Obama names GE's Jeffrey Immelt to new economic advisory board

President Obama visits a GE plant in Schenectady,
N.Y., and says company CEO Jeffrey Immelt will
lead a new panel aimed at 'putting our economy
into overdrive.'
President Obama listens to General Electric's CEO
Jeffrey Immelt speak at GE headquarters in
Schenectady, New York. Obama named Immelt
to head a new economic advisory panel focused
on promoting growth by investing in business.

President
Obama used a visit to a GE plant in upstate New
York to outline a new mission for his economic
team, a shift from economic rescue into
"overdrive" spurred in part by a ramping up of
American exports.
The event at the birthplace of GE also served as
the introduction of the company's CEO, Jeffrey
Immelt, as the leader of Obama's new Council on
Jobs and Competitiveness. It will replace the
Economic Recovery Advisory Board he created
two years ago after taking office.
After touring the Schenectady plant, Obama
highlighted the company's expansion in the
region, which he said benefited from tax breaks
extended in the recent tax compromise and his
administration's trade deals with nations like China
and India.
"For America to compete around the world, we
need to export more goods around the world,"
he said. "This is how we go from an economy
that was powered by what we borrow and what
we consume. … We want an economy that is
fueled by what we invent and what we build."
That's in part the mission of Obama's new
council, and why he named Immelt to lead it.
Additional members, which he said would
represent the business, labor and academic
communities, will be named soon.
"The past two years were about pulling our
economy back from the brink. The next two
years, our job now, is putting our economy into
overdrive," he said. "Our job is to do everything
we can to ensure that businesses can take root
and folks can find good jobs and America is
leading the global competition that will determine
our success in the 21st century."
Friday's announcement comes toward the end of
a significant overhaul of the Obama
administration, and the start of a likely reelection
effort.
The White House has said a key theme of
Obama's State of the Union address Tuesday will
be building on the nation's economic recovery.


Source: Http://www.latimes.com/news/politics/la-pn-obama-schenectady-20110122,0,1821275.story

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(Reuters) - A suicide bomber
driving an ambulance killed up
to 15 people and wounded
more than 50 in an attack on
Wednesday on an Iraqi police
training center in volatile
Diyala province, officials said.
Suspected Sunni insurgents and Shi'ite militia
have stepped up attacks in recent months on
Iraqi policemen and soldiers, seeking to
undermine faith in the security forces before a full
U.S. military withdrawal by the end of this year.
Samira al-Shibli, a spokeswoman for the
provincial governor said 15 people were killed and
52 wounded in the blast in the city of Baquba, 65
km (40 miles) northeast of Baghdad.
Police sources in Baquba put the death toll at 14,
and 64 wounded. Ali Hussein, general manager
of Diyala health department, said only five were
killed, and 74 wounded.
One police source said there were two attackers.
One of them shot dead three security guards at
the gates of the training center, opening the way
for a second assailant to drive the ambulance in.
The blast caused part of the three-storey building,
where offices for different departments of Iraqi
police and security are located, to collapse, said
Lieutenant Colonel Hisham al-Tamimi, head of the
counter-terrorism department in Diyala.
"I can see hands and legs of dead policemen
sticking out from under the rubble," said a
policeman at the blast site.
Wednesday's attack was the second by a suicide
bomber in two days on Iraqi security forces. At
least 49 people were killed in former dictator
Saddam Hussein's hometown of Tikrit on
Tuesday when a suicide bomber attacked a line of
police recruits.
That was the bloodiest attack in Iraq since Prime
Minister Nuri al-Maliki won support in December
for his reappointment, ending a nine-month
stalemate that followed a March election.
Overall violence has fallen sharply since 2006-07
peak of the sectarian slaughter between once
dominant Sunnis and majority Shi'ites triggered
after the 2003 U.S.-led invasion.
But Sunni Islamist groups like al Qaeda still battle
Iraqi security forces, particularly in ethnically
mixed Diyala, Baghdad and the turbulent northern
province of Nineveh, and target the less visible
U.S. forces whenever they can.
POLITICS?
Analysts said recent attacks are probably not
related to the formation of the new Shi'ite-led
government, which includes the Sunni-backed
Iraqiya bloc.
Iraqiya won the most parliamentary seats in last
year's election and many feared its possible
exclusion from power could have led to a surge
in violence.
"Such explosions are common, due to the
security breaches and the inability of the security
apparatus to protect the people," said Iraqi
political analyst Abdul-Jabbar Ahmed, a professor
at Baghdad University.
"It is not the first time that such security breaches
happen, and it has nothing to do with the Iraqi
government leaning toward a specific
component."
In a separate incident on Wednesday, a suicide
car bomber killed two Shi'ite pilgrims and
wounded 16 on a road between Baquba and
Baghdad, police sources said.
Attacks against Shi'ites are expected to rise ahead
of the religious event of Arbain, which culminates
next week. Arbain marks a 40-day mourning
period for Imam Hussein, a grandson of the
Prophet Mohammad who was killed at the battle
of Kerbala in the 7th century and who is a central
figure of Shi'ite Islam.
Source: Http://www.reuters.com/article/idUSTRE70H18M20110119

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Futures little changed as bank earnings eyed.

(Reuters) - Stock index futures
were little changed on
Wednesday as investors
awaited results from Goldman
Sachs Group and Wells Fargo
after financial stocks fell in
the previous session on
disappointing results from
Citigroup.
A number of banks are scheduled to release
results throughout the day, including Goldman
Sachs Group Inc ( GS.N), which is expected to
report a 50 percent fall in quarterly profit because
of the same weak fixed income trading
environment that hurt Citigroup Inc results ( C.N).
Despite concerns over bank results, strong
earnings from Apple Inc (AAPL.O) and
International Business Machines Corp (IBM.N) late
Tuesday reinforced hopes of an overall strong
earnings season.
"There is no question the bulls are in control as
we see some quality earnings coming in. If
Goldman Sachs earnings are disappointing, will it
derail the current sentiment? I don't think so," said
Peter Cardillo, chief market economist at Avalon
Partners in New York.
Apple's profit blew past Wall Street expectations
on strong sales of iPhones, iPads and Mac
computers. The results offered some reassurance
to investors worried over what impact the latest
medical leave by Chief Executive Steve Jobs
would have on growth.
Apple shares were up 2 percent at $347.39 in
premarket trade after a number of brokerages,
including Goldman Sachs and Bank of America
Merrill raised their price targets on the stock.
IBM's quarterly profit also easily topped estimates,
and a recovery in its services business raised
hopes that global companies would spend more
on technology. [ID:nN18146899] The stock was
up 2.6 percent at $154.60 in premarket trade.
S&P 500 futures fell 0.7 point and were below fair
value, a formula that evaluates pricing by taking
into account interest rates, dividends and time to
expiration on the contract. Dow Jones industrial
average futures were unchanged, while Nasdaq
100 futures gained 0.25 point.
Optimism about earnings has bolstered equities,
with the S&P 500 .SPX ending last Friday with its
seventh straight week of gains.

Source: Http://www.reuters.com/article/idUSTRE70G3AB20110119

READ MORE ................... Futures little changed as bank earnings eyed.