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There is still time for climate deal this year: Obama

US President Barack Obama, at the G8 summit on Thursday, said there is still time to close the gap with developing powers on climate change, after the UN chief criticised the G8 for not going hard enough.

China detains Rio Tinto staff for ‘violating interest’

China on Thursday said the detained staff from Australian miner Rio Tinto had harmed China’s economic interests in a case that has rattled currency markets and raised questions about China-Australia relations.

Europe’s economy shrinks most as exports dip

Europe’s economy contracted by a record in the first quarter as exports dropped and companies cut spending and jobs to weather the slump in demand.

Geithner urges quick action on rules revamp; Fed’s role debated

Treasury secretary Timothy Geithner urged lawmakers to quickly pass legislation enacting President Barack Obama’s overhaul of US financial rules, as Democrats pushed back on plans to expand the Federal Reserve’s powers.

World economy still faces significant risks: G-8 leaders

G-8 leaders believe the world economy still faces “significant risks” and may need further help, according to summit draft documents that also reflect failure to agree climate change goals for 2050.

US should consider second stimulus, says Tyson

The US should consider drafting a second stimulus package focusing on infrastructure projects because the $787 billion approved in February was “a bit too small,” said Laura Tyson, an adviser to President Barack Obama.

GM creditors will let asset sale go forward while they appeal

General Motors Corp’s sale of most of its assets to a US Treasury-funded buyer won’t be stalled by the only appeal of a decision approving the transaction, a lawyer for objecting creditors said.

Debt burden quickens power shift as G-8 loses clout

The world’s most affluent nations will take decades to work off the biggest buildup in debt since World War II. The political costs may be permanent, laid bare at this week’s Group of Eight summit of leading industrial powers.

G8 not relevant in today’s world: France

The Group of Eight club of rich economies is not that relevant anymore and should be broadened to take in emerging powers, France’s economy minister Christine Lagarde said.

Over 60% US infotech cos bullish on biz

A majority of the large and medium-size IT entities in the US expect better business performance in the second half of 2009, while many plan to hire staff in the coming months.

Service industries may be contracted: US eco preview

Service industries in the US probably shrank in June at a slower pace, signaling the worst recession in a half century is easing.

Obama leaves for Moscow to ‘reset’ ties with Russia

President Barack Obama headed to Moscow promising a far-reaching effort to ‘reset’ US-Russia relations that hit a post-Cold War low under the Bush administration.

Rise in sales, dip in prices spell US realty recovery

It is a little too early to celebrate new life in the housing market, but Americans should soon have something to party about if the spring housing season is any gauge.

US probes Google’s $125-m agreement on copyright issues

Google Inc’s $125 million agreement to settle copyright issues with book publishers is being investigated by US antitrust regulators.

Treasury’s distressed debt plan to begin with $20 billion

It plans to provide about $1.1 bn to money managers for Public-Private Investment Programme

US unemployment rate seen at 26-year high

Employers in the US probably cut an additional 3,65,000 jobs in June, a government report may show on Thursday, offering little evidence the Obama administration’s stimulus package is shoring up the labour market.

ECB keeps key rate at record low of 1%

The European Central Bank kept interest rates steady as it rolls out new tools to battle the worst recession since World War II.

...Public issue likely in 2010

General Motors Corp, the bankrupt automaker selling most of its assets to the US government, may file for an initial public offering of its stock in 2010, said an adviser to the Obama administration’s auto task force.

GM plans ‘garage sale’ for toxic plants, New Jersey golf course

As General Motors Corp prepares to sell its best assets to a streamlined new entity, the worst of what it owns will be auctioned off in bankruptcy court, including contaminated factory sites, parking lots in Flint, Michigan, and a nine-hole golf course in New Jersey.

June auto sales likely to show revival signs

Major automakers are expected to report the highest sales rate of 2009 when they post results for June, as deep discounts limit industry-wide results to a 30% decline.

Chrysler bleeding, cash loss slows, says Fiat’s Marchionne

Chrysler Group LLC has stemmed the pace at which it uses cash after emerging from bankruptcy June 10 as a slimmer company, chief executive officer Sergio Marchionne said.

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