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’.

Asian shares rise early following big gains in US on economic news; European markets down

Asia stocks gain on economy news; Europe down

BANGKOK – Asian stock markets mostly climbed Tuesday after Wall Street opened August with a strong rally on positive economic indicators from around the globe. European shares were lower.
Oil prices hovered above $81 a barrel to near a three-month high as improved sentiment in stock markets boosted crude.
As … Read this article on Gaea Times at : Asian shares rise early following big gains in US on economic news; European markets down.

Chinese billionaires own 200 jets

BEIJING – Nearly 200 planes in China are owned by billionaires even though the country’s low-altitude airspace is banned for private flying, a media report said Tuesday.

Low-altitude flying is under strict control of the Civil Aviation Administration and the Air Force, and any operation of such aircraft needs approval from government.
But the complexity of … Read more >>>.

Bangladeshi firm to set up food processing units in India

AGARTALA – PRAN Group, a Bangladeshi food processing and manufacturing firm, will set up agro and food processing plants in Tripura, Orissa and Tamil Nadu, a company official said here Tuesday.

“Setting up of an agro and food processing joint venture plant with Indian entrepreneurs in Agartala is now in an advanced stage,” said Ahsan Khan … Read more >>.

Automaker BMW’s net earnings surge to $1.1 billion in 2nd quarter as sales rise strongly

BMW’s 2nd-quarter earnings up sharply
BERLIN – Second-quarter earnings at luxury car maker BMW AG surged to ???834 million ($1.1 billion) as robust demand in China helped drive a strong increase in revenues, the company said Tuesday.

The company’s April-June profit was up from ???121 million a year earlier, while revenues climbed 18.3 percent to ???15.35 billion …. Source article  : Automaker BMW’s net earnings surge to $1.1 billion in 2nd quarter as sales rise strongly.

Sam Bradford’s deal with Rams highlights inbalance in NFL salaries without rookie cap

Rookie cap could bring balance to NFL salaries

Sam Bradford is coming off of shoulder surgery, and has never taken a snap in the NFL. Yet the No. 1 draft pick managed to get the St. Louis Rams to guarantee him $50 million and a possible $78 million over six years.
Tom Brady hasn’t had as much … Read more >>>.

Medical equipment fair in Chennai starts Aug 6

CHENNAI – About 400 medical equipment manufacturers, including 20 from China, Taiwan, Germany and Britain, are expected to showcase their products at the Medicall expo beginning here Aug 6.

“The focus of the current year’s exhibition is on rehabilitation equipment for differently abled persons. Equipments like power wheel chairs, artificial limbs, electric scooters, patient lifting …. Original article  : Medical equipment fair in Chennai starts Aug 6.

New York mayor names Indian American for pension oversight

WASHINGTON – Concerned over New York’s spiralling pension costs, Mayor Michael Bloomberg has tapped Ranji Nagaswami, an Indian American finance expert, as the city’s first ever chief investment adviser.

Nagaswami will be the “full-time, central advisor to the Mayor’s trustees on the five New York City retirement system boards and the New York City Deferred Compensation …. Source  : Gaea News Network.

Oil hovers above $81 in Asia after stocks, dollar fuel jump to 3-month high

Oil hovers above $81 after surging to 3-month high

SINGAPORE – Oil prices hovered above $81 a barrel Tuesday in Asia after surging stock markets and a weaker dollar helped boost crude to nearly a three-month high.
Benchmark crude for September delivery was up 5 cents to $81.39 a barrel at late afternoon Singapore time in electronic …. Source  : Oil hovers above $81 in Asia after stocks, dollar fuel jump to 3-month high.

Sushma attacks government in Lok Sabha on price rise

NEW DELHI – Bharatiya Janata Party (BJP) MP and Leader of Opposition Sushma Swaraj Tuesday launched a scathing attack on the government on the price rise issue, stating that its policies had hit the people the hardest.

“Everybody in society is lamenting that they are being hit hard by the price rise,” Swaraj said while starting … Read : Sushma attacks government in Lok Sabha on price rise.

State media says China’s military in major air exercises underscoring growing sophistication

China military launches major air exercises

BEIJING – China’s military launched major air defense exercises Tuesday, highlighting rising capabilities that are seen as tipping the balance of power in east Asia.
The drills involve more than 10,000 service members, including those from naval and army aviation units and land-based air defense forces, according to the official China …. Source article  : State media says China’s military in major air exercises underscoring growing sophistication.

Sensex flat, Asian bourses holding up

MUMBAI – A benchmark index for Indian equities Tuesday was ruling on a quiet note, though cues remained firm from most other Asian bourses.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 18,149.9 points, was trading at 18,114.64 points, 33.43 points or 0.18 percent up from its previous close at …. Source article  : Sensex flat, Asian bourses holding up.

Get your private island for $500,000

SYDNEY – It’s true! Now you can own an island complete with penguins and other sea birds as your neighbours.

The picturesque Picnic Island off the coast of Tasmania, southeastern state of Australia, is on sale and is expected to fetch between $500,000 and $1 million.
Bidding is open through expression of interest sought by …. Original article on Gaea Times at  : Get your private island for $500,000.

We won’t compromise on security, privacy: Blackberry

TORONTO – BlackBerry maker Research in Motion (RIM) said here Monday that it would not compromise on security and privacy of its smart phones while responding to the ban on BlackBerry by the United Arab Emirates and Saudi Arabia.

The Telecommunications Regulatory Authority of the UAE said Sunday that it would ban BlackBerry email, messaging …. Read the original article  : here.

Countrywide Financial agrees to pay $600 million to settle shareholders’ class-action lawsuits

Countrywide agrees to pay $600M to settle lawsuits

LOS ANGELES – Countrywide Financial Corp. agreed to pay $600 million to settle shareholder lawsuits in the largest payout so far from the mortgage meltdown.
U.S. District Judge Mariana Pfaelzer in Los Angeles on Monday gave preliminary approval to the agreement, in which the defendants admitted no wrongdoing.
The settlement … Original article on : Countrywide Financial agrees to pay $600 million to settle shareholders’ class-action lawsuits.

Keeping jobs away from India, China helped US recovery: Obama

WASHINGTON – US President Barack Obama has said America is on the road to recovery thanks to his economic plan that included ensuring new jobs and industries don’t go to China and India.

Blaming opposition Republicans, Obama said he took office in January 2009 “after nearly a decade of economic policies that gave us sluggish growth, …. Source article on Gaea Times at  : Keeping jobs away from India, China helped US recovery: Obama.

Money Market Operations as on August 02, 2010

… Original source on Gaea Times at : Money Market Operations as on August 02, 2010.

