They said the market was also bracing for an expected interest rate cut by the Bank of England (BoE) later in the day.

The dollar gained to 92.83 yen in Tokyo morning trade, up from 92.65 late Wednesday in New York. The euro fell to $1.3581 from $1.3644 and to 126.07 yen against 126.42.

“It is difficult to make moves before Mr. Obama’s speech and the possible rate cut by the BoE,” said Masato Ohtsubo, a dealer at Resona Bank.

Obama was due to deliver a policy speech in which he would argue the need for urgent action to revive the US economy and save or create over three million jobs, according to his transition team.

Analysts were generally forecasting the BoE would reduce its key lending rate for a third month running from the current level of 2 percent.

The euro gave back most of its gains against the dollar seen on Wednesday, when the greenback had been hit by weak economic and corporate news.

A survey showed that the US economy shed 693,000 private non-farm jobs in December — much more than expected — stoking fears that an official snapshot of the labour market due on Friday will be particularly grim.

NAB Capital analyst John Kyriakopoulos described the ADP survey results as “truly shocking.”

“Currency investors are now focusing much more on relative economic growth. In this regard, the employment news out of the US confirmed that its economy remains in the worst shape,” he said.

Japanese Prime Minister Taro Aso said a sharp drop in the dollar would be “a very big negative factor” for Asia’s biggest economy, whose exporters have been hurt by a stronger yen and which has large reserves of the US currency.

source : www.abs-cbnnews.com

Now that it has received $6 billion in aid from the federal government, GMAC, General Motors’ auto financing affiliate, is easing up its terms for writing new auto loans. That means you could have an easier time financing a GM car, but you should still look at all your alternatives.

In October, GMAC stopped offering auto loans to consumers with credit scores lower than 700. That meant only those with the best credit could get a car loan from GMAC under any terms.

Now, those with “just average” scores – or even a little worse – can qualify for a GMAC car loan. GMAC will now lend money to car shoppers with FICO credit scores as low as 621, which is generally considered to be the limit below which borrowers are considered subprime, said GMAC spokesman Michael Stoller.

At the same time, GM (GM, Fortune 500) itself has announced a new 0% financing incentive on some of its cars and SUVs. The 0% offer applies to “qualified buyers,” of course, and it’s only available on Saabs and on the Chevrolet Trailblazer and GMC Envoy SUVs, none of which are popular products right now.

Low interest rate loans, though not 0%, are available on some popular models like the Cadillac CTS, Pontiac G6 and Chevrolet Malibu. Again, though, the low rates are for “qualified buyers.”

While this may make it easier to get a car loan from GMAC, if you’re still in the market and your credit isn’t the best, you’ll still want to shop around to make sure it’s the loan you really want.

How long will the loans be?

Before the credit crisis hit this year, extra-long car loans had become a big industry trend. Longer loans mean more money ultimately spent on interest, but smaller monthly payments.

Already, loan terms have been dropping industry-wide. The average auto loan in November was for 62 months, two months shorter than in November 2007, according to data from the Power Information Network.

Most GMAC’s loans will be for less than 60 months said GMAC spokesman Michael Stoller. Loan terms will depend on the individual customers’ creditworthiness.

Shorter loans aren’t such a bad thing, though. Long loans carry big risks for consumers in addition to costing more money. People who finance cars over six or seven years may decide they need a new car before then. But when they go to trade the car in, they’re likely to find they still owe more on the car than the car itself is worth.

In the past, that sort of situation would lead to another long loan as the remaining amount due on the trade-in was financed in the new loan contract.

How much of a down payment do I need?

The down payment that you’ll be required to make now depends on how much of the value of the car you’ll be able to finance.

GMAC officially caps loans at a maximum of 100% of the sticker price, said GMAC spokesman Michael Stoller, but that could be less depending on a customer’s individual credit history, of course.

While those with spotless credit could always get a car loan from GMAC even they often found the terms difficult to swallow. For one thing, some dealers reported that strict down payment requirements meant that even customers who got loans couldn’t afford to buy.

Also, those who owed more on their trade-in than the trade-in was worth couldn’t throw that additional cost – the remaining balance on the trade-in – into the new car financing contract. But for customers with lower credit scores, high down payments could be a hurdle even for those with no additional auto debt to finance.

What’s the interest rate?

While GMAC will lend money to consumers with credit scores as low as 621, it remains to be seen at what interest rates that will be. You might still find that, especially if you don’t qualify for one of those special incentives rates, other lenders may offer a better deal.

