Democrats' majority in Senate may end in Nov

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From Fazle Rashid
NEW YORK, Jan 07: President Obama already confronting a series of nerve wrecking problems may see another added to his cup of woes. Democratic Party's 60-member Senate majority may end in November when the mid-term Congressional elections are due.
The rapidly shifting political climate less than a year after Obama took office on the strength of a historic Democratic sweep was brought into focus by the announcements that Senators Christopher Dodd and Byron Dorgan would retire rather than seek re-election. It put president and his party face additional urgency to make progress on his agenda, the New York Times (NYT) in a report said today.
President Obama could face a tough time ahead winning legislative support as he presses ahead with initiative on climate change, financial regulations, education and other issues. White House and Democratic Party leaders came out to reassure other potentially vulnerable in an effort to prevent any new retirements.
Financial regulations will again come to the surface with Bank for International Settlements (BIS), known as central banks' Bank sounding warning about a resurgence of the excessive risk taking that sparked the financial crisis. BIS has convened an emergency meeting of the top bankers from around the globe to be held this weekend to address to the problem of financial firms' returning to the aggressive behaviour that prevailed during the pre-crisis period.
Federal Deposit Insurance Corporation, whose board is made up of top banking regulators would meet next Tuesday to consider proposed rules on employees compensation package. The US banks paid more than $17 billion in FDIC fund which insures deposit upto $250,000. The move is the latest attempt to weigh in on bank's pay policies which have been blamed for encouraging inappropriate risk-taking and helping to fuel the financial crisis.
Another major global economy, Japan has also been hit by a political turmoil when its Finance Minister Hirohisa Fuji decided to step down. Japan is setting a budget of $1.0 trillion. Deputy Prime Minister Naoto Kan, minister in charge of economic policy, has taken over as finance minister.
In a separate development, Gordon Brown, prime minister of Britain warded off a party rebillion about a leadership change. Polls in Britain will take place in June. Britain has been buried under an 18-inch snowfall disrupting normal life causing railroad services, airports and schools to shut down. The loss in productivity could reach as high as $1.6 billion.