Asian shares rise early following big gains in US after string of reassuring economic news

Asian markets higher on better economic news

BANGKOK – Asian stocks markets mostly climbed Tuesday after Wall Street opened August with a strong rally on positive economic indicators from around the globe.
Oil prices extended gains above $81 a barrel to near a three-month high as improved sentiment in stock markets boosted crude.
The advance in Asian markets … Original source on Gaea Times at : Asian shares rise early following big gains in US after string of reassuring economic news.

BlackBerry says it won’t compromise on security and priavacy

TORONTO – Responding to the ban on BlackBerry by the United Arab Emirates and Saud Arabia, device maker Research in Motion (RIM) said here Monday that it would not compromise on security and privacy of its smart phones.

The Telecommunications Regulatory Authority of the UAE said Sunday that it would ban BlackBerry e-mail, messaging and Web … Original article on : BlackBerry says it won’t compromise on security and priavacy.

General Cable 2nd-quarter profit falls, misses analyst expectations

General Cable 2Q profit falls
HIGHLAND HEIGHTS, Ky. – General Cable Corp., which provides fiber optic and metal cable products, said Monday that its second-quarter profit sank 24 percent as higher expenses overshadowed a slight increase in revenue.

General Cable shares fell $1.34, or 4.8 percent, to $26.77 in after-hours trading. The stock had risen $1.57, or …. Source article on Gaea Times at  : General Cable 2nd-quarter profit falls, misses analyst expectations.

Geithner pledges quick action on new financial law with goal of simplification for consumers

Geithner pledges quick action on new financial law
NEW YORK – Treasury Secretary Timothy Geithner pledged on Monday to move with speed to implement the biggest overhaul of the financial system since the Great Depression. He said that a top priority will be simplifying the complicated forms that consumers have to fill out … Read the original article on Gaea Times at : Geithner pledges quick action on new financial law with goal of simplification for consumers.

Standard Chartered makes a Whopping Profit of 11%

LONDON (Gaeatimes.com) — A good news for the Standard Chartered comes in light this year. Amidst a recessive and hard fiscal year, SC saw a profit of 11% as compared to the previous year. Meanwhile, U.K. peers Lloyds Banking Group PLC (LYG) and HSBC Holdings PLC (HBC) suffered very bad losses that could be … Original article on : Standard Chartered makes a Whopping Profit of 11%.

Let’s all back uniform goods, service tax regime: Mukherjee

NEW DELHI – Finance Minister Pranab Mukherjee Wednesday made a plea to all political parties to help implement a pan-India goods and services tax from April next year by supporting the relevant bill to amend the constitution, without delay.

“It has to be supported now. It must be introduced in parliament in this session itself. Otherwise … Read more »».

Economic policies affecting credibility of India’s economists: BJP

NEW DELHI – India’s economic policies are impacting the credibility of the economists who run the country, the Bharatiya Janata Party (BJP) contended in the Rajya Sabha Wednesday as the upper house began debating the price rise issue that had stalled parliament last week.

“We want to maintain the credibility of the economists who make the … Read more »».

Bangladesh plans to split communications ministry

DHAKA – Bangladesh plans to set up separate ministries for railways and information and communication technology (ICT), both of which are now under the communications ministry.

Prime Minister Sheikh Hasina had pledged to create “Digital Bangladesh” in her 2008 election campaign to provide more jobs and facilities.
She spoke of creating two full-fledged ministries, now … Original article on : Bangladesh plans to split communications ministry.

Owner Group of Divya Bhaskar Announces the 2nd India Pride Awards

MUMBAI (GaeaTimes.com) — The Bhaskar group is the owner of the famous newspapers like Dainik Bhaskar and Divya Bhaskar. After the first successful edition of India Pride Awards last year, The Bhaskar Group and DNA are ready to organize the second edition of India Pride Awards 2010, which is a tribute to the contributions …. Original article on Gaea Times at  : Owner Group of Divya Bhaskar Announces the 2nd India Pride Awards.

Prices can be tamed but states must cooperate: Mukherjee

NEW DELHI – Every step was and will be taken to tame prices, but the public at large must appreciate that certain factors like supply shortfall and hoarding were beyond the federal government’s control, Finance Minister Pranab Mukherjee said Wednesday.

Replying to a debate on the government’s response to rising prices in the Lok Sabha, which … Original source on Gaea Times at : Prices can be tamed but states must cooperate: Mukherjee.

Lloyds Banking Group H1 net profit down 92 pct but revenues rise, bad loans drop

Lloyds H1 profit down 92 pct but bad loans drop

LONDON – Part-nationalized Lloyds Banking Group PLC reported Wednesday that first-half net profits fell 92 percent from a year ago, when it booked a big one-off gain, but revenue grew and bad loans were almost halved from a year ago.
Lloyds, formed last year when Lloyds TSB … Read this article on Gaea Times at : Lloyds Banking Group H1 net profit down 92 pct but revenues rise, bad loans drop.

Yao Ming, other Chinese celebrities star in ads aimed at promoting country’s image abroad

Celebrities film ads to boost China’s global image

BEIJING – Basketball star Yao Ming, movie director John Woo and piano prodigy Lang Lang are among dozens of celebrities who will appear in television commercials later this year in a bid by China to boost its image abroad.
Experts say Chinese leaders have been unhappy over international coverage … Read more : Yao Ming, other Chinese celebrities star in ads aimed at promoting country’s image abroad.

Tennessee voters to decide GOP nominee in most expensive congressional race in country

Tenn. voters to decide priciest US House primary
DICKSON, Tenn. – The most expensive U.S. House race in the country will be decided Thursday in Tennessee’s primary, where voters pick the nominees for three open congressional seats and governor.
The candidates for the 8th District seat being vacated by Democratic Rep. John Tanner have spent …. Source article  : Tennessee voters to decide GOP nominee in most expensive congressional race in country.

Kilpatrick loses House re-election bid in Michigan as voters knock out sixth incumbent

Another incumbent down as Michigan Rep. loses
WASHINGTON – Incumbents beware. Another lawmaker just bit the dust.
Michigan Rep. Carolyn Cheeks Kilpatrick lost her bid for an eighth term on Tuesday, her son’s legal woes dragging her down in a year when fickle voters seem eager to fire longtime lawmakers.
She’s the sixth – and the …. Source  : Kilpatrick loses House re-election bid in Michigan as voters knock out sixth incumbent.

LIC Housing Finance Seeking Expansion

MUMBAI, INDIA (GaeaTimes.com)- LIC Housing Finance Ltd is all set to enter the rural housing loan market with a range of INR 4 to 5 lakh as it has said in a recent statement. The mortgage lender is likely to launch a distinct subsidiary entity for this purpose. The subsidiary will be unveiled in …. Read the original article  : LIC Housing Finance Seeking Expansion.

