Benchmarks lose way, mid-caps outperform (Weekly market review)

MUMBAI – Benchmark indices for Indian equities joined global peers to end the week in the red, amid a mixed corporate results season and continuing fears of a sovereign debt default by Greece.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) fell 0.77 percent or 135.49 points to end at 17,558.71 points Friday. … Original article on : Benchmarks lose way, mid-caps outperform (Weekly market review).

Thousands gather for protests in Athens as anger mounts over expected harsh austerity plan

Greek unions protest expected austerity measures

ATHENS, Greece – Thousands of protesters are gathering in central Athens for rallies fueled by anger at expected harsh austerity measures needed to secure rescue loans for near-bankrupt Greece.
The government is set to announce more sweeping spending cuts through 2012 to win support for an international loan package worth ???45 … Original source on Gaea Times at : Thousands gather for protests in Athens as anger mounts over expected harsh austerity plan.

Mass strikes hit Greece as bailout talks reach climax

ATHENS – Greece’s government was close to clinching a deal Saturday for a multi-billion aid package from fellow eurozone countries and the International Monetary Fund – rejecting calls from striking unions protesting demands to cut wages and raise taxes.

Talks to secure up to 120 billion euros ($160 billion) in European Union and IMF aid to … Read more »».

Malaysia’s Petronas to jointly develop oil blocks with Brunei after ownership dispute ended

Malaysia’s Petronas, Brunei to develop oil blocks

KUALA LUMPUR, Malaysia – Malaysian national oil company Petronas said Saturday that it is in talks with Brunei to jointly develop two offshore oil reserves off Borneo island after the two nations ended a long-standing spat over ownership of the areas.
Both Malaysia and Brunei awarded exploration contracts in 2003 …. Source article  : Malaysia’s Petronas to jointly develop oil blocks with Brunei after ownership dispute ended.

Maruti Suzuki April sales soar 30 percent

NEW DELHI – The country’s largest car maker, Maruti Suzuki, Saturday said sales in April rose around 30 percent to 93,058 units, compared to the corresponding month last year.

The company sold 71,748 vehicles in April 2009. Exports were about 13,024 units, a rise of 89 percent, it said in a statement.
The rise in sales …. Read the original article  : here.

Health care bill schooled WH, Dems on need for speed, message control

Lessons from health bill apply to financial reform
WASHINGTON – Bye, bye, Mr. Nice Guy.
After pursuing bipartisan talks for months on health care and deflecting rather than challenging Republican critics, President Barack Obama and his Democratic allies are deploying a more aggressive approach in their attempt to push financial overhaul legislation through …. Source article on Gaea Times at  : Health care bill schooled WH, Dems on need for speed, message control.

Liberals make little headway in challenge to Democrats who voted ‘no’ on health care

Liberals struggle to challenge Dems on health care
WASHINGTON – Liberals who vowed to take revenge against conservative Democrats who opposed President Barack Obama’s health care law have little to show for their anger six months before the midterm elections.
Most of the 34 Democrats who opposed the overhaul legislation that squeaked through …. Source article  : Liberals make little headway in challenge to Democrats who voted ‘no’ on health care.

Use of ACs to be banned in Uttar Pradesh

LUCKNOW – In view of the power crisis in Uttar Pradesh, use of air conditioners in houses, businesses and government offices has been banned in the state between 6 p.m. and 10 p.m., an official said Saturday.

The order is likely to come into effect Sunday and will remain in force till July 15.
The … Original source on Gaea Times at : Use of ACs to be banned in Uttar Pradesh.

Crowds flock to first day of World Expo 2010

SHANGHAI – Crowds poured into the World Expo 2010 site in Shanghai Saturday as the six-month event opened to the public following a spectacular opening ceremony Friday night.

Tens of thousands of people were queuing before the gates opened, many arriving more than one hour early.
The organisers aim to attract an average of around 400,000 … Read more »»».

Frontier Bank Reopens As Union Bank

EVERETT (GaeaTimes.com)-Frontier Bank is finally closing up. The decision came upon as the state regulators went ahead with their final decision which seals the fate of Frontier Bank forever. However the bank shall once again reopen its gates as Union Bank owing to the decision taken by the Federal Deposit Insurance Commission.
As a matter …. Original article on Gaea Times at  : Frontier Bank Reopens As Union Bank.

Subhashini Chandran named 2010 Yale World Fellow

WASHINGTON – Subhashini Chandran, a business and social entrepreneur who owns and manages the largest privately owned tea plantation business in India, has been named of one the 15 Yale World Fellows for 2010.

Chandran, the CEO of the Woodbriar Group and the Managing Director of the Tea Estates India Ltd, has diversified interests in insurance …. Original article on Gaea Times at  : Subhashini Chandran named 2010 Yale World Fellow.

