Business News – Weekly Newsletter for July 12-19, 2010

Business News – Weekly Newsletter for July 12-19, 2010

Monday, July 19, 2010

World stock markets mostly rise as China trade, South Korea growth upgrade lift sentiment

World stocks lifted by China trade, Wall Street

BANGKOK – World stock markets mostly rose Monday, lifted by robust Chinese trade figures that eased worries the global recovery is losing momentum.
Gains last week on Wall Street added to the momentum from China’s stronger-than-expected trade figures. Also boosting markets was South Korea’s central bank raising its growth … Original article on : World stock markets mostly rise as China trade, South Korea growth upgrade lift sentiment.

BP says cost of dealing with Gulf of Mexico oil spill reaches $3.5 billion

BP says oil spill costs climb to $3.5 billion

LONDON – BP PLC said Monday that the cost of dealing with the oil spill in the Gulf of Mexico has risen to $3.5 billion, though its shares rallied on reports it may sell some assets.
The oil company said the overall cost includes nearly $165 million paid …. Read the original article : BP says cost of dealing with Gulf of Mexico oil spill reaches $3.5 billion.

Oil falls to near $75 in Asia as traders look to US company earnings for clues on economy

Oil falls to near $75 ahead of US company earnings

SINGAPORE – Oil prices fell to near $75 a barrel Monday in Asia as investors looked to the start of second quarter company earnings reports this week for clues about the strength of the U.S. economy.
Benchmark crude for August delivery was down 76 cents to $75.33 …. Original article : Oil falls to near $75 in Asia as traders look to US company earnings for clues on economy.

Money Market Operations as on July 10, 2010

… Read : Money Market Operations as on July 10, 2010.

Sensex slips on modest industrial data after crossing 18,000

MUMBAI – A benchmark index for Indian equities markets, which breached the psychological 18,000 mark in more than three months early Monday, slipped in noon trade after the government released the industrial production data, showing a slower 11.5 percent growth in May compared to a 14.6 percent rise in April.

Other Asian markets too were in …. Source : Gaea News Network.

Asian stock markets mostly rise as China trade, South Korea growth upgrade lift sentiment

Asian stocks lifted by China trade, Wall Street

BANGKOK – Most Asian stock markets rose Monday, lifted by robust Chinese trade figures that eased worries the global recovery is losing momentum.
In Japan, a weaker yen wasn’t able to completely offset concerns about the country’s economy after the ruling party’s defeat in upper house elections Sunday.
The Nikkei … Read this article on Gaea Times at : Asian stock markets mostly rise as China trade, South Korea growth upgrade lift sentiment.

US government not for new stimulus for economy

WASHINGTON – With the US budget deficit for the fiscal year ending September already topping $1 trillion, the Obama administration sees little room for stimulus to boost the staggering economy.

There’s “not a great desire” for additional government spending, President Barack Obama’s top political adviser David Axelrod said Sunday.
“Even though there’s some argument for additional …. Read the original article : here.

Advances in finding Alzheimer’s disease show the need for drugs to stop or slow its course

Alzheimer’s advances show need for better drugs

Scientists are reporting advances in detecting and predicting Alzheimer’s disease at a conference in Honolulu this week, plus more proof that getting enough exercise and vitamin D may lower your risk.
There are better brain scans to spot Alzheimer’s disease. More genes that affect risk. Blood and spinal fluid tests …. Source : Gaea News Network.

India’s factory output up 11.5 percent in May

NEW DELHI – India’s factory output was up 11.5 percent in May, powered by a 12.3 percent expansion registered by the manufacturing sector, giving the central bank the much-needed comfort level to look at hiking key rates upward to tame inflation.

Data on the country’s index for industrial production (IIP) released here Monday by the commerce … Read more »».

Big election losses could hinder Japan ruling party attempts to tackle debt, revive economy

Japan braces for gridlock after ruling party loss
TOKYO – Japan’s ruling party faced the prospect of political gridlock Monday as bad losses in weekend parliamentary elections undermine its attempts to reduce the second-largest economy’s ballooning budget deficit and revive growth.
Half of the 242 seats in the upper house of parliament were up for … Original source on Gaea Times at : Big election losses could hinder Japan ruling party attempts to tackle debt, revive economy.

Firearm sales up 70 percent in Brazil

Sao Paulo, July 12 (IANS/EFE) The sale of firearms in Brazil has increased by 70 percent since 2005, authorities said.

Brazilians approved the sale of firearms in the country in a referendum in 2005. About 59 million of the 92 million people who participated in the vote supported the sales.
In 2005, 68,000 firearms were sold … Read this article on Gaea Times at : Firearm sales up 70 percent in Brazil.

1 in 4 American consumers are deemed risky as more credit scores sink to lows of 599 or less

More Americans’ credit scores sink to new lows

NEW YORK – The credit scores of millions more Americans are sinking to new lows.
Figures provided by FICO Inc. show that 25.5 percent of consumers – nearly 43.4 million people – now have a credit score of 599 or below, marking them as poor risks for lenders. It’s …. Source : Gaea News Network.

FDA to evaluate obesity drug that would be the first new prescription treatment in a decade

FDA to review first of 3 new weight loss drugs

WASHINGTON – Dieters, doctors and investors get their first extensive look at the first of a trio of new weight loss drugs this week. The hope is that the new drugs can succeed where many others have failed: delivering significant weight loss without risky side effects.
With … Read more »»».

Oil hovers above $76 in Asia as traders look to US company earnings for clues on economy

Oil hovers above $76 ahead of US company earnings

SINGAPORE – Oil prices hovered near $76 a barrel Monday in Asia as investors look to second quarter company earnings reports this week for clues about the strength of the U.S. economy.
Benchmark crude for August delivery was up 7 cents to $76.16 a barrel at midday Singapore … Read more »».

Mavericks owner Mark Cuban says NBA should look into how Big 3 ended up with Miami Heat

Cuban: NBA should examine how Heat got Big 3

LAS VEGAS – Dallas Mavericks owner Mark Cuban says the NBA should examine how free agents LeBron James, Chris Bosh and Dwyane Wade all ended up with the Miami Heat.
Cuban tells a group of reporters at the NBA’s summer league in Las Vegas that he intends to …. Source : Mavericks owner Mark Cuban says NBA should look into how Big 3 ended up with Miami Heat.

Asian shares rise on Wall Street gains, China trade, weaker yen

Asian stocks lifted by Wall Street, China trade

TOKYO – Asian stock markets rose Monday, lifted by robust Chinese trade figures that eased worries the global recovery is losing momentum.
In Japan, a weaker yen offset concerns about the country’s economy after the ruling party’s defeat in upper house elections Sunday.
The Nikkei 225 stock average reversed early …. Source : Gaea News Network.

Money Market Operations as on July 09 , 2010

…. Original article : Money Market Operations as on July 09 , 2010.

Bank of Korea raises country’s 2010 growth forecast to 5.9 percent as global economy recovers

Bank of Korea raises growth forecast to 5.9 pct

SEOUL, South Korea – South Korea’s central bank raised its forecast for the country’s economic growth this year to 5.9 percent on solid exports as well as capital and consumer spending amid a stronger global recovery.
The Bank of Korea, which had previously expected an expansion of 5.2 … Read more : Bank of Korea raises country’s 2010 growth forecast to 5.9 percent as global economy recovers.