Sensex slips from morning highs

MUMBAI – A benchmark index for Indian equities was ruling on a quiet note Wednesday, having slipped from opening highs.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 18,115.56 points, was at 18,139.04 points, 24.21 points or 0.13 percent up from its previous close at 18,114.83 points. …. Source  : Gaea News Network.

Local fruit, herb farms supply produce for the massage table in latest spa treatment trend

Locally grown fruits latest trend in spa treatment

LOS ANGELES – Visitors have long come to the hilly Southern California hamlet of Ojai to get stuffed with the Pixie tangerines grown as a specialty in the area’s citrus groves.
Now they’re coming to get scrubbed with them too.
The Ojai Valley Inn and other spas across the country … Read the original article on Gaea Times at : Local fruit, herb farms supply produce for the massage table in latest spa treatment trend.

Geithner discusses India-US strategic priorities

WASHINGTON – Economic and other policy priorities between India and the US were discussed by US Treasury Secretary Timothy Geithner with a major Track II group trying for enhancing the strategic relationship between the two countries.

Geithner met the Indian delegation of the US-India Aspen Strategy Group (ASG) here Tuesday and “discussed a broad range … Read this article on Gaea Times at : Geithner discusses India-US strategic priorities.

Bill Lane, ex-Sunset magazine publisher, philanthropist and environmentalist, dead at 90

Ex-Sunset magazine publisher Bill Lane dead at 90

PALO ALTO, Calif. – Former Sunset magazine publisher Bill Lane, who donated millions of dollars to Stanford University and environmental causes, has died. He was 90.
Lane also served as U.S. ambassador to Australia and Nauru. Stanford says he died of respiratory failure Saturday at Stanford Hospital.
Lane was born … Read the original article on Gaea Times at : Bill Lane, ex-Sunset magazine publisher, philanthropist and environmentalist, dead at 90.

Rep. Carolyn Kilpatrick, mother of imprisoned ex-mayor, loses bid for 8th term in Dem. primary

Voters boot ex-Detroit mayor’s mom from Congress
DETROIT – Rep. Carolyn Cheeks Kilpatrick, the mother of the imprisoned ex-mayor of Detroit, lost her bid for an eighth term with a Democratic primary defeat Tuesday.
The 65-year-old Detroit congresswoman conceded the race to State Sen. Hansen Clarke of Detroit, who had 47 percent of the vote …. Original source  : Rep. Carolyn Kilpatrick, mother of imprisoned ex-mayor, loses bid for 8th term in Dem. primary.

BlackBerry stock sinks as new device is no iPhone 4 ‘killer’

TORONTO – Less-than-glowing first reviews of the new BlackBerry Torch 9800 launched Tuesday by Research In Motion Ltd (RIM) to catch up with Apple’s iPhone 4 sank company shares more than four per cent on the Toronto Stock Exchange.

RIM’s troubles over security concerns also deepened Tuesday when Saudi Arabia reportedly banned BlackBerry from this week. … Original source on Gaea Times at : BlackBerry stock sinks as new device is no iPhone 4 ‘killer’.

Oil falls slightly to near $82 in Asia as traders eye US crude supplies, dollar

Oil falls to near $82 on weak US crude demand

SINGAPORE – Oil prices fell from a three-month high above $82 a barrel Wednesday in Asia after a report showed U.S. crude inventories fell less than expected last week, suggesting demand in the U.S. remains sluggish.
Benchmark crude for September delivery was down 46 cents to $82.09 … Original source on Gaea Times at : Oil falls slightly to near $82 in Asia as traders eye US crude supplies, dollar.

Railways suspend operations in Kashmir

JAMMU – The Indian Railways suspended its operations in the Kashmir Valley for an indefinite period after violent mobs burnt railway stations and targeted tracks in some towns, officials said Wednesday.

The decision was taken after mobs burnt stations in Sopore and Budgam, besides harassing non-local employees, an official in the Northern Railways said.
The railways … Read this article on Gaea Times at : Railways suspend operations in Kashmir.

Asian stock markets mostly lower after earnings, data show US economic recovery remains fitful

Asian shares fall on signs of fitful US recovery

BANGKOK – Asian stocks mostly fell Wednesday, led by a 2 percent tumble in Japan, following a slew of economic and earnings reports that provided a reminder the U.S. economic recovery remains fitful.
The stream of bad news from the world’s biggest economy included earnings from Procter & …. Read the original article  : Asian stock markets mostly lower after earnings, data show US economic recovery remains fitful.

World stocks mixed ahead of US jobs figures that will give key reading on economic recovery

World stocks mixed ahead of jobs figures
BANGKOK – World stock markets were mixed Thursday as investors traded with caution ahead of U.S. employment reports that will provide key readings on the health of the world’s biggest economy.

Markets have been volatile the past few weeks as indicators from around the globe give mixed signals about the … Read the original article on Gaea Times at : World stocks mixed ahead of US jobs figures that will give key reading on economic recovery.

EU, IMF, ECB to outline results of fiscal probe of Greece ahead of rescue loan disbursement

EU, IMF, ECB to release Greek debt test results

ATHENS, Greece – The European Commission, International Monetary Fund and European Central Bank will outline the results of an inspection Thursday that will determine whether debt-ridden Greece will receive the second installment of rescue loans to keep it from bankruptcy.
Greece is set to receive euro9 billion ($11.8 …. Read the original article  : here.

Kochhar and Co. partners with Middle East law firms

NEW DELHI – City-based corporate law firm Kochhar and Co. has partnered with law firms of Khalid Alnowaiser in Saudi Arabia and Mohammad Issa Odeh (MIO) in the United Arab Emirates.

“Trade and business between India and the Middle East has grown exponentially and we have witnessed the consummation of enormous business transactions between the …. Source  : Kochhar and Co. partners with Middle East law firms.

Mining giant Rio Tinto’s first-half profit more than triples amid strong demand for iron ore

Rio Tinto’s first-half profit more than triples

SYDNEY – Mining giant Rio Tinto said first-half profit more than tripled amid strong iron ore demand from China and higher commodity prices as the world economy climbed out of recession.
Net profit for the six months through June was $5.85 billion, up from $1.62 billion in the same period … Read more >>.

Oil hovers above $82 a barrel in Asia as rally to three-month high pauses

Oil hovers above $82 in Asia as rally pauses

SINGAPORE – Oil prices hovered above $82 a barrel Thursday in Asia, pausing from a rally that lifted the commodity to a three-month high this week amid positive U.S. corporate earnings and economic figures.
Benchmark crude for September delivery was down 19 cents to $82.28 a barrel at [..] Read the original article: here.

