German power company E.On 2009 net income rises sharply to $11.4 billion

E.On 2009 net income up sharply to $11.4 billion

FRANKFURT – Germany energy company E.On AG said Wednesday that 2009 net income rose sharply to euro8.4 billion ($11.4 billion) partly as a result of the disposal of assets.
E.On, based in Duesseldorf, earned euro1.3 billion in 2008. Revenue fell 6 percent to euro82 billion in 2009 from … Read more »».

British court to rule on Boris Berezovsky’s libel claim against Russian broadcaster

UK court to rule on Russian tycoon’s libel claim

LONDON – Britain’s High Court is due to rule on a libel claim brought by self-exiled Russian oligarch Boris Berezovsky against a Kremlin-owned broadcaster.
The 63-year-old tycoon sued the All-Russian State Television and Radio Broadcasting Company (RTR) for a show that accused him of masterminding the death of … Read more >>.

Sequent Energy Management President Douglas Schantz Found dead

HOUSTON (GaeaTimes.com) — The body of Douglas Schantz, the President of Sequent Energy Management has been found in the Mississippi River on Tuesday afternoon. Schantz, who was missing since Monday morning is believed to be drowned as a result of being over drunk.

Schantz, a top executive of a Houston energy company was last seen leaving … Read the original article on Gaea Times at : Sequent Energy Management President Douglas Schantz Found dead.

UK PM Brown says government budget to be published in 2 weeks, paving way for election

UK budget due in 2 weeks, paving way for election

LONDON – British Prime Minister Gordon Brown said Wednesday that his government will lay out its budget plans on March 24, paving the way for a national election.
The election must be held by early June at the latest, but the budget date suggests it will be … Read more »».

Oil drifts to near $81 in Asia as mixed inventory report reflects choppy US demand recovery

Oil drifts near $81 amid mixed US inventory data

SINGAPORE – Oil prices drifted down to near $81 a barrel Wednesday in Asia after a report showed mixed evidence about U.S. crude demand.
Benchmark crude for April delivery was down 38 cents to $81.11 a barrel at late afternoon Singapore time in electronic trading on the New … Original source on Gaea Times at : Oil drifts to near $81 in Asia as mixed inventory report reflects choppy US demand recovery.

BA, American and Iberia offer to cede London, New York airport slots to end EU antitrust case

BA, American, Iberia to cede airport slots

BRUSSELS – British Airways, American Airlines and Iberia have offered to give away takeoff and landing slots at London and New York airports to soothe European Union antitrust worries, EU regulators said Wednesday.
The European Commission said it would ask other airlines whether freeing up slots at London Heathrow, London …. Source  : BA, American and Iberia offer to cede London, New York airport slots to end EU antitrust case.

World stock markets little changed even as surging Chinese exports point to stronger trade

World stocks little changed as China exports surge

HONG KONG – World stock markets were little changed Wednesday even as surging Chinese exports pointed to a pickup in global trade.
Asia’s major indexes were mixed as many markets fluctuated for the second day in a row and European stocks opened without conviction in either direction. Oil prices … Read the original article on Gaea Times at : World stock markets little changed even as surging Chinese exports point to stronger trade.

Balanced budget or jobs? Meatpackers say Ind. inspection cuts will hurt growing businesses

Meatpackers say inspection cuts are shortsighted

INDIANAPOLIS – Indiana’s plan to lay off some meat inspectors to save money and reduce the time inspectors spend with small, independent processors has the industry and farmers fearing it could hurt what has been a growing industry.
It’s not clear how many of the state’s 52 inspectors will be let … Original source on Gaea Times at : Balanced budget or jobs? Meatpackers say Ind. inspection cuts will hurt growing businesses.

Britain’s Brown warns new economic woes are likely amid fears of return to recession

UK’s Brown warns of new economic woes
LONDON – British Prime Minister Gordon Brown warns that the U.K. may suffer another economic downturn, including a possible dip back into recession.

In a speech Wednesday Brown will say “there are still substantial risks ahead, there will be bumps in the road,” according to excerpts released in advance.
Brown will …. Original article on Gaea Times at  : Britain’s Brown warns new economic woes are likely amid fears of return to recession.

Obama touts anti-fraud measures as he takes closing argument for health overhaul on the road

Obama pushing on health care end game
WASHINGTON – President Barack Obama has chosen a suburban St. Louis high school to make his closing argument for a health care overhaul, pushing a new anti-fraud plan as he cranks up the pressure on skittish Democratic lawmakers to act fast.
Obama is to speak Wednesday at St. … Original article on : Obama touts anti-fraud measures as he takes closing argument for health overhaul on the road.

Highlights of Senate bill extending tax breaks, jobless aid

Highlights of Senate jobless aid bill
Highlights of Senate legislation extending unemployment insurance and expired tax breaks:

-Tax relief: Extends through 2010 a variety of popular tax breaks that expired at the end of 2009, including an individual income tax deduction for sales and property taxes, and a business tax credit for research and development. Extends a …. Original article  : Highlights of Senate bill extending tax breaks, jobless aid.

