Thursday, May 27, 2010

Business News – Newsletter for May 27, 2010

Thursday, May 27, 2010


Oil rises above $72 in Asia as investors mull how much Europe slowdown will hurt demand

Oil rises above $72 as traders mull Europe impact

SINGAPORE – Oil prices rose to above $72 a barrel Thursday in Asia as investors mulled the impact slower European economic growth could have on global crude demand.
Benchmark crude for July delivery was up 85 cents to $72.36 a barrel at late afternoon Singapore time in electronic …. Source article on Gaea Times at  : Oil rises above $72 in Asia as investors mull how much Europe slowdown will hurt demand.

Retired Supreme Court Justice Souter can’t stay away from work, takes appeals-court cases

Justice Souter may be retired, but he still works

BOSTON – Justice David Souter ever so politely interrupts an attorney making a complicated legal argument.
“May I ask you a question?” Souter asks. “I will tell you, you do not have to answer it as far as I’m concerned.”
Then Souter cuts to the chase, stinging the lawyer … Read : Retired Supreme Court Justice Souter can’t stay away from work, takes appeals-court cases.

World stocks rise on hopes Asian, US economic growth can withstand Europe debt crisis

World stocks rise on Asian, US growth hopes

SINGAPORE – World stock markets rose Thursday on optimism that Asian and U.S. economic growth will likely withstand financial turmoil in Europe.
Oil prices, meanwhile, headed above $72 a barrel and the shaky euro recouped some losses against the dollar.
Asian countries including China, Japan, Singapore, Taiwan and Malaysia have … Read more : World stocks rise on hopes Asian, US economic growth can withstand Europe debt crisis.

G8/G20 summits to be most expensive three days for Canada

TORONTO – The G8 and G20 summits being held here next month will cost Canada a record $1.1 billion – the most expensive 72 hours in the country’s history.

With these summits become a magnet for anti-globalization protesters, Canada is spending as much as $933 million to provide security for the two summits which together will …. Original article  : G8/G20 summits to be most expensive three days for Canada.

Treasury says sale of 1.5 billion shares of Citigroup stock brings government $6.2 billion

Treasury gets $6.2 billion from Citigroup sales

WASHINGTON – The Treasury Department said Wednesday it raised $6.2 billion from the sale of 1.5 billion shares of Citigroup stock it received as part of the government’s rescue of the bank.
The sales took place over the past month and represented 19.5 percent of the government’s holdings of Citigroup … Read more : Treasury says sale of 1.5 billion shares of Citigroup stock brings government $6.2 billion.

Deadline for jobless benefits nears as Dems struggle for votes on tax and spending package

Dems scale back bill to woo votes for jobless aid

WASHINGTON – Democrats are struggling to extend jobless benefits before they go on vacation next week.
Some lawmakers are concerned they’ll be hammered over deficit spending even though the money is for the unemployed.
House leaders hope to vote Thursday on a bill that would extend the benefits …. Read the original article  : Deadline for jobless benefits nears as Dems struggle for votes on tax and spending package.

Factory orders and new-home sales rise in April, giving economic recovery a boost

Factory orders and new-home sales rise in April

WASHINGTON – The economic recovery got a lift in April as orders for large manufactured goods surged while sales of new homes benefited from homebuyer tax credits.
Manufacturing is helping drive the rebound. But some economists worry about the threat posed to U.S. exports from the widening debt crisis … Read the original article on Gaea Times at : Factory orders and new-home sales rise in April, giving economic recovery a boost.

Summary Box: Most commodities retreat on global economic issues; gold is key exception

Summary Box: Global economy weighs on commodities

STALWART GOLD: Gold was one of the few commodities to post a gain Tuesday. It closed up just slightly, limited by selling that routinely occurs in advance of options expirations.
GLOBAL ECONOMIC BLUES: Prices retreated across most commodities as anxious traders monitored ongoing developments with Europe’s debt problems and potential … Read the original article on Gaea Times at : Summary Box: Most commodities retreat on global economic issues; gold is key exception.

Sensex extends gains on positive Asian cues

MUMBAI – A benchmark index for Indian equities extended its gains Thursday on positive cues from other major Asian bourses.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,410.88 points, was ruling at 16,546.28 points, 158.44 points or 0.97 percent up from its previous close at 16,387.84 points.
At … Read more >>>.

Doctors on edge as Congress again goes to the brink to hold off Medicare fee cuts

Uncertainty over Medicare pay sets doctors on edge
WASHINGTON – For the third time this year, Congress is scrambling to stave off a hefty pay cut to doctors treating Medicare patients – even as the Obama administration mails out a glossy brochure to reassure seniors the health care program is on solid ground.
The 21.3 … Read more : Doctors on edge as Congress again goes to the brink to hold off Medicare fee cuts.