Drought-hit Bihar to seek massive aid

PATNA – Drought-hit Bihar is likely to seek a special financial assistance of Rs.15,000 crore from the central government, an official said Thursday.

The Bihar government Tuesday declared 28 of the state’s 38 districts drought affected due to a 23 percent rainfall deficit.
Chief Minister Nitish Kumar will hand over a memorandum to the central government …. Source  : Gaea News Network.

RIL to buy 60 percent stake in US shale firm for $392 mn

MUMBAI – India’s largest private sector company Reliance Industries (RIL) Thursday said it will invest $392 million to acquire a 60 percent stake in the US-based Pioneer Natural Resources’ shale gas assets in a joint venture with Carrizo Oil and Gas.

Expected to close by mid-September 2010, the deal is RIL’s third shale gas acquisition in … Read this article on Gaea Times at : RIL to buy 60 percent stake in US shale firm for $392 mn.

Food inflation eases further to 9.53 percent

NEW DELHI – India’s annual food inflation came down to 9.53 percent for the second straight week ending July 24 from 9.67 percent a week earlier, official data released Thursday showed.

The fuel prices index also slipped marginally to 14.26 percent compared to 14.29 percent recorded in the previous week.
It was for the first time …. Source  : Gaea News Network.

IRCTC Employees In Worry

NAGPUR, INDIA (GaeaTimes.com)- As the Central Railway is all set to acquire the management of all catering services of Indian railways, the future of more than 36 employees of the Indian Railway Catering and Tourism Corporation’s Nagpur division has become uncertain. The management is likely to take away the charges of the base kitchens …. Source article  : IRCTC Employees In Worry.

Legacy of Detroit’s Kilpatrick family likely ends with congresswoman’s loss in primary

Congresswoman’s loss signals end to family’s reign

DETROIT – They called it “Team Kilpatrick,” a small army of family and friends dedicated to keeping a Detroit congresswoman and her brash, rising star son in office.
As election cycles rolled around, team members donned their trademark green and yellow jackets and poured into Detroit’s neighborhoods to knock on …. Source  : Legacy of Detroit’s Kilpatrick family likely ends with congresswoman’s loss in primary.

Big money to stop teacher layoffs heads toward passage; House being called back from break

Jobs bill to stop teacher layoffs nears approval
WASHINGTON – Legislation to provide billions to save the jobs of teachers and other public workers is on track to pass the Senate, helped along by the votes of a couple of GOP moderates.
Democrats cracked a GOP filibuster on Wednesday, and the …. Original article on Gaea Times at  : Big money to stop teacher layoffs heads toward passage; House being called back from break.

Prognosis guarded ahead of annual financial checkup for Medicare and Social Security

Prognosis guarded for Medicare and Social Security
WASHINGTON – Medicare and Social Security – the foundation of a secure retirement – are facing strains from an aging population and an economy that can’t seem to get out of low gear.
And despite assertions to the contrary by the Obama administration, the new health …. Original source  : Prognosis guarded ahead of annual financial checkup for Medicare and Social Security.

Sensex still in green, Asian markets mixed

MUMBAI – A benchmark index for Indian equities was trading in the positive terrain Thursday after slipping from opening highs.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 18,234.85 points, was at 18,251.18 points, 33.74 points or 0.19 percent up from its previous close at 18,217.44 points. … Read more »».

Ratan Tata’s Successor Search

NEW DELHI, INDIA (GaeaTimes.com)- The latest buzz in the Indian business circle is the successor search to the chairman of Tata group Ratan Tata. The largest conglomerate of India said that the next chairman will be selected by a panel comprising of 5 members. The group is involved in making a variety of …. Source  : Gaea News Network.

Your mobile phone can also be a credit card

ISTANBUL – Imagine swiping a mobile phone to pay for all the things that you buy! This has just been made possible by latest technology that allows bank information to be stored in your mobile phones’ memory cards.

Global credit card giant Visa has entered a partnership with a Turkish bank to launch this technology, the … Original source on Gaea Times at : Your mobile phone can also be a credit card.

Barclays bank H1 net profit up 29 percent to 2.4 billion pounds ($3.9 billion)

Barclays bank H1 net profit up 29 pct to $3.9B

LONDON – British bank Barclays PLC said Thursday that its net profit rose by 29 percent in the first half to 2.4 billion pounds ($3.9 billion) as investment banking gains tripled and provisions for bad loans fell by a third.
Revenue was up 8 percent to 16.6 … Read the original article on Gaea Times at : Barclays bank H1 net profit up 29 percent to 2.4 billion pounds ($3.9 billion).

Danish drug maker Novo Nordisk Q2 profit rises 19 percent, helped by modern insulin sales

Novo Nordisk Q2 profit rises 19 percent
COPENHAGEN – Danish drug maker Novo Nordisk A/S on Thursday reported a 19 percent increase in net profit for the second quarter and raised its outlook, citing strong sales of its modern insulin products.

The world’s largest producer of diabetes drugs said net profit in the second quarter was 3.5 … Read more »»».

Lowe’s Credit Card Offers Shopping at Low Rates

CANADA (GaeaTimes.com) – Are you in a shopping spree? Then Lowe’s Credit Card is providing you with exclusive offers on credit services.

On single-receipt purchase of $299 or more made on your Lowe’s Consumer Credit Card in-store or online, interest will be charged to your account from the purchase date, if the promotional balance is not …. Original article  : Lowe’s Credit Card Offers Shopping at Low Rates.

Unilever reports 39 percent increase in second quarter net profit

Unilever Q2 profit up 39 percent
PARIS – Unilever NV on Thursday reported a 39 percent rise in second quarter net profit, beating analyst expectations, as the maker of Lipton tea, Dove soap and Ben & Jerry’s ice cream continued its push to increase sales volumes.

The Dutch consumer products maker said that net profit in the …. Original source  : Unilever reports 39 percent increase in second quarter net profit.

Net earnings at Germany’s Deutsche Telekom down to $626 million in 2nd quarter

Deutsche Telekom Q2 earnings slip 9 percent

BERLIN – German telecommunications company Deutsche Telekom AG said Thursday that its second-quarter profit fell 8.8 percent and revenues slipped as the company deconsolidated its British cell phone unit T-Mobile UK.
Deutsche Telekom, based in Bonn, said it had net profit of euro475 million ($626 million) for the April-June period … Original source on Gaea Times at : Net earnings at Germany’s Deutsche Telekom down to $626 million in 2nd quarter.

China urged to amend archaic heat law

BEIJING – Experts have called for an amendment to China’s archaic heat law to protect the rights of workers who toil in high temperatures, a media report said Friday.