Asian shares rise; Nikkei shows muted respose to Japan’s election results

Asian stocks up; US shares, exporters lift Nikkei

TOKYO – Asian stock markets posted modest gains Monday as Wall Street’s gains last week and a weaker yen lifted exporters in Japan, eclipsing concerns about the ruling party’s defeat in upper house elections.
The benchmark Nikkei 225 stock average reversed early losses and was up 0.1 percent at …. Read the original article : Asian shares rise; Nikkei shows muted respose to Japan’s election results.

Alcan says union vote prompts orderly shutdown of Ravenswood aluminum plant

Alcan: orderly shutdown of Ravenswood plant starts

RAVENSWOOD, W.Va. – Alcan Rolled Products says it’s begun closing its Ravenswood, West Virginia, plant in response to a strike notice from union workers.
Alcan announced what it called an orderly shutdown Sunday. The Rio Tinto subsidiary says it won’t operate the plant without workers from United Steelworkers Local 5668.
Members …. Read the original article : Alcan says union vote prompts orderly shutdown of Ravenswood aluminum plant.

Kerala plans heritage village for diaspora

THIRUVANANTHAPURAM – Kerala Chief Minister V.S. Achuthanandan Tuesday said the state industrial development corporation is undertaking a feasibility study for the proposed Rs.750-crore heritage village for the diaspora.

“We have already identified 337 acres in the outskirts of the capital city near Chiryankil. The district collector has been asked to find out the modus operandi of … Read this article on Gaea Times at : Kerala plans heritage village for diaspora.

EU finance ministers under pressure to agree new financial oversight agencies

EU finance ministers pressed to fix oversight

BRUSSELS – European Union finance ministers are under pressure at Monday talks to fix a compromise with EU lawmakers over new financial oversight agencies due to be set up at the end of the year.
Austrian Finance Minister Josef Proell told reporters “the decision time has come” despite some nations’ … Read more »».

Road flooding due to construction debris: Dikshit

NEW DELHI – Under attack for the flooding of city streets after heavy spells of rain, Delhi Chief Minister Sheila Dikshit Tuesday acknowledged that it was due to debris from Commonwealth Games-related construction work and directed that it be cleared up by Aug 10.

A day after torrential rains claimed the lives of 11 people in … Original source on Gaea Times at : Road flooding due to construction debris: Dikshit.

Asian stocks lower as Chinese shares fall amid signs of cooling property market; Europe gains

Asian markets lower as China falls; Europe gains

TOKYO – Asian markets were mostly lower Tuesday as a tumble in Chinese stocks tempered optimism from U.S. aluminum maker Alcoa’s earnings. European shares advanced.
A slew of American companies release quarterly results in the coming weeks and Alcoa’s result spurred hopes that earnings season will provide reassuring signs … Read : Asian stocks lower as Chinese shares fall amid signs of cooling property market; Europe gains.

Haryana looks for paddy nurseries in flood aftermath

CHANDIGARH – Following the substantial damage to agricultural land and freshly planted paddy crop in the Haryana floods, the state government is now looking for nurseries that have readily available saplings of paddy.

Tens of thousands of paddy saplings will be required by the state’s agriculture department and farmers to re-transplant the paddy crop …. Original article on Gaea Times at : Haryana looks for paddy nurseries in flood aftermath.

SS Netcom to set up first global call centre in North East

SHILLONG – SS Netcom, the first IT solution company in India’s North Eastern region, is setting up an international call centre in Meghalaya.

“The client (an international IT company) is ready and we are in the process of streamlining the system,” SS Netcom Founder Conrad Sangma told IANS.
Sangma, a Wharton alumni, is also the youngest … Original article on : SS Netcom to set up first global call centre in North East.

Chemistry professor hopes to strike gold from banana plant

KOTTAYAM – Varkey Mathew, a retired chemistry professor here, claims to have developed an eco-friendly helmet and other utility items like water and oil filters from banana stems and leaves.

Mathew, who retired last year from a private college, has converted his home into a laboratory where he along with his two engineer friends carried out …. Source article : Chemistry professor hopes to strike gold from banana plant.

Extra storage capacity needed to ensure food security: Pawar

NEW DELHI – Agriculture Minister Sharad Pawar Tuesday said India needs to create 140 million tonnes of extra storage capacity and it is one of the major challenges before the government, which has pledged to enact a food security law.

Inaugurating the state food secretaries’ meet on streamlining the public distribution system (PDS) here, he said … Original source on Gaea Times at : Extra storage capacity needed to ensure food security: Pawar.

Coming up in Chhattisgarh: India’s 21st century city

RAIPUR – In the news more for its chronic insurgeny and tribal poverty, Chhattisgarh will soon boast of one of India’s most advanced, eco-friendly modern cities that will be the new capital of the mineral-rich state.

Located about 20 km east of the present capital Raipur, Naya Raipur has been designed on the lines of Malaysia’s …. Source article : Coming up in Chhattisgarh: India’s 21st century city.

Maharashtra transporters track situation after attack on buses

MUMBAI – Private bus and truck operators in Maharashtra have adopted a wait and watch policy before deciding whether to continue plying in the Maharashtra-Karnataka sectors after four buses were attacked in Pune, Thane and Satara districts Tuesday.

The buses, pelted with stones and burnt in the Maharashtra districts, were owned by the Karnataka government. Three …. Source article on Gaea Times at : Maharashtra transporters track situation after attack on buses.

Infosys Witness First Quarter Decline

BANGALORE, INDIA (GaeaTimes.com)- Infosys Technologies Ltd witnessed a sharp decline of 2.4 percent in it’s first quarter net profit. Reportedly, the first quarter profit reports of Infosys is a sharp hit on software services owing to the increasing demand for outsourcing.
Infosys has already gone ahead to consolidate a three months net profit INR 14.88 billion …. Original source : Infosys Witness First Quarter Decline.

Infosys attrition climbs to 16 percent in first quarter

BANGALORE – The attrition rate in India’s second largest IT bellwether Infosys Technologies shot up to a whopping 16 percent during the first quarter (April-June) of this fiscal (2010-11), the company said Tuesday.

“With the market opening up, attrition has increased this quarter. We have taken several steps, including a compensation hike to reduce it,” Board … Read : Infosys attrition climbs to 16 percent in first quarter.

Infosys ups revenue forecast on greater demand for services

BANGALORE – Buoyed by higher than projected growth in the first quarter, Infosys Technologies Ltd revised its revenue forecast for this fiscal upwards on greater demand for its software services from its marquee clients.

“While the global economic environment remains uncertain, we continue to see greater demand for services from our clients,” Infosys chief executive S. … Read more >>>.

BlackBerry faces stormy AGM as Apple, Google mount pressure

TORONTO – With Apple’s iPhone and Google’s Android-driven devices fast cutting into its supremacy in the global smartphone market, BlackBerry maker Research In Motion (RIM) faces a stormy annual meeting Tuesday.

Based at Waterloo near here, the RIM’s BlackBerry still holds about 41 percent share of the smartphone platform, followed by Apple’s iPhone 24.4 percent …. Original article on Gaea Times at : BlackBerry faces stormy AGM as Apple, Google mount pressure.

Hotel workers’ union protests contract dispute with Disneyland

Hotel workers’ union protests at Disneyland

ANAHEIM, Calif. – Mickey Mouse mask-wearing protesters were among about 325 union members and supporters who demonstrated against Disneyland over a hotel employee contract dispute.
Protesters on Monday wore masks colored with a black eye to represent the union’s message that Disney is the black eye of Anaheim, where the amusement …. Original source : Hotel workers’ union protests contract dispute with Disneyland.

