India economy grew 8.6 percent in Jan-Mar quarter, best in 2 years as manufacturing rebounds

India’s economy grows at fastest pace in 2 years
MUMBAI, India – A rebound in manufacturing and recovering farm output drove India’s quarterly economic growth to 8.6 percent, the best in two years as Asia’s third-largest economy returns to pre-crisis levels of expansion.
Growth for the financial year ended March was 7.4 percent, beating a … Read more »».

The Container Store To Debut In Indianapolis

INDIANAPOLIS (GaeaTimes.com)- The Container Store, one of the world’s largest retail stores is set to open its first store in the city of Indianapolis. The new shop may soon be seen in the Rivers Edge area of the 82nd Street at Dean Road inside a shopping area near Lake Clearwater. The Kite Realty Group …. Source article on Gaea Times at  : The Container Store To Debut In Indianapolis.

Punj Lloyd Declares Q4 Results

MUMBAI, INDIA (GaeaTimes.com)- Punj Lloyd has announced it’s Q4 (fourth quarter) results for FY10 (Financial Year 2010). Reportedly, the consolidated loss of Punj Lloyd was said to be a total amount of Rs 301 crore which is slotted against the total loss of Rs. 256 crore witnessed by the company.
The Q4 results as declared … Original source on Gaea Times at : Punj Lloyd Declares Q4 Results.

Sensex goes flat after brief spike

MUMBAI – A benchmark index for Indian equities Monday was trading on a flat note in afternoon trade after making modest gains on news that the economy grew at a robust 8.6 percent in the last quarter of 2009-10.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,872.17 points, was … Read the original article on Gaea Times at : Sensex goes flat after brief spike.

GOP sees prospects to gain governorships, especially in Midwest, Great Lakes region

GOP upbeat about gubernatorial prospects, Midwest
WASHINGTON – A political tail wind boosting their prospects, Republicans have significant opportunities to gain governorships across the Great Lakes and Midwest this fall. But, in a wrinkle to their coast-to-coast victory plan, the GOP is struggling with internal fights in a handful of primaries, giving …. Original source  : GOP sees prospects to gain governorships, especially in Midwest, Great Lakes region.

In spite of brighter economic outlook, many people still feeling stress over debt, joblessness

Debt-induced stress continues for many Americans

WASHINGTON – The economy trudges ahead yet debt dogs many Americans, stressing them out even as they firm up their own financial foundations.
There are new jobs produced but old worries persisting for people despite belt-tightening and boosted savings, according to an Associated Press-GfK poll.
About 46 percent of those surveyed say …. Read the original article  : here.

Ex-defense minister dominates Colombia presidential vote, faces Green Party outsider in runoff

Colombia runoff: ex-defense minister vs. Mockus

BOGOTA, Colombia – A former defense minister from an elite political clan fell just short of a first-round victory in Colombia’s presidential elections while trouncing his closest rival, an unorthodox Green Party candidate.
Juan Manuel Santos, who helped craft the wildly popular security policies of outgoing President Alvaro Uribe, won 47 … Original article on : Ex-defense minister dominates Colombia presidential vote, faces Green Party outsider in runoff.

Reports: Japanese leader supports SKorean plans to bring NKorea to UN Security Council

Japan PM backs Seoul’s UN bid to punish NKorea
TOKYO – Japan’s prime minister told his Chinese counterpart Monday that he supports Seoul’s plans to bring North Korea before the U.N. Security Council for sanctions or condemnation for the alleged sinking of a South Korean warship, an official said.
The two countries also agreed … Read more >>.

First Indo-US Track II discourse to push collaborative ideas

WASHINGTON – A first of its kind Track II discourse will follow the June 3 inaugural India-US strategic dialogue to push forward ideas emerging from the government-to-government conversation, according to a leading Indian business body.

Indian External Affairs Minister S.M. Krishna and US Secretary of State Hillary Clinton would lead Thursday’s official talks focusing on five …. Read the original article  : here.

India grows 8.6 percent in fourth quarter

NEW DELHI – The Indian economy grew by 8.6 percent during the quarter ended March 31, lifting the annual gross domestic product (GDP) for 2009-10 to 7.4 percent, official data released Monday showed.

And Finance Minister Pranab Mukherjee said he expected the growth momentum to continue and the economy would expand at 8.5 percent in the …. Original source  : India grows 8.6 percent in fourth quarter.

Sweden’s Oriflame targets 30 new products a month in high-growth India

NEW DELHI – Swedish personal care company Oriflame plans to launch 25-30 products every month and engage 50,000 more people to tap the booming Indian cosmetics market, already a $5.4 billion industry growing at 12 percent per annum.

“In Asia, India is the most important market, besides China. In the coming year, I …. Original article  : Sweden’s Oriflame targets 30 new products a month in high-growth India.

Oil rises slightly to above $74 in Asia as traders look to US jobs report for clues to economy

Oil rises above $74 as US jobs report awaited

SINGAPORE – Oil prices rose above $74 a barrel Monday in Asia as traders look to a U.S. jobs report this week for clues about the strength of the global economic recovery.
Benchmark crude for July delivery was up 49 cents at $74.46 a barrel at late afternoon …. Original source  : Oil rises slightly to above $74 in Asia as traders look to US jobs report for clues to economy.

Sensex volatile in early trade

MUMBAI – A benchmark index for Indian equities Monday was trading in a zig-zag manner in morning trade.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,872.17 points, was ruling at 16,875.98 points, 12.92 points or 0.08 percent up from its previous close at 16,863.06 points.
At the National Stock …. Original article on Gaea Times at  : Sensex volatile in early trade.

Money Market Operations as on May 28, 2010

…. Original article on Gaea Times at  : Money Market Operations as on May 28, 2010.

India, China should take care of each other’s concerns: Patil

SHANGHAI – India and China need to develop models of economic cooperation which will take into account each other’s concerns, President Pratibha Patil said here Monday.

On the last day of her six-day state visit, she spoke to a group of Indian and Chinese businessmen at the India-China business forum and urged them to further boost …. Original article on Gaea Times at  : India, China should take care of each other’s concerns: Patil.

Mexico oil spill: US prepares for worst

WASHINGTON – The US government is preparing for a months-long disaster in the Gulf of Mexico after the latest attempt by oil giant BP to plug a gushing well were declared a failure.

“What we’re doing is we’re going to hope for the best and prepare for the worst,” Carol Browner, an Obama energy advisor, told …. Read the original article  : here.

Fed chief says biggest challenge facing central banks is deciding when to tighten credit

Fed chief sees delicate dance ahead
WASHINGTON – The delicate task ahead for the Federal Reserve and other central banks is deciding when to start boosting interest rates and reeling in all the stimulus pumped out during the global financial crisis, Fed Chairman Ben Bernanke said Sunday.

Bernanke, however, didn’t provide any new clues on that front.
As …. Source  : Gaea News Network.

Come and take it! GOP Gov. Rick Perry answers campaign attacks with style that’s classic Texas

Come and take it! Perry fights attacks Texas style
AUSTIN, Texas – Rick Perry is governor of a state with a multibillion-dollar hole in the budget that’s getting bigger. The EPA wants to take away the state’s power to police the quality of its air. He’s the butt of jokes for spending tens of … Read the original article on Gaea Times at : Come and take it! GOP Gov. Rick Perry answers campaign attacks with style that’s classic Texas.

