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U.S. congressional committee subpoenas Rice
Political and Legal | 2007/04/26 08:59

U.S. congressional committee on Wednesday ramped up its investigation of the Bush administration, subpoenaing the testimony of Secretary of State Condoleezza Rice. ccording to congressional voting records, the House Oversight and Government Reform Committee voted 21-10 to subpoena Rice as part of its investigation of the Bush administration's assertion that Iraq sought to purchase uranium in Africa -- a claim that was used to justify going to war in Iraq.

In his opening statement, Committee Chairman Harry Waxman, a Californian Democrat, said he prefers to issue subpoenas as a "last resort," adding that he felt he had "hit a brick wall" with Rice.

"For four years, I have been trying to get information from Rice on a variety of issues, including the reference to uranium and Niger in the president's 2003 State of the Union speech," Waxman said.

"My request is simple: I would like Secretary Rice to suggest a date that would be convenient for her to testify before our committee," he said.

House Minority Leader John Boehner, a Republican from Ohio, quickly denounced the committee's actions, saying it is merely a "partisan show."

The committee also passed issuing subpoenas to Republican National Committee (RNC) chairman Mike Duncan and for the e-mails White House officials composed on RNC e-mail accounts with regard to the firing of eight U.S. Attorneys.

The committee's move is part of the Democratic-led Congress's ongoing investigations of the conducts of the Bush administration.



Morgan's wealth group settles bias suit
Class Action | 2007/04/26 08:58

Morgan Stanley's Global Wealth Management Group has announced it will pay at least $46 million to settle a class action filed by eight current and former female financial advisers and registered trainees. Under terms of the settlement announced yesterday, which is subject to the approval of the U.S. District Court in Washington, the New York-based firm will adopt new programs in such areas as account redistribution, training and management development designed to enhance the success of women financial advisers.

Also under the terms of the settlement, the firm will establish a process through which women financial advisers who believe they were historically disadvantaged because of their gender may submit monetary claims to a Special Master jointly appointed by the parties.

A $46 million pool has been established to pay such claims and related costs.

"We are firmly committed to the initiatives we will be undertaking to attract and retain women financial advisors and help them be as successful as possible, and pleased to resolve a legal matter stemming from the past. Our goal – across the organization – is to be the employer-of-choice for talented women," said Caroline Gundeck, head of the GWMG Office of Diversity.



Banks hit TJ Maxx owner with class-action lawsuit
Class Action | 2007/04/26 05:55

The Massachusetts Bankers Association said Tuesday it is filing a class action lawsuit against TJX Companies Inc. after thieves stole data from at least 45.7 million credit and debit cards used at the retailer's stores over 17 months.

The association said it will seek to recover damages in the tens of million of dollars.

The Connecticut Bankers Association, the Maine Association of Community Banks and individual banks will be co-plaintiffs, the association said.

The Massachusetts Bankers Association said it is filing the lawsuit to "protect customer privacy and data security for customer accounts."

The TJX data breach was discovered Dec. 18 and investigators have since been looking for evidence of who hacked into the store's electronic network. TJX uncovered the breach after seeing "suspicious software" on its computer systems. The theft is believed to be the biggest breach of customer records in the United States.

The association said there have been "dramatic costs" to financial institutions to protect consumers as a result. Banks had to re-issue debit cards to customers, which can cost up to $25 per card, the association said. Banks also typically cover any fraudulent charges by replacing money in customers' accounts.

"Protecting consumers is our number one priority," said Lindsey Pinkham, senior vice president of the Connecticut Bankers Association. "However, retail data breaches are getting larger and more frequent and we cannot continue to absorb the costs."

The association said the lawsuit also will seek to prove that TJX was responsible for "negligent misrepresentation," since it said it was safeguarding and disposing of cardholder data.

TJX said it could not comment on pending litigation.



Canada to ban inefficient light bulbs by 2012
International | 2007/04/26 05:43

Canada will ban the use of inefficient light bulbs nationwide by 2012 in a bid to reduce energy consumption and reduce greenhouse gases, Natural Resources Minister Gary Lunn said Wednesday. Lunn said the ban would reduce greenhouse gas emissions by more than six million tons a year, saving homeowners about 60 Canadian dollars (54 U.S. dollars) annually in electricity costs.

