German unemployment rate declines to 7.5 percent in June as recovery continues

German jobless rate down to 7.5 percent
BERLIN – Germany’s unemployment rate declined to 7.5 percent in June thanks to an improving economy and a traditional springtime upturn, official data showed Wednesday.

The unadjusted jobless rate was down from 7.7 percent in May, with the number of people registered as unemployed dropping by 88,000 to 3.153 million, …. Original article on Gaea Times at  : German unemployment rate declines to 7.5 percent in June as recovery continues.

World stocks mixed as concerns mount over global economic recovery

World stocks mixed as growth doubts mount
BANGKOK – World markets were mixed Wednesday, with major indexes in Asia closing lower but markets elsewhere on the upswing despite concerns the global economic recovery has lost steam.

Oil prices hovered near $76 a barrel in Asia as plunging stock markets undermined the confidence of crude traders. The dollar … Read more »»».

Fuel supplies to Kashmir suspended

JAMMU – Alleging that drivers of petrol tankers were assaulted in the Kashmir Valley, a traders-body Wednesday suspended fuel supplies there, an official said.

“Protesters in Kashmir assaulted the drivers of the petrol tankers. Some of the tankers were also damaged by those pelting stones,” Jammu and Kashmir Oil Tankers Association president Anan Sharma told reporters … Read this article on Gaea Times at : Fuel supplies to Kashmir suspended.

Oil hovers near $76 in Asia as plunging equities offset US crude supply drop

Oil hovers near $76 as stock markets sell off

SINGAPORE – Oil prices hovered near $76 a barrel Wednesday in Asia as plunging stock markets undermined the confidence of crude traders, offsetting signs of improving U.S. demand.
Benchmark crude for August delivery was up 28 cents to $76.22 a barrel at late afternoon Singapore time in electronic … Original source on Gaea Times at : Oil hovers near $76 in Asia as plunging equities offset US crude supply drop.

ONGC signs new oil and gas block contracts

NEW DELHI – State-run Oil and Natural Gas Corporation (ONGC) along with its partners Wednesday signed production sharing contracts (PSCs) for 31 oil and gas blocks awarded to 23 companies in the eighth round of auction under the New Exploration Licensing Policy VIII (NELP VIII).

Petroleum and Natural Gas Minister Murli Deora and Law and Justice …. Original article  : ONGC signs new oil and gas block contracts.

Sensex rebounds in afternoon trade, up 62 points

MUMBAI – A key index for Indian equities Wednesday crawled back to positive terrain in afternoon trade after a weak morning session as other Asian markets tumbled over lower consumer confidence data from the US.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,476.85 points, was ruling at 17,596.16 points, …. Source  : Gaea News Network.

Spain’s Telefonica ups bid for Brazil’s Vivo to ???7.15B ($8.72B) just before shareholder vote

Spain’s Telefonica raises bid for Brazil’s Vivo

LISBON, Portugal – Spain’s Telefonica raised its bid for Brazil’s leading cell phone company Vivo to euro7.15 billion ($8.72 billion) from euro6.5 billion just before a shareholder vote Wednesday on the unsolicited offer.
Telefonica SA and Portugal Telecom each own 50 percent of Brasilcel, a holding company which in turn … Original article on : Spain’s Telefonica ups bid for Brazil’s Vivo to ???7.15B ($8.72B) just before shareholder vote.

AstraZeneca shares jump in London after US court victory to protect cholesterol drug patent

AstraZeneca shares surge on court victory
LONDON – Shares in AstraZeneca rose sharply in London Wednesday after the drug company won a U.S. court ruling to protect a patent for its blockbuster cholesterol drug, Crestor.

The U.S. District Court in Delaware ruled on Tuesday that a key patent for Crestor was valid, the company said. AstraZeneca sold … Read this article on Gaea Times at : AstraZeneca shares jump in London after US court victory to protect cholesterol drug patent.

British government for “good relations” with the Tatas

LONDON – The new British government wants “good relations” with the Tata Group, which owns the Jaguar Land Rover, and the steel giant Corus, even as it has warned of an end to direct state support to carmakers.

Business secretary Vince Cable, who will soon visit India to boost industry-level ties, said he recently met … Read : British government for “good relations” with the Tatas.

Smoking ban not related to job losses in bars, restaurants: Study

WASHINGTON – Banning smoking in restaurants and pubs has no link to job losses at bars – in fact, it may have boosted employment, according to new research.

