Business News: General

KUALA LUMPUR, Malaysia (AP) _ Oil prices hovered around US$111 a barrel Tuesday in Asia as the threat of Hurricane Gustav dissipated but traders predicted further risks with new storms on the radar and concerns over slowing demand. Crude oil prices tumbled Monday as Gustav weakened more than expected and appeared to have caused little damage in New Orleans and surrounding areas.

Oil extended losses toward $111 on Tuesday after Hurricane Gustav eased before slamming into the US Gulf Coast, pushing up the US dollar to a 7-month high against the euro and causing a broad sell off of commodities.

The Sensex is expected to open higher on Tuesday as a slide in global oil prices ease inflation expectations, but the market could face resistance on worries about slowing corporate earnings growth.

CANBERRA, Australia (AP) _ Russia has warned that both the Russian and Australian economies will suffer if Canberra carries out a threat to withhold uranium sales to Moscow because of the conflict in Georgia.

NEW YORK (AP) _ This summer could mark the end of Coney Island's historic Astroland amusement park.

Drying up of the initial public offer (IPO) market and a general slowdown in mergers and acquisitions activity are expected to take a toll on domestic brokerages.

Saffron Asset Advisors, a private equity player, is planning to launch three new funds -- in hospitality, logistics and infrastructure -- by early 2010. Ajoy Veer Kapoor, founder and managing director, Saffron Asset Advisors told FE, "We are planning a $500 million infrastructure fund, and will introduce $200 million hospitality and logistics funds.

Steel minister Ram Vilas Paswan has said the government is mulling over increasing export duty on iron ore to ensure its supply security to domestic steel producers even as private producers sought re-imposition of import duty on steel products to check the surge in cheaper imports.

Suzlon has picked up another 22.48% stake in REpower Systems, earlier held by Martifer, for 270 million euros.

Bond yields fell to two-month low on Monday, as a fall in oil prices raised hopes of a moderation in inflation and unwound an early rise caused by an increase in reserve requirement for banks.

After rising steadily for last one year, the prices of critical commodities like edible, crude oils and steel have sharply declines, which would impact the rising graph of inflation.

Leading commodity bourse MCX is planning to relaunch futures in aviation turbine fuel (ATF) with a few modification in the contract specification.

Total aggregate futures trading turnover of the Multi-Commodity Exchange of India (MCX) and the National Commodity & Derivatives Exchange (NCDEX) - the two major national commodity exchanges in the country - has come down by 20% to Rs 4.24 lakh crore during the month of August 2008 from Rs 5.

HONG KONG (AP) _ Asian stock markets dropped sharply Monday, led by exporters like Canon and LG Electronics, amid worries over slowing global demand and crude prices as Hurricane Gustav bore down on Gulf Coast oil operations.

Mumbai, Sep 1 (PTI) The Indian rupee today closed above the psychological level of 44-mark against the greenback in over 17 months on sustained demand for the US currency from oil refiners amid

The Sensex recovered from sharp early losses to finish down 0.45 per cent on Monday, after investors covered their short positions in financial issues on hopes interest rates would hold in the near term.

Riding high on their fathers' richie-rich status, Vanisha Mittal, Isha Ambani and Pia Singh -- daughters of Lakshmi Mittal, Mukesh Ambani and K P Singh respectively -- have grabbed the top three rankings on a Forbes list of billionaire heiresses.

SEOUL, South Korea (AP) _ State-owned Korea Development Bank is still considering a deal to acquire troubled U.S. investment bank Lehman Brothers, a South Korean business newspaper reported Monday.

The Indian rupee hit a 17-month low at 44.20/23, 28 paise cheaper from its last close against the greenback, during morning trading on Monday on heavy dollar demand from importers amid weak equity markets.

The Bombay Stock Exchange benchmark Sensex fell by over 170 points in early trade on Monday on fresh selling by funds and retail investors in line with weakening global markets.