UK economy grew 0.4 percent in 4th quarter, stronger than previous estimates

UK Q4 growth revised upward again to 0.4 pct

LONDON – Official data shows the British economy grew 0.4 percent in the fourth quarter, faster than previously estimated.
The quarter marked the official end to the country’s deep recession, which lasted six quarters.
The first estimate showed the economy barely growing by 0.1 percent, and a second estimate …. Source  : Gaea News Network.

German truck, bus maker Daimler to expand commercial vehicle production in Brazil

Daimler expands commercial production in Brazil

FRANKFURT – German automotive group Daimler AG says it will expand commercial vehicle production through its Mercedes-Benz plant in Juiz de Fora in the state of Minas Gerais, Brazil, starting in 2011.
The Stuttgart-based company did not provide details Tuesday about cost, or what models it might produce, but said it … Read more >>.

Kerala government, opposition spar over Smart City Kochi project

THIRUVANANTHAPURAM – The Kerala assembly today witnessed uproarious scenes over the proposed Rs.1,500 crore Smart City Kochi project, the work on which has been stalled amid differences between the builder and the government.

The Congress-led opposition criticised the government for its “poor” handling of the project, saying it had reached a stage which can be summed …. Read the original article  : here.

Larsen & Toubro bags orders worth Rs.1,126 crore

NEW DELHI – Engineering and construction major Larsen and Toubro (L&T) Tuesday said one of its units has secured orders worth Rs.1,126 crore for metallurgical, material handling and water sector projects.

Among the orders are a Rs.300-crore contract from Sterlite Industries to construct a copper smelter plant in Tamil Nadu and a Rs.210-crore project from Hindalco … Read more »».

Brazil announces $880 bn infrastructure plan

Brasilia, March 30 (IANS/EFE) Brazil has announced plans to build $880 billion-worth of infrastructure between 2010 and 2016.

The projects are part of an economic stimulus programme whose first phase is half-completed, President Luiz Inacio Lula da Silva announced Monday.
The new plan, named the ‘Growth Acceleration Program 2′ or PAC 2, emphasises on increasing the … Read more »».

Irish government prepares to outline plans for banks; further nationalization expected

Ireland seen nationalizing more banks in new plan

DUBLIN – Ireland’s government prepared Tuesday to announce new steps to solve its banking crisis, with the effective nationalization of two or three more banks expected to be part of the process.
Finance Minister Brian Lenihan, who was briefing the Cabinet on his plans Tuesday morning, spoke of solving [..] Read the original article: here.

Euro higher to $1.3515 in European morning trade after Greek bond sale reassures markets

Euro keeps rising as Greek bond sale reassures

FRANKFURT – The euro has continued to rise against the dollar after Greece was able to raise ???5 billion ($6.7 billion) through a bond issue.
The 16-nation euro is at $1.3515 in European morning trade Tuesday, from $1.3463 late Monday in New York.
The British pound is higher, buying $1.5048 … Read more >>.

Oil rises to near $83 in Asia, extending gains as stock markets climb

Oil rises to near $83 as Asian equities gain

SINGAPORE – Oil prices rose to near $83 a barrel Tuesday in Asia, extending gains from the previous day fueled by a U.S. dollar drop and surging equity markets.
Benchmark crude for May delivery was up 41 cents to $82.58 a barrel at late afternoon Singapore time in … Read the original article on Gaea Times at : Oil rises to near $83 in Asia, extending gains as stock markets climb.

SAIL to form venture with Shipping Corporation

NEW DELHI – Steel Authority of India Ltd (SAIL) will form a joint venture company (JVC) with the Shipping Corporation of India (SCI) that will cater to the growing raw material import needs of the steel maker.

“SAIL is keenly focused on ensuring its long-term raw material security and will continue to give thrust on logistics … Read : SAIL to form venture with Shipping Corporation.

G-8 club of wealthy nations push ahead in drive for new Iran sanctions

G-8 nations press Iran sanctions drive
OTTAWA – Top diplomats from the world’s leading economies are ramping up pressure on Iran to prove its nuclear ambitions are peaceful, renewing calls for the country to be hit with new international sanctions if it fails to comply.
In meetings outside the Canadian capital … Read this article on Gaea Times at : G-8 club of wealthy nations push ahead in drive for new Iran sanctions.

