U.S. senator: CIA interrogation tactics helped get bin Laden

By Sarah N. Lynch and Aruna Viswanatha

WASHINGTON (Reuters) - Republicans on the U.S. Senate Intelligence Committee will soon release a minority report asserting that the CIA's use of harsh interrogation techniques helped bring down Osama bin Laden and other terrorists, the panel's top Republican said Sunday.

"Information gleaned from these interrogations was in fact used to interrupt and disrupt terrorist plots, including some information that took down bin Laden," Georgia Senator Saxby Chambliss said on CBS's "Face the Nation."

The Senate Intelligence Committee reports will come five years after it authorized a probe into the use of possible torture by the Central Intelligence Agency after the Sept. 11, 2001, attacks.

The Democrats' majority report is expected to allege that the CIA's use of techniques, such as waterboarding, did not help yield valuable intelligence and was not necessary.

It is unclear when the report will be released because committee Chairman Dianne Feinstein has said she may challenge some of the redactions by the Obama administration.

President Barack Obama, who banned the practices after taking office in 2009, said Friday that the CIA had in fact "tortured some folks" during President George W. Bush's tenure.

"We did some things that were contrary to our values," Obama said.

Republicans on the committee have long disagreed with Democrats about the use of the so-called enhanced interrogation techniques, and the Republicans largely boycotted the committee's probe into their use.

"I thought it was a mistake then. I still think it is a mistake," Chambliss said on CBS.

The Senate's investigation has been plagued with difficulties. The CIA conceded last week that it had improperly monitored computers used by committee investigators looking into the torture allegations.

CIA Director John Brennan called Feinstein and Chambliss to apologize when he first learned of the breach. "Once he got all the facts, he came back and he did apologize," Chambliss said. "He was wrong. Senator Feinstein was right."

Arizona Republican Senator John McCain, who is a survivor of torture himself, said on the Fox News program "Sunday Morning Futures" he was in some ways more concerned about the CIA spying on Senate staffers than the torture issue, and he called for an independent investigation into the matter.

U.S. Representative Mike Rogers, the Republican chairman of the House Intelligence Committee, said the CIA's actions were a serious breach of trust but warned against overreactions.

"I don't think this is some conspiracy notion that they wanted to spy on either of our committees. That would of course be intolerable. I think it would be a crime," Rogers said on CNN's "State of the Union."

But these were CIA computers at a CIA facility, he said. "That's a little bit different than spying on Congress, in my mind."

(Additional reporting by Doina Chiacu; Editing by Doina Chiacu)

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Canada's Magic! tops British music chart with debut single

LONDON (Reuters) - Canadian band Magic! moved up one place to top the British singles charts on Sunday with their reggae-infused debut track "Rude", the Official Charts Company said.

The single toppled Cheryl Cole's "Crazy Stupid Love" to take the number one spot, boosted by internet streaming which was added to the charts data last month alongside physical sales.

In the albums chart, British singer-songwriter Ed Sheeran continued his run at number one, topping the bill for a sixth week with "X", while Dolly Parton's "Blue Smoke - The Best Of" remained in second place.

Eric Clapton & Friends were a new entry at number three with "The Breeze", a tribute to late U.S. singer-songwriter J.J. Cale. The album features contributions from a host of musicians including John Mayer, Tom Petty and Dire Straits' Mark Knopfler.

(Reporting by Kylie MacLellan; editing by Keiron Henderson)

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Steps taken by Govt to yield results in few months: Jaitley

Finance Minister Arun Jaitley today said that steps taken by the NDA government will yield good results in the next few months and it will not hesitate to take firm decision for long term welfare of the country.

"The steps government is taking...we will get to see its good results in the next few months. There was an environment of unhappiness (during UPA regime), we will now definitely succeed over it," he said.

Jaitley was speaking at a function 'Budget par Charcha with RWAs representatives' organised by Delhi unit of the BJP.

The minister further said that the NDA government has no problem in taking any decision and will continue to take "firm decision for the welfare of the country in the long run".

Talking about the Delhi Budget, which was recently passed by Parliament, Jaitely said, "We did not impose new taxes so that common man didn't have to face problem."

Attributing bad power situation in the national Capital to poor infrastructure, the Minister said, "Our power minister is working hard to ensure better electricity supply."

In Delhi's Budget, the government had announced subsidy of Rs 0.80 to Rs 1.20 per unit, which will benefit 84 per cent households in the Capital.

Jaitley further said that in the Union Budget, he had raised the exemption limit of income tax from Rs 2 lakh to Rs 2.5 lakh, which would leave more money in the hands of individuals.