Still seeing red after protests end, Thai tourism industry seeking recovery, rehabilitation

Thai tourism seeking recovery from protest turmoil

BANGKOK – The Red Shirt anti-government protesters have gone home, but Thailand’s tourism industry is still seeing red.
Armed soldiers, smoky streets and looted stores were the sad finale to two months of street protests seeking to force new elections. Those images have lingered in many minds, especially for tourists, … Read more »».

Loss of Treasury minister ends short honeymoon for Britain’s coalition government

Expenses scandal troubles fledgling UK coalition

LONDON – After only 18 days at the helm, Britain’s young coalition government has lost a top finance minister to an expenses scandal just as it struggles to slash a record budget deficit and restore public trust in politics.
The abrupt resignation of David Laws, the deputy Treasury chief, reduced confidence …. Read the original article  : here.

World shares lower amid China manufacturing slowdown, Europe debt jitters

World markets fall amid China, Europe jitters
BANGKOK – World stocks fell Tuesday amid news China’s manufacturing slowed in May and as investors fretted Europe’s shaky government finances could undermine the global economic recovery.
Wall Street appeared to be in store for further losses as investors returned to a theme that has troubled markets for … Read this article on Gaea Times at : World shares lower amid China manufacturing slowdown, Europe debt jitters.

Mail order service that offers human, animal body parts

LONDON – What do you want – a sliver of human head, a piece of smokers’ lungs or a slice of human hand? All that and much more are now available through a mail order service set up in Germany.

The service has been started by controversial German anatomist Gunther von Hagens, who is the inventor …. Source article  : Mail order service that offers human, animal body parts.

Oil falls to near $72 in Asia as stock markets, euro drop

Oil falls to near $72 as stocks, euro fall

SINGAPORE – Oil prices tumbled to near $72 a barrel Tuesday in Asia as weakness in global stocks and the euro dragged on appetite for crude.
Benchmark crude for July delivery was down $1.51 at $72.46 a barrel at late afternoon Singapore time in electronic trading on the …. Source article  : Oil falls to near $72 in Asia as stock markets, euro drop.

Zuma visit: India, South Africa to re-launch CEOs forum

NEW DELHI – India and South Africa will give a fresh impetus to their growing business ties, re-launching the CEOs forum Thursday in the presence of South African president Jacob Zuma.

The CEOs forum will be re-launched with the signing of the terms of reference by the two chairs of the forum, the commerce ministry … Original article on : Zuma visit: India, South Africa to re-launch CEOs forum.

Ryanair back in profit for full year; 14 pct traffic growth yields 2 pct hike in revenue

Ryanair back in profit for full year
DUBLIN – Budget airline Ryanair said Tuesday that it earned a full-year profit of euro305.3 million ($375.7 million), reversing a loss a year earlier when it took a massive write-off from its failed attempt to take over rival carrier Aer Lingus.

Europe’s biggest budget airline said Tuesday that passenger numbers …. Source article on Gaea Times at  : Ryanair back in profit for full year; 14 pct traffic growth yields 2 pct hike in revenue.

EU says it sees antitrust worries with Unilever’s bid for Sara Lee personal care unit

EU probes Unilever takeover of Sara Lee unit

BRUSSELS – European Union regulators said Tuesday they will closely investigate Unilever’s euro1.28 billion bid for Sara Lee Corp’s personal care business because they think the deal could give the new company too much power in some markets.
This delays the deadline for EU regulatory approval of the deal …. Source article  : EU says it sees antitrust worries with Unilever’s bid for Sara Lee personal care unit.

Sensex plummets 169 points

MUMBAI – A benchmark index for Indian equities Tuesday extended its losses in afternoon trade and was ruling 169 points lower than its previous close.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,942.82 points, was ruling at 16,774.65 points, 169.98 points or 1 percent down from its previous close …. Original article on Gaea Times at  : Sensex plummets 169 points.

India’s exports up 36.2 percent in April

NEW DELHI – India’s exports rose 36.2 percent to $16.9 billion in April for the sixth straight month after 13 consecutive months of decline, official data released here Tuesday showed.

The exports were $12.4 billion in April a year ago.
The exports were higher due to increased demand for gems and jewellery, textiles, petroleum … Original source on Gaea Times at : India’s exports up 36.2 percent in April.

Toss it or fix it? Americans may just give health care overhaul law a chance to work

On health care law, Americans may give it a chance
WASHINGTON – Toss it or fix it? Anxious backers of President Barack Obama’s health care overhaul law are starting to see a flicker of hope.
While polls show Americans remain sharply divided over the Democrats’ landmark legislation, they aren’t clamoring for its repeal.
Instead, the … Original article on : Toss it or fix it? Americans may just give health care overhaul law a chance to work.

AIG says won’t accept lower Prudential offer for Asian insurance business AIA

AIG won’t accept lower Prudential offer for AIA

LONDON – U.S. insurer AIG said Tuesday it won’t accept lower offer for its Asian insurance business from Prudential, which proposed a $5 billion cut to calm its rebellious shareholders.
London Stock Exchange-listed Prudential PLC initially agreed to pay $35.5 billion for AIA, the Asian insurance business of American … Read more »»».

Maruti sales top 100,000 a month for first time

NEW DELHI – Passenger car major Maruti Suzuki Tuesday reported a 27.9 percent jump in sales for May at 102,175 units compared to 79,872 vehicles it sold in the year-ago period.

This is the first time the car maker has ever sold over 100,000 units in a month, its previous highest monthly sale figure being …. Original source  : Maruti sales top 100,000 a month for first time.

Asian shares lower amid China manufacturing slowdown, Europe debt jitters

Asian markets fall amid China, Europe jitters
BANGKOK – Asian stocks fell Tuesday amid news China’s manufacturing slowed in May and as investors fretted Europe’s shaky government finances could undermine the global economic recovery.
With no fresh cues from Wall Street, which was closed for a holiday Monday, investors in the region returned to a …. Read the original article  : Asian shares lower amid China manufacturing slowdown, Europe debt jitters.

Deadline extended in contract negotiations between Alcoa, United Steelworkers

Deadline extended in Alcoa contract negotiations

NEW YORK – Aluminum giant Alcoa Inc. and its largest union have extended their deadline to negotiate a new contract covering thousands of employees.
The Pittsburgh-based company and the United Steelworkers Union are negotiating over compensation for new workers, health care benefits and work flexibility.
Negotiations began in mid-April. The current contract …. Read the original article  : here.

Record-breaking growth by Canadian economy

TORONTO – Posting the highest growth rate in more than a decade in annualised terms, Canada’s economy grew 6.1 percent in the first quarter of the current fiscal year.

With the highest growth among G8 countries, the Canadian economy has now almost reached levels seen before the global meltdown hit it in 2008.
In … Read more »»».

Oil hovers below $73 in Asia as traders mull impact on Europe crisis on global crude demand

Oil hovers below $73 as traders eye Europe economy

SINGAPORE – Oil prices hovered below $74 a barrel Tuesday in Asia, a calm start to June after the Europe debt crisis fueled wild fluctuations in crude last month.
Benchmark crude for July delivery was down 6 cents at $73.90 a barrel at midday Singapore time in electronic [..] Read the original article: here.

Sensex slips into red in morning trade

MUMBAI – A benchmark index for Indian equities Tuesday fell during morning trade and was ruling 0.5 percent lower than its previous close.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,942.82 points, was ruling at 16,849.41 points, 95.22 points or 0.56 percent down from its previous close at 16,944.63 …. Source article on Gaea Times at  : Sensex slips into red in morning trade.

