US enters $90bn red zone in May
The US federal budget moved further into the red in May, posting a $90.4bn shortfall that, with four months left in the Budget year, has pushed the budgetary gap into record territory, according to a US Treasury report on Thursday.

In its monthly Budget statement, the Treasury said the deficit through the first eight months of the budget year totalled $292.06bn, up from the $145.4bn in the same period last year, and topped the record for an annual budget deficit.
In '92,
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PeopleSoft to reject Oracle bid on antitrust concerns
New York: Business software maker PeopleSoft on Friday said its board unanimously rejected a sweetened $6.3-billion takeover bid from Oracle, saying the offer was inadequate and a merger would violate antitrust laws.

An Oracle spokesman accused PeopleSoft management of ignoring the interests of the company's shareholders.
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Fiat denies plan to shut Mumbai plant
Mumbai: The local subsidiary of troubled Italian automaker, Fiat Auto, said on Friday that there was no plan to shut down its Mumbai plant. "Work is on as usual at the Kurla plant in Mumbai. There is no plan to close it down," a Fiat India spokesperson said.
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Continental Airlines to offer onboard e-mail
Chicago: Continental Airlines Inc. said on Thursday it would begin offering in-flight e-mail services to passengers for a fee next month.

The announcement by the No. 5 US airline comes several days after bankrupt United Airlines, the No. 2 US carrier, said it would begin offering e-mail access to travellers by the end of the year. United, a unit of UAL Corp., has said it will bear no costs and expects a new revenue stream from the service.
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