Vashu Bhagnani brings Mary Chia to Bollywood

Producer Vashu Bhagnani thinks Bollywood’s actresses need to take extra care of their skin. He has now gone and tied up with the world-renowned Singapore-based skincare and spa-services company Mary Chia and would now be bringing their special beauty treatments especially to Bollywood.

Meetings and negotiations between Bhagnani and Mary Chia have been on for months. The deal has finally been signed.

Says Vashu, “People may think I am diversifying because of the recession in the film industry. Not so. In fact I’m next producing a multi-starrer comedy to be directed by Sajid Khan. No, my tie-up with Mary Chia is predominantly for Bollywood. I feel our industry girls still have a long way to go in understanding skin care.”

Interestingly, Shilpa Shetty who is Vashu’s neighbour at the high-rise that Vashu owns in Juhu is also into skin and spa outlets in Mumbai.

Says Vashu, “We aren’t in competition with anyone. Mary Chia is another league completely.”

Oil hovers around 79 dollars in Asian trade

SINGAPORE: Oil prices rose slightly, extending gains in Asian trade Monday, as investors awaited the European market”s reaction to last week”s bank stress test results and as a US storm threat eased, analysts said.

New York”s main contract, light sweet crude for delivery in September, edged up 13 cents to 79.11 dollars a barrel while Brent North Sea crude for September delivery gained 22 cents to 77.67 dollars.

“The oil market is likely to extend its gains, although they could be quite muted, while waiting for the European market to open. Support will come from the strong US equities markets on Friday,” Serene Lim, a Singapore-based oil analyst with Australia”s ANZ bank, told media.

The market”s gains on Friday were helped by rising US equities as encouraging company earnings propelled Wall Street stocks to their best levels in a month but were pared after the stress test results were released.

Many analysts questioned the rigour of the assessments after the results found seven banks, mainly in Spain, failed the tests out of 91 banks assessed for resistance to economic upheaval.

Oil extends losses in Asian trade

SINGAPORE: Oil extended losses in Asian trade Wednesday as disappointing economic data tempered optimism that China”s move to a more flexible yuan would lift energy demand, analysts said.

New York”s main futures contract, light sweet crude for delivery in August, shed 28 cents to 77.57 dollars a barrel while London”s Brent North Sea crude for August delivery was 18 cents off at 77.86 dollars.

Sentiment was dampened by a report Tuesday that showed US existing home sales slumped unexpectedly in May, renewing concerns over the fragile global economic recovery.

Sales of previously-owned homes in the United States fell 2.2 percent in May after two consecutive rises, the National Association of Realtors said, despite support from a government tax-incentive program.

“On the economic front, there has been a bit of negative news. The US existing home sales was quite disappointing,” said Singapore-based Serene Lim, an oil analyst with the ANZ bank.

Oil prices fall below 70 dollars

SINGAPORE: Oil fell below 70 dollars in Asian trade Monday as a weak US jobs report continued to hurt investor sentiment, analysts said.

New York”s main futures contract, light sweet crude for delivery in July, fell 1.82 dollars to 69.69 dollars a barrel in morning trade.

Brent North Sea crude for July delivery shed 1.46 dollars to 70.63 dollars.

“Oil has continued to plunge this morning, and that is also consistent with Asian equities markets, which are tanking,” said Victor Shum, a Singapore-based analyst with Purvin and Gertz energy consultancy.

Major Asian bourses nosedived in early trade Monday, with the Japanese, Australian, South Korean and Hong Kong stock markets all falling after opening.

Prices could well drop below 2010 lows of 67.90 dollars a barrel experienced in May this year over the next few days, said Shum.

“It certainly could fall to that level… right now the sentiment is to sell, and the momentum could make prices drop further,” he said.

Oil and stock markets are being depressed by “disappointing US employment data,” he added. A weak US jobs report released Friday raised questions about the strength of the US economic recovery, souring international investor sentiment.

The US economy created 431,000 non-farm jobs in May — the vast majority due to temporary government hiring for this year”s census. Most experts had expected 500,000 would be added.

Fears of the eurozone”s financial crisis spreading to other countries within the region was also dragging equities and oil markets south, Shum said.

“Both markets are reacting to concerns on the European market of the crisis spreading to other markets,” he said.

Oil dips below 83 dollars in Asian trade

SINGAPORE: Oil dipped below 83 dollars in Asian trade Tuesday as investors took profits after a recent rally, analysts said.

Traders were also waiting for the results of a meeting Tuesday and Wednesday of the US Federal Reserve and the release of a weekly US report indicating energy demand in the world”s biggest economy.

New York”s main contract, light sweet crude for delivery in June, was down 52 cents to 83.68 dollars a barrel in afternoon trade.

Brent North Sea crude for June was down 25 cents to 86.58 dollars.

“It could be due to profit-taking because (New York) crude oil prices rallied quite a bit last Friday touching about 85.50,” said Serene Lim, a Singapore-based oil analyst with the ANZ bank.

“All eyes will be on the Fed statement… Depending on what comes out from the statement, that would impact interest rates and ultimately the US dollar and crude oil prices,” she said.

Because oil is traded in dollars, the strength or weakness of the US currency will affect oil prices and demand.

The US Federal Reserve board will discuss whether or not to raise its main interest rate from the zero-to-0.25 percent range where they have been since December 2008.

The historically low rates are seen as crucial to support the economic recovery — keeping borrowing costs low and fuelling spending.

Investors will be closely watching to see if the Fed repeats its long-standing promise to keep exceptionally low rates “for an extended period”.

Any shift in the language could be seen as heralding tighter monetary policy that could tame investors” appetite for risk.