Asian shares lower amid absence of fresh cues after US holiday

Asian shares lower after US holiday
TOKYO – Asian stocks fell Tuesday in the absence of fresh cues following a market holiday in the U.S.
Japan’s Nikkei 225 stock average fell 82.22 points, or 0.8 percent, to 9,686.48 and Australia’s S&P/ASX 200 dropped 0.7 percent to 4,401.10.
In Seoul, the Kospi lost 0.6 percent to 1,630.41 …. Original article  : Asian shares lower amid absence of fresh cues after US holiday.

India becoming magnet for Canadian companies, says survey

VANCOUVER – Despite China remaining the economic powerhouse of Asia, more and more Canadian companies are now eyeing the mounting investment opportunities in India, says a survey by the Asia Pacific Foundation here.

The Asian Investment Intentions Survey, released by the foundation here Monday, has found upsurge in interest among Canadian companies to invest in India. …. Original article  : India becoming magnet for Canadian companies, says survey.

Money Market Operations as on May 31, 2010

… Original article on : Money Market Operations as on May 31, 2010.

Asian shares lower in early trade after US market holiday

Asian shares lower in early trade
TOKYO – Asian stocks were lower in early trading Tuesday in the absence of fresh cues following a market holiday in the U.S.

Japan’s Nikkei 225 stock average fell 89.24 points, or 0.9 percent, to 9,679.46. Australia’s S&P/ASX 200 fell 0.8 percent to 4,395.5.
In Seoul, Kospi lost 0.6 percent to 1,630.86, …. Source  : Gaea News Network.

World stocks lower after Wall Street tumble as European debt worries undermine confidence,

World stocks lower amid Europe, US jitters
BANGKOK – World stocks were mostly down Wednesday as Europe’s debt woes continued to undermine confidence and after a fall on Wall Street connected to the massive oil spill in the Gulf of Mexico.
Oil fell to nearly $72 per barrel, while the dollar gained against the yen …. Source article on Gaea Times at  : World stocks lower after Wall Street tumble as European debt worries undermine confidence,.

Zuma’s maiden visit seen lifting India-South Africa ties

NEW DELHI – Trade and economic ties between India and South Africa, two of the largest emerging economies in the world, is set to get a fresh push with the visit of President Jacob Zuma here with the largest-ever business delegation of 100 members.

The re-launch of the India-South Africa Chief Executives’ Forum and interactions with … Read this article on Gaea Times at : Zuma’s maiden visit seen lifting India-South Africa ties.

Sikorsky planning more JVs with Indian firms

NEW DELHI – Global military and commercial helicopter major Sikorsky Aircraft Corp is likely to tie up with more Indian companies in the next few months to produce components locally, a company official said Wednesday.

Keen to set a wider footprint in India, the US-based company is also planning to initiate discussions with state-run firms to … Read more >>.

Kieon forges strategic partnership with Sitefinity

BANGALORE – Kieon, the digital media solutions provider addressing the communication needs of the advertising and new media sectors, announced that it has established a partnership with Telerik to supply and support the Sitefinity Content Management System.

“We were happy to …. Source  : Gaea News Network.

G-20 finance chiefs, central bankers to meet in South Korea amid European financial turmoil

European chill as G20 finance heads meet in SKorea

SEOUL, South Korea – Europe’s debt woes are set to dominate talks as finance mandarins from the newly powerful G-20 group of rich and developing nations meet this week to push ahead with reforms of the global economy.
The continent’s sovereign debt crisis has seemed like an echo …. Read the original article  : G-20 finance chiefs, central bankers to meet in South Korea amid European financial turmoil.

Wage rise at Foxconn after string of suicides

BEIJING/TAIPEI – Taiwan electronics company Foxconn Technology said Wednesday it planned to raise wages for its Chinese workers by 30 percent after a spate of suicides at its plant in southern China.

A company spokesman in Taipei said the wage increase from 900 yuan ($132) to 1,200 yuan was effective immediately. The raise was higher than … Read more : Wage rise at Foxconn after string of suicides.

Age of oil and gas is not dead yet, says UAE minister

Dubai, June 2 (IANS/WAM) “The age of oil and gas is not dead”, says an United Arab Emirates (UAE) cabinet minister, citing the Oil and Petroleum Exporting Countries (OPEC) prediction for growing energy demand.

“In the world of energy, there is one certainty, namely that the age of oil and gas
is not dead! Indeed, it … Read : Age of oil and gas is not dead yet, says UAE minister.

A year later, Obama to assess progress of economy’s ‘new foundation’ in Pittsburgh speech

Obama to deliver status-check speech on economy
WASHINGTON – President Barack Obama says getting Americans back to work is his top priority, a message the White House has tried to underscore with weekly economy-focused stops outside Washington.
His latest trip is Wednesday, when he is making a quick visit to Pittsburgh to deliver …. Original article  : A year later, Obama to assess progress of economy’s ‘new foundation’ in Pittsburgh speech.

Corn syrup producers acknowledge opponents are souring US market for common sweetener

Corn syrup producers deal with sour US sales

CHAMPAIGN, Ill. – Fans of natural foods have tried for years to push the ubiquitous sweetener high fructose corn syrup off Americans’ dinner tables and out of their restaurants and grocery stores.
It seems to be working.
U.S. use of the sweetener found in most soft drinks, cereals and a … Read this article on Gaea Times at : Corn syrup producers acknowledge opponents are souring US market for common sweetener.

Tobacco loophole in Obama’s child health law costs US $250M as companies avoid huge tax hike

Tobacco loophole in child health law costs $250M
WASHINGTON – Public health officials say a tobacco tax loophole in President Barack Obama’s children’s health insurance program is costing the U.S. Treasury more than $250 million a year.
The loophole allows companies to avoid huge tax increases on rolling tobacco by labeling it as pipe tobacco. … Read more : Tobacco loophole in Obama’s child health law costs US $250M as companies avoid huge tax hike.

Gold prices hit record high, deter buyers

MUMBAI – Bullion prices in India touched a record high of 398.42 dollars for ten grams on Tuesday and closed at 398.11 dollars.

The skyrocketing rates of gold have severely constrained the budget of customers during the ongoing wedding season.

Gold futures on the …. Source article  : Gold prices hit record high, deter buyers.

Ashok Leyland-Nissan joint venture to roll out light trucks by 2011

CHENNAI – Chennai-based Ashok Leyland, India’s leading commercial vehicle maker owned by the house of Hindujas has entering into a collaboration with Japan auto major Nissan Motor Company to roll out three light commercial vehicles (LCVs) by mid-2011.

The top officials of the companies …. Source article on Gaea Times at  : Ashok Leyland-Nissan joint venture to roll out light trucks by 2011.

Asian shares lower following Japanese leader’s decision to quit, tumble on Wall Street

Asian shares lower on cues from Japan, US
BANGKOK – Asian stocks were mostly lower Wednesday after a fall on Wall Street connected to the massive oil spill in the Gulf of Mexico and amid news that Japanese Prime Minister Yukio Hatoyama will resign.
It was the second day of losses for the region’s markets, … Read more : Asian shares lower following Japanese leader’s decision to quit, tumble on Wall Street.

Decomposed food discovered at Venezuelan port spoils President Chavez’s day

Chavez: Rotten food at state-run port stinks

CARACAS, Venezuela – President Hugo Chavez urged prosecutors on Tuesday to bring charges against those responsible for the putrefaction of roughly 20,000 metric tons of food inside a seaport under the administration of the federal government.
“Debacles like this cannot be forgiven,” Chavez said during a televised speech. “Justice must …. Original article on Gaea Times at  : Decomposed food discovered at Venezuelan port spoils President Chavez’s day.

