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OPEC crude price inches upwards

ViennaOrganization of the Petroleum Exporting Countries - The price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) rose by 0.65 dollars at the start of the week, according to figures released by OPEC on Tuesday.

One barrel (159 litres) of OPEC-produced crude stood at 123.19 dollars Monday, up from 122.63 dollars the previous day.

OPEC calculates an average basket price based on 13 important brands produced by cartel members. (dpa)

RBI May Announce Benign Monetary Policy

RBI May Announce Benign Monetary PolicyThe Reserve bank of India is expected to announce new monetary policy on Thursday. It can take various fiscal measures to curb inflation rate. Though international prices of crude oil are decreasing, the rate of inflation is not showing positive signs. The inflation rate in India is 11.89 percent at present, which is far away from the RBI’s forecast of 5-5.5 percent by the end of the year.

RBI Comes With Stringent Guidelines On Misuse Of Credit Card

In an attempt to help the credit card holders, Reserve Bank has made it RBI Comes With Stringent Guidelines On Misuse Of Credit Card  clear that the banks will have to pay a penalty for harassing customers over misuse of unsolicited cards.    

The banking regulator in its latest stringent guidelines has said if a customer is billed for unsolicited card, which is issued and activated without his consent, the card issuing bank shall not only reverse the charges forthwith (on misuse of unsolicited cards) but also pay a penalty without demur to the recipient amounting to twice the value of charges reversed.

OPEC crude price continues to slide , 9th day in a row

Organization of the Petroleum Exporting CountriesVienna - The price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) fell for the ninth day in a row on Thursday, data released by OPEC on Friday showed.

One barrel (159 litres) of OPEC-produced crude stood at 122.42 dollars Thursday, down 1.47 dollars from 123.89 dollars on the previous day.

OPEC calculates an average basket price based on 13 important brands produced by cartel members. (dpa)

OPEC crude price plummets below 124 dollars

ViennaOPEC - The price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) dropped more than three dollars to below 124 dollars on Wednesday, OPEC said in a statement on Thursday.

One barrel (159 litres) of OPEC-produced crude stood at 123.89 dollars Wednesday, 3.54 dollars lower than 127.43 dollars on the previous day.

OPEC calculates an average basket price based on 13 important brands produced by cartel members. (dpa)

OPEC crude price inches downward

ViennaOrganization of the Petroleum Exporting Countries - The price of crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) fell slightly for the second day in a row on Tuesday, according to a statement by OPEC on Wednesday.

One barrel (159 litres) of OPEC-produced crude was traded at 127.43 dollars Tuesday, down 0.29 dollars compared with 127.72 dollars on the previous day.

OPEC calculates an average basket price based on 13 important brands produced by cartel members. (dpa)

Little movement in OPEC crude price

Vienna OPEC- The price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) hovered below 128 dollars a barrel Monday, data released by OPEC showed on Tuesday.

One barrel (159 litres) of OPEC-produced crude stood at 127.72 dollars, 0.21 dollars lower than 127.93 dollars on the previous day.

OPEC calculates an average basket price based on 13 important brands produced by cartel members. (dpa)

ThinkGeek Introduces Watch with built-in USB Flash Drive

ThinkGeek has introduced a two in one wrist watch, which can be used as storage device besides getting information of time. Actually, it is provided with in built flash drive. The watch has dimension of 29 x 25mm while flash drive has dimension of 38 x 13 x 6mm. It can store data up to 4GB.

The watch has a plastic case covered with stainless steel mask. It also offers Japanese quartz movement and black polyurethane strap. The drive can be slide out from case and further reinserted in the metal case. In brushed silver finish and convex mineral glass with shiny raised index, the watch has a beautiful look.

OPEC crude price drops below 128 dollars on Friday

Vienna OPEC- The price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) continued to fall on Friday, dipping below 128 dollars, OPEC said in a statement on Monday.

One barrel (159 litres) of OPEC-produced crude stood at 127.93 dollars on Friday, 3.10 dollars lower compared with 131.03 dollars on the previous day.

OPEC crude fell 11.92 dollars in the week since Friday July 11, when it stood at 139.85 dollars.

The oil cartel calculates an average basket price based on 13 important brands produced by OPEC members. (dpa)

Look deep into eyes to detect diabetes

Now eyes will help the doctors to detect patients prone to diabetes. A new Look deep into eyes to detect diabetes screening device is designed by scientists at the University of Michigan Kellogg Eye Centre. It will take images of eyes and detect metabolic stress and tissue damage.  Thus the new device will give symptoms of eye diseases and these symptoms will be used to find diabetes prone persons.

The screening device tests both eyes in five minutes. It measures the intensity of cellular fluorescence in retinal tissue. The high level of fluorescence indicates eye disease.

OPEC crude price plunges by nearly five dollars

Vienna - The price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) dropped by nearly five dollars on Wednesday, according to a statement by OPEC on Thursday.

One barrel (159 litres) of OPEC-produced crude stood at 133.09 dollars Wednesday, 4.91 dollars lower than 138 dollars on the previous day.