Toyota to study quality control assessment by expert panel after massive recalls

Toyota to study quality panel’s recommendations

TOKYO – Toyota will start studying an assessment of the company’s quality control conducted by four outside experts to help beef up quality controls at the recall-battered automaker under a program that began in March to review defect measures.
Toyota Motor Corp. said Monday it was tackling a number of improvements, [..] Read the original article: here.

Nissan takes lead in producing Japan car abroad, where labor costs are cheaper

Nissan takes lead with Thai-made March in Japan

YOKOHAMA, Japan – Nissan took the wraps off its new March subcompact Tuesday, which is being manufactured in Thailand for sale in Japan, underlining a trend for Japanese automakers to shift more production abroad.
Nissan Motor Co. said it was setting up a special inspection facility at its Oppama … Read the original article on Gaea Times at : Nissan takes lead in producing Japan car abroad, where labor costs are cheaper.

Infosys ups revenue guidance for this fiscal

BANGALORE – Infosys Technologies Ltd revised its consolidated revenue guidance for this fiscal upwards to Rs.26,663 crore (Rs.267 billion), projecting 17.3 percent year-on-year (YoY) growth, as per the Indian accounting standard.

The guidance has been revised from Rs.25,017 crore or 10 percent YoY projected at the beginning of this fiscal in April.
In a regulatory filing … Read more >>.

Oil drops below $75 as investors eye 2Q corporate earnings reports, economy

Oil extends losses, drops below $75
SINGAPORE – Oil prices fell below $75 a barrel Tuesday in Asia as investors looked for fresh signs of a growing U.S. economy from second quarter corporate earnings reports.

Benchmark crude for August delivery was down 37 cents to $74.58 a barrel at late afternoon Singapore time in electronic trading on … Read more : Oil drops below $75 as investors eye 2Q corporate earnings reports, economy.

Infosys net down 2.4 percent in first quarter

BANGALORE – Infosys Technologies Ltd registered a net profit of Rs.1,488 crore (Rs.14.88 billion) for the first quarter (April-June) of this fiscal, a decline of 2.4 percent from same quarter of last fiscal at Rs.1,525 crore as per the Indian accounting standard.

In a regulatory filing Tuesday, the IT bellwether said its consolidated income, however, grew …. Original article : Infosys net down 2.4 percent in first quarter.

World stock markets jump after Intel, Singapore beat expectations

World stock markets jump after Intel result

BANGKOK – World stock markets advanced Wednesday, powered by better-than-expected earnings from chipmaking giant Intel that eased fears of a stalled global recovery.
Technology stocks in Asia got a big boost from Intel’s after-hours report of quarterly earnings and revenue that beat expectations. Markets also advanced after export-reliant Singapore raised [..] Read the original article: here.

Sensex rises after a lull, strong Asian cues help

MUMBAI – A benchmark index for Indian equities Wednesday
crawled up about 80 points in afternoon trade on strong cues from other Asian markets.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE),
had risen to 18,167.22 points in morning trade but slipped a tad in subsequent sessions, with heavyweight Infosys dragging …. Source : Gaea News Network.

Bus services on Manali-Leh route resume

MANALI – The bus services between Himachal Pradesh’s Manali town and Leh in Jammu and Kashmir have resumed, six months after they were halted due to heavy snowfall, an official said Wednesday.

The Himachal Pradesh Tourism Development Corporation (HPTDC) started running special buses on the 475-km route Tuesday to promote tourism in the state. The strategic … Original source on Gaea Times at : Bus services on Manali-Leh route resume.

517-seater Emirates super jumbo to land in Delhi

DUBAI – Twenty-five years after it first flew to Delhi, Emirates will make history when its 517-seater Airbus A-380 super jumbo lands at the Indira Gandhi International Airport Thursday to become the first international airline to dock at the brand new Terminal 3.

The Terminal 3, inaugurated earlier this month by Indian Prime Minister Manmohan …. Read the original article : 517-seater Emirates super jumbo to land in Delhi.

Oil hovers above $77 in Asia after report shows unexpected US crude inventory increase

Oil hovers above $77 as US crude supplies rise

SINGAPORE – Oil prices hovered above $77 a barrel Wednesday in Asia after a report showed U.S. crude supplies rose unexpectedly last week, suggesting demand remains lackluster.
Benchmark crude for August delivery was up 9 cents to $77.24 a barrel at late afternoon Singapore time in electronic trading … Read the original article on Gaea Times at : Oil hovers above $77 in Asia after report shows unexpected US crude inventory increase.

NATO: 3 American troops die in attack on police headquarters in Afghanistan’s Kandahar

3 US troops die in attack on Kandahar police HQ

KANDAHAR, Afghanistan – A car bomb and gunfight at the entrance of a police headquarters killed three U.S. troops and five civilians in the southern Afghan city of Kandahar, officials said Wednesday.
An Afghan police officer also died in the attack on the compound of the elite …. Source : NATO: 3 American troops die in attack on police headquarters in Afghanistan’s Kandahar.

George Steinbrenner leaves legacy as the owner who changed how baseball does business

Steinbrenner’s legacy more than feuds and bluster

Owning the New York Yankees, George Steinbrenner liked to say, was a lot like owning the Mona Lisa.
Not that he always treated his team like a piece of fine art. Some of the things “The Boss” did would have wiped the smile right off the famous model’s face.
This was …. Source : George Steinbrenner leaves legacy as the owner who changed how baseball does business.

For New York Yankees, little figures to change following George Steinbrenner’s death

Little figures to change following Steinbrenner

NEW YORK – The owners’ box behind home plate will be empty most nights. Then again, it has been vacant most games for several years.
Little figures to change in the operation of the New York Yankees following George Steinbrenner’s death Tuesday at age 80. His role for several years had …. Source article on Gaea Times at : For New York Yankees, little figures to change following George Steinbrenner’s death.

Western ranchers in some remote areas replace iconic windmills with solar-powered water pumps

Solar wells displacing windmills on Western range

ALCOVA, Wyo. – The pump installer toppled the old windmill in about an hour, first climbing up the wobbly 27-foot tower to stop the broken mill’s whirling blade and then pulling the underground pipe to make way for a new solar-powered electric pump.
Iconic mechanical windmills of metal and wood …. Original source : Western ranchers in some remote areas replace iconic windmills with solar-powered water pumps.

Turkey sees its influence rising in construction projects as well as diplomatic affairs

Turkey becomes global power in construction

ANKARA, Turkey – An army of Turkish cranes and bulldozers is at work across the Middle East, Central Asia and Africa, building dams, stadiums and highways in a boom that’s driving Turkey to record growth and bolstering its efforts to become a regional power broker.
Frustrated by slow progress toward joining …. Source : Turkey sees its influence rising in construction projects as well as diplomatic affairs.

India’s June inflation rises to 10.55 percent

NEW DELHI – The recent fuel price hike drove India’s annual food inflation further up to 10.55 percent, from 10.16 percent in May, edging the Reserve bank of India closer to another hike in interest rates.

During June, prices of fuel rose 14.32 percent, reflecting the government’s decision to increase prices of petrol, diesel, kerosene and … Original article on : India’s June inflation rises to 10.55 percent.

Britain’s national debt reaches four trillion pounds

LONDON – Britain’s national debt stands close to a staggering four trillion pounds, nearly four times higher than officially estimated, the Office of National Statistics (ONS) has said.