Enough market liquidity despite 3G spectrum payments: SBI chief

MUMBAI – O P Bhatt, the Chairman of the State Bank of India, has said there is sufficient liquidity in the market despite an unexpected cash outflow due to 3G mobile spectrum payments.

Talking to reporters here on the sidelines of an RBI … Original article on : Enough market liquidity despite 3G spectrum payments: SBI chief.

Oil India declares 340 percent dividend

NEW DELHI – The state-owned Oil India Limited (O.I.L.) declared a dividend of 340 percent in its fourth quarter results on Wednesday.

N. M. Borah, Chairman and Managing Director of O. I. L. announced that the declared dividend is one of the highest declared by the company so far.

“In recognition to the company’s excellent … Read this article on Gaea Times at : Oil India declares 340 percent dividend.

Apple surpasses Microsoft as most valuable technology company

NEW YORK – Apple, the maker of iPods, iPhones and iPads, overtook Microsoft, the computer software giant, on Wednesday to become the world’s most valuable technology company.

According to a New York Times report,in intraday trading in the afternoon session, Apple shares rose 1.8 percent, which …. Original article on Gaea Times at  : Apple surpasses Microsoft as most valuable technology company.

Day after strike, Air India seeks to restore normalcy

NEW DELHI/MUMBAI – National carrier Air India was Thursday struggling to restore normal operations after a two-day wildcat strike by 15,000 employees and said it would take another two days for flight schedules to get regular.

An airline spokesperson said 78 schedules – domestic and international – have been slotted Thursday and more [..] Read the original article: here.

Two Indians among Malaysia’s 40 Richest

WASHINGTON – Two persons of Indian origin figured among Forbes list of Malaysia’s 40 richest as the rebounding Malaysian economy expanded 10 percent in the first quarter of 2010, its highest growth rate in a decade.

Malaysia’s 40 wealthiest are worth a total of $51 billion, up from $36 billion a year ago and even higher … Original source on Gaea Times at : Two Indians among Malaysia’s 40 Richest.

Costa Rica’s congress shelves planned vote on 60pc pay raise after president threatens veto

Costa Rica congress shelves vote on 60% pay hike

SAN JOSE, Costa Rica – Costa Rica’s congress has shelved a final vote on a 60 percent pay raise for its members after President Laura Chinchilla promised to veto the measure.
Salaries for members of the unicameral congress would have risen to about $8,400 a month under a …. Source  : Costa Rica’s congress shelves planned vote on 60pc pay raise after president threatens veto.

Oil rebounds above $71 a barrel as stocks rebound and US gasoline supplies drop

Oil prices jump 4 percent after 3-week slump

NEW YORK – Oil prices rebounded sharply Wednesday after weeks of being knocked down by economic uncertainty.
After dropping more than 20 percent in three weeks, oil rallied 4 percent, the best one-day percentage gain since September 30. Consumers, meanwhile, continue to benefit from declining prices at the pump.
Investors … Read more >>.

Being chosen to host 2014 Super Bowl could lead to naming rights for new stadium

Super Bowl may get name for Giants-Jets stadium

EAST RUTHERFORD, N.J. – Landing the Super Bowl in 2014 should help the Giants and Jets finally put a name on their new $1.6 billion stadium.
Speaking at a news conference Wednesday, the owners of the two NFL teams said the selection of the stadium for the NFL championship … Original article on : Being chosen to host 2014 Super Bowl could lead to naming rights for new stadium.

Facebook overhauls privacy settings

SAN FRANCISCO – Social networking site Facebook introduced a new set of privacy controls Wednesday in an attempt to quell criticism that it was lax about protecting users’ personal information.

The new controls are featured in a streamlined privacy panel that allows users much easier management of who can access their information.
“We believe in privacy. … Read this article on Gaea Times at : Facebook overhauls privacy settings.

Slaughterhouse lawyer testifies in trial of manager accused of child labor violations in Iowa

Slaughterhouse lawyer testifies about child labor

WATERLOO, Iowa – A Des Moines attorney who once represented a kosher slaughterhouse testified Wednesday that state labor inspectors didn’t give the company a list of suspected underage workers before a 2008 immigration raid in which 389 illegal immigrants, including children, were detained.
Attorney Mary Funk testified for former plant manager …. Original article on Gaea Times at  : Slaughterhouse lawyer testifies in trial of manager accused of child labor violations in Iowa.

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