NEWS FOR THE WEEK OF JANUARY 22nd

NEWS FOR THE WEEK OF JANUARY 22nd

By:  Hope Wilkos, Writer/Blogger

Photographer:  George Whylie

Videographer:  Maxine Nolan

Photos Courtesy of AFP/Getty Images, www.istockphoto.com

 

We are moving into a brand new week and here is a recap of last week’s most newsworthy events.

On Monday, January 23rd, the Iranian Government made it quite clear that the Strait of Hormuz would be closed to waterway traffic if the sale of Iranian oil is violated in any way.  This means that the United States will not be able to open the route and a warning was issued to the U.S. not to attempt “military adventurism”.  It was a threat that certainly may become a reality.  This was prompted by an action of the EU Nations which agreed in Brussels on an oil embargo against Iran partly because of sanctions over Iran’s controversial nuclear program.  Iran is the 2nd largest producer of oil in OPEC.  Israel and the United States have been monitoring Iran’s nuclear program and it has been said that Iran will have 20% of concentration of enriched uranium by next month.  The tension continues to build but it has been said that Iran is trying to ease those tensions.

All you gambling fanatics, you may not have to leave your home in order to play the lottery.  Several states such as Illinois and New York are getting one step closer to offering lotteries on the Internet.  The 1961 Wire Act needed clarification and it was determined that only betting on sports was prohibited online.  With over 44 lotteries across the country, all are looking at the possibility of going online.  This could draw in more revenue and begs states to question whether they could also offer other games such as online poker.  Not everyone is excited about this new opportunity.  There are a few that feel this would create bankruptcies, crime and make gambling addiction become more plentiful.  There will need to be regulatory reforms put into place.  However great as this sounds, there are some people that enjoy the social atmosphere of actually going to the casino to do their gambling.

All households across the United States were anxiously awaiting the President’s State of the Union address last week.  The President recognized all the accomplishments of the past year, the issues he will concentrate on for the year ahead and what we can do as Americans to help make these goals a reality.  His focus will be on bringing jobs back to our country and restructuring the tax code.  Carrying out his promises will definitely be key in getting reelected later this year.

A bit of good news received accolades on January 24th as U.S. Navy SEALS in the dark of night parachuted in on Somalian Pirates and freed an American woman, Jessica Buchanan (32) and a Danish man, Poul Hagen Thisted (60) who were aid workers being held captive since October of 2011.  Nine pirates were killed in the raid.  The two hostages were working in Northern Somalia for the Danish Demining Group.  Their families were so thrilled to hear of their release and were eagerly awaiting their return.  There are still a number of people being held by Somalian Pirates including an American journalist taken last Saturday.

Is that rumor true?  It has been confirmed that U.S. Airways may try and merge with the airline heading for Chapter 11 Bankruptcy, American Airlines.  U.S. Airways CEO, Doug Parker, announced that they have hired Millstein & Co., a restructuring firm, Barclay’s P.L.C. Banking and Financial services and the Latham & Watkins L.L.P. law firm to analyze a merger attempt.  This came on the heels of the fourth-quarter and 2011 earnings results.  U.S. Airways is not the only airline seeking an acquisition.  Delta Airlines has shown interest in acquiring U.S. Airways.

Facebook is becoming ever so popular these days.  We are awaiting the announcement of the big IPO.  It was reported that Facebook is expected to file a form S-1 with the SEC later this week.  Having to report company revenue and profits, the value is expected to be between $75 and $100 billion.  This is one of the steps that must be completed in order to trade publicly.  This will be the IPO Event of the year but will possibly not become a full-fledged reality until May.  It will make Facebook one of the largest Internet companies and possibly even make history.  This will give the company access to new cash and give it the advantage to use the value of its stock to acquire other companies and have the ability to reward its 3,000 employees.  Let’s see what this week brings.

News is constantly in the making and we will continue to bring you recaps each week.