News You Can Use for Friday

Oil Rises, Heads for Biggest Weekly Gain in Two Months as Storm Shuts Rigs Crude oil headed for its biggest weekly gain in almost two months and natural gas rose as producers evacuated rigs before the arrival of Gustav, forecast to be the largest hurricane in the Gulf of Mexico since Katrina.

U.S. Reviews Its Ties With Russia

The Bush administration, escalating its response to Russia's actions in Georgia, has placed under review talks with Moscow focused on missile defense and nuclear-weapons disarmament, according to U.S. officials. A delay would cast uncertainty over the Strategic Arms Reduction Treaty, or Start, a successor to Cold War era arms-reduction agreements that expires at the end of 2009. The treaty restricts the number of long-range nuclear weapons each side is allowed to have

XX Is this new cold war worrying you? Because it’s scaring the crap out of me.

Obama Pledges to Restore `America's Promise,' Says McCain `Doesn't Get It' Barack Obama accepted the Democratic nomination for president, mixing a soaring pledge to preserve the ``American promise'' with a sharp attack on John McCain's judgment on the war, the economy and support of George W. Bush.

XX It was a great speech. Even Pat Buchanan loved it. The Associated Press, however, not so much. And they got called on it. OUCH!

Paladin Energy Forecasts Doubling of Uranium Output This Year

Production should rise to 3.6 million pounds of uranium oxide in the year ending June 30, 2009, from 1.71 million in the preceding 12 months, Managing Director John Borshoff said on a conference call. Output should increase to 6.8 million pounds the following year, to 7.4 million in 2010-11 and 9.3 million in 2011-12, he said.

XX Sean’s note – we’ll see. Paladin has disappointed us before.

India Economic Growth Slowed to 7.9% Last Quarter; Weakest Pace Since 2004 India's economy grew at the slowest pace since 2004 last quarter as the fastest inflation in a decade and increased borrowing costs damped consumer spending.

Bank of China flees Fannie-Freddie

ank of China has cut its portfolio of securities issued or guaranteed by troubled US mortgage financiers Fannie Mae and Freddie Mac by a quarter since the end of June. The sale by China’s fourth largest commercial bank, which reduced its holdings of so-called agency debt by $4.6bn is a sign of nervousness among foreign buyers of Fannie and Freddie’s bonds and guaranteed securities.

The Energy Challenge: Wind Energy Bumps Into Power Grid’s Limits

The dirty secret of clean energy is that while generating it is getting easier, moving it to market is not. The grid today, according to experts, is a system conceived 100 years ago to let utilities prop each other up, reducing blackouts and sharing power in small regions. It resembles a network of streets, avenues and country roads.

Check out my new gold and energy blog at MoneyAndMarkets.com