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Related Topic: Free News on your Blog, Article writers, Blogger Template

SEOUL, South Korea – Asian stock markets rose for a second day Wednesday, underpinned by better-than-expected U.S. earnings and optimism the regional economy is on the mend. European shares were higher.

Gains across the region were broad-based as recent pessimism about economic recovery gave way to relief that the U.S. corporate earnings season hasn’t produced any big disappointments so far.

Investors have been focusing on earnings for clues about the state of the world’s largest economy, currently mired in its deepest recession in decades. The big rally in world markets between March and June stalled in the past few weeks as data suggested any economic recovery would be a long, hard slog.

Japan’s benchmark Nikkei 225 stock average rose 7.44 points, or 0.1 percent, to 9,269.25 after gaining 2.3 percent the day before to snap a nine-session losing streak. full story..

Related topic: Asian Blog, Tribal Tattoos, Looking for a Tech Story?

By Catherine Clifford, CNNMoney.com staff writer
Last Updated: July 13, 2009: 3:03 PM ET

Source: CNN Money

NEW YORK (CNNMoney.com) — The federal budget deficit increased in June as spending surged and tax receipts sunk, pushing the total budget shortfall to over $1 trillion in the first 9 months of the fiscal year, according to a government report released Monday.

The Treasury Department said the June deficit was $94.3 billion, a reversal of fortune from the $33.5 billion surplus the government managed in June 2008. In May, the deficit was $189.7 billion.

Economists surveyed by Briefing.com had forecast a budget deficit of $97 billion. The Congressional Budget Office had also forecast a $97 billion shortfall last month.

The deficit was the largest shortfall the government has ever recorded in the month of June, and the first time it has come up short in June since 1991, according to a Treasury official. The largest monthly deficit on record was February 2009, when the government increased its shortfall by $193.9 billion. more story

Relate topic: Surplus Liquidation, Government Deficit, Economy Recession

India continues to be the most preferred destination for companies looking to offshore their IT and back-office functions, despite the backlash against outsourcing to the country. It also retains its low-cost advantage and is among the most financially attractive locations when viewed in combination with the business environment it offers and the availability of skilled people, according to global management consultancy AT Kearney.

India has retained its numero uno position even as some other well-established outsourcing hubs dropped in their attractiveness to be replaced by new emerging destinations in AT Kearney’s latest ranking of the top outsourcing destinations across the globe. “The top three countries in the 2009 Global Services Location Index (GSLI) remain the same—India, China and Malaysia—but the world’s volatile economic environment is reflected in the rest of the rankings,” the consultancy pointed out. The study evaluates 50 top countries. more story..

By KWANG-TAE KIM, Associated Press Writer – Fri Jul 10, 2009 1:45AM EDT

SEOUL, South Korea -
Cyber attacks that caused a wave of Web site outages in the U.S. and South Korea used 86 IP addresses in 16 countries, South Korea’s spy agency told lawmakers Friday, amid suspicions North Korea was behind the effort.

The countries include South Korea, the United States, Japan and Guatemala, Chung Chin-sup, a member of the parliamentary intelligence committee, told reporters.

He spoke after being briefed by the National Intelligence Service, or NIS, on preliminary investigations of the IP addresses — the Internet equivalent of a street address or phone number.

The assaults on Web sites in the U.S. and South Korea have been described as so-called denial of service attacks in which floods of computers try to connect to a single site at the same time, overwhelming the server. more story..

DETROIT – After a night spent signing mounds of paperwork authorizing the transfer of cash, real estate, technology and other property, GM attorneys are expected to officially usher the new General Motors out of bankruptcy protection on Friday and onto a path toward a hopefully profitable future.

Once the world’s largest and most powerful automaker, the troubled company is expected to emerge cleansed of massive debt and burdensome contracts that would have sunk it without federal loans. Spurred on by the Obama administration’s support, the process took just 40 days, even slightly quicker than crosstown rival Chrysler Group LLC’s 42-day timeframe. more story=>

NEW YORK (Reuters) – American International Group Inc (AIG.N) has resumed talks to sell its American Life Insurance Co unit to MetLife Inc (MET.N) in a transaction that could help the stricken insurer raise more than $15 billion, the Financial Times said.

The preliminary talks over the unit known as Alico could break down, as they did earlier in the year when AIG and MetLife disagreed over the price, the newspaper said, citing people close to the situation. more story==>

By Julianne Pepitone, CNNMoney.com contributing writer
Last Updated: July 8, 2009: 4:13 PM ET

NEW YORK (CNNMoney.com) — Consumer debt fell in May, for the fourth straight month, a government report said Wednesday.

The reduced borrowing comes as job losses and pay cuts have limited consumer spending power. At the same time, banks have tightened lending standards due to growing concerns about default risks in a battered economy. more story==>