Markets focus on Berlin, where German parliament expected to clear huge eurozone rescue deal

Eyes on Germany as lawmakers vote on euro rescue

BERLIN – With the future of the euro in the balance, German lawmakers were expected Friday to approve the massive rescue deal to save the common currency and contain the debt crisis, a package the government said combines solidarity with a drive to heal public finances.
Both houses … Read the original article on Gaea Times at : Markets focus on Berlin, where German parliament expected to clear huge eurozone rescue deal.

Abbott to buy Piramal’s branded drugs business for $3.71 bn

NEW YORK/MUMBAI – Illinois-based pharmaceuticals major Abbott Friday said it is acquiring Piramal Healthcare’s formulations business for $3.72 billion, to make the combined entity one of the largest players in the country’s generic drugs market.

Abbott, which is celebrating its 100th year in India and owns such brands as Creamffin, Brufen and Digene, will make an …. Original source  : Abbott to buy Piramal’s branded drugs business for $3.71 bn.

Long-range Afghan firefights prompt US Army rethink of reliance on workhorse M-4 rifle

US rifles not suited to warfare in Afghan hills

KABUL, Afghanistan – The U.S. military’s workhorse rifle – used in battle for the last 40 years – is proving less effective in Afghanistan against the Taliban’s more primitive but longer range weapons.
As a result, the U.S. is reevaluating the performance of its standard M-4 rifle and …. Source  : Long-range Afghan firefights prompt US Army rethink of reliance on workhorse M-4 rifle.

Abbott buys unit of India’s Piramal Healthcare for $3.7B as it chases emerging market growth

Abbott buys unit of Piramal Healthcare for $3.7B

MUMBAI, India – Abbott Laboratories has agreed to buy the domestic healthcare business of India’s Piramal Healthcare Ltd., a leading generics company, for $3.72 billion, the companies said Friday.
The deal reflects the growing global importance of generics as well as the rise of India’s consumer market for drugs.
Illinois-based …. Read the original article  : Abbott buys unit of India’s Piramal Healthcare for $3.7B as it chases emerging market growth.

Over 420,200 people visits UAE pavilion at Shanghai Expo

Shanghai, May 21 (IANS/WAM) More than 420,200 people from China and abroad visited the UAE pavilion at the Shanghai Expo 2010 since the event kicked off here three weeks ago, the organisers said.

UAE’s National Media Council (NMC), the organisers of the pavilion, forecast the number of visitors would cross half a million by the end … Read this article on Gaea Times at : Over 420,200 people visits UAE pavilion at Shanghai Expo.

Sensex under pressure as global peers fall

MUMBAI – Indian equities continued to trade in the red, mirroring the bearish sentiment in other bourses as Europe’s debt crisis and rising US jobless claims fuelled investor risk aversion across the globe.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,317.94 points, ruled at 16,342.6 points, 177.08 points or … Original article on : Sensex under pressure as global peers fall.

‘South Maharashtra beaches no threat to Goa yet’

PANAJI – The relatively virgin beaches of southern coastal Maharashtra are no threat to beach tourism in Goa, at least not in the immediate future, a top tourism trade official said Friday.

Beaches like Malvan and Tarkarli in south Maharashtra’s Sindhudurg district have a long way to go before they can be seen as a … Read more >>>.

Oil falls below $70 in Asia as investor confidence gives way amid Europe’s debt crisis

Oil falls below $70 on global economy concerns

SINGAPORE – Oil prices fell below $70 a barrel Friday in Asia on investor concern that a financial crisis in Europe could undermine the global economic recovery and crude demand.
Benchmark crude for July delivery was down $1 to $69.80 a barrel at late afternoon Singapore time in electronic …. Original article on Gaea Times at  : Oil falls below $70 in Asia as investor confidence gives way amid Europe’s debt crisis.

Spain says austerity cutbacks to restrict 2011 growth by half percentage point

Spain cuts 2011 growth forecast as austerity bites

MADRID – Spain says cutbacks aimed at reigning in its deficit will hurt economic growth in 2011, which it now expects to be half a percentage point lower than previously forecast.
Finance Minister Elena Salgado says the government now expects economic growth for next year to be 1.3 percent, …. Source  : Gaea News Network.

Spain says austerity cutbacks to restrict 2011 growth by half percentage point

Spain cuts 2011 growth forecast as austerity bites

MADRID – Spain says cutbacks aimed at reigning in its deficit will hurt economic growth in 2011, which it now expects to be half a percentage point lower than previously forecast.
Finance Minister Elena Salgado says the government now expects economic growth for next year to be 1.3 percent, …. Original source  : Spain says austerity cutbacks to restrict 2011 growth by half percentage point.