The total debt means a per capita debt of around 65,000 pounds for each of the 62 million people in the country.
This is in sharp contrast to … Read this article on Gaea Times at : Britain’s national debt reaches four trillion pounds.

BlackBerry bosses mum on new launches

TORONTO – On a day when its rival Apple slipped more than four percent on the market after a poor review of iPhone 4, BlackBerry maker Research In Motion (RIM) made no new bold announcements at its annual shareholders’ meeting Tuesday.

In the meeting which took place in the backdrop of Apple’s woes after Consumer Reports …. Read the original article : BlackBerry bosses mum on new launches.

Hilly Sikkim, sandy Goa to sell tourism together

PANAJI – The hills of Sikkim can now sunbathe in Goa! To tap tourism synergies and boost business, the Goa Tourism Development Corporation (GTDC) and its Sikkim counterpart have signed an agreement to promote each other’s diverse tourism platters.

GTDC Managing Director Nikhil Desai said the arrangement would mutually benefit both states and that similar …. Source : Hilly Sikkim, sandy Goa to sell tourism together.

Oil falls below $77 in Asia after unexpected US crude inventory increase

Oil falls below $77 as US crude supplies rise

SINGAPORE – Oil prices fell below $77 a barrel Wednesday in Asia after a report showed U.S. crude supplies rose unexpectedly last week.
Benchmark crude for August delivery was down 26 cents to $76.89 a barrel at midday Singapore time in electronic trading on the New York Mercantile … Read more : Oil falls below $77 in Asia after unexpected US crude inventory increase.

Yamaha offers electric scooters for green but short errands for $2,700

Yamaha offers electric scooters for green errands

TOKYO – Yamaha is targeting fashionable green-minded consumers with a new electric scooter designed for short city commutes.
The 240,000 yen ($2,700) “smart minimal commuter” EC-03, shown to reporters Wednesday, is zero-emission and super-quiet, making it convenient for late-night city driving, according to Japanese motorcycle maker Yamaha Motor Co.
Its maximum … Read more »»».

Search unsuccessful so far for 3 men missing in Arizona while looking for fabled gold mine

No sign of 3 Utah men on Arizona treasure hunt

PHOENIX – Rescue workers unsuccessfully searched a rugged Arizona wilderness area for a third day in triple-digit temperatures for three Utah men who went missing while looking for the legendary Lost Dutchman Gold Mine.
By late Tuesday night, authorities said there still was no sign of the …. Source article : Search unsuccessful so far for 3 men missing in Arizona while looking for fabled gold mine.

BP begins critical test of ruptured well

WASHINGTON – BP will undertake a critical test in the coming days that could determine whether it can fully seal off the ruptured oil well that has been gushing oil into the Gulf of Mexico for nearly three months.

The “integrity test” is designed to help determine whether the well at the bottom of the gulf …. Source article on Gaea Times at : BP begins critical test of ruptured well.

Bailouts designed for Wall Street may be hurting small banks, stalling recovery, watchdog says

Watchdog: Small banks struggling despite bailouts

WASHINGTON – To the list of economic woes squeezing small banks, add another one: government bailouts.
The Treasury Department’s bailout program was designed with Wall Street megabanks in mind, according to a new watchdog report. The “one-size-fits-all” program may actually be hurting small banks that are struggling to repay the money … Original article on : Bailouts designed for Wall Street may be hurting small banks, stalling recovery, watchdog says.

Money Market Operations as on July 13, 2010

Bank Of America Unveils Free Account

CALIFORNIA (GaeaTimes.com)- Bank Of America which is considered as one of the 4 major banks of USA has adopted a new endeavor to stay ahead in the competition. The bank is offering a new free account under the name eBanking that is meant for those users who need not visit the bank branches much … Read this article on Gaea Times at : Bank Of America Unveils Free Account.

Chandra Bhushan Paliwal new CVO of SAIL

NEW DELHI – Chandra Bhushan Paliwal of the Indian Administrative Service has taken over as the chief vigilance officer (CVO) of the Steel Authority of India (SAIL).

Prior to this posting, Paliwal served as a joint secretary in the department of personnel and training in the the ministry of personnel.
In 29 long … Read : Chandra Bhushan Paliwal new CVO of SAIL.

US bank nod to sale of equipment for Reliance Power plant

NEW DELHI – The US export-import bank has given a preliminary approval to a loan guarantee of $600 million for the sale of mining equipment for the 3,960 MW power plant of the Anil Dhirubhai Ambani Group firm, Reliance Power, in Sasan, Madhya Pradesh.

The board of the bank had on June 24 voted not to … Read more >>.

World markets down after disappointing US economic news, China economy slows

World stocks down on US, China economic news

BANGKOK – World stock markets dropped Thursday after the Federal Reserve issued a weaker economic forecast for the U.S. and China posted slower growth, cooling investor sentiment.
Oil prices fell below $77 a barrel amid mixed signals about U.S. crude demand. The yen strengthened against the dollar, while the …. Original article on Gaea Times at : World markets down after disappointing US economic news, China economy slows.

Food inflation rises to 12.81 percent

NEW DELHI – After dropping for two straight weeks, India’s annual food inflation rose to 12.81 percent for the week ended July 3, reflecting the hike in fuel prices in the last week of June which made pulses and cereals costlier.

In the previous week, food inflation was at 12.63 percent.
Fuel prices eased to …. Source article on Gaea Times at : Food inflation rises to 12.81 percent.

Dhumal walking towards austerity

SHIMLA – Himachal Pradesh Chief Minister Prem Kumar Dhumal walks his way to his office as an austerity measure following the hike in petrol prices.

“I prefer to go to the office on foot as petrol prices have jacked up massively, putting a massive burden on state’s exchequer,” Dhumal told IANS.
“Walking is more than a … Read more »».

Standard Chartered Acquires GE Subsidiary

SINGAPORE (GaeaTimes.com)- Standard Chartered Bank is eyeing for measures to boost its existing medium and small enterprise business segment and for that purpose it has acquired GE Commercial Financing based in Singapore. The latter deals with hire-purchase financing and medium and small enterprise factoring. Standard Chartered Bank has said that it has acquired … Read the original article on Gaea Times at : Standard Chartered Acquires GE Subsidiary.

Action needed against illegal non-banking firms: RBI

AIZAWL – The Reserve Bank of India (RBI) has suggested that state governments crack down on unauthorised non-banking firms collecting deposits from people. It also asked people not to deposit any money in them.

“The state governments, under the prevailing laws, can take action against the unauthorised Non-Banking Financial Companies (NBFCs) collecting money from people,” RBI … Read more »»».

Germany, Russia to sign multibillion dollar deals in Russia

Germany, Russia to ink multibillion deals
YEKATERINBURG, Russia – German Chancellor Angela Merkel and Russian President Dmitry Medvedev met Thursday for talks and are expected to oversee the signing of an array of deals between German and Russian companies worth billions of dollars.

In one of them, Siemens AG and Russian Railways will sign a euro2.2 billion …. Original source : Germany, Russia to sign multibillion dollar deals in Russia.

China’s economy up 11.1 percent in first half of 2010

BEIJING – China’s economy expanded by 11.1 percent year-on-year in the first half of 2010, the National Bureau of Statistics (NBS) said Thursday.

