Oil pushes above $79 in Asia as global stock gains fuel trader optimism

Oil pushes above $79 as global stocks gain

SINGAPORE – Oil prices rose above $79 a barrel in Asia on Monday as a global stock market rally gave crude traders optimism.
Benchmark crude for September delivery was up 44 cents to $79.39 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile … Read this article on Gaea Times at : Oil pushes above $79 in Asia as global stock gains fuel trader optimism.

Maruti Suzuki’s July sales up 29.18 percent

NEW DELHI – Car market leader Maruti Suzuki India Monday reported a 29.18 percent increase in sales for July at 1,00,857 vehicles as against 78,074 for the like period of 2009.

“This is the second time in this fiscal that the company’s monthly sales figure has crossed 1 lakh mark. Domestic sales in July 2010 are … Read : Maruti Suzuki’s July sales up 29.18 percent.

182 mining leases in Goa near water bodies: Minister

PANAJI – In what could be a shot in the arm for anti-mining activists, government data tabled during the monsoon session of the Goa assembly reveals that over half of Goa’s 300-odd mining leases in the state are located in close proximity of water bodies.

In a written reply, state Water Resources Minister Filipe Neri … Read more : 182 mining leases in Goa near water bodies: Minister.

Government probing Vedanta, Posco for flouting rules

NEW DELHI – The government Monday said it is investigating violations of the Forest Rights Act and environmental norms by mining company Vedanta Resources and steel-maker Posco in Orissa and would take a decision on the two projects once it gets the report.

“Any violation of the Forest Act will not be spared,” Environment and Forest … Read this article on Gaea Times at : Government probing Vedanta, Posco for flouting rules.

French bank BNP Paribas says net profit soared 31 percent in 2nd quarter on retail bank gains

BNP Paribas net profit soars in 2nd quarter

PARIS – BNP Paribas SA said Monday its net profit soared 31 percent in the second quarter as steep retail banking gains in France and the Benelux region offset declines in its investment banking operations.
The eurozone’s largest banking group by deposits said in a statement its net profit … Original article on : French bank BNP Paribas says net profit soared 31 percent in 2nd quarter on retail bank gains.

Sensex 180 points up, all sectoral indices in the green

MUMBAI – A benchmark index for Indian equities was trading 180 points higher Monday afternoon on the back of strong Asian cues and buying of banking, realty and metal stocks.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,911.31 points, was trading at 18,049.09 points, 180.8 points or 1.01 percent … Read more : Sensex 180 points up, all sectoral indices in the green.

Administration report touts short-run and long-term savings for Medicare under health overhaul

White House report claims $8B in Medicare savings

WASHINGTON – The new health overhaul law will start producing savings for Medicare right away, and over time add 12 years of solvency to the program’s giant trust fund for inpatient care, the Obama administration says in a report to be released Monday.
Medicare will save about $8 billion … Read more >>>.

Power tariff hike is inflationary: Jayalalithaa

CHENNAI – AIADMK chief J. Jayalalithaa Monday condemned the power tariff revision in Tamil Nadu and termed the move inflationary.

The Tamil Nadu Electricity Regulatory Commission (TNERC) Saturday announced a hike in power tariff rates between 30 paise to Rs.1.10 per unit for various categories of consumers after the Tamil Nadu Electricity Board (TNEB) moved an …. Original article on Gaea Times at  : Power tariff hike is inflationary: Jayalalithaa.

Over 60 percent of Bihar reeling under drought

PATNA – With more than 60 percent of Bihar reeling under drought-like conditions and the state recording 20 percent rainfall deficit, the government is set to declare over two dozen districts drought-hit, officials said Monday.

“The state cabinet in its meeting Tuesday will formally declare more than two dozen districts drought hit,” said an official of … Read more >>>.

Lavish pensions for Bell, Calif., officials to be paid by other SoCal cities

Other cities to pay lavish Bell, Calif., pensions

BELL, Calif. – Cities across Southern California will be on the hook for the pensions paid to municipal officials in Bell, where excessive salaries led to a recent purge of city leaders, according to pension experts.
The Los Angeles Times reports that more than half of former city manager … Original source on Gaea Times at : Lavish pensions for Bell, Calif., officials to be paid by other SoCal cities.

Money Market Operations as on July 30, 2010

…. Source article on Gaea Times at  : Money Market Operations as on July 30, 2010.