The scorching heat has already claimed the lives of over 40 people in the country this year, China Daily reported.
The extreme weather has baked … Read this article on Gaea Times at : China urged to amend archaic heat law.

World stocks mostly higher as investors eye key US employment report

World stocks mostly higher ahead of US jobs report

SINGAPORE – World stock markets were mostly higher Friday as investors looked to monthly employment figures for clues about the strength of the U.S. economic recovery.
In early trading in Europe, Britain’s FTSE 100 rose 0.5 percent, Germany’s DAX index gained 0.5 percent, and France’s CAC-40 advanced 0.5 …. Read the original article  : World stocks mostly higher as investors eye key US employment report.

China tests first homemade amphibious plane

BEIJING – China has started test flights of its first homemade amphibious plane dubbed Seagull 300, a media report said Friday.

The plane is built by the Shijiazhuang Aircraft Industry Co Ltd in China’s northern Hebei province, China Daily reported on its website. It left the assembly line Aug 4.
The aircraft can also take …. Source article on Gaea Times at  : China tests first homemade amphibious plane.

Hyundai to produce more cars for Indian market, cut exports

NEW DELHI – Hyundai Motors India Limited (HMIL) Friday said it will produce 0.7 lakh more cars this year to meet the growing domestic demand.

“We will increase our production capacity by 0.7 lakh units at our factories to meet the rising demand,” said H.W. Park, chief executive, HMIL.
Currently, HMIL produces six lakh units per …. Source  : Hyundai to produce more cars for Indian market, cut exports.

China a promising market for payment through mobile phones

BEIJING – China is one the most attractive markets for payments through mobile phones, a global consulting firm said after studying market conditions in five countries, including India.

The report by Arthur D Little (ADL), a management consulting firm, examined current market conditions for mobile financial services in M-BRIC countries (Mexico, Brazil, Russia, India and China), … Read the original article on Gaea Times at : China a promising market for payment through mobile phones.

Part-nationalized Royal Bank of Scotland reports Q2 profit of 257 mln pounds ($409 mln)

Royal Bank of Scotland makes Q2 profit of $409 mln

LONDON – Part-nationalized Royal Bank of Scotland said Friday it made a profit of 257 million pounds ($409 million) in the second quarter, due to large one-time gains, although losses from bad loans increased.
Results for RBS, a once-swaggering giant which became the biggest British casualty of … Original article on : Part-nationalized Royal Bank of Scotland reports Q2 profit of 257 mln pounds ($409 mln).

Part-nationalized Royal Bank of Scotland reports Q2 profit of $409 million

Royal Bank of Scotland makes Q2 profit of $409M

LONDON – Part-nationalized Royal Bank of Scotland says it made a profit of 257 million pounds ($409 million) in the second quarter of the year although losses from bad loans increased.
The bank’s second-quarter profit more than reversed the first-quarter loss, and it reported a net profit of …. Original source  : Part-nationalized Royal Bank of Scotland reports Q2 profit of $409 million.

Oil rises above $82 ahead of key US July employment report

Oil rises above $82 as traders eye US jobs report

SINGAPORE – Oil prices rose above $82 a barrel Friday in Asia ahead of a key employment report that will help investors gauge the strength of the U.S. economy.
Benchmark crude for September delivery was up 38 cents to $82.39 a barrel at late afternoon Singapore time …. Source  : Gaea News Network.

APNewsBreak: Asian investment group says it won’t enrich Hicks, Gillett in bid for Liverpool

APNewsBreak: Group won’t enrich Hicks, Gillett

NEW YORK – A group of Chinese investors said Friday that any offer it makes to buy Liverpool from Tom Hicks and George Gillett Jr. won’t enrich the embattled American co-owners.
Marc Ganis, whose Chicago-based company Sportscorp Ltd. has helped form the investment group, said it first contacted Liverpool chairman Martin …. Read the original article  : here.

German insurer Allianz’s net profit down 46 percent in 2nd quarter at $1.34 billion

Allianz profit down 46 percent in 2nd quarter

BERLIN – German insurer Allianz SE said Friday that its net profit dropped 46 percent in the second quarter as losses on assets and investments outweighed an improvement in business and revenues.
Allianz, based in Munich, earned ???1.02 billion ($1.34 billion) in the April-June period, down from ???1.87 billion …. Source  : German insurer Allianz’s net profit down 46 percent in 2nd quarter at $1.34 billion.

China looks to US, others for more corn to feed livestock; food prices could rise worldwide

US farmers hope to soon sell more corn to China

DES MOINES, Iowa – Some analysts are predicting a big increase in China’s corn imports, which could mean added income for U.S. farmers.
But it also could mean higher food prices worldwide, particularly for meat as livestock feed prices rise.
U.S. farmers said they’re cautious but hopeful about …. Read the original article  : here.

Sensex choppy, Asian cues mixed

MUMBAI – A benchmark index for Indian equities Friday was choppy in noon trade with other Asian markets trading on mixed cues.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 18,165.49 points, was at 18,226.52 points, 52.15 points or 0.29 percent up from its previous close at 18,172.83 points. … Original article on : Sensex choppy, Asian cues mixed.

Bharti Walmart planning more wholesale stores, Punjab is focus

JALANDHAR – Bharti Walmart is planning to open 10 to 15 cash-and-carry wholesale stores over the next three years and hoping that the government will open up multi-brand retail to foreign investment.

“We are committed to building a strong and efficient supply chain that would benefit consumers. This process can be strengthened if we are also … Read more »»».

Android set to overtake iPhone

SAN FRANCISCO – Phones running Google’s Android operating system are selling at the rate of 200,000 a day, according to Google chief executive Eric Schmidt.

Schmidt made the comments at the Techonomy Conference Thursday, in a video of his talk posted on YouTube.
Schmidt said that the success of Android has more than made up for …. Source  : Android set to overtake iPhone.

RIM talks tough as Canadian government, media back BlackBerry

TORONTO – The Canadian government and media have fully backed the security features of BlackBerry that have concerned countries like India, UAE and Saudi Arabia, even as the chief of its developer-company stood firm on his stand and said the device was being unfairly targeted.

“Our government will be standing up for Research in Motion (RIM) …. Original article  : RIM talks tough as Canadian government, media back BlackBerry.

German insurer Allianz’s net earnings down 46 percent in 2nd quarter

Allianz’s earnings down 46 percent in 2nd quarter

BERLIN – German insurer Allianz SE says its net earnings dropped 46 percent in the second quarter as lower realized gains outweighed higher revenues and operating profit.
Allianz said Friday that it earned euro1.02 billion ($1.34 billion) in the April-June period, down from euro1.87 billion a year earlier.
Revenues rose … Read more >>.