The growth was 3.7 percentage points higher compared with the same period last year, when China was still wrestling with the global financial crisis, Xinhua reported.
China’s economy increased 10.3 percent … Original article on : China’s economy up 11.1 percent in first half of 2010.

Dhaka, Delhi move for closer economic ties

DHAKA/SYLHET – Businessmen from Bangladesh and India have agreed on joint measures to promote closer economic ties that are mutually beneficial and curb illegal trade by focusing on India’s northeastern region.

A joint declaration by visiting Indian businessmen and local businessmen Wednesday expressed commitment to boost economic ties within the sub-region and resolved to “make …. Source article on Gaea Times at : Dhaka, Delhi move for closer economic ties.

China offers Argentina nuclear power technology

Beijing, July 15 (IANS/EFE) Argentine President Cristina Fernandez was received here Wednesday by Chinese Prime Minister Wen Jiabao as Beijing offered to provide advanced technology for Argentina’s planned fourth nuclear power plant.

Before the talks with Wen, Fernandez told reporters that she felt very satisfied with her meetings with Chinese President Hu Jintao and other senior … Read more »».

White House says stimulus funded 3 million jobs

WASHINGTON – Even as President Barack Obama’s administration claimed that the $787 billion stimulus had saved or created about three million jobs, the US Chamber of Commerce said he had “neglected” to focus on job creation.

In its latest stimulus report released Wednesday, the White House’s Council of Economic Advisers using two different models estimated the … Original source on Gaea Times at : White House says stimulus funded 3 million jobs.

Swiss drug maker Novartis says 2Q net profit up 19 pct to $2.44 billion

Drug maker Novartis says 2Q profit up 19 percent

GENEVA – Drug maker Novartis AG reported a second-quarter increase in net profit of 19 percent Thursday, as sales in its pharmaceuticals business offset health care cost-cutting efforts by some European governments.
The Basel, Switzerland-based company reported a net profit of $2.44 billion (euro1.92 billion) compared with $2.04 …. Original article : Swiss drug maker Novartis says 2Q net profit up 19 pct to $2.44 billion.

Haryana to set up farmers’ commission

CHANDIGARH – Haryana Chief Minister Bhupinder Singh Hooda Thursday announced the setting up of a commission that will look into factors responsible for decline in farm income and other problems faced by farmers.

Hooda said the farmers’ commission would analyse the factors responsible for decline in farm income and suggest measures to enhance income of the …. Source : Haryana to set up farmers’ commission.

Bangladesh to have more airports

DHAKA – Bangladesh is to have more international and domestic airports to facilitate economic development and act as “a bridge between the East and the West”, Prime Minister Sheikh Hasina has said.

An international airport will be named after Hasina’s father, slain leader Sheikh Mujibur Rahman, who led the country’s freedom movement, she told parliament … Read the original article on Gaea Times at : Bangladesh to have more airports.

Oil falls below $77 in Asia as investors mull mixed signals about US crude demand

Oil falls below $77 amid mixed US demand signals

SINGAPORE – Oil prices fell below $77 a barrel Thursday in Asia amid mixed signals about the strength of U.S. crude demand.
Benchmark crude for August delivery was down 29 cents to $76.75 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile … Original source on Gaea Times at : Oil falls below $77 in Asia as investors mull mixed signals about US crude demand.

China says growth slows as stimulus winds down, government clamps down on credit

China’s economic growth slows amid credit curbs

BEIJING – China’s rapid growth is slowing as the impact of its huge stimulus fades and Beijing clamps down on a credit boom.
The world’s third-largest economy expanded by 10.3 percent in the second quarter over a year earlier, down from the first quarter’s explosive 11.9 percent growth, the National … Read more >>.

US homes lost to foreclosure on track to eclipse ‘09 levels as banks work through backlog

Homes lost to foreclosure on track for 1M in 2010

LOS ANGELES – More than 1 million American households are likely to lose their homes to foreclosure this year, as lenders work their way through a huge backlog of borrowers who have fallen behind on their loans.
Nearly 528,000 homes were taken over by lenders in the …. Read the original article : US homes lost to foreclosure on track to eclipse ‘09 levels as banks work through backlog.

US mom travels to China, birthplace of adopted daughter, in search of lifesaving bone marrow

US mom in China to find marrow donor for daughter

LIUZHOU, China – Sherrie Cramer breaks into stifled sobs as she nears the dirt-streaked former orphanage in China where her daughter lived as a severely malnourished infant.
Once again, Cramer is fighting to keep the child she adopted alive. But this time, it’s a battle against leukemia, …. Original article on Gaea Times at : US mom travels to China, birthplace of adopted daughter, in search of lifesaving bone marrow.

EU’s newest members in Eastern Europe return to growth but rebound is weak, World Bank says

World Bank: EU’s newest members return to growth

BRUSSELS – The World Bank says the 10 Eastern European nations that have joined the EU since 2004 are seeing economic growth again for the first time since the start of the global financial crisis in 2008.
It says the countries recovered from a 2.1 percent slump in output …. Original source : EU’s newest members in Eastern Europe return to growth but rebound is weak, World Bank says.

World stocks mixed as slump in factory output fuels concern over recovery in the US

World stocks mixed amid US recovery worries

SINGAPORE – World stock markets were mixed Friday as a drop in American factory output and weak U.S. regional manufacturing activities fueled concern over the strength of a recovery in the world’s biggest economy.
In early trading in Europe, Britain’s FTSE 100 rose 0.5 percent, Germany’s DAX index gained 0.3 … Read the original article on Gaea Times at : World stocks mixed as slump in factory output fuels concern over recovery in the US.

China says economic slowdown the result of policy, promises ’steady and fast’ growth

China’s blames slowdown on policy controls

BEIJING – Premier Wen Jiabao said Friday the government intervened in the economy to slow China’s rapid expansion to a manageable pace and promised to maintain “steady and fast growth” this year.
Second-quarter growth fell to 10.3 percent from the first quarter’s 11.9 percent as Beijing wound down its giant stimulus … Original article on : China says economic slowdown the result of policy, promises ’steady and fast’ growth.

BP shares open 5.5 pct higher after early success on capping oil leak

BP shares up on preliminary success on leak

LONDON – Shares in BP PLC opened 5.5 percent higher in London Friday after the oil company reported encouraging early signs of progress in stopping the Gulf of Mexico oil leak.
The oil company’s shares rose to 424 pence ($6.54) on the London Stock Exchange. They have have risen … Read more »»».

Railways explore quota for employees’ wards in jobs

NEW DELHI – Railway Minister Mamata Banerjee has asked her ministry to explore the feasibility of according some priority or providing some reservation to the wards of lower-grade employees in railway jobs.

A senior ministry official told IANS the minister had recently expressed the desire to know if wards of railway employees could be accorded some …. Read the original article : here.

Under fire, ethanol industry scrambles to keep billions of dollars in incentives

Ethanol industry scrambles to keep incentives

WASHINGTON – The once-popular ethanol industry is scrambling to hold onto billions of dollars in government subsidies, fighting an increasing public skepticism of the corn-based fuel and wariness from lawmakers who may divert the money to other priorities.
The industry itself can’t agree on how to convince Congress to keep the …. Source article on Gaea Times at : Under fire, ethanol industry scrambles to keep billions of dollars in incentives.

Tilaknagar Industries lists at Rs.160.10 at NSE

MUMBAI – Tilaknagar Industries, a manufacturer of Indian Made Foreign Liquor (IMFL), began trading on the National Stock Exchange Friday.