The NDA, Jaitley said, has come to power at a time when the country's economy is not doing well. "In the last few year, people have globally lost trust over this country's economy. A question mark on credibility has also been raised regarding country's economy. And even local investors used to think that there will be no profit of investing money," he said, adding that the government is taking all steps to improve the situation.

The minister said government has drawn a plan of financial inclusion under which banking services will be extended to households in all villages of the country.

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Andhra Bank's Q1 net down 53% on delay loan waiver

"The delay in loan waiver resulted in farmers not repaying their loans. This has resulted in farm loans worth Rs 1,078 crore turning into non-performing assets (NPAs)," its Chairman and Managing Director, C V R Rajendran told newspersons on Saturday.

Andhra Bank 's net profit decreased 53 per cent at Rs 107 crore in the first quarter ended June 30, 2014, compared to Rs 231 crore in the year-ago period.

"The delay in loan waiver resulted in farmers not repaying their loans. This has resulted in farm loans worth Rs 1,078 crore turning into non-performing assets (NPAs)," its Chairman and Managing Director, C V R Rajendran told newspersons on Saturday.

The bank, which was expecting a better performance this quarter due to the strong recovery of NPAs in other sectors totalling Rs 1,000 crore, had difficulty in getting board approval for the results. "We had to explain in detail to get the accounts approved," the CMD said.

Net interest income had gone up by 12.5 per cent to Rs 3,810 crore from Rs 3,386 crore. The net interest margin (NIM) came down to 2.14 per cent. Without agricultural NPAs, it would have been above 3 per cent.

The net NPAs had gone up to 3.89 per cent (3.11 per cent). For the full year, the bank is expecting to register 16 to 20 per cent credit growth with a NIM of about 3 per cent, Rajendran said.

Andhra Bank had requested a capital infusion of Rs 800 crore from the Government this year and is expecting a response.

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Gold drops to six-week lows on U.S. economic optimism

Investing.com - Investing.com - Gold prices fell to six-week lows on Thursday, as hopes that Friday's U.S. jobs report will come in solid chipped away at the precious metal's safe-haven appeal.

On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at 1,284.20 a troy ounce during U.S. trading, down 0.98%, up from a session low of $1,282.10 and off a high of $1,298.60.

The December contract settled down 0.28% at $1,296.90 on Wednesday.

Futures were likely to find support at $1,258.00 a troy ounce, the low from June 17, and resistance at $1,314.60, Monday's high.

The Labor Department on Friday will release its July nonfarm payrolls report, and consensus forecasts see the U.S. economy picking up 233,000 new jobs.

Even if the figure comes in below that number, a reading over 200,000 would represent six straight months of beating that threshold, a sign the labor market is improving even if it's still a little slack.

Earlier Thursday, the Labor Department reported that the number of individuals filing for unemployment assistance in the U.S. last week rose by 23,000 to 302,000 from the previous week's total of 279,000. Analysts had expected jobless claims to rise by 22,000 to 301,000.

The Labor Department added that the employment cost index rose by 0.7% in the three months to June after a 0.3% increase in the first quarter. Economists had expected a 0.5% gain.

Gold continued to slide as the dollar continued to see support from Thursday's upbeat U.S. gross domestic product report.

The U.S. GDP expanded at an annual rate of 4.0% in the three months to June, blowing past forecasts for a 3.0% reading, according to the Commerce Department. The contraction in the first quarter was revised to 2.1% from a previously reported 2.9%.

Personal consumption grew 2.5%, well above predictions of 1.9%.

Upbeat U.S. indicators have bolstered the U.S. dollar in recent sessions, thus curbing for gold, a traditional safe-haven hedge against weakening paper currencies.

Meanwhile, silver for September delivery was down 0.87% at $20.418 a troy ounce, while copper futures for September delivery were up 0.28% at $3.232 a pound.

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U.S. stocks tumble on Argentina default, labor costs; Dow falls 1.88%

Investing.com - Investing.com - U.S. stocks dropped on Thursday on concerns that labor costs are on the rise in the U.S. while fears that Argentina's default on its debts may roil markets with contagion fears adding to the selloff.

At the close of U.S. trading, the Dow 30 fell 1.88%, the S&P 500 index fell 2.00%, while the NASDAQ Composite index fell 2.09%.

The Volatility S&P 500 index, which measures the outlook for market volatility, was up 27.16% at 16.95.

Argentina earlier failed to agree to debt restructuring terms with creditors and fell into its second default since 2002, which sent stocks prices tumbling despite solid U.S. data.

Fears the Argentine default will roil markets already sensitive to conflict in Ukraine, Gaza and elsewhere in the Middle East bruised all three major indices.

Rising labor costs in the U.S. exacerbated the meltdown by reminding investors interest rates will go up in the U.S. possibly at a time when the global economy faces clouds on its horizon.

