Oil price soars

London, March 6: Oil prices spiked close to $106 today after the market was rattled by news of a small explosion in New York and following a surprise fall in US crude stockpiles. New York’s main oil contract, light sweet crude for delivery in April, hit $105.97 per barrel, surging above $105 after topping the previous record of $104.95 set yesterday. Brent North Sea crude for April jumped to $102.95, beating its previous peak of $102.29 on Monday.

Export subsidy

New Delhi, March 6: The government has slashed allocations to its key export promotion and overseas market development programmes for 2008-09 by Rs 600 crore, at a time when exporters are facing a rough weather on account of a global slowdown and margin erosion because of rupee appreciation.

Markets closed

Mumbai, March 6: All major wholesale commodity markets in Mumbai and Delhi, including the Bombay Stock Exchange, the National Stock Exchange, forex, money, bullion, metal and chemical, remained closed today on account of Mahashivratri.

SEZ study

New Delhi, March 6: The government will initiate a study to assess the impact of special economic zones (SEZ) on farmers whose land has been acquired for tax-free enclaves.

Jet stake

Mumbai, March 6: Jet Airways promoter Naresh Goyal will offload five per cent of his equity in the airlines before the end of this month to a private equity player, said K.G. Vishwanath, senior general manager of the company.