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Crude prices rise again due to tropical storm Gustav

Oil prices on Friday rose amidst fears tropical storm Gustav will soon enter Gulf of Mexico area, which is home to a quarter of US crude supplies and 40 percent of its refining capacity. The price rise was also supported by  the weakened Dollar.

On Thursday the price for crude in October rose by 93 cent almost shooting up to $120 a barrel, before finally settling at $115.59 a barrel, by the end of the day. In Europe, light sweet crude for October delivery was $116.72 at midday trading.

Britain’s Daily Telegraph, citing an unidentified business source, reported that Russia may cut oil supplies to Germany and Poland as early as this weekend in response to the threat of EU sanctions over Russia’s war with Georgia, which also provoked the Traders reaction.

According to Mr. Jonathan Komafel,

“Until this hurricane hits, the trend has to be higher towards the $120 level.”

As a precautionary measure, as the tropical storm called Gustav advanced, oil companies were pulling employees off installations in the Gulf of Mexico area.

Gordon Brown’s writes children’s book for charity

British Prime minister Gordon Brown turns nostalgic while writing a children’s book for charity.

In the book ‘When I was 10,’ Brown revealed that the historic and sporting stories close to his heart. The Telegraph quoted him as saying: “Like most boys of that age, I hadn’t traveled much and didn’t know much either. From my bedroom, or lying on the hearthrug in front of the fire, I went off my travels again and again.”

Brown revealed that he was admirer and was a huge fan of polar explorer Captain Scott, who incidentally froze to death in 1912. He noted: “It was a sad story, but the name of his ship, Discovery, seemed right, and the rest of the book was full of discoveries too.”

Brown added “But what interested me most were the people and their brave people like Scott and Shackleton, sporting heroes like Stanley Mathews.” The book contains dozens of stories, each of 366 words. It was put up for sale this weak as part of the 2008 National Year of of Reading, and one pound wil go to Childline, the children’s charity.

Gordon Brown’s tries to fight back via television media

British Prime Minister Gordon Brown’s poll ratings have fallen recently. In an effort to boost his plunging pole ratings, the beleaguered  Prime Minister is all set to launch has own online TV channel ‘Number 10 TV’.

It is a political effort to reach out to the public and to broadcast the Prime Minister’s views on latest political developments, speeches and showcase his public appearances.
Bright cove, the company providing the technology, was quoted as saying by the Mail online, “The TV channel, which is due to go live within days, will offer exclusive video of the prime ministers speeches, press conferences, media appearances and news archives.”

According to political observers, the Prime Minister has very little time left, just until the party’s annual conference in September, to launch a fight back. Mr. Brown and his ruling party suffered defeats in three by-elections in as many months. As a result, he and his party is languishing in the popularity polls. Maybe the powerful electronic media will uplift Brown’s image.

Britain, a favourite business destination of Indian businesses

According to Grant Thornton’s newly launched India Watch research, which is engaged in monitoring the India-Britain business relationship through both cross-border M&A trends as well as performance of the Indian companies on the London Stock Exchange, Indian businessmen are spending more on buying business in Britain compared to offshore business acquisition in other countries.

The Indian acquisitions amounted to ₤930 million in the US, ₤561 in the Netherlands, whereas after acquiring Jaugar and Rover by Tata Motors, the total acquisition value was in the region of ₤1.52 billion in the UK in the first half of the year. However, if one goes by the number of companies acquired, US remained number one destination with 41 American business bought over compared to 20 British companies in the first half of 2008.

Stock broker firm Hichens Harrison & Co Pic was purchased by India’s Reliegare Capital Markets Ltd for ₤50 million, which demonstrates the diversity of British firms catching Indian interest. The other factor contributing towards Indian companies’ acquisition spree is the economic growth resulting in sufficient cash at hands to be used fruitfully.

Mr. Anuj Chande, head of Grant Thornton’s South Asia Group, said “The rising interest was owing to a combination of historical ties, strong cross-border business links and infrastructure and a very compatible business ethos. Indian businesses are looking to buy brands and established distribution networks.”