Compact car sales rise in US on high gas prices
Detroit: Fuel-efficient compact cars in the US increased market share by 2.2 percentage points in the last two months while gas-thirsty, full-sized SUV segment lost 1.2 percentage points of market share over the same period according to industry-tracker Edmunds.com.

Large SUVs and full-sized pick-up trucks account for close to 80 per cent of North American automotive profits for Ford Motor and General Motors according to the industry report.

The average price American drivers pay for a gallon of regular gasoline is currently just over $2, according to the AAA motor club. The price is likely to shoot to $2.15 per gallon in the next two months according to the US Energy Information Administration.
Back to News Review index page  

Chinese steel giants to merge
Beijing: Chinese news agency Xinhua reported that steel giants Anshan Iron and Steel Group will soon merge with Benxi Steel to create the country's second largest steel producer with an annual capacity of more than 20 million tones.

According to analysts, the merger would mark a fresh move in sharpening China's competitive edge in its large state-owned enterprises.

The state-owned Assets Supervision and Administration Commission, the country's assets watchdog, is planning to cut the total central government-owned enterprises from the present 179 to some 80, especially in the departments of resources, energy, metallurgy, automobiles, plant equipment and commerce and trade.
Back to News Review index page  

Mittal Steel's merger with US company cleared
Washington: Mittal Steel has obtained approval from US regulators for its acquisition of US International Steel Group.

ISG and Mittal will each hold special meetings of their shareholders on April 12 to give final approval to the proposed merger, the statement said.

Post merger, Mittal Steel will become the world leader in terms of steel shipments, outstripping the current world number one, the European consortium Arcelor, according to chairman Lakshmi Mittal, estimated by Forbes magazine to be the world's third richest man.

The group will also be the No1 steel group in terms of market capitalisation ($18.5 billion) ahead of Japan's Nippon Steel.

Mittal Steel will have operations in 14 countries including the United States, Canada, Mexico, France, Germany and eastern Europe and employ 165,000 people.
Back to News Review index page  

Microsoft enters into $60 mn settlement with Burst.com
Seattle: Microsoft Corp. said it would pay Burst.com Inc., a developer of software for streaming audio and video over the Internet, $60 million to settle a patent infringement and antitrust lawsuit.

In a 2002 lawsuit, Burst said that Microsoft had infringed on its patent for sending audio and video content over the Web, in addition making trade secret and antitrust claims against the maker of Windows.

Burst's shares rose 75 per cent to $3.15 on Friday on Nasdaq.

In November, Microsoft had agreed to pay Novell Inc. $536 million to settle an antitrust lawsuit.
Back to News Review index page