Social networking costs Britain 14 bn pounds in lost work time

LONDON – Social networking websites like Facebook and Twitter have cost the British economy a whopping 14 billion pounds a year in lost work time, a study said.

The study pointed out that two million employees spend an hour a day on social networking sites and over half the workforce make use of Facebook, Twitter, MySpace … Original source on Gaea Times at : Social networking costs Britain 14 bn pounds in lost work time.

Asian stocks mixed as investors eye key US employment report

Asian stocks mixed ahead of key US jobs report

SINGAPORE – Asian stock markets were mixed Friday as investors looked to monthly employment figures for clues about the strength of the U.S. economic recovery.
The mood in the region was cautious after new unemployment benefit claims in the U.S. rose to their highest level in four months. … Original source on Gaea Times at : Asian stocks mixed as investors eye key US employment report.

China tries to reassure markets after bank stress tests, says no indication of policy change

China tries to reassure markets about stress tests

BEIJING – Regulators tried to reassure financial markets about “stress tests” ordered on Chinese banks’ real estate lending, saying Friday they do not represent official views of where the market is headed or any impending policy change.
Stock prices of Chinese banks and real estate companies fell this week …. Source  : Gaea News Network.

Oil hovers near $82 ahead of key US July employment report

Oil hovers near $82 ahead of key US jobs report

SINGAPORE – Oil prices hovered near $82 a barrel Friday in Asia ahead of a key U.S. employment report.
Benchmark crude for September delivery was up 8 cents to $82.09 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract …. Original source  : Oil hovers near $82 ahead of key US July employment report.

Promising Iowa running back Jewel Hampton seeks starting job after lost 2009 season

Iowa RB Jewel Hampton seeks starting job
IOWA CITY, Iowa – Iowa running back Jewel Hampton entered his sophomore year with the starting job all but locked up.

It’s a plum gig in an offense that prominently features the lead back, and it might still be out there for Hampton. But season-ending knee surgery, the emergence of …. Original article on Gaea Times at  : Promising Iowa running back Jewel Hampton seeks starting job after lost 2009 season.

Mark Hurd Resigns From Hewlett-Packard

SAN FRANCISCO (GaeaTimes.com)- On Friday, one of the most well known chief executives in the business world, Mark Hurd, the CEO of Hewlett-Packard Co, was unexpectedly forced to resign from his position after an investigation into a claim of sexual harassment revealed other misconducts of the now former CEO of HP. The resignation of Mark … Original article on : Mark Hurd Resigns From Hewlett-Packard.

Italian mattress maker defends use of Bellagio name for product in name suit with Vegas hotel

Company defends Bellagio mattress in name suit

LAS VEGAS – An Italian mattress maker says its “Bellagio Lavender” mattresses are named to pay homage to its home country, not to infringe on the MGM Resorts International casino-hotel on the Las Vegas Strip.
Magniflex USA President Marco Magni says his company is reviewing a lawsuit filed Wednesday by … Read more >>>.

Biographical information on HP’s former CEO, Mark Hurd

Biographical data on Mark Hurd
NAME: Mark Hurd

AGE: 53
EDUCATION: Bachelor’s degree from Baylor University.
PERSONAL: Married, two children.
PROFESSIONAL EXPERIENCE: Hurd came to HP in 2005 as CEO and president; he became its board chair in 2006. Before HP, Hurd worked at business technology company NCR Corp. for 25 years and was that company’s CEO from 2003 to …. Original article  : Biographical information on HP’s former CEO, Mark Hurd.

Bell, Calif., official says 7 other managers got high salaries, in addition to 3 who resigned

Bell, Calif. official: 7 more managers highly paid

BELL, Calif. – The California city of Bell says seven more city workers received high salaries, with two making more than $400,000 per year and three making more than $200,000.
Interim City Manager Pedro Carrillo announced the salaries at a news conference Friday and vowed reforms for the blue-collar …. Source article  : Bell, Calif., official says 7 other managers got high salaries, in addition to 3 who resigned.

Trek, Nike say they’re cooperating in federal probe of cycling, including Lance Armstrong

Trek, Nike cooperating in cycling investigation

MILWAUKEE – Athletic gear maker Nike and the bicycle maker that sponsors Lance Armstrong’s racing team are cooperating with federal authorities investigating the seven-time Tour de France champion and others in cycling, spokesmen for both companies said Friday.
Investigators requested documents from Trek Bicycle Corp. early in July and company officials … Read this article on Gaea Times at : Trek, Nike say they’re cooperating in federal probe of cycling, including Lance Armstrong.

Denting the nation’s 9.5 pct. unemployment rate requires more jobs than you might expect

71K more jobs not enough to dent unemployment rate

Adding a net 71,000 private-sector jobs a month to the economy might sound like a lot. But that’s a tiny fraction of the number of people unemployed in the U.S. It’s not even enough to keep pace with the nation’s population growth.
Right now, the nation’s labor pool …. Read the original article  : here.

Regulators shut down Ravenswood Bank in Chicago; makes 109 US bank failures this year

Regulators close small Chicago bank
WASHINGTON – Regulators on Friday shut down a small bank in Chicago, lifting to 109 the number of U.S. bank failures this year.

The Federal Deposit Insurance Corp. said it was appointed receiver of Ravenswood Bank, which had roughly $264.6 million in assets and $269.5 million in deposits as of June 30.
The …. Original article  : Regulators shut down Ravenswood Bank in Chicago; makes 109 US bank failures this year.

AP Interview: Vince McMahon says WWE unfairly taking hits from wife’s foes in Conn. campaign

Vince McMahon sick of Sen. campaign WWE smackdowns

STAMFORD, Conn. – Vince McMahon, chairman and CEO of World Wrestling Entertainment, says his wife’s political opponents are taking unfair shots at his company using out-of-context footage – such as old images of a wrestler committing necrophilia or McMahon demanding that a scantily clad female wrestler bark like … Read more : AP Interview: Vince McMahon says WWE unfairly taking hits from wife’s foes in Conn. campaign.

Person familiar with NASCAR schedule tells AP that Kansas Speedway will get 2nd race in 2011

AP source: Kansas to get 2nd NASCAR race
TOPEKA, Kan. – A person familiar with the 2011 NASCAR schedule said Friday that Kansas Speedway will get a second race next year.

The person spoke to The Associated Press on Friday on condition of anonymity because the schedule hasn’t been released. A formal announcement regarding a second Sprint … Read : Person familiar with NASCAR schedule tells AP that Kansas Speedway will get 2nd race in 2011.

