MARKETS / FINANCE

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Energy and Security Issues in the Red Sea Transforming as the Age of Gas Begins in Earnest

Major new energy issues are about to transform still further the strategic balance of the Horn of Africa and the Red Sea, with foreseeable consequences for the global energy market over the coming decade. Soon-to-be-evident new wealth in the Red Sea/Horn of Africa region will transform the intensity of conflict there, which in turn will affect not only the region, but the world's most important trading route: the Red Sea/Suez sea line of communication (SLOC).

Wall Street futures edge up ahead of GDP, Bernanke

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Futures for the Dow Jones industrial average, the S&P 500 and the Nasdaq 100 are flat to 0.1 percent firmer, pointing to a slightly higher start on Wall Street ahead of U.S. GDP data and a major speech by Federal Reserve Chairman Ben Bernanke.

Base metals remain up on global cues

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Copper and other base metal prices rose up to 5 per kg in the non-ferrous metal market on Thursday on continued buying by stockists on industrial demand amid firming trend at the London Metal Exchange.
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FTSE seen falling

The FTSE 100 <.FTSE> index is seen falling on Friday, retreating after gains in the previous session, as investors awaited GDP releases from both the UK and the United States and a major speech by Federal Reserve Chairman Ben Bernanke.
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IGC again cuts global wheat output estimate

International Grain Council on Thursday further slashed global wheat output estimate for 2010-11 by 7 m tones to 644m tones. In its latest report, the IGC however said wheat consumption will hit a record despite soaring prices because of a dearth of alternatives in Russia.
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The 'Gold Rush'f for junk silver coins

Junk silver coins may be the next gold rush for those looking for an affordable way to hedge against the global finacial market. Gold investors who are savy on precious metal investment have been discovering the value of junk silver and are buying up the coins in bulk quantites, according to Regal Assets, a precious metals investment advisor.
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Australians bet on fresh election next year

Australians are betting that a minority government expected to be formed in the next few weeks will not last a full term and fresh elections will be called in 2011, an online bookmaker said on Friday.
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FTC drops LimeWire ID theft investigation

Regulators dropped an investigation into whether LimeWire file-sharing software put users' personal information at risk of identity theft, according to a letter sent to the company earlier this month.
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Citi-backed personal finance site adds tools

Bundle.com, an online personal finance site that counts Citigroup Inc among its backers, is unveiling new features to compete in a growing market for Internet banking and budgeting advice, its chief executive said on Thursday.
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Stocks tumble as economy and techs weigh

U.S. stocks sagged on Thursday as data that showed weekly initial jobless claims fell more than expected failed to stir enthusiasm about the economy while the world's central bankers met for an annual retreat.
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Stocks slump as economy woes overhang

U.S. stocks sagged on Thursday as data that showed weekly initial jobless claims fell more than expected failed to stir much enthusiasm over the economy.
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Dow falls below 10,000

U.S. stocks sagged on Thursday and the Dow closed below 10,000 a day ahead of an expected downward revision in U.S. second-quarter economic growth and a major speech by Federal Reserve Chairman Ben Bernanke.
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Dow slips below 10,0000

Stocks sagged on Thursday and the Dow closed below 10,000 a day ahead of an expected downward revision in U.S. second-quarter economic growth and a major speech by Federal Reserve Chairman Ben Bernanke.
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U.S. banks lobby Fed on debit card fee limits

The Federal Reserve has begun taking the first steps to crack down on debit-card transaction fees, with the battle between merchants and banks moving from the legislative to the regulatory arena.
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Jobless claims fall but still elevated

New U.S. jobless claims fell more than expected last week but were too high to signal a shift in a weak labor market that is constraining economic growth.
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U.S. soon to end tax case against UBS

UBS moved a step closer to putting its U.S. tax-evasion scandal behind it as U.S. authorities said they will soon close a tax fraud case that threatened to bring the banking giant to its knees.
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Wall St edges lower on economic woes

U.S. stocks edged lower on Thursday as persistent concerns about the economy offset data showing U.S. weekly jobless claims fell more than expected.
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Wireless competition, prices fall: report

Wireless phone customers have enjoyed lower prices and better coverage despite reduced competition from years of consolidation in the $150 billion industry, a U.S. report said on Thursday.
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Jobless claims fall, but still elevated

New U.S. jobless claims fell more than expected last week but were too high to signal a shift in a weak labor market that is constraining economic growth.
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U.S. to end tax case soon against UBS

U.S. authorities said on Thursday they would soon bring to a close the tax fraud case against UBS , which had threatened to bring the Swiss banking giant to its knees.
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Wall St flat as gains from jobless data fade

Weekly jobless claims declined more than expected last week, briefly sending stocks higher, but the four-week average of new claims, a measure regarded as better reflecting labor market trends, rose to a nine-month high, offsetting the enthusiasm.
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China's metals imports going strong

It seems there is no end to China's appetite for metals. China's economic health is robust and it is continuing with the metal buying spree. China's imports of all metals rose in July with imports of refined lead in particular jumping by over 80 per cent compared with June, while refined zinc and nickel imports both surged by over 50 per cent.
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Move against Vedanta to hit mining sector

India's environment and forests minister Jairam Ramesh rejected the environment clearance accorded to state-owned Orissa Mining Corporation (OMC) to mine bauxite in Niyamgiri Hills on December 11, 2008 for supply to Anil Agarwal-promoted Vedanta Aluminium Ltd's refinery in Lanjigarh.
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New oil eating bacteria raises hope for Gulf

Finding of a new type of oil eating bacteria at the sites of recent Gulf of Mexico oil spill raised new hopes for environmentalists. Scientists discovered the new microbe while studying the underwater dispersion of millions of gallons of oil spilled into the Gulf following the explosion of BP's Deepwater Horizon drilling rig.
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How international sanctions affect energy prices

Although the Iranian government insists that countries like China and Russia can make up lost Western investment in the petroleum sector, rising gas prices and stalled energy projects are signs that the regime is beginning to buckle under international sanctions.
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Oil moves towards $73 as dollar dips

World oil prices advanced towards $73 in Asian trade Thursday mainly on a weak dollar after overcoming impacts over a massive increase in US crude reserves. Light sweet crude for October delivery was seen trading at $72.81 a barrel at 11.30 a.m Singapore time while Brent crude for October delivery was at $73.85 a barrel in London.
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Gold stays up on weak dollar, econ worries

Gold prices remain higher in Asian trade Thursday a day after the WGC said regional giants India and China were likely to provide the main thrust to demand growth this year.
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India food inflation dips to 10.05 percent

India's food inflation eased further but remained in double digit for the third week in a row. According to official figures from country's commerce ministry, the food inflation based on wholesale price index eased to 10.05 percent for the week ended August 14, compared with previous week's 10.35 percent.
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China Q2 gold demand rise 26 percent

China remains world's second largest gold consumer behind India though its gold demand increased by 26 percent year-on-year in the second quarter. According to World Gold Council (WGC), China's gold demand in the April-June period reached 111.7 tons.
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India accounts for 30% of global jewelry demand

India, the world's largest gold consumer accounted for 30 percentage of the global gold jewelry demand. According to World Gold Council, jewellery was dominated by India, with demand of 123t or 30% of the world total, just down from the 32% market share of Q1.

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