Sensex up 61 points in early trade

MUMBAI – A benchmark index for Indian equities Wednesday was trading with a 61-point gain, about an hour into trade.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,574.79 points, was ruling at 16,633.47 points, 61.44 points or 0.37 percent up from its previous close at 16,572.03 points.
At …. Source article  : Sensex up 61 points in early trade.

Oil falls to near $72 in Asia as investor optimism wanes about stocks, commodities

Oil near $72 as economy concerns drag on optimism

SINGAPORE – Oil prices slipped to near $72 a barrel Wednesday in Asia as flagging investor optimism about the global economy drags down stocks and commodities.
Benchmark crude for July delivery was down 30 cents at $72.28 a barrel at late afternoon Singapore time in electronic trading on … Read more : Oil falls to near $72 in Asia as investor optimism wanes about stocks, commodities.

Warren Buffett, Moody’s CEO to testify before panel probing financial crisis

Buffett to testify before financial crisis panel

NEW YORK – Billionaire investor Warren Buffett and the CEO of credit rating agency Moody’s Corp. are scheduled to face questions Wednesday from a bipartisan panel probing the roots the financial crisis.
The congressionally chartered Financial Crisis Inquiry Commission subpoenaed Buffett to appear at the New York hearing on the …. Source  : Warren Buffett, Moody’s CEO to testify before panel probing financial crisis.

Honda says factory in China back to work after strike that idled vehicle production

Honda says China factory back to work after strike

BEIJING – Honda Motor Co. said a key parts factory in China resumed full operation Wednesday following a two-week strike over wages that forced Honda to halt production at four assembly plants.
The strike highlighted tensions between workers and foreign companies that look to China as a source …. Source  : Gaea News Network.

Money Market Operations as on June 1, 2010

… Read the original article on Gaea Times at : Money Market Operations as on June 1, 2010.

Asian shares mixed after Japan prime minister resigns, Wall Street falls on oil investigation

Asian shares mixed on Japan, US cues
SINGAPORE – Asian stocks were mixed Wednesday after a fall on Wall Street and amid news Japanese Prime Minister Yukio Hatoyama is resigning after just eight months as the nation’s leader.
It was the second day of losses for the region’s markets. A negative cue came from Wall … Read this article on Gaea Times at : Asian shares mixed after Japan prime minister resigns, Wall Street falls on oil investigation.

Boosted supply of food staples pushes prices down: UN

ROME – Increasing supplies of major food staples such as cereals have led to a “sharp decline” in prices during the first half of the year, but the cost of food remains some 69 percent higher than in 2002-04, a United Nations report said Thursday.

In addition, the high prices of non-cereal products have still kept …. Source  : Gaea News Network.

Tata Nano set to drive into Taiwan

TAIPEI – Tata Nano, the world’s cheapest car made by India’s Tata Motors, is set to drive in to Taiwan, a manufacturing hub of iPods and green technologies, later this year.

Theodore Huang, chairman of Taiwan’s TECO group, is upbeat about the prospects of the Tata Nano in the Taiwan market, but says it … Read more »».

Reliance Communications surges further on Indian bourses

MUMBAI – Reliance Communications, a part of the Anil Ambani group, saw its scrip surge further Wednesday after the company said it was, indeed, evaluating various offers from global telecom firms for acquiring strategic stake in the company.

The company’s scrip was ruling at 164.10, up 6.14 percent, around 2 p.m., data with the Bombay Stock … Read more : Reliance Communications surges further on Indian bourses.

World share markets up strongly after gains in the US with Japan’s Nikkei up 3.2 percent

World markets up strongly after gains in the US

BANGKOK – World stock markets jumped Thursday after gains on Wall Street triggered by strong housing figures gave investors enough confidence to snap up riskier assets like shares following a monthlong slide.
Oil prices rose above $74 a barrel, while the dollar strengthened against the yen but slid … Original article on : World share markets up strongly after gains in the US with Japan’s Nikkei up 3.2 percent.

Sensex up 1.6 percent on global cues

MUMBAI – A benchmark index for Indian equities, which shot up soon after opening bell on steady global cues, was holding on to its gains in afternoon trade Thursday, ruling 1.63 percent higher than its previous close.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,786.28 points, was ruling at … Original source on Gaea Times at : Sensex up 1.6 percent on global cues.

Dissatisfied Pakistani team returns after water talks with India

LAHORE – Pakistan’s Indus Water Commission team has returned from New Delhi dissatisfied with the information provided by the Indian side about the construction of new power projects on three rivers in Jammu and Kashmir that flow into this country.

Pakistan’s Indus Water Commissioner Syed Jamaat Ali Shah told reporters in Lahore Wednesday that his Indian …. Source article on Gaea Times at  : Dissatisfied Pakistani team returns after water talks with India.

Global Investors Meet begins in Bangalore

BANGALORE – The Global Investors Meet (GIM), expected to bring in Rs.5 trillion (Rs.5 lakh crore) to Karnataka in the next four-five years, began here Thursday with the state rolling out a red carpet to global firms and India Inc.

A galaxy of big ticket investors led by ArcelorMittal founder Lakshmi N. Mittal is attending the …. Read the original article  : Global Investors Meet begins in Bangalore.

G-20 finance officials begin talks on global economy in shadow of European turmoil

G-20 finance officials begin global economy talks

BUSAN, South Korea – Finance officials from leading advanced and emerging countries began talks Thursday aimed at hammering out reforms to the global economic system to prevent debilitating crises such as the one that dragged the world to the verge of a depression in 2008.
The Group of 20 brings … Original article on : G-20 finance officials begin talks on global economy in shadow of European turmoil.

Oil rises above $74 as US crude supply drop suggests demand is growing

Oil rises above $74 as US crude supplies drop

SINGAPORE – Oil prices rose above $74 a barrel Thursday in Asia after a report showed U.S. crude inventories fell more than expected, suggesting consumer demand is growing.
Benchmark crude for July delivery was up $1.39 at $74.25 a barrel at late afternoon Singapore time in electronic trading … Original source on Gaea Times at : Oil rises above $74 as US crude supply drop suggests demand is growing.

Power point budget presentation in Bangladesh

DHAKA – Bangladesh Finance Minister A.M.A. Muhith will present the annual budget through a power point presentation in parliament June 10, cutting short the traditional long speech.

This is the first time when a finance minister will use modern technology to unveil the budgetary proposals in the house.
He will only deliver a brief speech … Read the original article on Gaea Times at : Power point budget presentation in Bangladesh.

Food inflation climbs to 16.55 percent

NEW DELHI – Despite the government’s best efforts to talk it down, India’s annual food inflation shot up to 16.55 percent for the week ended May 22, owing to high prices of pulses, milk and fruits, official data released Thursday showed.

The food inflation was 16.23 percent during the previous week.
Data on the wholesale price …. Read the original article  : Food inflation climbs to 16.55 percent.

Search engine `Simply Hired’ launches first personalized job search experience

Mumbai,June 3 (ANI-Business Wire India): Simply Hired, the largest job search engine, today launched the first personalized job search experience by integrating with Facebook.

Job seekers can now utilize their Facebook profile and friends on SimplyHired.co.in to access customized job content to land a job.

Using this new capability, users who log in with Facebook … Original source on Gaea Times at : Search engine `Simply Hired’ launches first personalized job search experience.