Mexico’s GDP grows 4 pct in 1Q; 3rd straight quarterly expansion as US production recovers

Mexico reports economy expanded 4 percent in 1Q

MEXICO CITY – Mexico says its economy expanded an estimated 4 percent in the first quarter, the third consecutive period of growth following a punishing recession.
The Treasury Department says exports grew significantly in part due to a rebound in U.S. industrial production.
Oil revenues rose 17.7 percent largely due … Read the original article on Gaea Times at : Mexico’s GDP grows 4 pct in 1Q; 3rd straight quarterly expansion as US production recovers.

McNeil recalls children’s over-the-counter liquid cold, allergy meds that don’t meet standards

Children’s liquid cold, allergy medicine recalled

WASHINGTON – More than 40 over-the-counter infant’s and children’s liquid medications are being recalled in the United States and 11 other countries because they don’t meet quality standards.
McNeil Consumer Healthcare issued the recall for children’s versions of Tylenol, Tylenol Plus, Motrin, Zyrtec and Benadryl after consulting with the Food and … Read more : McNeil recalls children’s over-the-counter liquid cold, allergy meds that don’t meet standards.

Regulators shut down 7 banks in Puerto Rico, Mo., Mich., Wash.; brings total to 64 this year

Banks closed in Puerto Rico, Mich., Mo., Wash.

WASHINGTON – Regulators on Friday shut down three banks in Puerto Rico, two in Missouri, and one each in Michigan and Washington, bringing the number of U.S. bank failures this year to 64.
The Federal Deposit Insurance Corp. took over the banks: Westernbank Puerto Rico, based in Mayaguez, with … Read more >>.

Kansas’ April revenue collections miss mark by $65M, complicating budget debate

Kansas revenues miss April estimate by $65M

TOPEKA, Kan. – April’s Kansas revenue collections missed estimates by $65.3 million, officials said Friday, further challenging the Republican-controlled Legislature and Democratic Gov. Mark Parkinson who must balance the state budget.
Individual income taxes were off by about $74.7 million, a reflection of continued weakness in the Kansas job market. …. Original source  : Kansas’ April revenue collections miss mark by $65M, complicating budget debate.

Hawaii civil unions in hands of Gov. Lingle, who hasn’t decided on the issue

Hawaii governor to decide on civil unions
HONOLULU – Whether same-sex civil unions become legal in Hawaii is now up to Republican Gov. Linda Lingle, whose office was flooded Friday with phone calls and e-mails from gay rights and religious groups after the bill won approval in the waning moments of the legislative session.

Lingle has long …. Original article on Gaea Times at  : Hawaii civil unions in hands of Gov. Lingle, who hasn’t decided on the issue.

Conn. Senate passes temporary TARP bonus tax, GOP says bill hurts state’s pro-business image

Conn. Senate votes to tax TARP bonuses
HARTFORD, Conn. – A bill that would impose an extra tax on bonuses paid to Connecticut employees of investment banks and insurers that received federal bailout aid during the economic crisis has passed the state Senate.

The proposal was approved on a 21-14 vote on Friday and now moves to … Read more : Conn. Senate passes temporary TARP bonus tax, GOP says bill hurts state’s pro-business image.

Federal regulators block TierOne’s proposed sale of 32 branches, leaving bank’s future unclear

Feds block TierOne’s proposed sale of 32 branches

OMAHA, Neb. – Federal regulators have blocked TierOne Bank’s proposed sale of 32 branches to Great Western Bank, leaving the future of the Lincoln-based financial institution uncertain.
The federal Office of Thrift Supervision denied the proposal for the bank to sell nearly half its full-service branches in a filing … Original article on : Federal regulators block TierOne’s proposed sale of 32 branches, leaving bank’s future unclear.

With Russell, Campbell taking snaps, quarterback remains focus as Raiders open minicamp

Russell shows up as Raiders open minicamp
ALAMEDA, Calif. – The questions about JaMarcus Russell’s immediate future in Oakland were answered Friday when he took the field for a minicamp with newly acquired Jason Campbell and the rest of his Raiders teammates.

Still unclear is the long-term future for the former No. 1 overall pick.
The team acquired …. Original source  : With Russell, Campbell taking snaps, quarterback remains focus as Raiders open minicamp.

Bankruptcy trustee selects independent examiner to probe 2007 buyout of Tribune Co.

Examiner chosen in Tribune bankruptcy
DOVER, Del. – The trustee in the Tribune Co.’s bankruptcy has appointed an independent examiner to review the 2007 leveraged buyout of the media conglomerate.

The trustee submitted a court filing on Friday appointing Kenneth Klee, a California bankruptcy lawyer and law professor at UCLA, as examiner, subject to court approval.
Klee will … Original source on Gaea Times at : Bankruptcy trustee selects independent examiner to probe 2007 buyout of Tribune Co..