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Bank of America doing something...good?
BofA CEO Impresses Investors With $5 Billion Of Cost Cuts -- Moynihan, who has been dubbed "the mumbler" by some employees of his bank, spoke clearly about his plan to cut costs and deal with legacy mortgage-related issues that have haunted Bank of America. The bank's stock, which has been hammered for weeks, traded flat in early trading on the New York Stock Exchange around $7 a share, avoiding a sell-off that appeared to be coming as Moynihan began speaking.
Dollars on the cob.
USDA Cuts Corn Production Forecast Again -- The U.S. Department of Agriculture has again cut its forecast for U.S. corn production this year, citing hot and dry summer weather. Corn farmers are now expected to produce just 12.497 billion bushels of corn, a 417 million-bushel drop from what USDA was forecasting a month ago. "Unusually hot weather persisted across the central Plains, Midwest and Southeast during the first week of August, promoting rapid crop development while negatively impacting crop conditions," the USDA said in its Crop Production report released Monday. "Beneficial rains were reported in the extreme northern corn-producing areas, while most of the Midwest received little or no rainfall."
We've written a lot about this lately too.
Tim Cook's Challenge: Sorting Out Apple's Chinese Supply Chain -- While its design and technology consistently win praise for pushing the envelope, Apple's environmental and labor practices haven't always met with such approval. The latest criticism comes from a group of Chinese NGOs (Friends of Nature, Institute of Public and Environmental Affairs, Green Beagle, Envirofriends, Green Stone Environmental Action Network) that claims to have found evidence of "severe damage to the environment" at five Apple suppliers in the country.
How SAP is Betting Its Growth on Partnerships -- SAP has set some aggressive targets for itself and now faces the challenge of meeting them. How is SAP going to meet its stated goal of growing from €12.5 billion in revenue in 2010 to €20 billion in 2015? How is SAP going to expand its reach from 500 million people using its products to 1 billion? How is SAP going to reach these goals while at the same time expanding its margin?