GOP race for Calif. governor tightens as wealthy candidates tangle over immigration, economy

Calif. GOP gov race tightens as attacks intensify

SACRAMENTO, Calif. – Meg Whitman’s shot at the Republican gubernatorial nomination looked as easy as an eBay bid: Plunk down nearly $81 million and wait for the clock to run out.
Yet in the final days before Tuesday’s California primary, the former chief executive of the online auction company …. Source  : Gaea News Network.

At $1.2bn, G8/G20 summits cost too much: Canadian leaders

TORONTO – With Canadian taxpayers paying through their nose to host the G8 and G20 summits this month, many political leaders, including former prime minister Paul Martin, have joined in protests against the billion-plus dollar cost of the gatherings.

At $1.2 billion, the two summits, spanning three days, will be the costliest 72 hours in Canadian … Original source on Gaea Times at : At $1.2bn, G8/G20 summits cost too much: Canadian leaders.

High population not a burden, says Hasina

DHAKA – Bangladesh’s 156 million population is “not a burden” and can be turned into skilled manpower, says Prime Minister Sheikh Hasina.

She informed the parliament that her government was “not afraid” of the high population growth of the country and underscored the need for “turning the huge population into skilled manpower”, The Daily Star …. Read the original article  : High population not a burden, says Hasina.

IDBI opens branch in Dubai

Dubai (UAE),June 3 (ANI-Business Wire India): IDBI Bank one of India’s leading banks, majority owned by Government of India, has received a license from the Dubai Financial Services Authority (DFSA) to provide a full range of corporate banking services including financial advisory services and … Read more : IDBI opens branch in Dubai.

Oil rises to near $74 as US crude supply drop suggests demand is growing

Oil rises to near $74 as US crude supplies drop

SINGAPORE – Oil prices rose to near $74 a barrel Thursday in Asia after a report showed U.S. crude inventories fell more than expected, suggesting consumer demand is growing.
Benchmark crude for July delivery was up 79 cents at $73.65 a barrel at midday Singapore time in …. Source article on Gaea Times at  : Oil rises to near $74 as US crude supply drop suggests demand is growing.

New retail data: Consumers cut back spending in May, underscoring how tentative recovery is

Retail data: consumers cut back spending in May

NEW YORK – Americans pulled back on their spending in May after a tepid April, underscoring how fragile the consumer spending recovery remains, new data released Thursday show.
Cool weather and a quirk in the calendar – a late Memorial Day weekend that hurt May’s business but should boost …. Original article  : New retail data: Consumers cut back spending in May, underscoring how tentative recovery is.

India-US strategic dialogue to set new milestones: Krishna

WASHINGTON – India and the US will hold their first strategic dialogue here Thursday with External Affairs Minister S.M. Krishna expecting a very positive outcome from the talks he leads with Secretary of State Hillary Clinton.

“There are very positive vibrations,” he told IANS after Wednesday’s foreign policy dialogue between Indian Foreign Secretary Nirupama Rao and … Original article on : India-US strategic dialogue to set new milestones: Krishna.

Money Market Operations as on June 2, 2010

…. Source  : Money Market Operations as on June 2, 2010.

What makes olive oil extra virgin? With federal standards, it’s no longer a slippery subject

Feds get picky over what makes oil ‘extra virgin’

CARMEL VALLEY, Calif. – Extra virgin, light, with lemon, unfiltered, cold-pressed: the variety of olive oil on most supermarket shelves is dazzling. But what does it all mean?
These terms might be common currency among foodies and the farmer’s market crowd, but they have never been enforceable, or …. Source article on Gaea Times at  : What makes olive oil extra virgin? With federal standards, it’s no longer a slippery subject.

Thai PM to attend economic meet in Vietnam to restore international confidence after protests

Thai leader goes abroad to salvage country’s image

BANGKOK – Thailand’s prime minister Friday planned his first overseas trip since last month’s bloody protests in Bangkok, hoping to salvage the country’s hammered tourism industry and blighted image.
Prime Minister Abhisit Vejjajiva’s primary task will be to restore confidence among investors and tourists when he attends the World … Read : Thai PM to attend economic meet in Vietnam to restore international confidence after protests.

Japan’s outspoken new prime minister, Naoto Kan, must win back voters’ trust by July election

Naoto Kan elected Japan’s prime minister
TOKYO – Japan’s parliament installed Naoto Kan as the new prime minister Friday, handing the outspoken populist the job of rallying his party and reclaiming its mandate for change ahead of elections next month.
Kan, a 63-year-old veteran with a reputation for confronting Japan’s powerful bureaucrats, succeeds Yukio Hatoyama, … Read more >>.

Asian stocks mixed as markets brace for crucial reading on US economy; Europe higher

Asia stocks mixed before jobs report; Europe gains
BANGKOK – Asian stocks were mixed Friday as markets braced for U.S. jobs figures that will give a crucial reading on whether the recovery in the world’s No. 1 economy is broadening. European shares rose.
The lackluster showing in Asia came after big gains the day before … Read : Asian stocks mixed as markets brace for crucial reading on US economy; Europe higher.

Sensex up 60 points in choppy trade

MUMBAI – A benchmark index for Indian equities Friday crawled up in choppy trade amid mixed cues from other global markets.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,036.55 points, was ruling at 17,082.6 points, 60.27 points or 0.35 percent up from its previous close at 17,022.33 points. …. Source  : Gaea News Network.

Pakistan’s forex reserves cross $16 bn

KARACHI – Pakistan’s foreign exchange reserves have crossed $16 billion for the first time in three years, but the country’s foreign debt stands at a staggering $54 billion.

Central bank spokesman Syed Waseemuddin told Geo News Friday that as of May 21, Pakistan’s foreign exchange reserves stood at $16.129 billion, largely because the US deposited $280.80 … Read more : Pakistan’s forex reserves cross $16 bn.

Pronger living up to huge expectations in leading Flyers to Stanley Cup final

Big deal: Pronger trade delivering for Flyers

PHILADELPHIA – Chris Pronger brought a lively personality and some leadership to a Flyers’ locker room that needed an infusion of both.
He also led them to the Stanley Cup final.
Suddenly, dealing two first-round picks to acquire one of the top defensemen in NHL history doesn’t seem so steep.
Pronger has … Read more : Pronger living up to huge expectations in leading Flyers to Stanley Cup final.

Access to markets in India at a price, says official

NEW DELHI – Countries demanding greater access to Indian markets will have to pay for it if India agrees to give access said, India’s chief negotiator at the WTO and an Additional Secretary in the Commerce Ministry, D.K. Mittal.

Speaking at … Read more »»».

RBI Staff Studies : “Trends in Select Micro and Small Scale Production Items during Phases of Industrial Slowdown”

The economic strain encountered by the Indian industrial sector during downturns in business cycles is captured by the monthly index of industrial production. However, the index fails to document the degree and extent of the hardships faced by certain sections of the industry, particularly the unorganized small scale sector … Read more : RBI Staff Studies : “Trends in Select Micro and Small Scale Production Items during Phases of Industrial Slowdown”.

Euro static against dollar, below $1.22 in European trading

Euro stuck below $1.22
BERLIN – The euro is little changed against the dollar ahead of a closely watched U.S. jobs report, trading not far above four-year lows.

The currency bought $1.2184 in early Friday European trading, near its level of $1.2182 in New York late Thursday.
The euro has dropped on worries about Europe’s prospects and spending … Read more : Euro static against dollar, below $1.22 in European trading.