"Today, we're making a commitment to set performance standards ... within five years, all of those energy-inefficient lighting and bulbs, they're going to be gone," Lunn told reporters in Ottawa.

More efficient lighting would include compact fluorescent bulbs (CFLs), which use about 75 percent less electricity than older incandescent bulbs.

In the world, many places have recently moved toward banning standard incandescent bulbs. Australia announced in February that it was going to prohibit the use of incandescent bulbs by 2010 in an effort to reduce greenhouse gas emissions.



S.Korea to tighten technology protection law
World Business News | 2007/04/26 03:55

South Korea will enforce a law banning unauthorized transfers of technology that could have an adverse impact on the economy and national defense from Saturday, said the country's Ministry of Commerce, Industry and Energy on Thursday.

A newly created industrial technology protection committee will designate sensitive technologies and monitor their cross-border movements, said the ministry.

Under the law, private companies, universities and laboratories that received state research and development funds will have to get authorization before they export technology.

Small and medium enterprises that do not have the resources to protect their technology could receive funds and security training from the government, the ministry added.

The ministry said the new law defines the illegal transfer of technology as a felony and allows the government to confiscate any profits from such transfers.

According to South Korea's Yonhap News Agency, local companies and the government spend roughly 24 trillion won (25.8 billion U.S. dollars) each year on various research and development projects. 



House Passes Bill Requiring an Iraq Pullout
Breaking Legal News | 2007/04/26 00:21

President George Bush and the Democratic party-controlled US house of representatives are headed for a collision with the latter passing a war spending bill requiring Americans troop to begin withdrawal in October. Bush has already threatened to veto the $124 billion bill that was passed by 218 to 208 votes on Wednesday night. The passage of the bill is the clearest signal yet since the invasion of Iraq four years ago that the Democrats are no longer willing to give Bush a wide berth. The US senate is expected to pass a similar legislation on Thursday.

Once it is passed by the senate as well, the bill will be sent to the president to be signed into a law, something which he is not going to do. He has steadfastly rejected any specific timetable for withdrawal, arguing that is a military decision and ought to be taken by the commanders on the ground.

While a majority of Democrats called the bill an essential step to end the debacle in Iraq, members of the Republican party called it a recipe for defeat as well as an invitation to radical Islam. The Democrats are counting on widespread disenchantment with the war in Iraq in the run-up to the 2008 presidential election.

There is increasing perception that unencumbered by his own political fortune since this is his last term, Bush will maintain his unyielding position on what is arguably his single biggest failure.

The bill makes the war funding conditional on the Bush administration accepting a specific timetable to pull out of an Iraq devastated by a Shia-Sunni civil war. In a sense it is the strongest assertion in the last four years by the Democrats of their complete disagreement with the war for which most of them voted in the first place.

With the 2008 presidential election barely two years away, the Democrats appear determined to hammer home their message against the war even while carefully balancing that with the demand of the military. Hence passing the war-spending bill, albeit with a timeframe, is their way of saying they support the military but not the administration that wants to expose them to mortal dangers in Iraq for an indefinite period.

All parties in Iraq have been watching the political wrangling in the US with a great deal of interest. A large number of Iraqis, both Shia and Sunni, might see an opportunity in an early US troop withdrawal to reiterate their own supremacy.

Of course, being a minority population of less than 40 per cent and with their strongest symbol in Saddam Hussein out of the picture now, the Sunnis have a very difficult future ahead.

The Shias, who constitute some 60 per cent of Iraq's population, are demanding their fair share after being oppressed by the Hussein regime for some three decades. Both have a direct interest in when and if the US withdraws its forces.



Virginia governor may close gun loophole
Politics | 2007/04/26 00:21

Virginia Gov. Timothy M. Kaine said during a Tuesday radio interview that he may be able to issue an executive order to close the loophole that allowed Virgina Tech gunman Seung-Hui Cho to purchase a firearm despite having been ordered to receive psychiatric treatment by a Virginia court in 2005. A federal law prohibits persons "who have been adjudicated as a mental defective or who has been committed to a mental institution" from possessing or receiving "any firearm or ammunition," but the Virginia reporting law only requires submission of records of persons who have been "involuntarily committed" or ruled mentally "incapacitated."

Legislation seeking to improve enforcement of the National Instant Criminal Background Check System (NICS) has been introduced in the House of Representatives in the past three terms, but never became law.



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