“Steven P. Jobs, Apple’s chief executive, announced a new version of the company’s popular iPhone on Monday with a raft of new programs, more powerful wireless Internet connections and a sharply reduced price,” The New York Times writes.
Federal Reserve Bank of New York President Timothy Geithner gave a speech on Monday saying that, “The nation's financial system needs tougher regulations and stronger supervision to protect against future crises,” according to The Wall Street Journal.
Bloomberg.com reports on today’s stock market: “Most U.S. stocks fell, erasing a 0.7 percent rally in the Standard & Poor's 500 Index, after Federal Reserve officials said higher interest rates may be needed to curb inflation.”
"The average price of gasoline in the U.S. hit $4 a gallon for the first time Sunday, the latest milestone in a run-up in fuel prices that is sapping consumer confidence and threatening to nudge the nation into recession," according to The Wall Street Journal.
The FBI released a report today indicating that crime dropped 1.4 percent in 2007. According to ABC News, “The number of murders fell 2.7 percent; rape, down 4.3 percent; and robbery, down 1.2 percent. The FBI will release the final statistics for 2007 in the early fall.”
Senator Edward M. Kennedy left Duke University Medical Center and arrived home in Hyannis Port. “Senator Edward Kennedy is making an excellent recovery from his brain surgery," Dr. Allan H. Friedman, who performed the surgery, said today. "He will continue his recuperation at home in Massachusetts under the supervision of the very capable doctors at the Massachusetts General Hospital."
The supreme leader of Iran, Ayatollah Ali Khamenei, told Iraqi Prime Minister Nuri al-Maliki not to allow the U.S. to station troops in Iraq past 2008. Al-Maliki called his meeting with Khameni a “fruitful trip,” according to Aljazeera.net.
CNN reports that 18,000 people were held in a "political crackdown" in Bangladesh over the past 11 days. Police say that they are aiming to improve security before the December elections, but human rights groups say that the crackdown is politically motivated.
“Burnout has been long associated with being overworked and underpaid, but psychologists Christina Maslach and Michael Leiter found that these were not the crucial factors. The single biggest difference between employees who suffered burnout and those who did not was the whether they thought that they were being treated unfairly or fairly,” The Washington Post reports.
The DreamWorks Animation comedy "Kung Fu Panda," starring Jack Black, earned $60 million during its first three days at the box office, beating out the Adam Sandler comedy "You Don't Mess With the Zohan."