Auction Calendar ??? LAF

The Reserve Bank of India announces the calendar of auction for Liquidity Adjustment Facility (LAF) for the quarter April – June 2010. There is no change in the existing terms and conditions under which the Liquidity Adjustment Facility auctions are conducted.
Calendar for overnight Repo and Reverse Repo Auctions

Date of …. Source  : Auction Calendar ??? LAF.

Irish carrier Aer Lingus says full-year loss increases 18 percent to $176 million

Aer Lingus full-year loss widens 18 pct
DUBLIN – Irish airline Aer Lingus Group PLC on Tuesday said its full year loss widened by 18 percent in 2009 to euro130 million ($176 million) as revenue declined amid a painful recession.

The figure compared with the previous year’s loss of euro109.8 million. Revenue fell from euro1.35 billion to … Read the original article on Gaea Times at : Irish carrier Aer Lingus says full-year loss increases 18 percent to $176 million.

DSM chemicals sells fertilizers, melamine businesses to Orascom for $418 million

DSM sells fertilizer arm for $418 million
AMSTERDAM – Royal DSM NV, the Dutch chemicals company, says it will sell its fertilizer and melamine businesses to Egypt’s Orascom Construction Industries for ???310 million ($418 million).

The fertilizer business makes high-nitrogen fertilizers for agricultural crops. Melamine is used in laminates used on furniture and flooring.
DSM said the disposal …. Read the original article  : DSM chemicals sells fertilizers, melamine businesses to Orascom for $418 million.

Food inflation coming down: Cabinet secretary

NEW DELHI – Food inflation is coming down, with sugar and vegetable prices falling and other indicators remaining stable, cabinet secretary K.M. Chandrashekhar said Tuesday.

Sugar prices have come down. Pulses have come down. Wheat and rice are stable. Edible oils are stable. Vegetables are coming down, Chandrashekar told reporters on the sidelines of a conference …. Source  : Gaea News Network.

CEO says Ice Edge still on track to purchase Coyotes, hires former Arizona AG to finalize deal

Ice Edge CEO says Coyotes purchase still on track

GLENDALE, Ariz. – The head of Ice Edge Holdings says his company remains on track to purchase the Phoenix Coyotes, despite widespread speculation that the acquisition is in trouble over financing.
Chief executive officer Anthony LeBlanc also says the company has hired former Arizona attorney general Grant Woods … Read more >>>.

US and Vietnam sign nuclear energy and security agreement

US and Vietnam sign nuclear energy agreement
HANOI, Vietnam – The United States and Vietnam signed an agreement Tuesday that may pave the way for U.S. firms to help build nuclear plants in the Southeast Asian country as it strives to meet booming energy demand.
The new agreement addresses nuclear safety and nonproliferation concerns and …. Source  : Gaea News Network.

Oil hovers above $82 in Asia after US dollar drop, stock rally fuels jump previous day

Oil hovers above $82 after leaping previous day

SINGAPORE – Oil prices were steady above $82 a barrel Tuesday in Asia, pausing after a leap the previous day fueled by a U.S. dollar drop and surging equity markets.
Benchmark crude for May delivery was up 6 cents to $82.23 a barrel at midday Singapore time in electronic …. Source article on Gaea Times at  : Oil hovers above $82 in Asia after US dollar drop, stock rally fuels jump previous day.

Japan’s industrial output falls in February for the first time in year; jobless rate steady

Japan’s factory output down, jobless rate steady

TOKYO – Cautious Japanese companies laid off more workers and hit the brakes on production in February, sending factory output down for the first time in a year.
Industrial production in the world’s second-biggest economy retreated 0.9 percent from January, following 11 consecutive months of gains, the government said Tuesday. …. Source  : Japan’s industrial output falls in February for the first time in year; jobless rate steady.

Toyota holds quality meeting to help repair reputation; promises quicker complaint response

Toyota promises quicker response on quality issues

TOYOTA, Japan – Toyota promised Tuesday to respond faster to customer complaints as it held its first meeting of a committee of quality experts set up to help salvage a reputation battered by massive recalls and reports of runaway vehicles.
Toyota Motor Corp. appointed chief quality officers in key regions …. Original article on Gaea Times at  : Toyota holds quality meeting to help repair reputation; promises quicker complaint response.

Pakistan puts Buddhist tourism back on track

ISLAMABAD – Tourism in Pakistan, affected by Islamist violence since 9/11, is expected to get a boost with the promotion of the major Buddhist heritage site that cradled the first century Gandhara civilisation.

Led by monks from Thailand, the World Fellowship of Buddhists (WFB) is on its first official visit to the country for promotion of … Read more »».