Asian shares edge higher early, after cautious trade on Wall Street ends strong month

Asian shares edge higher after mixed trade in US

TOKYO – Stocks in Asia nudged higher in early trade Monday, rebounding slightly from a series of losing sessions last week when the murky economic outlook led to sparse, cautious trade in New York.
Japan’s benchmark Nikkei 225 stock average was up 1.39 percent to 9668.93, after ending …. Source article on Gaea Times at  : Asian shares edge higher early, after cautious trade on Wall Street ends strong month.

India’s Adani eyes Australia’s coal reserves

SYDNEY – India’s Adani Group Ltd is set to announce it has bought a coal tenement in Queensland’s Galilee Basis from Australia’s Linc Energy Ltd, news reports said Monday.

The deal could be worth more than 1 billion Australian dollars ($900 million) and be the first time an Indian company has bought a coal seam rather …. Source article on Gaea Times at  : India’s Adani eyes Australia’s coal reserves.

Raul Castro tells Cuba’s parliament that state will reduce its economic role; Fidel a no-show

Raul Castro says state will reduce economic role

HAVANA – Raul Castro said Sunday that his government will scale back controls on small businesses, lay off unnecessary workers and allow more self-employment – significant steps in a country where the state dominates nearly every facet of the economy.
Cuba’s president, however, squashed notions of a sweeping overhaul …. Source article  : Raul Castro tells Cuba’s parliament that state will reduce its economic role; Fidel a no-show.

Spirit Airlines says first day of new carry-on bag fees is going smoothly

Spirit Airlines: no hitch with carry-on fees

NEW YORK – Spirit Airlines’ controversial carry-on fees took effect Sunday, catching some customers unhappily by surprise. But the low-fare carrier contends that the move will cut down on flight delays, potentially allowing Spirit to add new flights.
Spirit spokeswoman Misty Pinson said the new approach already appears to be …. Source article  : Spirit Airlines says first day of new carry-on bag fees is going smoothly.

Person familiar with decision tells AP: Kentucky Speedway to get Sprint Cup date in 2011

AP source: Kentucky Speedway to get Sprint Cup

LOUISVILLE, Ky. – Kentucky Speedway will get a NASCAR Sprint Cup race in 2011, a person familiar with the decision told The Associated Press.
The 1.5-mile tri-oval halfway between Louisville and Cincinnati will host NASCAR’s top series in early July. The person spoke on condition of anonymity because the …. Read the original article  : here.

The 8 percent solution? Investing in junk (bonds) is risky but could pay off in weak market

Junk bonds: Savvy investment or fool’s gold?

CHICAGO – A sideways stock market has investors searching for other places to make a decent return on their money. And junk bonds, for better or worse, are starting to look like gems to many.
The appeal is easy to understand.
Junk bonds, known more politely as high-yield bonds, are bonds …. Original article  : The 8 percent solution? Investing in junk (bonds) is risky but could pay off in weak market.

Fidel Castro’s seat empty at parliament as ex-leader misses another chance to appear with Raul

Fidel Castro absent as Cuban parliament opens

HAVANA – Cuba’s parliament opened one of its twice-annual sessions Sunday without its most famous member – Fidel Castro, who once again missed a chance to share the public stage with his younger brother Raul despite a string of recent appearances.
The 83-year-old Fidel has not been seen publicly with … Read : Fidel Castro’s seat empty at parliament as ex-leader misses another chance to appear with Raul.

Wealthy are watching their spending again, casting a cloud over the nation’s economic recovery

As spending by wealthy weakens, so does economy
WASHINGTON – Wealthy Americans aren’t spending so freely anymore. And the rest of us are feeling the squeeze.
The question is whether the rich will cut back so much as to tip the economy back into recession – or if they will spend at least enough to … Read more : Wealthy are watching their spending again, casting a cloud over the nation’s economic recovery.

Former Federal Reserve chief Alan Greenspan says economic recovery is modest but ‘in a pause’

Greenspan: Modest economic recovery ‘in a pause’

WASHINGTON – Former Federal Reserve Chairman Alan Greenspan says he thinks the economy is having a modest recovery, but right now there’s a “pause” in that recovery, so it feels like a “quasi-recession.”
Greenspan says long-term unemployment is pulling the economy apart even though large banks are doing much better …. Read the original article  : Former Federal Reserve chief Alan Greenspan says economic recovery is modest but ‘in a pause’.