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Finance
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Written by ANI
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Thursday, 04 September 2008 |
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London, September 4 (ANI): Customers who rely on plastic to make purchases may take about 31 years to repay their credit card debts, according to a new study. Pointing out that four out of ten credit card providers ask for just two per cent minimum repayment, the price comparison website uSwitch suggests that the decision of banks to allow their customers to pay back less as a minimum each month over the last year is part of a strategy to recover lost profits from the credit crisis. Though this may sound attractive to hard-pressed borrowers, a report on the website reckons that around 3.4 million consumers will be left in debt for years to come if they pay back so little. The report calculates that it will take 30 years and 11 months to repay the average outstanding amount of 1,384 pounds on each card, if a customer pays back just two per cent each month. Recent data from the Bank of England shows that customers have started to borrow increasing amounts on their credit cards again, and that they are turning to plastic to fund every day purchases. The report says that credit card providers have been attempting to make more money out of their lower risk customers by reducing the minimum repayment levels, which secures more interest repayments from their customers. "With the cost of living on the up and people being forced to tighten their purse strings, consumers will be more tempted to just make the minimum repayment on their credit cards and spend the cash on more pressing bills," the Telegraph quoted Simeon Linstead, head of personal finance at uSwitch.com, as saying. "However, those that opt to manage their credit card debt in this way could end up paying far more than they need to for every purchase made. This type of repayment barely touches the balance and in the majority of cases just covers the interest incurred," Linstead added. (ANI)
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Last Updated ( Thursday, 04 September 2008 )
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Written by ANI
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Thursday, 04 September 2008 |
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Nicosia, Sept 4 (ANI): China National Petroleum Corporation (CNPC), Asia's biggest oil and gas company, has signed a three billion dollar agreement to develop and operate Iraq's al Ahdab oil field under a 20-year service contract. The agreement is the first major oil deal reached between Iraq, which has about one third of the world's largest reserves, and a foreign firm. Iraq's Oil Minister Hussain al-Shahristani has said that time was running out for big western firms to conclude the deals they have been negotiating for many years. The Minister said that the two sides had renegotiated the terms of an old deal which was signed back in 1997 concerning the development of the Adhab oil field. The contract has been changed from an oil production sharing agreement into a set-fee service deal. Production from the oilfield will be raised to 110,000 barrels a day (b/d) from 90,000 b/d as provided in the initial contract. Currently, Iraq is believed to be pumping 2.4 million b/d and plans to increase output by 500,000 b/d before the end of next year. (ANI)
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Last Updated ( Thursday, 04 September 2008 )
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Written by ANI
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Thursday, 04 September 2008 |
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Srinagar, Sept 3 (ANI): Curfew following protests and shutdowns due to shrine land row over the past two months in Srinagar has caused a major setback to the economy of the region. Though the curfew was relaxed at intervals in a phased manner, it was not enough for traders and businessmen to carry out their business. The economy that was coming on track after 19-year turmoil is again in doldrums due to the land row. The worst hit sectors are tourism, fruit, hosiery, carpets, handicrafts and dry fruits. The region which ropes in major business during the season lost at least 80 per cent of its exports, especially fruits, due to the agitation and shutdowns over shrine row. "Rupees 15 billion is the amount lost everyday and if we calculate for the period of entire two months, then we have faced a loss of rupees 90 billion," said Shaqeel Qalandar, President, Federation of Chamber of Industries. The row over the land allocated for setting up temporary facilities for Hindu pilgrims visiting Amarnath cave shrine in Kashmir valley and later its withdrawal had snowballed into large-scale protests for about two months. (ANI)
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Last Updated ( Thursday, 04 September 2008 )
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Written by ANI
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Thursday, 04 September 2008 |
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Kolkata, Sep 3 (ANI): West Bengal Governor Gopalkrishna Gandhi has sent a letter to Tata Motors' chairman Ratan Tata after work was suspended work at company's Nano car plant at Singur. Raj Bhavan sources said on Wednesday that Gandhi is understood to have informed Tata about the initiative taken to resolve the Singur deadlock with the help of a mediator. A total investment of Rs 1,500 crore has been envisaged for Tata's ambitious project to roll out the Rs.1 lakh Nano car by October. The project, however, has been mired into a controversy with Trinamool Congress chief Mamata Banerjee demanding return of 400 acres out of a total 1,000 acres land leased out by the state government. As there were no signs of a breakthrough in the impasse, Tata Motors on Tuesday said "it has been constrained to suspend the construction and commissioning work at the Nano plant in Singur in view of continued confrontation and agitation at the site." (ANI)
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Last Updated ( Thursday, 04 September 2008 )
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Written by ANI
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Tuesday, 02 September 2008 |
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Mumbai, Sept 2 (ANI): Bombay Stock Exchange's Sensex today crossed the over 15,000 points level and the National Stock Exchange index Nifty crossed over 4,500 points after crude fell below 106 dollar a barrel in global markets. While the Sensex spurted by 574.17 points, or 3.96 per cent, to 15,072.68 at two p.m., the Nifty went up by 173.75 points to 4,522.40. The Nifty first crossed the 4,400 points level at mid-session and then zoomed beyond 4,500 points as funds turned aggressive buyers in heavy-weight stocks led by bank, refinery and infrastructure sectors as tumbling crude oil prices eased inflation concerns. The Reliance group of companies as well as the banking stocks were the major gainers. (ANI)
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Last Updated ( Tuesday, 02 September 2008 )
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Finance