The Labor Department reported earlier that its employment cost index rose by 0.7% in the three months to June after a 0.3% increase in the first quarter. Economists had expected a 0.5% gain.

The Labor Department also reported that the number of individuals filing for unemployment assistance in the U.S. last week rose by 23,000 to 302,000 from the previous week's total of 279,000. Analysts had expected jobless claims to rise by 22,000 to 301,000.

Hopes that Friday's July jobs will report will come in solid took a backseat to Argentine financial woes and fears of subsequent contagion.

Leading Dow Jones Industrial Average performers included Coca-Cola Company (NYSE:KO), down 0.80%, Microsoft Corporation (NASDAQ:MSFT), down 0.86%, and Procter & Gamble Company (NYSE:PG), down 1.02%.

The Dow Jones Industrial Average's worst performers included Exxon Mobil Corporation (NYSE:XOM), down 4.15%, American Express Company (NYSE:AXP), down 3.20%, and Nike Inc (NYSE:NKE), down 3.08%.

European indices, meanwhile, ended the day lower.

After the close of European trade, the DJ Euro Stoxx 50 fell 1.60%, France's CAC 40 fell 1.53%, while Germany's DAX fell 1.94%. Meanwhile, in the U.K. the FTSE 100 fell 0.64%.

On Friday, markets will move on the U.S. nonfarm payrolls and the unemployment reports, while the Institute of Supply Management is to release data on manufacturing activity.

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Dollar gains on U.S. growth data, though Fed statement weighs

Investing.com - Investing.com - The dollar strengthened against most major currencies on Wednesday on news the U.S. economy grew much more in the second quarter than anticipated, though a somewhat dovish take on the labor market from the Federal Reserve watered down the greenback's gains.

In U.S. trading on Wednesday, EUR/USD was down 0.15% at 1.3390.

The Commerce Department reported earlier that gross domestic product expanded at an annual rate of 4.0% in the three months to June, blowing past forecasts for a 3.0% reading. The contraction in the first quarter was revised to 2.1% from a previously reported 2.9%.

Personal consumption grew 2.5%, well above predictions of 1.9%, the report said, adding to the view that the economic recovery is gaining traction.

Despite improvements taking place in the economy, slackness remains in the labor market, which prompted the Federal Reserve on Wednesday to stick with its policy of making $10 billion cuts to its monthly bond-buying program as the year unfolds.

The Fed is currently purchasing $25 billion in Treasury and mortgage debt securities a month to spur recovery, which tends to weaken the dollar by keeping interest rates low.

Markets were hoping for a more upbeat take on the economy.

"Labor market conditions improved, with the unemployment rate declining further. However, a range of labor market indicators suggests that there remains significant underutilization of labor resources," the Fed's statement read.

Household spending is on the mend while business fixed investment is advancing, although recovery in the housing sector remains slow.

Fiscal policy continues to weigh on growth though the extent of which is diminishing, while consumer prices are stable.

"Inflation has moved somewhat closer to the Committee's longer-run objective. Longer-term inflation expectations have remained stable," the statement read.

"The Committee sees the risks to the outlook for economic activity and the labor market as nearly balanced and judges that the likelihood of inflation running persistently below 2 percent has diminished somewhat."

Elsewhere, payroll processor ADP reported that the U.S. private sector added 218,000 jobs in July, missing forecasts for a 230,000 reading.

Meanwhile in Europe, the euro came under pressure due to ongoing concerns that the European Central Bank remains poised to loosen policy while the Federal Reserve and other central banks are looking towards tightening.

Data released earlier revealed that Spain's economy grew 0.6% in the second quarter, beating expectations for a 0.5% reading though consumer prices fell unexpectedly in July, underling concerns over the threat of deflationary pressures in the euro area.

Another report showed that the annual rate of inflation in Germany slowed to 0.8% this month from 1% in June.

The dollar was up against the yen, with USD/JPY up 0.70% at 102.83, and up against the Swiss franc, with USD/CHF up 0.23% at 0.9090.

The greenback was up against the pound, with GBP/USD down 0.21% at 1.6909.

The dollar was up against its cousins in Canada, Australia and New Zealand, with USD/CAD up 0.45% at 1.0901, AUD/USD down 0.62% at 0.9326 and NZD/USD down 0.21% at 0.8486.

The US Dollar Index, which tracks the performance of the greenback versus a basket of six other major currencies, was up 0.27% at 81.53.

On Thursday, the U.S. is to release the weekly report on initial jobless claims, as well as data on manufacturing activity in the Chicago area.

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Shanti Pharma's Outcome of board meeting

Trans Medicare at its meeting held on July 30, 2014, has considered and taken decision on the Board has considered the Scheme of Amalgamation and Arrangement with Shareholders of the Company for reconstruction of M/s. Nandini Industries India Private Limited with the Company is as approved in principle.

