9.7 percent with 263,000 jobs lost. Although the number of jobs lost this month is significantly less than in previous months, the House on Friday passed legislation extending unemployment benefits for 13 weeks to states whose unemployment rate is over 8.5 percent. The Senate is looking into similar measures as Obama tries to find ways to increase jobs.
World
Rio de Janeiro wins Olympic bid
The International Olympic Committee decided Friday that Brazil will host the 2016 summer Olympics. Rio beat out three other cities, including Tokyo, Madrid and Chicago, securing it as the first city in South America to host the games. Chicago was eliminated in the first round of voting even though President Obama flew in to lobby for the city.
Indonesia suffers 7.6 magnitude earthquake
Last Wednesday, the city of Padang on the Indonesian island of Sumatra suffered from a large earthquake which killed at least 21 people and trapped thousands. Widespread devastation was present throughout the area as a hospital and airport suffered damages. Effects reached as far as Singapore and Malaysia’s Kuala Lampur.
Report claims Iran capable of making bomb
On Saturday the United Nations senior staff acknowledged that Iran could produce its own atomic bomb. The confidential report came after a cautious report from the International Atomic Energy Agency. Iran has already researched and tested different parts of a weapon and discovered how to enrich uranium. After talks with the United States, however, Iran agreed to send the enriched uranium to Russia to be made into medical isotopes and allowed open investigation of the enrichment plant.
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