In both Minneapolis and St. Paul, the policies were associated with an increase of at least 3 percent in employment at restaurants over a 2 1/2-year span following …. Original article  : Smoking ban not related to job losses in bars, restaurants: Study.

Honey trade tainted by dirty dealings as some Chinese makers try to skirt US import taxes

Chinese honey trade tainted by dirty dealings

BEIJING – Businessman Yan Yongxiang was trying to get around stiff U.S. levies on imports of cheap Chinese honey. So he sent 15 shipping containers of cut-rate honey to the Philippines, where it was relabeled and sent on to the United States.
It’s called honey-laundering, and the subterfuge let Yan …. Read the original article  : here.

Democrats, making patches to secure Senate votes, move banking overhaul bill closer to passage

Bank bill gets patched up, moves closer to passage
WASHINGTON – Congressional Democrats are inching closer to passage of a major rewrite of financial industry regulations, making fixes as they go.
House and Senate negotiators hoped for a vote in the House on Wednesday and to secure the votes of three straying Republicans … Read more : Democrats, making patches to secure Senate votes, move banking overhaul bill closer to passage.

Senate Democrats combine jobless benefits, homebuyer tax credit in effort to get GOP support

Senate combines jobless benefits, homebuyer credit

WASHINGTON – Senate Democrats are working on a new way to jump-start their stalled election-year jobs agenda while saving unemployment benefits for hundreds of thousands of laid-off workers.
The plan is to package, in one bill, the unemployment benefits and an extension of a popular tax credit for people who buy … Original article on : Senate Democrats combine jobless benefits, homebuyer tax credit in effort to get GOP support.

In Wisconsin appearance, Obama looks to restore consumer confidence in nation’s economy

Obama trying to restore confidence in economy
WASHINGTON – A day after consumer concerns about the economy sent stocks sliding, President Barack Obama is trying to assure the American people that the economic recovery is headed in the right direction.
Obama is visiting Wisconsin on Wednesday to speak about the economy in Racine … Read : In Wisconsin appearance, Obama looks to restore consumer confidence in nation’s economy.

Marks and Spencer to open 50 stores in India in 3 years

LONDON – British high street retailer Marks and Spencer (M&S) is to more than double its retail presence in India, targeting 50 stores in the next three years.

M&S currently operates 17 stores in India through a joint venture with Reliance Retail. Last week it opened its latest store in Chennai.
A spokesperson for M&S told …. Original article  : Marks and Spencer to open 50 stores in India in 3 years.

We will invest heavily in India ties: Obama adviser

WASHINGTON – President Barack Obama’s top economic adviser says the United States would continue to invest heavily in its ties with India, seen as one of Washington’s most important relationships over the next generation.

“I don’t think there’s any question but that the relationship with India is going to be one of the most important relationships …. Source  : We will invest heavily in India ties: Obama adviser.

Neyveli Lignite workers to strike work

CHENNAI – Two major unions of the Neyveli Lignite Corp Ltd (NLC) in Tamil Nadu have announced their decision to go on strike from Wednesday night after the failure of wage revision talks.

Around 2,000 police personnel have been deployed near the mines, power plant and the corporate office in a bid to prevent any …. Source  : Gaea News Network.

State Bank of India sets base rate for lending at 7.5 percent per annum

MUMBAI – The State Bank of India (SBI) has set its base rate for lending at 7.5 per cent per annum, after the Reserve Bank of India (RBI) introduced the new lending rate system.

Addressing a press conference here on Tuesday, Om Prakash Bhatt, Chairman of SBI, said: “The base rate would be effective …. Read the original article  : State Bank of India sets base rate for lending at 7.5 percent per annum.

$780 Mn World Bank loan for improving Mumbai train system

WASHINGTON – The World Bank has approved $430 million to finance further improvement of Mumbai’s suburban railway system, considered the lifeline of the megacity with a population of nearly 15 million.

The Bank’s Board Tuesday also approved $350 million to finance the Dam Rehabilitation and Improvement Project which aims to improve the safety and sustainable performance …. Source article  : $780 Mn World Bank loan for improving Mumbai train system.

Sensex weak in morning trade, Asian markets in red

MUMBAI – A key index for Indian equities Wednesday was ruling on a weak note amid negative Asian cues.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,476.85 points, was ruling at 17,497.96 points, 36.13 points or 0.21 percent down from its previous close at 17,534.09 points.
At the …. Original article on Gaea Times at  : Sensex weak in morning trade, Asian markets in red.