The US economy, a key engine for global growth, is recovering from its worst downturn since the 1930s.

Lim said oil market players will also monitor the weekly US Department of Energy report due for release Wednesday. The report is an indicator of demand in the world”s biggest energy consuming nation.

Oil stays below 84 dollars in Asian trade

SINGAPORE: Oil prices fell in Asian trade Thursday after a report showing weaker demand in the United States, the world”s largest energy-consuming nation, analysts said.

New York”s main contract, light sweet crude for delivery in June, dropped 26 cents to 83.42 dollars a barrel.

Brent North Sea crude for June was down 16 cents to 85.54 dollars.

The US Department of Energy (DoE) announced Wednesday that American crude reserves increased 1.9 million barrels in the week ending April 16. This was against market expectations for a drop of 200,000 barrels

Gasoline or petrol stockpiles also soared 3.6 million barrels, more than forecasts for a small gain of 300,000 barrels.

Distillates, which include diesel and heating fuel, rose 2.1 million barrels whereas analysts had expected an increase of 900,000 barrels.

“The increase in crude inventories was largely unexpected so demand fundamentals are weighing on people”s minds,” Serene Lim, a Singapore-based oil analyst with the ANZ bank, said.

Demand in the United States is closely monitored by the oil market because it is the world”s biggest economy and its largest energy consumer.

The giant US economy is struggling to recover from its worst downturn since the 1930s.

Asian Stocks Rise Amid Greece Hopes

HONG KONG: Asian stock markets rose Wednesday amid growing hopes of a solution to Greece’s financial crisis.

Major markets added less than 1 percent as the region extended its gains for a fourth straight day. The dollar was lower against the yen and the euro, while oil prices were little changed.

Worries about Greece’s ability to stabilize its finances have eased in recent days amid speculation European leaders will orchestrate a bailout and the government will take needed steps to reduce its mountain of debt.

Greece’s prime minister is set to announce deeper spending cuts later Wednesday. If the measures are tough enough, that could pave the way for a lifeline when Greek and German leaders meet on Friday, analysts said.

Further helping sentiment were overnight gains in the U.S., where stocks rose a third day amid renewed confidence that business leaders expect the economic recovery to stick.

In Japan, the Nikkei 225 stock average edged up 15.63 points, or 0.2 percent, to 10,237.47.

South Korea’s Kospi was up 0.2 percent at 1,618.86 and Hong Kong’s Hang Seng was little changed at 20,911.97.

Elsewhere, Australia’s market rose 0.7 percent, lifted by news the country’s economy expanded quickly last quarter. Indian stocks added 0.7 percent and Shanghai’s market was 0.4 percent higher.

In currencies, the dollar fell to 88.68 yen from 88.80 yen. The euro strengthened to $1.3647 from 1.3615.

Benchmark crude for April delivery was up 3 cents to $79.71 a barrel in Asia. The contract rose 98 cents to settle at $79.68 on Tuesday.

In the U.S. Tuesday, the Dow rose 2.19, or less than 0.1 percent, to 10,405.98. It is up 85 points in three days and is at its highest level since Jan. 20.

The broader Standard & Poor’s 500 index rose 2.60, or 0.2 percent, to 1,118.31, and the Nasdaq rose 7.22, or 0.3 percent, to 2,280.79.

Oil Lower On Indications Of Weak US Demand

SINGAPORE: Oil fell in Asian trade Wednesday as sentiment was dampened by a private report showing weaker US energy demand, analysts said.

New York’s main contract, light sweet crude for April delivery was seven cents lower at 79.61 dollars a barrel.

Brent North Sea crude for April delivery dropped four cents to 78.14 dollars a barrel.

The American Petroleum Institute (API), an industry group, said late Tuesday crude stocks in the country rose by 2.67 million barrels in the past week while gasoline reserves increased 909,000 barrels.

Distillate stocks, which include heating fuel, fell 4.07 million barrels.

“I think the crude build-up is certainly bearish so inventories remain high,” said Victor Shum, a Singapore-based analyst with energy consultancy Purvin and Gertz.

“The fundamentals will prevent pricing from being sustainable at the 80-plus dollar level,” he said.

The API report is usually released a day before the weekly US Department of Energy (DoE) report on petroleum stocks movements.

Analysts polled by Dow Jones expect the DoE report to show crude stocks rising by one million barrels but distillate stocks is seen declining by 700,000 barrels.

Oil Slips on US Recovery Fears

LONDON : World oil prices weakened on Monday as recent weak economic data sparked fears about a recovery in the United States, analysts said.

New York’s main contract, light sweet crude for November delivery, eased 29 cents to 69.66 dollars a barrel.

Brent North Sea crude for November delivery dropped 35 cents to 67.72 dollars a barrel.

“A slew of economic data (last week) rekindled worries over the prospects of a recovery in the United States,” said JBC Energy analysts in a note to clients.

Data released Friday showed the US economy was struggling to recover from recession as job losses accelerated to 263,000, sending the unemployment rate to a 26-year high of 9.8 percent in September.

Payroll losses were far worse than expectations for a loss of 175,000 jobs, while there was an upwardly revised loss of 201,000 in August.

Payrolls have dropped for 21 consecutive months and since the start of the recession, the number of jobless has increased 7.6 million to 15.1 million, while unemployment has doubled to 9.8 percent, Labor Department figures show.

“There are ongoing worries about the pace of economic recovery after the disappointing US jobs data,” added Victor Shum, a Singapore-based analyst with energy consultancy Purvin and Gertz.

“At the top of traders’ minds now is the pace of economic recovery and the US economic situation still looks shaky,” he said.

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Oil Slips on US Recovery Fears was first posted on October 5, 2009 at 3:24 pm.