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India ONGC sold crude at $49.66/bbs in Jan-March

BO: Quote, Profile, Research) sold crude oil to state refiners at $49.66 per barrel in the January-March quarter, its director for finance, D.K. Saraf, told reporters on Wednesday.

The state-run company sold crude oil at heavy discounts under government instructions to help state refiners sell fuel cheap.

Without the discount, it would have sold the crude at a price of $100.37. (Reporting by Devidutta Tripathy; Editing by Mark Williams)

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Wotif Analysts Got A Bit Carried Away?

The fact is that Room Nights Sold continue to grow at mid to high percentage levels and even Room Rates were 5% higher as of May, despite economic weakness. Wotif's business model is still a sound one, but one must concede that it's going to be tough to outperform in the current discretionary spending environment.

So it's a case of analysts reducing their earnings forecasts, and doing so with a more conservative view on FY09. Most have lopped off about 3-5%, although ABN Amro has taken down its previously ambitious FY09 forecast by 15%. It's also a time to reassess targets, some of which had become a bit cobwebbed. Thus the FNArena database shows a fall in average target from $4.70 to $3.91, with the shares trading at around a dollar lower still.

They are now, incidentally, as low as they've ever been. more

All new cars sold in California will need 'green' labels

All new cars sold in California after this year will be required to have labels that clearly inform consumers of the vehicle's environmental impact, according to a new regulation signed into law this week by the Secretary of State.

Showroom models could start showing these labels as early as next month, even though they won't be required until Jan. 1, 2009. The environmental performance label will provide two scores on a scale of 1-10, a smog score and a global warming score. The average new car will score five on both scales. The higher the score, the less impact the car has on the environment.

"This label will arm consumers with the information they need to choose a vehicle that saves gas, reduces greenhouse gas emissions and helps fight smog all at once," said Mary Nichols, chair of the Air Resources Board. more

Linn Energy Prices $256 Million of Senior Notes

Linn Energy intends to use the net proceeds from the sale of the notes to repay outstanding indebtedness under its second lien term loan facility. The offering is expected to close on June 27, 2008, subject to satisfaction of customary closing conditions.

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