The scrip, which opened at Rs.160.10, was trading at Rs.163 in afternoon trade, up 3.9 percent from its previous closing figure of Rs.156.85 as recorded on the BSE.
The scrip will be traded under the … Read : Tilaknagar Industries lists at Rs.160.10 at NSE.

Congress acts on bank overhaul, now regulators will have to do their part: write new rules

Congress acts, but bank bill has work ahead
WASHINGTON – In the end, it’s only a beginning.
The far-reaching new banking and consumer protection bill awaiting President Barack Obama’s signature now shifts from the politicians to the technocrats.
The legislation gives regulators latitude and time to come up with new rules, requires scores of studies and, …. Source : Gaea News Network.

Germany, China sign deals worth billions of dollars, say trade strong despite financial crisis

Germany, China sign billions of dollars in deals

BEIJING – Chinese and German companies signed deals worth billions of dollars to make trucks and power equipment Friday as the prime ministers declared their countries’ economies had recovered from last year’s global recession.
German Chancellor Angela Merkel brought the heads of major German corporations with her on a … Original source on Gaea Times at : Germany, China sign deals worth billions of dollars, say trade strong despite financial crisis.

Cottons, chiffons to tailor growth of apparel exports

GREATER NOIDA – Indian apparel exporters and manufacturers are falling back on low cost cotton, chiffons and Western-style pret outfits to rev up business in a flagging market.

Around 300 exporters displayed their spring-summer collections at the three-day 45th India International Garments’ Fair here. Mostly casual wear, these were described as “low value and low fashion, … Original source on Gaea Times at : Cottons, chiffons to tailor growth of apparel exports.

Sensex dull, broader markets gain, Asian cues weak

MUMBAI – A benchmark index for Indian equities Friday was quiet a little before noon after a choppy morning session. Other major Asian markets too were in the red.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,911.13 points, was ruling at 17,917.69 points, 8.23 points or 0.05 percent up … Read more »»».

Diesel to cost less in Delhi from July 20

NEW DELHI – Diesel is likely to get cheaper by Rs.2.37 per litre in the capital as the Delhi government Friday announced a decrease in the value added tax (VAT) on the fuel from July 20.

Delhi Chief Minister Sheila Dikshit said while announcing the decision: “We have decided to decrease the VAT on … Read : Diesel to cost less in Delhi from July 20.

China’s Agricultural Bank rises in Hong Kong debut after tepid Shanghai response

China’s Agricultural Bank rises in Hong Kong debut

HONG KONG – Agricultural Bank of China rose in early trading on the Hong Kong stock exchange Friday, a day after a tepid reception in Shanghai, as the rural lender rolled out a massive initial public offering worth up to $22.1 billion.
The last of China’s “big four” state-owned … Read more >>.

Foreign firms retain business confidence in Spain

Madrid, July 16 (IANS/EFE) More than 70 percent of the foreign companies operating in Spain plan to maintain or increase their staff and investment in 2011, even though a key indicator of the business outlook declined slightly relative to 2009.

Those were the conclusions contained in the latest edition of the Barometer of the Business Climate … Original article on : Foreign firms retain business confidence in Spain.

Bangladesh, Nepal revive transit deal

DHAKA – Bangladesh and Nepal have revived a deal signed more than three decades ago to work out a transit route through which landlocked Nepal can access the Mongla port.

Trucks from Nepal will be allowed into Bangladesh territory to get to Mongla Port. There will be no entry fees for cargo from Nepal. But Bangladesh [..] Read the original article: here.

Most Asian stocks fall as slump in factory output fuels concern over recovery in the US

Most Asian stocks down amid US recovery worries

TOKYO – Most Asian stock markets fell Friday as a drop in American factory output and weak U.S. regional manufacturing activities fueled concern over the strength of a recovery in the world’s biggest economy.
Japan’s benchmark Nikkei 225 stock index lost 224.88 points, or 2.3 percent, to 9,460.65, extending …. Source : Gaea News Network.

Bangladesh Army to generate, sell power

DHAKA – A company floated by the Bangladesh Army will produce 50 MW power at an army camp outside the national capital and sell it to the government.

The state-run Power Development Board (PDB) Thursday signed agreements with the army’s DPA Power Generation International Ltd and another firm, Sinha Power Generation Company.
Lt. Gen. Iqbal Karim …. Source : Gaea News Network.

Money Market Operations as on July 15, 2010

Asian stocks mixed as slump in factory output fuels concern over recovery in the United States

Asian stocks mixed amid US recovery worries

TOKYO – Asian stock markets were mixed Friday as a drop in U.S. factory output fueled concern over the strength of a recovery in the world’s biggest economy.
Japan’s benchmark Nikkei 225 stock index lost 155.04 points, or 1.6 percent, to 9,530.49 in the morning session.
Investors dumped exporters because of … Read : Asian stocks mixed as slump in factory output fuels concern over recovery in the United States.

Microsoft co-founder to donate fortune to charity

SAN FRANCISCO – Microsoft co-founder Paul Allen has pledged to donate the majority of his $13.5 billion fortune to charity.

Allen’s pledge came just weeks after his former business partner, Bill Gates, and legendary investor Warren Buffet both called on other billionaires to commit to giving away at least half their fortunes.
“I want to announce … Read the original article on Gaea Times at : Microsoft co-founder to donate fortune to charity.

95 percent drowning cases in Goan beaches due to alcohol

PANAJI – If you are young, with a pale body, wearing a new ill-fitted tee shirt with ‘Goa’ conspicuously screen-printed on it, slightly tipsy and moving around on a beach in Goa in a group of four or five… chances are you will make the lifeguard posted on the beach earn his pay.

According to … Original article on : 95 percent drowning cases in Goan beaches due to alcohol.

Shutdown in Maharashtra town against TDP agitation, Naidu may be released

NANDED – A shutdown was observed Saturday in Dharmabad town in Maharashtra’s Nanded district to protest the agitation led by Telugu Desam Party chief N. Chandrababu Naidu against construction of the Babli Dam, which Andhra Pradesh fears will affect its water supply, an official said.

Naidu and his supporters, who were arrested Friday, are likely to … Read more >>.

Yankees find fitting tribute to Steinbrenner: Swisher’s single in 9th beats Tampa Bay 5-4

Fitting tribute to Steinbrenner: Yanks win in 9th

NEW YORK – Nick Swisher and the New York Yankees paid tribute to George Steinbrenner with the type of thrilling victory the demanding owner loved.
On a night that began with Mariano Rivera placing a pair of long-stemmed red roses across home plate and Derek Jeter speaking a touching … Original source on Gaea Times at : Yankees find fitting tribute to Steinbrenner: Swisher’s single in 9th beats Tampa Bay 5-4.

Virgin Galactic spaceship makes 1st crewed flight over Mojave Desert

Virgin Galactic spacecraft makes 1st crewed flight

MOJAVE, Calif. – A company working to send tourists on suborbital flights says it has tested its spacecraft with a crew for the first time.
Virgin Galactic says the craft remained attached to a specially designed airplane throughout a six-hour flight over California’s Mojave desert Thursday.
On its website, the company … Read the original article on Gaea Times at : Virgin Galactic spaceship makes 1st crewed flight over Mojave Desert.

New US law seeks disclosure of foreign payments

WASHINGTON – Publicly traded oil, gas and mining companies, including those from India and other emerging economies, will be required to disclose their payments to foreign governments under the landmark financial reform legislation.