Oil prices hover above $75 a barrel in Asia on hopes of continued economic recovery

Oil prices hover near $75 amid rising demand signs

KUALA LUMPUR, Malaysia – Oil prices were steady Friday in Asia after recent gains, holding above $74 a barrel as signs of rising demand in the U.S. fueled hopes of continued economic recovery.
Benchmark crude for July delivery was up 3 cents at $74.64 a barrel at late …. Original article  : Oil prices hover above $75 a barrel in Asia on hopes of continued economic recovery.

Thousands headed to Himachal as mercury dips

SHIMLA – Nearly 40,000 tourists are expected to make a beeline for the hills of Himachal Pradesh the coming weekend as the state is likely to see more rains and cooler weather.

“The temperatures will considerably come down … with chances of more rain in the hills and snow in the higher reaches,” Manmohan Singh, director …. Source article  : Thousands headed to Himachal as mercury dips.

Low-cost airline Easyjet unveils world-first plans to fit ash detectors on planes

Easyjet unveils plans to fit ash detectors

LONDON – Low-cost airline Easyjet PLC has unveiled world-first plans to fit its planes with radar to detect volcanic ash.
Easyjet said Friday that the devices – designed to be placed on the tail fin and detect ash within 100 miles (160 kilometers)- could prevent a repeat of the shutdown …. Read the original article  : here.

Maoists keep GMR power project under siege in Nepal

KATHMANDU – Four months after Maoists obstructed work on a hydropower project in northwest Nepal, the venture with high Indian stake continues to lie paralysed with the Nepal government failing to provide security.

The 250 MW Upper Marsyangdi project spanning two districts – Lamjung in the west and Manang near the Tibetan border – has been …. Source  : Maoists keep GMR power project under siege in Nepal.

Taiwan’s Foxconn suffers another employee death, but denies it was work related

Foxconn: latest employee death not work related

TAIPEI, Taiwan – Taiwan’s Foxconn Technology Group, which has been shaken by a spate of worker suicides in China this year, said Friday another employee had died but denied it was work-related.
The maker of iPhones, iPads and other electronic gadgets for global corporations including Apple Inc. said the 28-year-old … Read : Taiwan’s Foxconn suffers another employee death, but denies it was work related.

McDonald’s recalls 12 million Shrek-themed drinking glasses containing cadmium in paint job

McDonald’s pulls 12M cadmium-tainted Shrek glasses

LOS ANGELES – Cadmium has been discovered in the painted design on “Shrek”-themed drinking glasses being sold nationwide at McDonald’s, forcing the burger giant to recall 12 million of the cheap U.S.-made collectibles while dramatically expanding contamination concerns about the toxic metal beyond imported children’s jewelry.
The U.S. Consumer Product Safety …. Read the original article  : here.

Manali-Leh highway likely to reopen Saturday

MANALI – The 475-km Manali-Leh highway, which remains closed for vehicular traffic for five-six months in the winter owing to heavy snowfall, is likely to re-open for traffic Saturday.

“The highway will most likely be reopened Saturday evening,” said S.K. Doon of the General Reserve Engineering Force, a wing of the Border Roads Organisation.
“The snow …. Original source  : Manali-Leh highway likely to reopen Saturday.

Asian stocks mostly lower as markets brace for crucial reading on US economic recovery

Asian markets lower ahead of US jobs report
BANGKOK – Asian stocks were mostly lower Friday as markets braced for U.S. jobs figures that will give a crucial reading on whether the recovery in the world’s No. 1 economy is broadening.
The modest decline in the region’s markets came after big gains the day before … Read more »»».

Obama postpones trip to Indonesia, Australia for 2nd time as oil spill crisis rages

Obama shelves trip to Indonesia, Australia
WASHINGTON – Grappling with the worst oil spill in the nation’s history, President Barack Obama has abruptly scrapped a trip to Indonesia and Australia for the second time this year.
The president informed the leaders of both countries of the news in phone … Read : Obama postpones trip to Indonesia, Australia for 2nd time as oil spill crisis rages.

World Bank meet opens, calls for G-20 agenda to add development to ensure sustainable growth

World Bank meet: G20 agenda should add development

BUSAN, South Korea – The Group of 20 leading economies faced demands Friday to do more for the developing world as their finance chiefs gathered to work on an agenda aimed at fending off future crises.
The talks in this southern port city by U.S. Treasury Secretary Timothy Geithner …. Original article on Gaea Times at  : World Bank meet opens, calls for G-20 agenda to add development to ensure sustainable growth.

Free Mahindra service camps on World Environment Day

MUMBAI – Celebrating World Environment Day, automobile major Mahindra and Mahindra organised free service camps across the country for its vehicles Saturday, a company official said.

As part of the company’s green initiative, around 5,000 vehicles were given free pollution checks at 108 Mahindra dealerships across 76 cities.
“Customers visiting our dealerships … Read more >>>.

G-20 agrees on need to push ahead on financial reforms, curb deficits to safeguard recovery

G-20 finance chiefs agree on need to curb deficits
BUSAN, South Korea – Finance ministers and central bankers from the world’s leading economies agreed Saturday on the need to cooperate in fending off financial market turmoil and keeping the world economic recovery on track.
In a statement that will serve as an outline … Read : G-20 agrees on need to push ahead on financial reforms, curb deficits to safeguard recovery.

World Bank to fund marketing of Bihar’s Shahi litchis

PATNA – The World Bank will provide funds for marketing of Bihar’s famous Shahi (royal) litchis in the national and international markets, official said Saturday.

“The World Bank has proposed that litchis be sold at railway stations, airport lounges, malls in metropolitan cities across India as well as in overseas market,” said Ram Prabodh Thakur, an … Read the original article on Gaea Times at : World Bank to fund marketing of Bihar’s Shahi litchis.

G-20 agrees on need to cooperate in handling market turmoil, safeguard global recovery

G-20 agrees to advance reforms, rebalance growth

BUSAN, South Korea – Finance chiefs of the world’s leading economies have endorsed rescue policies for Europe and the need to rebalance growth by encouraging domestic demand and greater trade by developing countries.
A statement issued Saturday by finance ministers and central bankers of the Group of 20 bridged differences …. Source  : Gaea News Network.

China securities regulators to review plans for what could be world’s largest IPO

China to review plans for Agricultural Bank’s IPO

BEIJING – The state-owned Agricultural Bank of China plans to sell a 15 percent stake in what could become the world’s largest initial public offering, China’s securities regulators said.
The China Securities Regulatory Commission posted the bank’s application online Friday and said it will review it Wednesday.
Agricultural Bank is … Read more : China securities regulators to review plans for what could be world’s largest IPO.

As nation debates the recession, Ill. Senate candidates talk about who’s least trustworthy

Ill. Senate race: all insults, all the time
CHICAGO – The candidates in one of the nation’s most closely watched Senate races aren’t saying much about health care, the Gulf oil spill or even the economy.
Instead, they’re discussing who’s the least trustworthy.
Republican U.S. Rep. Mark Kirk says Democrat Alexi Giannoulias is a … Original source on Gaea Times at : As nation debates the recession, Ill. Senate candidates talk about who’s least trustworthy.

G-20 finance chiefs work to keep growth on track, push ahead on financial reforms

G-20 finance chiefs mull deficits, banking rules
BUSAN, South Korea – Finance ministers and central bankers from the world’s leading economies worked Saturday to bridge differences on far-reaching financial reforms amid fears that new financial turmoil could derail the global recovery.
Yoon Jeung-hyun, South Korea’s minister of strategy and finance, said that concerns …. Source  : Gaea News Network.

