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August 2: US debt bill and more

  • August 2: US debt bill and more

    August 2: US debt bill and more

  • <p>India&#39;s Foreign Minister Pranab Mukherjee speaks during a news conference in New Delhi</p><p><b>Finance Minister Pranab Mukherjee on Tuesday sought parliamentary approval to spend a gross additional Rs 34,724 crore, on top of the budget target of around $284 billion, in the current fiscal year to end-March 2012.</b></p><p>He sought parliamentary approval to spend a net additional Rs 9,016 crore, the documents presented by him in parliament showed.</p><p>The additional spending will not have any adverse impact on projected fiscal deficit of 4.6% of GDP in 2011-12, the document showed.</p>

    India's Foreign Minister Pranab Mukherjee speaks during a news conference in New Delhi

    Finance Minister Pranab Mukherjee on Tuesday sought parliamentary approval to spend a gross additional Rs 34,724 crore, on top of the budget target of around $284 billion, in the current fiscal year to end-March 2012.

    He sought parliamentary approval to spend a net additional Rs 9,016 crore, the documents presented by him in parliament showed.

    The additional spending will not have any adverse impact on projected fiscal deficit of 4.6% of GDP in 2011-12, the document showed.

  • <p>Gold rings are displayed for customers at a jewellery shop in Seoul August 2, 2011.</p><p><b>Gold edged higher on Tuesday, supported by a purchase of 25 tonne of the precious metal by South Korea&#39;s central bank, while investors watched the outcome of a vote on the US debt deal</b></p><p>Gold traded within less than half a percent of record highs on Tuesday after a last-minute deal to avoid an unprecedented US debt default and the first bullion purchase by Korea in 13 years, against a backdrop of growing economic pessimism.</p><p>Gold defied the strength of the dollar as both assets benefited from a broad investor push into perceived safe-havens such as German bonds, the Swiss franc.</p>

    Gold rings are displayed for customers at a jewellery shop in Seoul August 2, 2011.

    Gold edged higher on Tuesday, supported by a purchase of 25 tonne of the precious metal by South Korea's central bank, while investors watched the outcome of a vote on the US debt deal

    Gold traded within less than half a percent of record highs on Tuesday after a last-minute deal to avoid an unprecedented US debt default and the first bullion purchase by Korea in 13 years, against a backdrop of growing economic pessimism.

    Gold defied the strength of the dollar as both assets benefited from a broad investor push into perceived safe-havens such as German bonds, the Swiss franc.

  • <p>A picture illustration shows US dollar bank notes, taken in Warsaw</p><p><b>The United States is poised to step back from the brink of economic disaster on Tuesday as a bitterly fought deal to cut the budget deficit is expected to clear the Senate and President Barack Obama&#39;s desk.</b></p><p>Just hours before the Treasury&#39;s authority to borrow funds runs out -- risking a damaging US debt default -- the Senate was expected to approve the deal to cut the country&#39;s bulging deficit and lift the $14.3 trillion debt ceiling enough to last beyond the November 2012 elections.</p><p>The vote in the Democratic-controlled Senate, due to take place at noon EDT (1600 GMT), is expected to be less dramatic. If approved, Obama would sign the bill into law shortly afterward.</p>

    A picture illustration shows US dollar bank notes, taken in Warsaw

    The United States is poised to step back from the brink of economic disaster on Tuesday as a bitterly fought deal to cut the budget deficit is expected to clear the Senate and President Barack Obama's desk.

    Just hours before the Treasury's authority to borrow funds runs out -- risking a damaging US debt default -- the Senate was expected to approve the deal to cut the country's bulging deficit and lift the $14.3 trillion debt ceiling enough to last beyond the November 2012 elections.

    The vote in the Democratic-controlled Senate, due to take place at noon EDT (1600 GMT), is expected to be less dramatic. If approved, Obama would sign the bill into law shortly afterward.

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