The price of oil hit a record US$63 a barrel in New York on

The price of oil hit a record US$63 a barrel in New York on Monday -- pushed up by fears about security in the Middle East -- before falling back slightly. New York's main contract, light sweet crude for delivery in September, was up $1.14 to $63.45 at 9:20 p.m. Jakarta time, 20 minutes after the market opened. It had earlier spiked to a record $63.60, beating its earlier peak of $63 from a few minutes before. The U.S. Embassy in Saudi Arabia said Sunday that its premises in Riyadh, as well as two consulates, would be shut for two days in response to an unspecified threat. The gains in oil are "tied to a 'heightened state of alert,' as opposed to an actual supply shortage," said Tim Evans, a senior analyst at IFR Markets. -- AFP

China mine accidents kill up to 116 (2x15) Two coal mine accidents kill up to 116 in southern China =

A gas explosion at a mine in southern China on Monday killed 14 persons, raising to 116 the death toll from two separate accidents in the coal industry. Rescue workers said on Monday they have given up hope of finding survivors the day after a flood trapped 102 coal miners in the south China province of Guangdong. The water level rose 50 centimeters per hour after 15 to 20 million cubic meters of water flowed into the mine, trapping the miners at a depth of 420 meters on Sunday afternoon in the privately operated Daxing pit near the city of Meizhou. Survival chances for the trapped men were "very slim" the Chinese news agency Xinhua quoted Meizhou Deputy Mayor Cai Xiaoju as saying. More than 600 rescuers have been trying to pump out the water. -- DPA

Floods recede in western India (2x15) Floods recede in western Indian state after more than 1,000 die

Flood waters in the western Indian state of Maharashtra including India's commercial capital Mumbai have receded, allowing life to slowly return to normal, state officials said on Monday. A week- long drenching across the state caused rivers to burst their banks and dammed water to overflow and pour into residential areas, killing more than 1,000 people. "After more than a week of flooding, life is limping (back) to normal in the worst-hit areas in western and interior Maharashtra," said state police chief P.S Pasricha. Pasricha said 1,071 people had died in the rains across the state. A record 37.1 inches or 94.4 centimeters of rain poured down in a 24-hour period in Mumbai between July 26 and 27. -- AFP

Israeli Cabinet approves withdrawal (2x15) Netanyahu resigns as Cabinet approves first stage of Gaza pullout

Israel's Security Cabinet on Monday considered far-reaching new arrangements for Gaza's international border crossing, including the deployment of foreign inspectors, after Israel pulls out of Gaza in the coming weeks. An Israeli agreement to allow foreigners to replace Israeli inspectors at the Egypt-Gaza crossing at Rafah would be a major concession and give Gaza's Palestinians relatively unfettered access to the world for the first time in decades. The deployment of foreign inspectors is supported by international envoy James Wolfensohn, who has been trying to broker an agreement between the two sides on border crossings. Wolfensohn has urged Israel to make a decision on border arrangements before the withdrawal starts next week. He has said the withdrawal will only be a success if fenced-in Gazans can move freely -- a prerequisite for reviving their battered economy. -- AP

Some 10,000 miners to join strike About 10,000 more miners set to join first gold mining strike in

Union leaders said on Monday that 10,000 miners from a second union would join the first strike since 1987 against South Africa's gold mines. About 80,000 National Union of Mineworkers members walked off their jobs on Sunday in a wage dispute. Solidarity trade union members joined them on Monday after their leaders said they, too, would reject the latest wage offers. The Chamber of Mines, which represents employers, estimated the strike would cost the industry 150 million rands (US$23.2 million) a day. The chamber is offering pay hikes of 4.5 percent and 5 percent, depending on the position. The unions argue this is less than the increase in cost of living, which they put at 5.7 percent. The NUM is demanding increases of between 7 percent and 8 percent, down from earlier demands of 10 percent to 12 percent, and other benefits. -- AP