Bipartisan Senate support expected for jobless aid, business tax breaks

Senate to pass jobless aid, business tax breaks
WASHINGTON – The Senate votes Wednesday on a bill extending unemployment benefits up to 99 months in many states and renewing tax breaks popular with businesses and individuals.

The measure is likely to pass with bipartisan support despite conservatives’ protests that it will add more than $130 billion to …. Original article on Gaea Times at  : Bipartisan Senate support expected for jobless aid, business tax breaks.

Nationalized UK lender Northern Rock says it returned to profit in second half of 2009

Nationalized UK bank Northern Rock back in profit

LONDON – Nationalized mortgage lender Northern Rock said Wednesday that it returned to profit in the second half of 2009 as interest income rose and losses on loans fell.
Northern Rock said it posted a profit of 466.7 million pounds ($696 million) in the second half, following a loss … Original article on : Nationalized UK lender Northern Rock says it returned to profit in second half of 2009.

Scheduled Banks’ Statement of Position in India as on Friday, February 26, 2010

(Amount in  Rupees crore)

Scheduled Commercial Banks (SCBs)
(including RRBs)

All Scheduled Banks

27.02.2009

12.02.2010

26.02.2010

27.02.2009

12.02.2010

26.02.2010

 I

Liabilities to the Banking System (A)

*

*

*

*

a) Demand & time deposits from banks

44137.57

55186.00

56186.20

48319.46

57426.93

58479.20

**

b) Borrowings from banks

27901.30

19691.20

20840.30

27928.02

19723.19

20851.85

c) Other demand & time liabilities

30118.70

5584.78

5853.57

30122.63

5592.07

5855.89

II

Liabilities to Others   (A)

a) Deposits (other than …. Original article  : Scheduled Banks’ Statement of Position in India as on Friday, February 26, 2010.

US vice president’s West Bank tour overshadowed by new Israeli settlement plans in Jerusalem

Biden’s West Bank tour clouded by settlement plans
RAMALLAH, West Bank – Israel’s new plan to build 1,600 apartments for Jews in Palestinian-claimed east Jerusalem overshadowed Vice President Joe Biden’s visit to the West Bank on Wednesday.
Biden was to hold talks with Palestinian President Mahmoud Abbas and Prime Minister Salam Fayyad, in …. Source article on Gaea Times at  : US vice president’s West Bank tour overshadowed by new Israeli settlement plans in Jerusalem.

Brazil’s Silva says election win by Rousseff would deal machismo a blow, carry on his legacy

Brazil’s Silva: A Rousseff win would KO machismo

BRASILIA, Brazil – Brazil’s president said his hand-picked candidate to succeed him in October’s election would help do away with machismo by becoming the first female president of Latin America’s largest and most influential nation.
President Luiz Inacio Lula da Silva told The Associated Press on Tuesday that Dilma … Read more >>.

Beijing editor punished for editorial urging reform of unpopular registration system

Chinese editor punished for bold editorial

BEIJING – A Chinese newspaper editor said he has been punished for co-writing a bold editorial demanding reform of China’s unpopular household registration system, which critics say discriminates against farmers and other rural poor.
Zhang Hong, a former deputy editor with the Beijing-based Economic Observer, said in a letter posted on … Read : Beijing editor punished for editorial urging reform of unpopular registration system.

Apple reports 30-45 percent growth in fiscal 2010 first quarter

WASHINGTON – Software giant Apple Inc. has over the years, overcome nearly every obstacle thrown its way, and this is reflected in the 15.68 billion dollars revenue it earned and a net quarterly profit of 3.38 billion dollars, or 3.67 dollars per diluted share in financial results for fiscal 2010 – the first quarter – … Read more »»».

Report: NKorea to replace top diplomat in Geneva, purported manager of secret fund overseas

Report: NKorea to replace top diplomat in Geneva

SEOUL, South Korea – North Korea plans to replace its top diplomat in Switzerland who is believed to be a key manager of leader Kim Jong Il’s alleged secret funds stashed overseas, a news report said Wednesday.
Ri Tcheul, North Korea’s ambassador to U.N. agencies in Geneva, is to …. Original article on Gaea Times at  : Report: NKorea to replace top diplomat in Geneva, purported manager of secret fund overseas.

China’s February exports jump 45.7 percent from a year as global demand recovers

China February exports jump 45.7 percent
BEIJING – China’s exports rose in February in a new sign of growing global demand that could help persuade officials to let the Chinese currency rise.

Exports were up 45.7 percent over a year earlier, the Chinese customs agency reported Wednesday, beating analyst forecasts of 35 to 40 percent growth. Imports …. Read the original article  : China’s February exports jump 45.7 percent from a year as global demand recovers.