TV News LIES

Nokia plans to cut one in five jobs at its global cellphone business as it loses market share to rivals Apple and Samsung and burns through cash, raising new fears over its future.

In a second profit warning in nine weeks, Nokia said on Thursday that its phone business would post a deeper-than-expected loss in the second quarter due to tougher competition.

For nearly a decade, Beth Jacobson lived inside the vast machinery of subprime mortgages that shook the nation’s economy.

In sworn court testimony, she describes watching loan officers comb through heavily black areas such as Baltimore and Prince George’s County, forging relationships with churches and community groups to sell them shoddy loans. She says she processed homeowners with sterling credit ratings for higher interest rates than they needed to pay. And she says she pumped out millions of dollars in mortgages to people with no paperwork and low incomes to become Wells Fargo’s top-producing loan officer.

The most far-reaching and detailed analysis to date of the drug economy in any country – in this case, Colombia – shows that 2.6% of the total street value of cocaine produced remains within the country, while a staggering 97.4% of profits are reaped by criminal syndicates, and laundered by banks, in first-world consuming countries.

"The story of who makes the money from Colombian cocaine is a metaphor for the disproportionate burden placed in every way on 'producing' nations like Colombia as a result of the prohibition of drugs," said one of the authors of the study, Alejandro Gaviria, launching its English edition last week.

In a growing trend among college campuses, banks are now introducing more ways to siphon millions of dollars in 'fees' from the already debt-ridden student population.

Students can now streamline a bank account with student aid disbursement, their student ID, ATM and library card, and other services; however, the new 'convenience' comes at a hefty cost. The campus focused banks are charging tricky, exorbitant and excessive amounts of fees from the students once they are engaged in the scheme, the report examines.

Bank of America, which last fall announced plans to lay off 30,000 workers, is about to go on a hiring spree—overseas.

America's second-largest bank is relocating its business-support operations to the Philippines, according to a high-ranking Filipino government official recently quoted in the Filipino press. The move, which includes a portion of the bank's customer service unit, comes less than three years after Bank of America received a $45 billion federal bailout.

The economic crisis across Europe has perhaps been most keenly felt in Greece, where people have taken to the streets in violent and emotional protests against the austeriy measures imposed on the nation.

In this heartbreaking dispatch from the streets of Athens, SUE REID finds mothers who have been forced to sell their own children in the battle for survival.