As always, check around with other lenders, including local banks and credit unions, before shopping for a car. Ideally, you should have alternative financing ready to go before you enter a dealership.

Especially if you’re a creditworthy customer, GMAC may, once again, be your best bet but if you’re not in that league it could pay to shop around.

source : cnn.com

1. Altria
2. Annaly Capital Management
3. Dell
4. Devon Energy
5. Diamond Offshore
6. Fluor
7. Johnson & Johnson
8. Medco Health Solutions
9. Pfizer
10. Potash Corp. of Saskatchewan

Find each stock analisis at cnn Money here.

An announcement could come as soon as Monday.

The new owner is expected to have a federal thrift charter, someone familiar with the matter said.

Founded in 2004, Dune is led by two former Goldman Sachs & Co. executives, Steve Mnuchin and Dan Neidich. Its general counsel declined comment Sunday and referred inquiries to the Federal Deposit Insurance Corp., which seized control of IndyMac in July and has been seeking a buyer ever since.

The FDIC, which also declined comment Sunday, has estimated that its deposit-insurance fund would lose $8.9 billion as a result of the failure, but the final figure would depend on how much the regulator can receive for IndyMac’s assets.

IndyMac Bank had roughly $32 billion in assets when it failed, which made it one of the country’s largest thrifts. If the deal is completed, the new owners would gain control of an extensive branch network on the West coast. The deal — expected to be for roughly $14 billion — could also include a loss-sharing agreement that would have the FDIC backstop losses on loans beyond a certain level, according to one person familiar with the discussions.

IndyMac’s failure in July marked a low point for government officials during the financial crisis, as media coverage of long lines outside the California branches sparked panic among customers across the country. Of the 25 banks that have failed so far this year, Indymac is the only one the FDIC has been unable to sell.

FDIC officials had hoped to complete a sale by October.

Dune’s pursuit of IndyMac illustrates the renewed interest in the nation’s troubled banks as regulators consider more charters for nonbank investors. On Nov. 17, the Office of the Comptroller of the Currency granted an 18-month “shelf” national bank charter to a group led by Texas billionaire and 1980s S&L rescuer Gerald Ford, giving him preliminary approval to bid on any failed banks during that period via Ford Group Bank.

The Office of the Comptroller of the Currency also approved an application from private-equity investor Christopher Flowers to buy a small Missouri bank called First National Bank of Cainesville several months ago, which could make it easier for Mr. Flowers to acquire other troubled banks.

Several insurance companies have also applied to become thrift-holding companies to buy other banks and apply for federal rescue money.

source : The Wall Street Journal

Despite this drop, CD interest rates are still higher than most other short-term, low-risk options available to consumers. Currently, six-month CDs pay a national average of 1.87%, compared to 0.38% on savings accounts and 0.82% on money market accounts, according to data from BankingMyWay.com/.

If you’re ready to check out CDs, here are some tips to finding the best deals — and making sure your money is safe.

Shop around: To find the best CD rates, make sure you comparison shop. There is a good deal of variability between institutions because banks set their own rates. For instance, rates on six-month CDs in New York range from as high as 4.0% at the Hudson Valley Credit Union to a 2.1% offer from Bank of America (BAC Quote – Cramer on BAC – Stock Picks). And while nationwide rates on one-year CDs currently average 2.24%, rates in California range from as high as 7% from the Central State Credit Union to a 3.6% offer from Wachovia (WB Quote – Cramer on WB – Stock Picks).

For rates offered near you, check out BankingMyWay.com’s CD section and enter your ZIP code. Also consider CDs from online banks, which frequently offer higher rates than traditional brick-and-mortar banks because of their lower overhead. And be sure to take a look at the details of the CD offer — a higher minimum balance is sometimes required to qualify for the advertised rate.

Choose the right duration:

Rates increase as the term of the CD increases. And while the higher rates are nice, bear in mind that your cash will be locked up for the CD’s term, whether three months or five years. Therefore, choosing the right CD includes considering when you’ll need that money.

For instance, if you are planning on buying a car next summer, consider stashing your cash in a six-month CD. Alternatively, if you are saving up for a big vacation in a few years time, consider buying a three-year CD (such as the 2.75% 36-month CD offered by TD Banknorth in Massachusetts).

source : TheStreet.com

Gas prices rose for the second consecutive day following eighty-six consecutive declines.

