By Scott Malone

BOSTON (Reuters) - Surging oil prices have captured the attention of consumers and leaders around the globe, but General Electric Co is already on to what it thinks will be the world’s next big worry — water.
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May 28 (Bloomberg) — Crude oil fell to a one-week low on concern record fuel prices will cut demand at the height of the U.S. driving season.

U.S. consumer confidence dropped to the lowest level since October 1992 yesterday. The average U.S. gasoline pump price reached an all-time high May 26, crimping demand from motorists. Oil demand typically peaks during the summer as U.S. drivers take to the road for vacations. (more…)

Quick: Cochabamba is the third-largest conurbation in what country?

Your answer might be, “Huh?” But 11-year-old Akshay Rajagopal answered “Bolivia” to clinch the 20th annual National Geographic Bee on Wednesday.

A conurbation is a large, densely populated urban area — and Cochabamba is the third-largest one in the South American country.

Akshay’s correct answer capped a two-day event in which he got every question right. A sixth-grader at Lux Middle School in Lincoln, Neb., he won a $25,000 scholarship. (more…)

For NRIs, home is where the investment should be

MUMBAI: NRIs are still buying the India story. Instead of parking funds in repatriable schemes like FCNR (B) and NRE (RA), more money is flowing to non-repatriable NRO accounts. Even though returns are repatriable, they are tax deducted. Lured by the rising investment options both in real estate and stocks, the Indian diaspora is shunning the repatriable deposits. Instead, they are choosing to keep back and reinvest the capital by investing in NRO accounts. Here, the NRI can choose to take back home the income from his deposits back home.
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Filing of tax returns in India by a Non Resident Individual depends on the taxability of income earned by the individual which in turn depends on his/her residential status (as per tax laws). Here are some tips for you. (more…)

With the ‘India Shining story’ still going strong, coupled with recession in the developed economies, many Indian citizens are looking forward to return to India for good. Such individuals may have anxieties about the exchange control restrictions in India that could apply to them, their overseas assets and the facilities for opening bank accounts on their return to India. (more…)