Asia Energy Day Ahead: Crude Oil May Fall; GE Profit Increases 12 Percent

(Bloomberg) -- Crude oil may fall next week on
speculation U.S. gasoline inventories will increase as
refineries finish maintenance. General Electric Co., the world's
second-biggest company by market value, said second-quarter
profit rose 12 percent on sales of power-plant turbines, jet
engines and commercial loans outside the U.S.

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Catholic Church avoids abuse trial with LA deal

(Reuters) - Facing trial on Monday over abuse allegations dating as far
back as the 1940s, the Archdiocese agreed to pay 508 victims
the largest-ever group settlement.




The deal was the latest chapter in a clergy abuse scandal
that has rocked the Roman Catholic Church worldwide, damaging
its moral standing and forcing five U.S. diocese to seek
bankruptcy protection.


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Bernanke to stress price worries before Congress

(Reuters) - Bernanke looks set to emphasize that the Fed's main concern remains the risk that inflation fails to moderate as it expects when he appears before the House of Representatives' Financial Services Committee on Wednesday at 10 a.m. EDT. .




He will deliver similar testimony the next day before the Senate Banking Committee. The two days of testimony are part of a twice-yearly ritual in which the Fed chairman presents the central bank's monetary policy report. The report will contain updated forecasts for growth, inflation and unemployment.


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HBOS eyes property group Quintain: paper

(Reuters) - No one at Quintain was available for comment, but the company had said on Friday that HBOS had acquired a 12.4 percent stake in the firm.




The paper said that no formal decision has been made to proceed with a takeover bid, but it quoted City sources that HBOS was working on preliminary plans under which Quintain would be taken private.


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Algeria seeks to trim diesel import bill

(Reuters) - OPEC-member Algeria sees as "inescapable" a planned decision to increase domestic diesel oil prices, a step aimed at easing the amount imported, Energy and Mines Minister Chakib Khelil said on Saturday.

Raising prices is "a strategic and inescapable option," the official news agency APS quoted him as saying.


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Saudi Shares Gain, Led by Sabic, Saudi Telecom; Kuwait Drops: Gulf Stocks

(Bloomberg) -- Shares in Saudi Arabia advanced for a
third day, paced by Saudi Basic Industries Corp., known as Sabic,
and Saudi Telecom Co.

The Tadawul All Share Index rose 1.1 percent to 7530.82 at
1:58 p.m. in Riyadh, bringing the three-day gain to 4.1 percent.


Read more at Bloomberg Stocks News

Tanzania inflation picks up to 5.9 pct y/y in June

(Reuters) - Tanzania's annual inflation rate rose to 5.9 percent in June from 5.0 percent in May, the National Bureau of Statistics said on Saturday.

Prices for green label tea, kerosene, charcoal, diesel and petrol were among those that rose, while prices of rice, maize grain, wheat flour, cassava, meat and milk were among those that eased, the statistics bureau said.


Read more at Reuters Africa