The motorist group AAA reported Sunday that the national average price for a gallon of gas rose to $1.663 a gallon from $1.66 the previous day. The reports are based on a daily survey of credit card swipes conducted for AAA. The average price of gas was $1.656, according to AAA’s Friday report.

During the nearly three months that gas prices were falling, prices decreased by $2.199 or 57 percent. The current national average is now $2.451 below or 59.6 percent off the record high price of $4.114 that AAA reported on July 17, 2008.

Two states still have average regular unleaded gas prices of $2 and higher. The highest gas prices are in Alaska, at $2.689 a gallon. The remaining 48 states and the District of Columbia have regular unleaded gas prices below $2. The cheapest gas prices are in Missouri, at $1.477 a gallon.

On Friday, Jason Toews, co-founder of GasBuddy in Minneapolis, warned that gas prices may be bottoming out.

Lower gas prices are starting to spur demand in many areas, which could mean gas prices will pop back up again when the spring and summer driving season hits next year, according to Toews.

“Enjoy the gas prices while they’re here,” he said.

Since July, the price of gasoline has fallen along with the price of crude oil, gas’s main ingredient. Crude has fallen more than $100 a barrel since July as investors worried that the U.S. economy was consuming less fuel.

However the decline in the price of crude may be setting us up for a gas price “super spike” in two to four years, said Toews.

“A lot of oil fields are not economical at these lower prices,” he said.

As crude prices have fallen, oil companies have cut back on exploration, and shut down production at expensive operations like the oil sands in Western Canada.

“Once demand comes back, it will make supply even more tight,” said Toews.

And the greater the current recession is, the greater price spike we may see in the future, since the lower oil prices are, the more oil companies cut back, he added.

Diesel: The price of diesel fuel, which is used in most trucks and commercial vehicles, continued to slide, however.

The average price of diesel dropped to $2.552 a gallon, according to AAA’s Sunday survey, from a nationwide average of $2.561 the previous day.

Diesel prices have fallen more than $2 a gallon since hitting a record high of $4.845 on July 17.

Ethanol: The price of E85, an 85% ethanol blend made primarily from corn, also fell slightly, to $1.521 a gallon in Sunday’s survey from $1.527 a day earlier, according to AAA.

E85 can be used in place of regular gas in specially configured “flex-fuel” vehicles, but it is not readily available in some states.

The AAA figures are state-wide averages based on credit card swipes at up to 100,000 service stations across the nation. Individual drivers may see lower fuel prices in different areas of each state.

Sources : CNNMoney.com

It’s almost impossible to live debt-free; most of us can’t pay cash for our homes or our children’s college educations. But too many of us let debt get out of hand.

Ideally, experts say, your total monthly long-term debt payments, including your mortgage and credit cards, should not exceed 36 percent of your gross monthly income. That’s one metric mortgage bankers consider when assessing the creditworthiness of a potential borrower.

It’s far too easy to spend more than you can afford, especially when you pay by credit card. The average U.S. household with at least one credit card carries nearly a $9,200 balance, according to CardWeb.com, and personal bankruptcies have hit record highs in recent years.

Of course, avoiding debt at any cost is not smart either if it means depleting your cash reserves for emergencies. The challenge is learning how to judge which debt makes sense and which does not and then wisely managing the money you do borrow.

Good debt includes anything you need but can’t afford to pay for up front without wiping out cash reserves or liquidating all your investments. In cases where debt makes sense, only take loans for which you can afford the monthly payments.

Bad debt includes debt you’ve taken on for things you don’t need and can’t afford (that trip to Bora Bora, for instance). The worst form of debt is credit card debt since it usually carries the highest interest rates.

Sometimes the decision to borrow doesn’t hinge on how much cash you have but on whether there are ways to make your money work harder for you. If interest rates are low, compare what you’ll spend in interest on a loan versus what your money could earn if it were invested. If you think you can get a higher return from investing your cash than what you’ll pay in interest on a loan, borrowing a small amount at a low rate may make sense.

Sources : CNNMoney

Credit cards are gaining much popularity both in developing countries as well as the developed countries. This is because consumers feel them the best alternative to there cash in hand. Another reason is that consumers feel more security while using this form of money. This plastic money is becoming common day by day because of easy to use and reliable procedure. Any consumers once adopt the habit of using these credit cards feel very difficulty for him or her to get rid from this habit. Beside all these things how to get credit card debt relief is one of the very hot issue now a day. This is because mostly consumers don’t have any idea about the interest rates against there credit card debts and if they have any ides about these interest rate they don’t know how to calculate these interest rates.

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