The new law awaiting President Barack Obama’s signature will require companies to report on their filings with the Securities and Exchange Commission (SEC) …. Original source : New US law seeks disclosure of foreign payments.

Australia’s first woman prime minister announces Aug. 21 general elections

Australian PM announces Aug. 21 elections
CANBERRA, Australia – Australia’s first woman Prime Minister Julia Gillard, who has led the country for three weeks, on Saturday called a general election on Aug. 21 and urged voters to show trust in her by returning her party for a second three-year term.

Critics accuse her of rushing to an … Read more »»».

Congress acts on bank overhaul, now regulators will have to write new rules

Congress acts on bank overhaul, but work ahead
WASHINGTON – In the end, it’s only a beginning. The far-reaching new banking and consumer protection bill that President Barack Obama intends to sign on Wednesday now shifts from the politicians to the technocrats.
The legislation gives regulators latitude and time to come up with new rules, …. Original source : Congress acts on bank overhaul, now regulators will have to write new rules.

Australian prime minister visits governor general in 1st step toward calling August elections

Australian PM poised to announce August elections

CANBERRA, Australia – Australia’s Prime Minister Julia Gillard visited the country’s governor general Saturday, a procedural step toward calling a general election for late August.
Gillard – who grabbed power in a surprise ruling party coup three weeks ago – must defend her first-term government’s massive spending at the polls, …. Source article on Gaea Times at : Australian prime minister visits governor general in 1st step toward calling August elections.

Search being scaled back for Utah treasure hunters missing while looking for Arizona gold mine

Still no sign of 3 Utah men on Ariz. treasure hunt

APACHE JUNCTION, Ariz. – The search is being scaled back for three Utah men reported missing while looking for the legendary Lost Dutchman Gold Mine in the Arizona wilderness.
The hikers from Salt Lake City have been in the Superstition Mountains since at least Sunday.
Officials say …. Source article : Search being scaled back for Utah treasure hunters missing while looking for Arizona gold mine.

Yankees remember George Steinbrenner with 15-minute pregame tribute

Yankees remember Steinbrenner with tribute

NEW YORK – Mariano Rivera laid two long-stemmed red roses across home plate. Tears filled Joe Girardi’s eyes. Derek Jeter’s face was flush with emotion.
As fans stood through “Taps” and a 2-minute moment of silence, the 27 World Series championship flags that George Steinbrenner cherished with all his might could be … Original article on : Yankees remember George Steinbrenner with 15-minute pregame tribute.

US urging UN Economic and Social Council to accredit gay rights group so it can work at UN

US pushing UN status for gay rights group
UNITED NATIONS – The Obama administration and 14 members of the U.S. Congress are urging the U.N. Economic and Social Council to accredit the International Gay and Lesbian Human Rights Commission so it can work at the United Nations.

The U.S.-based organization, which has offices in South Africa, Argentina … Read more >>.

Apple offers protective cases to disgruntled iPhone buyers

SAN FRANCISCO – Hoping to stem growing disgruntlement over its latest iPhone 4, Apple Friday announced it would provide free protective covers and offer a full refund to owners whose phones suffered from widespread antenna glitches.

Apple Chief Executive Officer Steve Jobs made the offer at a hastily convened press conference after the company faced growing …. Source article on Gaea Times at : Apple offers protective cases to disgruntled iPhone buyers.

Report: Cyclist LeMond subpoenaed in federal doping investigation

Report: Cyclist LeMond subpoenaed
NEW YORK – Three-time Tour de France champion Greg LeMond has been served with a grand jury subpoena as part of a federal investigation of possible fraud and doping charges against Lance Armstrong and his associates, according to the New York Daily News.

The newspaper reported Friday on its website that a grand … Read more >>.

State Supreme Court says Great Falls natural gas plant illegally zoned

Supreme Court sides against power plant
HELENA, Mont. – The state Supreme Court ruled Friday that Cascade County illegally zoned property for a proposed natural gas power plant, reversing a lower court decision that had sided with the county and Southern Montana Electric.

The high court, in a 4-3 decision, said the special zoning set up for … Original source on Gaea Times at : State Supreme Court says Great Falls natural gas plant illegally zoned.

Regulators shut down banks in Florida, Michigan, So Carolina; 96 US bank failures this year

Regulators shut banks in Fla, Mich, SC
WASHINGTON – Regulators on Friday shut down three banks in Florida, two in South Carolina and one in Michigan, bringing to 96 the number of U.S. banks to succumb this year to the recession and mounting loan defaults.

The Federal Deposit Insurance Corp. on Friday took over the banks: Woodlands …. Source : Regulators shut down banks in Florida, Michigan, So Carolina; 96 US bank failures this year.

Wyoming coal industry warns of curtailed production if federal reserves not opened soon

Coal industry: Delays could affect Wyo. production

CHEYENNE, Wyo. – Wyoming’s coal industry says long delays obtaining new reserves is making it difficult to plan for the future and could take a bite out of production if the government doesn’t act soon.
The U.S. Bureau of Land Management has been taking longer than expected to sell new … Original article on : Wyoming coal industry warns of curtailed production if federal reserves not opened soon.

Christian publisher announces delay in printing Sarah Palin biography for 9- to 12-year-olds

Publisher delays Palin biography for tweens
JUNEAU, Alaska – Christian book publisher Zondervan is delaying publication of a Sarah Palin biography for young readers.
Cheryl Lundberg, Zondervan’s director of customer service, said in an e-mail that after “careful review and discussion,” it was deemed that October was not an “optimal time” to publish the book. [..] Read the original article: here.

Product recalls this week include jewelry, go-carts, play tents, drop-side cribs

Recalls this week: Jewelry, go-carts, play tents

Products that could put children and babies at risk highlight this week’s list of recalls.
Among the defective products were children’s jewelry containing the dangerous metal cadmium, and mini-bikes and go-carts with potentially faulty gas caps. Other recalls involve products that can present risks of strangulation: drop-side cribs, and small … Read this article on Gaea Times at : Product recalls this week include jewelry, go-carts, play tents, drop-side cribs.

Product Recalls: Slim-30 Herb Supplement

Product Recalls: Slim-30 Herb Supplement
The following recall has been announced:

- J&H Besta Corp. is recalling Slim-30 Herb Supplement because it contains weight-loss ingredients that have not been approved for the product. The Hicksville, N.Y., company said the product was found to contain N-Desmethyl sibutramine and traces of sibutramine, drugs used as an appetite suppressant for …. Original article : Product Recalls: Slim-30 Herb Supplement.

Summary Box: Latest poor indicators on US economy send rates down in Treasury market

Summary Box: Weak economic news sends rates down

MORE WEAK DATA: A new report on plunging consumer confidence was the latest sign of weakness in the U.S. economy.
HOW BAD WAS IT: A survey by the University of Michigan and Reuters found that consumer confidence fell in July to its lowest point in nearly a year.
EVEN LOWER … Read the original article on Gaea Times at : Summary Box: Latest poor indicators on US economy send rates down in Treasury market.

Defining moment expected for corporate mergers, takeovers (Comment)

There is widespread anticipation regarding possible revision of the threshold limit for mandatory open offers for the purpose of takeovers from current level of 15 percent to 25 percent. If that eventually happens, interesting shareholders’ activity can be expected in several listed companies.

Under the regime of existing guidelines, at the time of the structuring of …. Read the original article : Defining moment expected for corporate mergers, takeovers (Comment).

