Oil prices higher in Asian trade

SINGAPORE: World oil prices rose in Asian trade today in a cautious market still confronted by weak global demand, dealers said.

New York's main futures contract, light sweet crude for March delivery, gained 27 cents to USD 40.35 a barrel.

Brent North Sea crude for March delivery rose 58 cents to USD 44.40.

"There's a fair level of caution still on the market," said Mark Pervan, senior commodities analyst for ANZ bank in Melbourne, Australia.

He said the market was buoyed partly by the impact of strikes in Britain, snowstorms in Western Europe and strike threats in the United States.

Wildcat strikes against foreign workers resumed at energy plants across Britain yesterday, while in the United States US oil industry representatives and union negotiators extended talks on a new contract. The threat of a nationwide strike loomed.

Snow storms brought travel chaos to Western Europe yesterday, closing London's Heathrow airport after one jet slid off a taxiway. At least five people were killed in storm incidents.

Cold weather traditionally boosts oil prices because countries ramp up their demand for heating fuel.

"What I think these events are doing is holding prices up... creating some kind of support," Pervan said.

Source: http://timesofindia.indiatimes.com/Business/Oil_prices_higher_in_Asian_trade/articleshow/4068225.cms

Have home loan? EMIs are set to fall

NEW DELHI: If fresh home loan borrowers had reason to celebrate on Saturday when State Bank of India (SBI) cut its rate to 8%, existing borrowers too can look forward to paying lower EMI very soon.

On Monday there were strong signals of public sector banks cutting their prime lending rates (PLR) in response to further prodding from the government - this time in the form of Pranab Mukherjee - to cut interest rates. As floating home loan rates are tied to PLR, any cut in PLR will mean lower rates for existing customers too.

Banks like Uco Bank and Corporation Bank have already announced cuts in PLR ranging from 0.75 to one percentage point and others have indicated they are likely to do so within a week. SBI chairman O P Bhatt has also indicated that the bank will cut its PLR soon. So, it’s a question of time before loan takers from PSU banks get relief on their EMIs.

But what about those who've borrowed from private sector banks like ICICI or HDFC - who between them have more than half of the home loan market - and are currently paying rates of 11-13%? They need not despair. It's likely that these banks too will cut interest rates.

But if they don't, existing borrowers could use the lower rates being offered by public sector banks to shift. Even if they have to cough up the usual pre-payment charge of 2% of the outstanding amount, they would still benefit significantly from such a shift. Someone with a Rs 50-lakh loan, for instance, could save more than Rs 50,000 in the next 12 months alone.

Home loan rates may fall to 7% by April

NEW DELHI: Most analysts and banking experts agree that interest rates in the home loan segment could fall to as little as 7% by March-April.

This makes sense given the RBI's recent projection that inflation would be down to below 3% by March. So, if you are now paying 12% and shift to 7%, the net savings in one year would be almost Rs 1 lakh.

Even those with loans from the public sector banks would stand to gain by shifting to the new scheme if they are paying rates of 10% or more. In their case, the one-time charge for the shift would be 1.25-1.5% rather than the 2% applicable when you shift from one bank to the other. Waiting for a few weeks before you decide to switch also makes sense for another reason. While SBI is offering 8% today, that rate will stay fixed for one year. If the rate comes down further, as expected, you would end up locked-in at 8%.

Source: http://timesofindia.indiatimes.com/Business/Home_loan_EMIs_set_to_fall/articleshow/4067499.cms

Markets extend gains in afternoon trade

MUMBAI: Indian equities markets extended gains on Tuesday afternoon, with key index ruling 1.14% higher than its previous close about 90 minutes before the closing bell.

The Bombay Stock Exchange’s Sensex was at 9,170.51 points, 1.14% or 103.81 points higher than its previous close.

At the same time, the S&P CNX Nifty index of the National Stock Exchange (NSE) was at 2,797.6 points, up 1.12% from its Monday close of 2,766.65 points.

However, the BSE midcap index was down 0.39%, while the BSE smallcap index lost 0.14%.
Soruce: http://timesofindia.indiatimes.com/Business/Markets_extend_gains/articleshow/4068377.cms

Progressive Announces Record Date for Annual Meeting

Progressive Announces Record Date for Annual Meeting MAYFIELD VILLAGE, Ohio : The Board of Directors of The Progressive Corporation on January 30, 2009 fixed the close of business on February 27, 2009 as the record date for the determination of shareholders entitled to notice of, and to vote at, the Annual Meeting of Shareholders scheduled to be held on April 24, 2009. Source : www.theautochannel.com (2/2/2009)

Elena Ford to Head New Global Marketing Division

Elena Ford to Head New Global Marketing Division Ford Motor Co. today announces the establishment of a new Global Marketing, Sales and Service Operations organization in an effort to create a “more consistent and compelling” connection with its worldwide customer base. The new division is in line with CEO Alan Mulally’s “One Ford” strategy, which is focused on better leveraging the auto maker’s global resources. Heading up the division will be Elena Ford, 42, the cousin of Chairman Bill Ford and great-great granddaughter of company founder Henry Ford. Prior to accepting her new post, Elena Ford served as executive vice president of Ford Motor Credit Co.’s global brand and marketing division. She begins her new assignment Feb. 1 and will report directly to Jim Farley, director-marketing and communications. “Elena brings a wealth of experience to the new position and is the ideal leader to drive a coordinated approach to our worldwide marketing efforts,” Farley says in a statement. In her new post, Elena Ford will be responsible for driving commonality and standardization of marketing resources; developing a common strategy for global marketing, sales and service; creating a greater presence of the Ford brand at global auto shows and consumer events; and expanding the offering of Ford-branded licensed merchandise. Source : wardsauto.com (2/2/2009)

SEBI to amend open offer rules; Satyam suitors may benefit

SEBI to amend open offer rules; Satyam suitors may benefit
Mumbai, Feb 2 (PTI) Satyam Computer's potential suitor may get to control the IT company at an affordable price, with market regulator SEBI today saying it would amend regulations governing open offer to ensure transparent pricing.The SEBI move comes on a request from Satyam board to relax the norm of 26-week average price to make an open offer."It was decided to appropriately amend the regulations to enable a transparent process for arriving at the price for such acquisition," SEBI Chairman C B Bhave told reporters here after the board meeting.The amendments will be made not only for the Satyam-case, but for all similar situations that may arise in the future, he said.The board recognises that the issue needs to be dealt with in a general context and not as a specific case, Bhave said, referring to the Satyam request.Though Bhave declined to give any timeframe for the amendments in pricing rule, he said: "We are aware about the urgency of the situation." Engineering major Larsen & Toubro has increased its stake in Satyam to over 12 per cent. If it crosses 15 per cent, the company would have to make an open offer to purchase another 20 per cent from the market.Among the other decisions taken today, SEBI made it mandatory for listed companies to declare dividend on per share basis instead of percentage basis followed at present.Besides, the regulator has reduced the timeline for the completion of bonus issue to 15 days if the shareholder approval is not required and to 60 days where the approval is required. At present, the timeline for this procedure is six months. PTI