Bank of Rajasthan employees protest against merger with ICICI

MUMBAI – Over 4200 employees of Bank of Rajasthan began a two-day nationwide strike here on Friday to protest the bank’s management proposal to merge with the ICICI Bank.

The two-day strike would be followed by a three-day strike starting from June 17 to June 19.

Vishwas Utagi, Secretary of All India Bank Employees Association (AIBEA) demanded …. Original source  : Bank of Rajasthan employees protest against merger with ICICI.

South Korean president sees no possibility of war with North over ship sinking

SKorea’s Lee sees no possibility of war with North
SINGAPORE – South Korea’s leader on Saturday ruled out going to war with North Korea, hours after his government asked the United Nations to punish the communist nation over the sinking of a warship.
“There is absolutely no possibility of a full-scale war on the Korean …. Source  : Gaea News Network.

Power cable damaged, train services hit in Uttar Pradesh

LUCKNOW – The movement of several long distance trains were affected along the busy Delhi-Chennai route after an overhead power cable was damaged in Uttar Pradesh’s Jhansi district, an official said Saturday.

At least 10 trains, including the Chennai-New Delhi Rajdhani Express, came to a halt near the Khajraha railway station, where the power cable … Read the original article on Gaea Times at : Power cable damaged, train services hit in Uttar Pradesh.

Illegal money changing booms on India-Nepal border

RUPAIDIHA – There is an unprecedented rush for the Indian rupee in Nepal – possibly fuelled by talk of a devaluation of the Nepali currency – giving rise to unauthorised money-changers on this side of the border.

The exchange rate has remained unchanged for the last 17 years at Nepali Rs.160 for Indian Rs.100. But Nepalis …. Read the original article  : Illegal money changing booms on India-Nepal border.

Person familiar with negotiations: Hornets talking with Williams about coaching job

AP Source: Hornets negotiating with Williams

NEW ORLEANS – The New Orleans Hornets began contract talks with Monty Williams about their head coaching job on Friday, according to a person familiar with the negotiations.
Williams, an assistant with the Portland Trail Blazers, emerged as one of the Hornets’ top head coaching choices, along with Boston Celtics assistant … Read the original article on Gaea Times at : Person familiar with negotiations: Hornets talking with Williams about coaching job.

British Airways cabin crew to begin new strike Saturday

London, June 5 (IANS/RIA Novosti) Cabin crews of Britain’s largest air carrier, British Airways (BA), will go on another five-day strike Saturday.

Tensions between BA and the Unite trade union began in 2009, when the company said it would reduce cabin crew for long-haul flights from 15 to 14, making 1,000 full-time cabin crew staff redundant. …. Source article  : British Airways cabin crew to begin new strike Saturday.

Ice Edge, Glendale officials reach agreement on memorandum for Coyotes

Ice Edge, Glendale reach Coyotes agreement

PHOENIX – Ice Edge Holdings has exclusive rights, with some conditions, to negotiate a lease agreement for the Phoenix Coyotes with the city of Glendale under a memorandum of understanding to be presented to the city council next week.
The memorandum agreed to by Ice Edge and city officials is a …. Original source  : Ice Edge, Glendale officials reach agreement on memorandum for Coyotes.

Sun get balanced offense to hold off Liberty 75-68

Sun hold off Liberty 75-68
UNCASVILLE, Conn. – Tan White scored 18 points and the Connecticut Sun defeated the New York Liberty 75-68 on Friday night.

Kara Lawson had 13 points and Tina Charles had 13 points and 15 rebounds. Anete Jekabsone-Zogota scored 10.
Asjha Jones added two late free throws for Connecticut (4-2).
Jones missed the Sun’s first … Original article on : Sun get balanced offense to hold off Liberty 75-68.

Hershey workers approve labor deal that would cut up to 600 jobs from company’s Pa. hometown

Pa. Hershey chocolate workers approve labor deal

HERSHEY, Pa. – Unionized workers at two Hershey Co. hometown chocolate plants on Friday overwhelming approved a labor deal that could eliminate hundreds of jobs and leave just administrative offices in the original factory built by founder Milton Hershey.
Union members approved the deal because of the candy maker’s promise … Read more >>>.

AP-US-TierOne-Recapitalization

AP-US-TierOne-Recapitalization
EDITORS:

Disregard BC-US–TierOne-Recapitalization because of outdated material. Please use BC-US–Bank Closures instead.
The AP
… Original article on : AP-US-TierOne-Recapitalization.

Hershey workers vote on labor deal that would cut up to 600 jobs from company’s Pa. hometown

Pa. Hershey workers vote on proposed labor deal

HERSHEY, Pa. – A union that represents workers at the Hershey chocolate company’s hometown plants on Friday night expected to determine the outcome of a vote on a labor deal that could cut hundreds of jobs there.
Employees began voting Friday morning on a restructuring agreement that would expand …. Original source  : Hershey workers vote on labor deal that would cut up to 600 jobs from company’s Pa. hometown.

Regulators shut banks in Nebraska, Mississippi and Illinois; 81 bank failures so far in 2010

Regulators shut banks in Neb., Miss., Ill.

WASHINGTON – Regulators on Friday shut down a Nebraska bank that has struggled under the weight of soured loans and drawn scrutiny from federal authorities since early last year. Two small banks in Illinois and Mississippi were also shuttered, boosting the number of U.S. bank failures this year to …. Read the original article  : here.

Obama slams BP, says ‘way too early’ for optimism

WASHINGTON – US President Barack Obama said BP was making progress in capping the massive oil leak in the Gulf of Mexico, but slammed the British energy firm for delaying claims payments to local fisherman while it hands out billions to investors.

Obama Friday said BP had made “some progress” by placing a containment cap over … Read : Obama slams BP, says ‘way too early’ for optimism.

Malaysia tycoon pledges millions to charity to curb Muslim criticism of sports betting launch

Malaysia tycoon in betting spat makes charity vow

KUALA LUMPUR, Malaysia – A Malaysian billionaire embroiled in a controversy over launching a sports betting operation has pledged to donate his initial earnings to charity in a bid to deflect growing criticism that the plan will promote gambling in the Muslim-majority country.
Ascot Sports, a company linked to …. Original article  : Malaysia tycoon pledges millions to charity to curb Muslim criticism of sports betting launch.

Growers oppose natural rubber import duty cuts

NEW DELHI – Young farmers in northeast India are a concerned lot after the Delhi High Court asked the government to “consider carefully” the user industry’s demand to bring down import duty on natural rubber – a move that they feel can disturb peace.

“Bringing down the import duty will adversely affect us farmers. We …. Original article on Gaea Times at  : Growers oppose natural rubber import duty cuts.

Car sales see an all time high in India

CHENNAI – Car sales in India in April reached at an annual high of 39.5 percent, indicating consumer demand despite rising prices.

Buyers are usually subdued in April after bunched purchases at the close of the financial year in March to take advantage of tax breaks on depreciation.

Domestic car sales were 143,976 in April, up …. Original article on Gaea Times at  : Car sales see an all time high in India.

Canadian province invites Indian investors to acquire SMEs

CHENNAI – The Canadian province of Saskatchewan is inviting Indian entrepreneurs to take over small and medium enterprises (SMEs) which do not have succession plans.

The province also wants Indian students there to stay back and pursue businesses and professions.
“Nearly 40 percent of the SMEs do not have succession plans. In order have continuity …. Read the original article  : Canadian province invites Indian investors to acquire SMEs.