With sweeping bank bill, Congress seeks to end ‘too big to fail’ and ‘too good to be true’

Congress aims to put some discipline in lending

WASHINGTON – Congress is getting tougher on both borrowers and lenders blamed for inflating a housing bubble that, when it popped, plunged the nation into a severe recession two years ago.
Under sweeping financial overhauls that have now passed the House and Senate, home buyers won’t be able to …. Source article  : With sweeping bank bill, Congress seeks to end ‘too big to fail’ and ‘too good to be true’.

Thai PM says order restored in Bangkok, provinces

Thai PM says order restored in Bangkok
BANGKOK – Thailand’s prime minister says order has been restored in Bangkok and the provinces, wracked by violence over the past week.

Prime Minister Abhisit Vejjajiva said Friday in a nationally broadcast television address that the government will “move swiftly to restore normalcy.”
He says “We have restored order in the …. Source  : Gaea News Network.

Piramal sells healthcare business to US firm

MUMBAI – Piramal Healthcare Friday said it will sell its healthcare solutions business in India, Sri Lanka and Nepal to US-based Abbott for $3.72 billion.

The business involves manufacturing, marketing and sales of branded pharmaceutical products.
The company said in a regulatory filing that it will transfer its manufacturing facilities at Baddi in Himachal … Read : Piramal sells healthcare business to US firm.

NKorea crisis looms over Clinton tour of Asia, ship sinking overshadows key US-China talks

Clinton in Asia as NKorea crisis looms
TOKYO – U.S. Secretary of State Hillary Rodham Clinton kicked off a three-nation tour of Asia on Friday that was supposed to focus on U.S.-China economic issues but is being overshadowed by a crisis over North Korea’s sinking of a South Korean warship.
Clinton landed in Japan for …. Original article  : NKorea crisis looms over Clinton tour of Asia, ship sinking overshadows key US-China talks.

AP INVESTIGATION: Documents show Texas reservist faked his way into military service

AP INVESTIGATION: Texas man faked way into Army

FORT WORTH, Texas – A Texas man with no military experience managed to trick the Army into letting him enter a reserve unit as a noncommissioned officer earlier this year, putting an untrained soldier in a leadership position in a time of war.
An Associated Press investigation found that … Read this article on Gaea Times at : AP INVESTIGATION: Documents show Texas reservist faked his way into military service.

Air Canada voted ‘Best in North America’

TORONTO – After almost surviving bankruptcy in 2008 and then making a strong comeback last year, Air Canada was voted as the best airline in North America in a worldwide survey released Thursday.

In the annual survey of more than 17 million air travellers by independent research firm Skytrax between July 2009 and April 2010, Air …. Source  : Air Canada voted ‘Best in North America’.

British Airways posts annual record loss ahead of further cabin crew strikes

BA posts another record annual loss
LONDON – British Airways PLC posted a record net loss for the second consecutive year on Friday after a cost savings program at the flagship carrier wasn’t enough to outweigh the impact of lower passenger numbers and strikes by cabin crews.

But the earnings report for the year ended March 31 … Original source on Gaea Times at : British Airways posts annual record loss ahead of further cabin crew strikes.

German parliament expected to approve huge eurozone rescue package

German parliament to vote on eurozone rescue

BERLIN – Germany’s parliament is expected to approve the huge eurozone rescue package on Friday.
Both houses of parliament are scheduled to vote on the euro750 billion (nearly $1 trillion) package drawn up two weeks ago. Germany, Europe’s biggest economy, is to contribute at least euro123 billion in loan guarantees.
Chancellor …. Source article on Gaea Times at  : German parliament expected to approve huge eurozone rescue package.

Hitler in pink posters cause storm in Italy

LONDON – Huge posters of Hitler wearing a lurid pink uniform with a love heart, instead of swastika, on his arm band have whipped up a storm in Italy.

The posters, which are 18 feet high, are for a line of clothing for young people and they have been prominently set up in Palermo city.
They …. Source article  : Hitler in pink posters cause storm in Italy.

Toyota starts recall of 4,509 Lexus cars in Japan over steering problems, US recall due Friday

Toyota recalls Lexus cars in Japan, US to follow

TOKYO – Toyota Motor Corp. began a recall Friday of 4,509 Lexus cars in Japan because of a computer problem affecting the model’s steering system, with a similar recall to follow in the U.S.
The carmaker said Wednesday it would recall the cars in Japan, with another 7,000 … Read more : Toyota starts recall of 4,509 Lexus cars in Japan over steering problems, US recall due Friday.