Crude prices fell Thursday as United States inventory data showed larger than expected increases in stocks of crude and oil products, Vienna-based analysts JBC said.

OPEC calculates an average basket price based on 13 important brands produced by cartel members. (dpa)

German police seize cars to halt Croatia-bound race

German police seize cars to halt Croatia-bound raceDeggendorf, Germany  - German police said Wednesday they had seized five luxury cars and confiscated the owners' driving licences to halt an illegal cannonball run across Europe.

The five men, from Britain and Spain, were believed to be racing from the German city of Cologne on a criss-cross route to Croatia with stops at Munich, Salzburg and Vienna.

More 3D Mobile Games from 7Seas

The 3-D games are in latest trend. The gizmo freaks always have an eye for such games and look forward for any new introduced in market. There is good news for all those who love playing 3-D games.

Recently 7seas, a Hyderabad-based gaming company, launched not just one, but seven 3D mobile games across the globe.

The names of the games are - 3D Sudoku, Planets of Sudoku 3D, Neetu The Alien Killer, Great Elude, Treasure Trove, Derby3D and Kraze.

Kraze and Derby3D are the ones which come as both single as well as multi-player. On the other hand Planets of Soduku 3D, Great Elude and Derby 3D come as multi-lingual. The languages are English, French, Italian, Spanish, Dutch and German.

Direct tax collections reach 39% despite slowdown fears

Despite the fear of economic slowdown as a result of continuous rise in the crude oil prices, the net direct tax collections increased by 38.61 per cent in the first quarter.

According to a statement released by the Finance Ministry, the growth in direct tax collections in Nagpur and Kochi witnessed as high as 74.08 % and 68.98% respectively, in the direct tax collection, whereas, it was less than 50% in cities like Mumbai, Bangalore and Kolkata. In the capital city Delhi, the direct tax collection increased to 53.57%.

Bank credit up 25.4%, deposits rise 22%

The Reserve Bank of India (RBI) said on Thursday that the flow of credit from scheduled commercial banks has increased between April and June 20 this year. The credit flow has increased by 25.4% during this period. The growth is slower than the corresponding period of last year.

The rise in credit is due to high demand from public sector oil firms. The oil firms are under-recovery due to subsidy on oil products. They are forced to sell petroleum products at the rate below the prevailing global rates.

Inflation Rate Climbs Up To 11.63%

For the week ended June 21, inflation rate climbed up to 11.63 percent, as Inflation Rate Climbs Up To 11.63%against 11.42% during the last week.

The inflation rate is presently at the highest since May 6, 1995, when it was 11.11%.

Fueled by increasing food and commodity prices, this will be the 19th straight week that inflation rate has been rising above 5.5%, RBI’s target by the end of the fiscal year in March 2009.

Growth rate of 8% expected this fiscal year: Ahluwalia

The economic growth rate of India may moderate to 8% during the current Growth rate of 8% expected this fiscal year: Ahluwalia (2008-09) fiscal year.

Planning Commission Deputy Chairman Montek Singh Ahluwalia said that the 13-year high inflation rate of 11.42 percent may result into a little lower growth rate but if necessary steps to control inflation are taken, the growth objective of 9% will not be difficult to achieve.

On the other hand the central bank expects the economy to clock a 8-8.5 percent growth in 2008/09.

Inflation Can Effect Growth, Says Montek

Planning Commission deputy chairman Montek Singh Ahluwalia said that Planning Commission deputy chairman Montek Singh AhluwaliaIndia is not the only country to be affected by the inflation. All countries are facing economic problems due inflation. He emphasized that world is in middle of a dramatic change in the world price distribution. Hence Indians should get used to the high energy prices.

Bulgarian munitions depot explodes, no injuries

Sofia - A military munitions depot caught fire east of the Bulgarian capital Sofia, causing several explosions but no injuries Thursday, civil defence authorities said Thursday.

Minister for Civil Defence, Emel Etem, said there was not danger to the population and the situation was "under control."

However, the Sofia international airport, which is also located east of the city, was closed down for safety reasons. Planes arriving from abroad were redirected to Plovdiv,
150 kilometres to the east.

Residents of a village near the munitions depot site were evacuated, while people were also advised to keep their windows shut. Electricity was cut off in several villages.

With further explosions still possible, the military had not yet been able to enter the depot area.

Bilateral swap agreement signed between Japan and India

Reserve Bank of India (RBI) and Bank of Japan (BOJ) has signed a bilateral swap arrangement (BSA) on Monday. The BSA was signed by BOJ governor Masaaki Shirakawa and RBI governor Yaga Venugopal Reddy in Basel, Switzerland. It will pave a way for swapping local currencies against the US dollar for up to $3 billion. The agreement will also sort out problem of short-term liquidity and strengthen existing international financial arrangements

The agreement was come into effect on Sunday (June 29). Both Japan and India can now swap Yen and rupee against the US dollar up to $3 billion. They will hold biannual consultations on economic and financial conditions of each country with the BSA in effect.




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