Trans Medicare Ltd has informed BSE that the Board of Directors of the Company at its meeting held on July 30, 2014, inter alia, has considered and taken decision on the following matters:- The Board has considered the Scheme of Amalgamation and Arrangement with Shareholders of the Company for reconstruction of M/s. Nandini Industries India Private Limited with the Company is as approved in principle and the Board authorised Mr. Haridass Ramesh and Mrs. Urvashi Ramesh, Directors to take all necessary steps in this connection.Source : BSE

Read all announcements in Shanti Pharma

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Natural gas prices edge lower on mild weather, supply uncertainty

Investing.com - Investing.com - Natural gas futures edged lower but held range bound on Tuesday as investors bet a recent spate of mild U.S. temperatures will result in a bearish supply report due out on Thursday.

On the New York Mercantile Exchange, natural gas futures for delivery in September traded at $3.753 per million British thermal units during U.S. trading, down 0.33%. The commodity hit a session high of $3.793 and a low of $3.740.

The September contract settled down 0.58% on Monday to end at $3.765 per million British thermal units.

Natural gas futures were likely to find support at $3.725 per million British thermal units, Monday's low, and resistance at $3.857, Monday's high.

Below-normal temperatures that continue to make their way across the Midwest and eastern U.S. have likely prompted households to throttle back on their air conditioning, which has resulted in several days of losses for natural gas.

The U.S. government is due to release its weekly supply report on Thursday, with many investors in standby mode ahead of then.

The U.S. Energy Information Administration said in its weekly report on July 24 that natural gas storage in the U.S. rose by 90 billion cubic feet during the week before. The five-year average change for the week is an increase of 46 billion cubic feet.

Total U.S. natural gas storage stood at 2.219 trillion cubic feet as of last week, narrowing the deficit to the five-year average to 23.5%, down from a record 54.7% at the end of March.

Injections of gas into storage have surpassed the five-year average for 14 consecutive weeks.

Analysts are expecting a build of 90 billion cubic feet for this week, again well above the five-year average for the week.

Elsewhere on the NYMEX, light sweet crude oil futures for delivery in September were down 1.14% at $100.51 a barrel, while heating oil for August delivery were up 0.14% at $2.9003 per gallon.

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Dollar gains on data, with Fed statement and jobs report in focus

Investing.com - Investing.com - The dollar strengthened against most major currencies on Tuesday after a widely-watched gauge of U.S. consumer confidence beat expectations.

Many investors were eager for heavy-hitting news from the Federal Reserve and the Labor Department later due out this week to point to a more robust economy, which also boosted the greenback.

In U.S. trading on Tuesday, EUR/USD was down 0.21% at 1.3411.

The Conference Board reported that its consumer confidence index rose to 90.9 in July from an upwardly revised 86.4 in June. It was the highest reading since October 2007, defying consensus forecasts for a decline to 85.3.

The data sent investors betting that the Federal Reserve on Wednesday will make fresh cuts to its monthly bond-buying program and deliver an upbeat take on the U.S. economy.

Fed asset purchases which have stimulated the economy off and on since the 2008 crisis coupled with low interest rates tend to weaken the dollar by sending investors to stocks, while talk of an end to such loose policies often bolsters the U.S. currency.

While markets expect the Fed to wrap up its bond-buying program this year—likely some time in or around October—uncertainty still persists as to how much time will pass after stimulus programs conclude and rate hikes begin, with data driving investor guesses on Fed timetables.

Hopes for a robust July jobs report due out on Friday also firmed the greenback.

Elsewhere in the U.S., investors took in stride the S&P/Case Shiller Home Price Index.

The 20-city composite index for May grew 9.3% year-over-year, down from April's 10.8% reading, though the 10-city index grew 9.4%, down from April's 10.9%, though markets have priced in slackness in the U.S. housing sector.

The dollar was up against the yen, with USD/JPY up 0.24% at 102.10, and up against the Swiss franc, with USD/CHF up 0.30% at 0.9068.

The greenback was up against the pound, with GBP/USD down 0.23% at 1.6946.

The dollar was up against its cousins in Canada, Australia and New Zealand, with USD/CAD up 0.49% at 1.0853, AUD/USD down 0.22% at 0.9385 and NZD/USD down 0.58% at 0.8498.

The US Dollar Index, which tracks the performance of the greenback versus a basket of six other major currencies, was up 0.24% at 81.31.

On Wednesday, the dollar will move on the Fed's statement on interest rates and monetary policy as well as revised second-quarter U.S. GDP growth data and also on the ADP report on private sector job creation.

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