BANK OF AMERICA DECIDED TO CUT 30,000 JOBS; INVESTORES WERE DISAPPOINTED

Bank of America Corp has decided to cut  30,000 jobs in the coming years as it looks to slash annual expenses by $5 billion, but investors were disappointed with the new details provided by banks about their plans.

Brian Moynihan, The bank's chief executive, said Bank of America is focusing on costs cutting  in consumer banking and is taking steps like combining data centers to reach its target. Many of the job cuts will come from attrition and eliminating positions that are open now.

Bank of America's shares have lost more than half their value this year as mortgage litigation and a weakening economy threatened to sap the bank's profits for years.

Media reports last week said the bank could cut as many as 40,000 jobs, and many investors had hoped the bank would announce a dramatic turnaround plan on Monday to show how it is addressing its difficulties.Bank of America shares were down 2 cents at $6.96 on Monday afternoon on the New York Stock Exchange

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“Leila Lopes of Angola is crowned as Miss Universe”

Miss Angola Leila Lopes, a business student from the town of Benguela in her home country, was crowned Miss Universe on Monday after dazzling a panel of judges with her beauty and impressing them with her brain. Lopes take her place as the winner of the 60th annual Miss Universe pageant. Miss Angola Leila Lopes, a business student from the town of Benguela in her home country, was crowned Miss Universe on Monday after dazzling a panel of judges with her beauty and impressing them with her brain.

 

Lopes, 25, laughed and smiled as she hugged runner-up Miss Ukraine Olesia Stefanko, then felt a crown placed carefully on her head at the pageant held in Sao Paulo, BrazilEarlier in the contest, Lopes had been asked what she might change about her physical characteristics if she could, but Lopes said she was satisfied with who she was.

 

"I consider myself a woman endowed with inner beauty," she told the judges and the audience. "I have acquired many wonderful principles from my family, and I plan to follow those through the rest of my life."Lopes take her place as the winner of the 60th annual Miss Universe pageant.

 

It is an annual event watched by millions of people around the world on TV who cheer for the young women competing in categories ranging from swimsuits to evening gowns. They also must answer the critical question that tells the judges a bit about them.

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WHY INDIANS SHIFT GOLD BUYING FROM BANGLES TO BAR ?

In a country like India where Gold is the traditional and the most desirable mode of wearing the jewelry.World Gold Council data for the second quarter of 2011 shows Indian investment demand rose 78 percent on a year ago to 108.5 million tones’ while jewelry demand rose 17 percent to 139.8 million tone’s.

Gold, the ultimate status symbol, is also the gift of choice at celebrations, and jewelry stores across the country heave with customers in the run-up to festivals and the traditional wedding season in a country where brides are often weighed down with the wealth their parents give them.

Unlike jewelry, investment gold retains its value better because fabrication costs are significantly less and buyers don't have to worry about their pieces becoming dated, making them harder to sell. Customers prefer to buy Bar/Biscuits if it's only for investment.

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