Economy 101: Last month’s employment snapshot, by the numbers

Economy 101: July’s job snapshot, by the numbers

WASHINGTON – Businesses hired a few more workers in July, but not nearly enough to bring down the unemployment rate, according to a Labor Department report released Friday.
The report showed that private employers added 71,000 jobs last month, while the jobless rate remained stuck at 9.5 percent.
These and …. Source article  : Economy 101: Last month’s employment snapshot, by the numbers.

Drug developer NuPathe shares dip in market debut after scaled-back IPO raises $50 million

Drug developer NuPathe shares dip in market debut

NEW YORK – Shares of drug developer NuPathe are dipping in their market debut after a scaled-back initial public offering raised $50 million.
NuPathe Inc., based in Conshohocken, Pa., priced 5 million shares for $10 apiece. It downsized its IPO plans Thursday, cutting the expected range for shares from [..] Read the original article: here.

Lawyer to appeals court: Uphold NYC ruling limiting when website can release stock reports

Lawyer: Finance firms’ suit not free-speech attack

NEW YORK – A lawyer for financial companies has told federal appeals judges in New York City that a ruling forcing a website to delay releasing the research findings of financial firms is not an attack on free speech.
Attorney Bruce Rich said in a Manhattan court on Friday that … Read more »»».

Buffett’s Berkshire Hathaway says 2Q profit down 40 percent on unrealized derivative losses

Net income falls 40 percent at Buffett’s company

OMAHA, Neb. – Warren Buffett’s company reported a 40 percent drop in second-quarter profit Friday because the improvement at Berkshire Hathaway Inc.’s operating companies couldn’t overcome $1.4 billion in paper losses on derivative contracts.
Berkshire’s strong performances from its railroad, insurance and manufacturing businesses was overshadowed by the plummeting … Read this article on Gaea Times at : Buffett’s Berkshire Hathaway says 2Q profit down 40 percent on unrealized derivative losses.

Summary Box: Treasury yields sink as jobs report renews concerns about economic growth

Summary Box: Treasury yields sink on jobs report

WEAK HIRING: The Labor Department’s report on employment disappointed investors and confirmed fears that the U.S. economic recovery is weakening.
RECORD LOW: The yield on the two-year Treasury note traded at a record low of 0.50 percent. The yield closed at 0.51 percent, down from 0.54 percent late Thursday, … Read : Summary Box: Treasury yields sink as jobs report renews concerns about economic growth.

Summary Box: Feeble jobs report sends stocks sliding, but a late-day reprieve trims losses

Summary Box: Weak jobs report sends stocks lower

CRUMMY JOBS NUMBER: Stocks were sharply lower for much of the day after the Labor Department reported disappointing job numbers for July. Private employers added only 71,000 jobs, far below the level needed to reduce unemployment.
DOLLAR HIT TOO: The dollar sank against the yen and euro as prospects … Original source on Gaea Times at : Summary Box: Feeble jobs report sends stocks sliding, but a late-day reprieve trims losses.

Boozman calls White House promise to fund Lincoln’s farmer aid plan a bailout for her Ark. bid

Boozman criticizes pledge to fund Lincoln aid plan

LITTLE ROCK, Ark. – Republican Congressman John Boozman on Friday accused the White House of trying to boost Democratic Sen. Blanche Lincoln’s re-election odds with a promise to fund a $1.5 billion disaster aid package for farmers.
Boozman, who is running against Lincoln in November, questioned whether the Obama … Read more >>>.

A 3rd straight month of weak hiring points to weak growth and high unemployment

3rd month of weak hiring signals long slog ahead

WASHINGTON – The nation isn’t creating nearly enough jobs to reduce persistently high unemployment.
For the third straight month, the private sector hired cautiously in July. And those meager gains in the job market were nearly wiped out by tens of thousands of cuts at all levels of … Original source on Gaea Times at : A 3rd straight month of weak hiring points to weak growth and high unemployment.

AIG, Washington Post, Crocs, American Public Education among big market movers Friday

AIG, Washington Post, Crocs among big movers

NEW YORK – Stocks that moved substantially or traded heavily Friday on the New York Stock Exchange and Nasdaq Stock Market:
NYSE
Assured Guaranty Ltd., up $2.34 at $18.44
The bond insurer posted a profit in the second quarter thanks to investment gains and an acquisition.
PerkinElmer Inc., up $2.24 at $22.29
The medical … Original article on : AIG, Washington Post, Crocs, American Public Education among big market movers Friday.

HP CEO Mark Hurd steps down in wake of sexual-harassment claim, CFO named interim CEO

HP CEO Hurd resigns after sexual-harassment probe

SAN FRANCISCO – Hewlett-Packard Co. said CEO Mark Hurd is stepping down following a probe that found he falsified expense reports related to a former HP contractor who accused him of sexual harassment.
HP said Friday that Hurd decided to leave after the sexual-harrassment claim, which was made against him … Read : HP CEO Mark Hurd steps down in wake of sexual-harassment claim, CFO named interim CEO.

Volcano Affects Ryanair Profit

DUBLIN, IRELAND (GaeaTimes.com)- The Irish budget airline Ryanair has reported a loss of 24 percent in its report for the first quarter. The main reasons for this loss are a hike in crude fuel price and the enormous blow the aviation sector received during the Icelandic volcano eruption. It is quite well known now that …. Source  : Gaea News Network.

Adventure tourism key to boosting economies

WASHINGTON – A study has found that a country could get an economic boost if it offered adventure tourism.

Researchers at George Washington University’s International Institute of Tourism Studies believe that jungle tours, whitewater rafting or birdwatching can help attract tourists.

GW School of Business researchers found that the adventure tourism is a rapidly growing tourism market …. Source  : Adventure tourism key to boosting economies.

Adani Agrifresh to buy 35,000 tonnes of apples from Himachal

SHIMLA – Adani Agrifresh will procure 35,000 tonnes of apples from Himachal Pradesh this year, a company official said here Sunday.

“We have started apple procurement two days ago. This year’s procurement rate is Rs.31 a kg for the superior variety,” Deputy General Manager Sanjay Mahajan told IANS.
This year’s price is Rs.27 less than that … Read more »»».

Mark Papermaster Leaves Apple

CUPERTINO (GaeaTimes.com)- There is no doubt about the fact that the latest smart phone to come out of the Apple factory has become one of the most un-smart gadget with its continuously and embarrassingly failing antenna. Perhaps to correct its image in front of the complaining customers, Apple’s spokesman, Steve Dowling on Saturday announced that … Original article on : Mark Papermaster Leaves Apple.

AP source: Disgraced former HP CEO Mark Hurd settles with sex-harassment accuser

AP source: Ousted HP CEO settles with accuser

SAN FRANCISCO – A person familiar with the sexual harassment allegations against ousted Hewlett-Packard Co. CEO Mark Hurd tells The Associated Press that Hurd has settled the matter with his accuser.
This person says Hurd agreed to pay the woman, but wouldn’t reveal the size of the payment. The …. Original source  : AP source: Disgraced former HP CEO Mark Hurd settles with sex-harassment accuser.

