Finance Headlines 06/07/2010

iPhone: Latest Version Released by Apple:
"IPhone 4 comes with many features that analysts expected, including a better display and a front-facing camera that could potentially be used for videoconferencing. It is 24 percent slimmer than the current 3GS model." ~CNBC~

BP to Increase from 10k to 20k amount of oil being recovered from well:
"The figure underscored some scientists' concerns that the May 27 government estimate of the amount of oil billowing from the mile-deep well, 12,000-19,000 bpd, may be too low. The 49-day-old spill is causing an ecological and economic disaster along the Gulf Coast." ~Reuters~

Brittain Prime Minister Warns of PAINFUL Cuts:
"New Prime Minister David Cameron said Monday the state of Britain's finances was "even worse than we thought" as he warned of "painful" and unavoidable cuts to tackle the record deficit." ~Breitbart~

Germany to make tough cuts too...
"Germany was close to finalizing Monday a major package of government savings, which would likely cut social welfare benefits, slash public sector jobs, and raise taxes to tackle the budget deficit. With the debt crisis undermining the euro, Chancellor Angela Merkel's government is determined to tackle Germany's deficit - which while among the smallest in Europe is still above the official EU limit." ~mywaynews~

Skin Cancer Drug Offers Hope - to both Shareholders and Patients:
"Bristol's ipilimumab added an average of four months to the lives of patients with advanced melanoma, according to data released at a major cancer meeting, marking a huge advance in a disease littered with failures." ~Reuters~

$108 Million Settlement from Bank of America for Countrywide:
"Bank of America will pay $108 million to settle federal charges that Countrywide Financial Corp., which it acquired nearly two years ago, collected outsized fees from borrowers facing foreclosure." ~WashingtonTimes~

Walgreens Sends Letter to CVS/Caremark to End Relationship:
"Drug benefits provider Caremark merged with retail pharmacy CVS in 2007. When CVS CEO Tom Ryan proposed the merger in 2006, he promised that the Caremark business would not play favorites with where a prescription would be filled. But the Walgreens complaint joins those of other drugstores, large and small, about Caremark's bias toward CVS stores." ~CNNMoney~