Mittal Steel claims 92 pc of shares of Arcelor
Paris: Mittal Steel says it has secured 92 per cent of the share of votes in Arcelor as it moves towards completing its 26 billion euro ($32.88 billion) takeover of its European rival.

Lakshmi Mittal, chairman and chief executive of Mittal Steel, said, "We are very excited about our future as one company, and believe this strong vote of confidence from shareholders paves the way for a speedy integration process, allowing us to realise the full benefits of working together as the undisputed world steel leader.
Back to News Review index page  

GM posts larger-than-expected operating profit
Detroit: General Motors Corp has registered a better-than-expected operating profit and has hiked its cost-cutting target by $1 billion as its restructuring takes hold. The company's shares soared to a 10-month high on the news.

GM reported a higher net loss for the second quarter after writing off $4.3 billion in costs mainly associated with buyouts for almost a third of its factory work force. However, excluding these restructuring charges, GM outperformed the most optimistic Wall Street projections, touching off a rally in its stock and bonds. GM also raised its target for cutting recurring costs in North America by $1 billion to $6 billion by the end of 2006 after 34,400 workers accepted its buyout and early retirement offers. GM's chief executive Rick Wagoner said the results vindicated the company's strategy.
Back to News Review index page  

China's H1 auto output, sales exceed 3.5 million
Beijing: China's automobile output increased by 27.8 per cent year-on-year in the first six months of the year to 3.5 million units, an official with the National Development and Reform Commission, the top planning body of the nation, said. China is now the world's second largest auto market after the United States.

During this period, the production of sedan cars surged by a whopping 53.2 per cent over the same period last year. Statistics also show that automobile sales registered a yearly growth of 26.7 per cent in the first six months, with sedan car sales up 46.9 per cent. China's economy surged 10.9 per cent in the first half of 2006, the fastest growth in a decade.
Back to News Review index page