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)