Greens up against Mayawati’s dream expressway

GHAZIABAD – Chief Minister Mayawati’s dream project of an eight-lane expressway from Greater Noida to Saharanpur along the Upper Ganges Canal in Uttar Pradesh has generated much controversy, with green activists saying it would result in the mass destruction of trees and, consequently, wildlife.

“The mass destruction of trees will create an ecological hazard. Rare wild … Read the original article on Gaea Times at : Greens up against Mayawati’s dream expressway.

Mark Cuban says he would back Weinstein bothers’ deal to buy back Miramax from Disney

Cuban says he’d back Weinstein deal for Miramax

LOS ANGELES – Billionaire investor Mark Cuban says he loved the idea of the Weinstein brothers participating in a bid for Miramax.
Cuban said on the sidelines of the Produced By Conference Saturday that he did not help block the Weinstein’s bid last month to take back the Miramax …. Original article  : Mark Cuban says he would back Weinstein bothers’ deal to buy back Miramax from Disney.

BP places ‘top cap’ over leak

WASHINGTON – Oil giant BP has succeeded in placing a containment cap over the ruptured well head that is gushing oil into the Gulf of Mexico, but was working to seal the cap and close valves before it could capture much of the oil.

“Progress is being made,” said Coast Guard Admiral Thad Allen, who is …. Original article on Gaea Times at  : BP places ‘top cap’ over leak.

Drosselmeyer takes Belmont in upset over Zito’s favorites

Drosselmeyer pulls upset in Belmont Stakes

NEW YORK – Drosselmeyer pulled off an upset in the Belmont Stakes, seizing the lead in the stretch and giving Hall of Fame trainer Bill Mott his first win in a Triple Crown race.
Sent off at odds of 13-1, Drosselmeyer defeated Fly Down by three-quarters of a length on a … Read more »».

Halter, Lincoln hunt for remaining votes as Arkansas Democratic Senate runoff nears

Halter, Lincoln trade jabs in Ark. as runoff nears
NEWPORT, Ark. – Arkansas Democratic Sen. Blanche Lincoln traded jabs with challenger Lt. Gov. Bill Halter as they campaigned days before a nationally watched runoff that will wrap up one of the most expensive and bitter political battles in state history.
The pair traveled throughout the …. Source  : Gaea News Network.

We’ll get through this together, Jimmy Buffett tells people of Florida Panhandle

Jimmy Buffett laments the fouling of his paradise

PENSACOLA BEACH, Fla. – Jimmy Buffett’s timing is a little off.
The “Margaritaville” singer is synonymous with the white-sand beaches along the Gulf Coast that are now being fouled by leaked oil. He’s planning to open a hotel in Pensacola Beach, Fla., in a week.
He took a walk Saturday …. Source article on Gaea Times at  : We’ll get through this together, Jimmy Buffett tells people of Florida Panhandle.

Israeli commandos seize latest Gaza-bound aid ship, defiant Israel enforces blockade

Israel remains defiant, seizes Gaza-bound aid ship

JERUSALEM – A defiant Israel enforced its 3-year-old blockade of Hamas-ruled Gaza on Saturday, with naval commandos swiftly commandeering a Gaza-bound aid vessel carrying an Irish Nobel laureate and other activists and forcing it to head to an Israeli port instead.
The bloodless takeover stood in marked contrast to a …. Source  : Gaea News Network.

Deadline for financial bids for Hyderabad Metro extended again

HYDERABAD – The Andhra Pradesh government Saturday extended for the second time the last date for submitting financial bids for the Rs.12,132 crore Hyderabad Metro Rail (HMR) project to June 14.

This is the third time in as many months that HMR project authorities have extended the deadline as the shortlisted bidders did not come forward …. Original source  : Deadline for financial bids for Hyderabad Metro extended again.

Nearly half the unemployed have been out of work at least 6 months and find odds against them

Growing ranks of long-term jobless face tough odds

WASHINGTON – If you lose your job these days, it’s worth scrambling to find a new one – fast.
After six months of unemployment, your chances of landing work dwindle.
The proportion of people jobless for six months or more has accelerated in the past year and now makes up … Read more >>.

Va. socialite, winemaker selling $9M country estate collection of antiques she no longer needs

Va. socialite and winemaker selling country estate

CHARLOTTESVILLE, Va. – Socialite and vintner Patricia Kluge says she no longer needs her inscribed Picasso platter, centuries-old Qing Dynasty clock, 19th-century Grecian harp and nearly all the other treasures in her English-style country mansion.
Collectors and curiosity seekers will have plenty to peruse if they buy a 620-page catalog …. Original article on Gaea Times at  : Va. socialite, winemaker selling $9M country estate collection of antiques she no longer needs.

The first big win against skin cancer: Drug boosts survival in major study of deadly melanoma

Drug boosts survival in major skin cancer study

CHICAGO – Researchers have scored the first big win against melanoma, the deadliest form of skin cancer. An experimental drug significantly improved survival in a major study of people with very advanced disease.
The results, reported Saturday at a cancer conference, left doctors elated.
“We have not had any therapy [..] Read the original article: here.

Pfizer drug shows big promise in early testing for lung cancer patients with a certain gene

Pfizer lung cancer drug promising in early tests

CHICAGO – It’s way too soon to declare success, but an experimental drug for lung cancer patients with a certain gene showed extraordinary promise in early testing, doctors reported at a cancer conference on Saturday.
More than 90 percent of the 82 patients in a study saw their tumors …. Source  : Gaea News Network.

Pakistan raises defence budget to $5.2 bn

ISLAMABAD – Pakistan increased its annual spending on defence to $5.2 billion (Rs.442 billion) as the government presented its budget Saturday with an outlay of Rs.2.764 trillion for the 2010-11 fiscal starting July 1.

The allocation for defence is Rs.442 billion, which is higher by Rs.100 billion and Rs.64 billion respectively against the current year’s and …. Source  : Gaea News Network.

Restoration of Los Angeles International’s saucer-shaped Theme Building marks airport revival

Restored Theme Building marks LAX’s turnaround

LOS ANGELES – Believe it or not, LAX and its iconic spider-shaped terminal were once young and vibrant, a futuristic outpost at the edge of the Pacific in the glamorous Jet Age.
After a half-century and millions of travelers, Los Angeles International Airport is on the verge of reclaiming some of … Read the original article on Gaea Times at : Restoration of Los Angeles International’s saucer-shaped Theme Building marks airport revival.

4 months jail with hard labor for Zambia publisher in street birth photos case

Zambia publisher jailed for critical comment

LUSAKA, Zambia – Award-winning Zambian press freedom campaigner and newspaper publisher Fred M’membe begins a four month jail sentence for a case involving photographs of a woman giving birth on a street during a health services strike, his newspaper says.
Amos Mapulenga, managing editor of the daily Post newspaper, says M’membe [..] Read the original article: here.

Israeli prime minister firm on Gaza blockade, as pressure mounts to ease restrictions

Despite pressure, Israeli PM firm on Gaza blockade

JERUSALEM – Israel’s prime minister has signaled he is determined to enforce a naval blockade of the Hamas-ruled Gaza Strip, as international pressure mounts for the restrictions to be eased or scrapped altogether.
Benjamin Netanyahu said after Saturday’s latest takeover of a Gaza-bound aid vessel by Israeli commandos that …. Source article on Gaea Times at  : Israeli prime minister firm on Gaza blockade, as pressure mounts to ease restrictions.