Gaza’s Hamas police ban women from smoking water pipes in cafes, claim it leads to divorce

Hamas bans women from smoking water pipes in cafes

GAZA CITY, Gaza Strip – Gaza’s Hamas rulers are banning women from smoking water pipes in cafes, claiming it violates tradition and leads to divorce.
Plainclothes security officials handed out the ban order to Gaza City cafes over the weekend.
Police spokesman Ayman Batneiji said Sunday that officers are … Original source on Gaea Times at : Gaza’s Hamas police ban women from smoking water pipes in cafes, claim it leads to divorce.

In Gaza tour, EU foreign policy chief checks impact of easing the blockade

EU foreign policy chief tours Gaza
GAZA CITY, Gaza Strip – The EU foreign policy chief launched a tour of Gaza Strip on Sunday by urging Israel to throw open the territory’s long-blockaded borders.

Catherine Ashton is the most senior diplomat to visit Gaza since Israel announced earlier this month that it would ease its three-year-old blockade …. Source article on Gaea Times at : In Gaza tour, EU foreign policy chief checks impact of easing the blockade.

World’s oldest champagne found in Baltic Sea

Moscow, July 18 (IANS/RIA Novosti) A Swedish diver may have found the world’s oldest drinkable sparkling wine when he recovered several bottles of champagne amid the wreckage of a 230-year-old ship in the Baltic Sea, Swedish and Finnish media reported.

Fishermen of Finland’s Aland archipelago told Christian Ekstrom of the sunken ship several years ago, but …. Source : Gaea News Network.

For NRIs, India has now arrived (Comment)

“Oh nooooo!” groan many non-resident Indians (NRIs) as they stood in long queues for immigration after arriving at Delhi airport. Battling jet lag after a long-haul flight and then waiting in an almost immobile queue becomes their first experience of coming to their motherland. No more.

Earlier, as NRIs arrived from New York, Toronto, London or …. Read the original article : here.

Twitter hopes to earn money with special deals

NEW YORK – The popular microblogging service Twitter is exploring new business models.

The newest idea is special deals for Twitter users. The deals would be financed by companies that use the Twitter account @earlybird for advertising, reported Twitter on its website.
Deals will initially be almost exclusive to American markets. But, over time, it’s possible … Read the original article on Gaea Times at : Twitter hopes to earn money with special deals.

Colombia’s ‘green gold’ coffee a major hit in China

SHANGHAI – A coffee dubbed “green gold” produced in Colombia has become a hit in China, with people flocking to markets to buy the “light and silky” beverage.

Though neither strong as the Brazilian coffee nor sour as African, the Colombian coffee is quickly making its foray into the Chinese market and the ongoing world expo … Read the original article on Gaea Times at : Colombia’s ‘green gold’ coffee a major hit in China.

20,000 phone lines cut in New Jersey

NEW YORK – Over 20,000 government telephones in New Jersey have been disconnected after an audit found they were lying useless and costing the economy over $3 million.

Telecommunications authorities disconnected the phones that “no one was using”, after the audit report was released.
New Jersey State Comptroller Matthew Boxer said the Office of Information …. Source article on Gaea Times at : 20,000 phone lines cut in New Jersey.

BP’s oil cap tests extended for 24 hours

WASHINGTON – BP Plc and the US government agreed Saturday to extend pressure testing on the new cap sealing the leaking oil well in the Gulf of Mexico, which was holding with no reports of fresh oil flowing.

BP’s 48-hour window for pressure testing the cap expired Saturday afternoon, and further testing will now go on … Read more >>>.

Steinbrenner family mourns at cemetery near Tampa 4 days after death of Yankees owner

Steinbrenner family mourns at Florida cemetery

TRINITY, Fla. – The family of George Steinbrenner placed a casket inside a mausoleum at a cemetery near Tampa on Saturday, four days after the death of the New York Yankees owner.
The two sons and two daughters of the 80-year-old owner were joined by his wife, Joan, at Trinity Memorial … Read this article on Gaea Times at : Steinbrenner family mourns at cemetery near Tampa 4 days after death of Yankees owner.

Netherlands, Venezuela to boost cooperation following Chavez airspace complaint

Dutch, Venezuelan diplomats discuss differences

CARACAS, Venezuela – The foreign ministers of the Netherlands and Venezuela agreed to strengthen cooperation after President Hugo Chavez’s government protested what it called violations of its airspace by a Dutch military aircraft, authorities said Saturday.
Dutch Foreign Minister Maxime Verhagen met with his Venezuelan counterpart, Nicolas Maduro, who called it a … Read more : Netherlands, Venezuela to boost cooperation following Chavez airspace complaint.

Rules of the game: Believe the owners’ claims of losing money when they start selling teams

Owners not believable when crying poverty
The players, we all get.

Doesn’t take a nuclear physicist to know there’s something wrong with guys like Ryan Howard or Joe Mauer pocketing $1 million or so every two weeks to play a kid’s game. Easy to understand that a role player on the Orlando Magic getting $19 million over [..] Read the original article: here.

Tennis, pool and harborside lunch as Obamas enjoy weekend respite in Maine

With policy fights looming, Obamas relax in Maine

BAR HARBOR, Maine – Spending the weekend in Maine, President Barack Obama and his family played tennis and took in the sights around this upscale resort on Saturday, even as he contemplated a new struggle over jobless benefits with his GOP foes.
After a first vacation day packed with …. Source : Tennis, pool and harborside lunch as Obamas enjoy weekend respite in Maine.

Abbas says Israel must accept 1967 borders as baseline if direct talks are to resume

Abbas says Israel must accept foreign border force
RAMALLAH, West Bank – Palestinian President Mahmoud Abbas said he’ll resume direct peace talks if Israel accepts its 1967 frontier as a baseline for the borders of a Palestinian state and agrees to the deployment of an international force to guard them.
Abbas is under growing pressure … Original source on Gaea Times at : Abbas says Israel must accept 1967 borders as baseline if direct talks are to resume.

Blagojevich trial raises big question: How did this guy ever win 2 terms as Illinois governor?

Trial mystery: How did Blagojevich get elected?
SPRINGFIELD, Ill. – Who says Illinois politics is a tough business? The trial of Rod Blagojevich shows that even a foul-mouthed clotheshorse can be elected to the state’s highest office. Twice.
Wiretap tapes played in court portray Blagojevich as dim and lazy. He was so disconnected …. Read the original article : Blagojevich trial raises big question: How did this guy ever win 2 terms as Illinois governor?.

EU foreign policy chief seeks open Gaza borders to allow territory’s economy to flourish

EU foreign policy chief seeks open Gaza borders
RAMALLAH, West Bank – EU foreign policy chief Catherine Ashton says Gaza’s borders must open to enable the territory’s battered economy to recover.
Ashton spoke at a news conference Saturday with Palestinian Prime Minister Salam Fayyad.
Ashton is to tour Gaza on Sunday to gauge whether Israel’s decision …. Read the original article : EU foreign policy chief seeks open Gaza borders to allow territory’s economy to flourish.

West Bengal rules out fare hike

KOLKATA – West Bengal’s ruling Left Front Saturday ruled out any hike in public transport fares but said a meeting of state finance ministers July 21 in New Delhi will deliberate on ways to provide relief to operators due to recent increase of fuel prices.

Briefing media persons after a meeting of ruling combine partners here, …. Source : West Bengal rules out fare hike.