Help for distressed Indian globetrotter now a phone call away

NEW DELHI – Whether it is a businessman who wants to know if it is safe to visit certain cities in Mexico or a tourist in Tokyo who suspects he has fractured his ankle, help is not far thanks to a service available to the Indian globe trotter.

The London and Singapore-based International SOS says its … Read the original article on Gaea Times at : Help for distressed Indian globetrotter now a phone call away.

Himachal’s hydropower plant remains shut, power supply hit

SHIMLA – The country’s largest hydropower plant in Himachal Pradesh remained shut for the fourth day Sunday, disrupting power supply to northern states, including Delhi.

The 1,500 MW Nathpa Jhakri hydropower project in Kinnaur district was closed Thursday as the silt level suddenly rose more than the permissible limit of 4,000 ppm (parts per million) due … Read this article on Gaea Times at : Himachal’s hydropower plant remains shut, power supply hit.

Delhi flower mart is a feast for the senses (Feature with images)

NEW DELHI – The fragrance of roses and rajnigandha fill the air as temple bells ring in the background. A trip to the flower market in Connaught Place is an overwhelming experience for the senses, with the pavement sellers doing business worth lakhs of rupees every month.

The Hanuman Temple flower market commences business at around … Read more >>.

Business returning to old world values, the Tata way

NEW DELHI – In the footsteps of India’s Tata Group – which is hunting for a successor right now – business houses across the globe are resorting to old world values of community service to sustain themselves in the long run, says British business historian Morgen Witzel.

“The house has always believed in service to community …. Source article on Gaea Times at  : Business returning to old world values, the Tata way.

India Show in Johannesburg to push trade with Africa

NEW DELHI – A four-day “India Show” in Johannesburg from Aug 29 will kick off a drive to push trade and economic ties with South Africa and use it to make a major foray into the African continent.

India’s Commerce Minister Anand Sharma and Tata Group chief Ratan Tata will lead the government-corporate mission …. Original source  : India Show in Johannesburg to push trade with Africa.

Reports say Calif. city official pocketed $1.5M in salary and unusually generous benefits

Calif. city official’s salary package topped $1.5M

LOS ANGELES – A former city manager’s huge $787,000 salary is only half of the unusually generous total compensation given to the official in the small California blue-collar city of Bell, according to a city official.
Robert Rizzo’s benefits, which included 20 weeks paid vacation, brought his total annual compensation …. Original article  : Reports say Calif. city official pocketed $1.5M in salary and unusually generous benefits.

Bell official pocketed $1.5M in salary and unusually generous benefits, double earlier reports

Bell official’s salary and benefits topped $1.5M

BELL, Calif. – A former Bell city official’s huge $787,000 salary is only half of his unusually generous total compensation, according to local media reports.
KTTV Fox 11 News first reported on Friday night that former Bell City Manager Robert Rizzo’s benefits, which include 20 weeks paid vacation, bring his …. Read the original article  : here.

Orissa stops land acquisition for POSCO project

BHUBANESWAR – Orissa officials Saturday stopped the land acquisition process for South Korean steel major POSCO’s $12 billion project in Jagatsinghpur district, two days after the union environment and forests ministry asked it to stop all work on the project.

“We have stopped the land acquisition process today (Saturday) till an indefinite period. We are awaiting … Read this article on Gaea Times at : Orissa stops land acquisition for POSCO project.

Chrysler sales to everyday drivers drop; gains come from less profitable rental car fleets

Chrysler sales rise but problems lurk behind gains

DETROIT – A year after getting billions of dollars in federal aid to stay in business, Chrysler now brags each month about growing sales, insisting it is rolling down the road to recovery.
But beneath the surface of those sales figures are troubling signs for Chrysler. The company has … Read more >>>.

Roger Goodell takes questions on negotiations, expects Indy Super Bowl to go as planned

Goodell expects Indy Super Bowl to go as planned

ANDERSON, Ind. – Colts players liked what Roger Goodell told them about the 2012 Super Bowl.
The NFL commissioner expects it to be played as planned in Indianapolis.
As for other discussion topics, well, let’s just say there’s plenty of time to work things out.
Goodell wrapped up his training … Original source on Gaea Times at : Roger Goodell takes questions on negotiations, expects Indy Super Bowl to go as planned.

Delhi Metro pays back over Rs.567 crore to Japanese agency

NEW DELHI – One of the few metros in the world to make an operational profit, the Delhi Metro Rail Corporation (DMRC) has paid an amount of over Rs. 567 crore back to a Japanese agency, which sanctioned it a loan for its projects.

According to a DMRC spokesperson Saturday, the amount of 567.63 crore …. Source  : Gaea News Network.

Bangladesh gets $1 bn loan from India

DHAKA – Bangladesh Saturday inked a $1 billion loan agreement with India to finance several projects in the country.

The line of credit will be utilised for implementation of projects to be identified and approved by the Bangladesh government, the Daily Star reported.
Bangladesh’s Economic Relations Department secretary M.Musharraf Hossain Bhuiyan and India’s Exim Bank … Read : Bangladesh gets $1 bn loan from India.

Saudi Arabia halts plan to ban BlackBerry after deal

LONDON – Saudi Arabia and BlackBerry have reached a deal to avert a ban on the smartphone’s messenger service, a move that could have wide-ranging implications for several other countries including India.

The agreement, which involves placing a BlackBerry server inside Saudi Arabia, would allow the government to monitor users’ messages and allay official fears … Original source on Gaea Times at : Saudi Arabia halts plan to ban BlackBerry after deal.

Lifetime achievement travel award for Jet Airways chairman

MUMBAI – Jet Airways chairman Naresh Goyal has been given the lifetime achievement award at the TAAI Travel Awards during a two-day expo organised by Travel Agents Association of India (TAAI).

The India Travel and Trade Expo (ITTE) 2010 that began Friday saw participation of representatives of various industries like airlines, hotels, tourism, technology partners …. Original source  : Lifetime achievement travel award for Jet Airways chairman.

Infosys Murthy’s son Rohan to wed TVS Venu’s daughter

BANGALORE – N.R. Rohan Murthy, son of Infosys Technologies Ltd chairman N.R. Narayana Murthy and Sudha Murthy will soon marry Lakshmi, daughter of TVS Motor Company chairman Venu Srinivasan and Mallika Srinivasan.

“Yes, Rohan had proposed to Lakshmi Thursday in Chennai and the latter had consented. They have known each other for over six months and … Read more >>.