Obama heads to Asia, hopes to deliver on jobs

WASHINGTON: US President Barack Obama leaves on Friday on a trip to Asia he hopes will lead to more U.S. exports and jobs, three days after his Democratic Party sustained big election losses tied to the weak economy.

Obama will visit India, Indonesia, South Korea and Japan on a 10-day trek blending trade talk and other economic diplomacy with assurances to Asian allies worried by an increasingly assertive China.

In India, Obama will attend a meeting along with U.S. business leaders. He will announce a “comprehensive partnership” including economic ties in Indonesia, attend a G20 summit of global economic powers in Seoul and participate in an Asia-Pacific economic forum in Yokohama, Japan.

“I’m going to be leaving tomorrow for India, and the primary purpose is to take a bunch of U.S. companies and open up markets so that we can sell in Asia, in some of the

Obama heads to Asia, hopes to deliver on jobs

WASHINGTON: US President Barack Obama leaves on Friday on a trip to Asia he hopes will lead to more U.S. exports and jobs, three days after his Democratic Party sustained big election losses tied to the weak economy.

Obama will visit India, Indonesia, South Korea and Japan on a 10-day trek blending trade talk and other economic diplomacy with assurances to Asian allies worried by an increasingly assertive China.

In India, Obama will attend a meeting along with U.S. business leaders. He will announce a “comprehensive partnership” including economic ties in Indonesia, attend a G20 summit of global economic powers in Seoul and participate in an Asia-Pacific economic forum in Yokohama, Japan.

“I’m going to be leaving tomorrow for India, and the primary purpose is to take a bunch of U.S. companies and open up markets so that we can sell in Asia, in some of the

US crude falls below $74 on economy fears

SINGAPORE: U.S. crude futures fell below $74 on Tuesday, extending losses for a second day, as expectations of higher crude inventories fed fears that a slowdown in global economic growth was hitting demand.

Investors took profit on oil after equities slid on skepticism that governments can boost growth, while the yen clung near a 15-year high against the dollar.

U.S. President Barack Obama”s Monday remarks on additional steps to generate jobs growth and a rise in U.S. consumer spending in July failed to lift oil and equities markets.

U.S. crude prices are meeting considerable resistance above $75 due to concerns about the economy and high oil inventories, Stefan Graber, Credit Suisse”s commodities analyst, said in a note. “For now, we expect further consolidation around $75.”

U.S. crude for October delivery fell 84 cents, or 1.12 percent, to $73.86 a barrel by 0439 GMT, after halting three days of gains on Monday.

ICE Brent for October fell 68 cents to $75.92 a barrel.

Oil fundamentals in the United States, the world”s largest consumer, remained weak as stockpiles rose for the second time in a row last week on higher imports, a British news agency preliminary poll of analysts ahead of weekly inventory reports showed.

Oil falls below $72 amid fears of slowing economy

SINGAPORE: Oil prices fell below $72 a barrel Tuesday in Asia on investor concern global economic growth could slow in the second half and drag demand for crude down with it.

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Oil falls below $72 amid fears of slowing economy

Obama to guarantee McChrystal a 4-star pension

WASHINGTON: President Barack Obama will guarantee former Afghanistan commander General Stanley McChrystal a four-star pension despite firing him last week over comments disparaging civilian leaders.

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Obama to guarantee McChrystal a 4-star pension

Fighting erupts at airport in Afghan city

KABUL: Fighting has erupted in the eastern Afghan city of Jalalabad where police say they heard explosions at the airport.

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Fighting erupts at airport in Afghan city

Oil hovers below $76 in Asia

SINGAPORE: Oil prices hovered below $76 a barrel Wednesday in Asia as plunging stock markets undermined the confidence of crude traders, offsetting signs of improving U.

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Oil hovers below $76 in Asia

Asian stocks down sharply

TOKYO: Asian markets tumbled Wednesday, extending a worldwide plunge in stocks as evidence mounts that the global economic recovery is stumbling.

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Asian stocks down sharply

Gold firms near all time high; SPDR hits record

SINGAPORE: Spot gold firmed on Wednesday, hovering within sight of a record above $1,250 an ounce struck the previous day, with dealers saying the metal was likely to consolidate before any charge higher.

Gold has gained as much as 14 percent in 2010, underpinned by worries the sovereign debt crisis in Europe may spread and hurt global economic growth and uncertainties over the future of U.S. interest rates.

Spot gold was at $1,236.55 an ounce by 0245 GMT, up $2.92 from New York”s notional close on Tuesday, when it rose as high as $1,251.20 — its highest ever.

“I think we can say the market is consolidating,” said Ronald Leung, director of Lee Cheong Gold Dealers in Hong Kong.

“As long as the interest rates do not increase in the U.S., you can say the market is still bullish.”

Two top U.S. Federal Reserve officials on Tuesday offered opposing signals on the direction of interest rates, highlighting a split within the central bank.

Physical selling slowed down in Asia and some jewelers could advantage of a slight correction in prices to stock up, with dealers noting steady purchases from investors.

“The jewellers have stepped back. There”s only buying from investors,” said Leung. Holdings in the world”s largest gold-backed exchange-traded fund, SPDR Gold Trust, rose to a record high at 1,298.530 tonnes as of June 8, from 1,286.359 tonnes as of June 4.

Iran hosts nuclear disarmament meet

TEHRAN: Iran is hosting a two-day nuclear disarmament conference in Tehran starting on Saturday that will be attended by several foreign ministers and representatives from the United Nations.

Foreign ministers from Lebanon, Iraq, Syria, the Central African Republic, Oman, Turkmenistan, Armenia and Swaziland will participate, while Russia, the United Arab Emirates and Qatar will be represented by their deputy foreign ministers, Iranian foreign ministry spokesman Ramin Mehmanparast said.

Mehmanparast said a special aide of the Chinese foreign minister, representatives of the United Nations and International Atomic Energy Agency (IAEA) and the chief of Organisation of Islamic Conference (OIC) will also be present.

“Due to the eruption of the volcano (in Iceland), some foreign ministers from South America and Africa who had connecting flights may come later or tomorrow. Among them are also some experts of weapons of mass destructions and nuclear weapons,” he added.

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