GM cuts losses to $115mn
Detroit: General Motors (GM) has been able to reduce its losses by about 90 pc to $115 million on the back of its turnaround plan in the quarter ended September 2006.

Had it not been for a series of one-off charges, the company said it would have posted a profit. In the same period a year ago, GM lost $1.7 billion.
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Mittal to pay $3.6bn to Arcelor shareholders in Brazil
Brussels: Mittal Steel Co. NV plans to spend up to euro 2.6 billion (USD 3.26 billion) in cash and stock amounting to euro12.11 per share to buy out minority shareholders of Arcelor SA's Brazilian division as part of a merger between the world's two largest steel makers.

This follows a ruling from Brazilian regulators CVM requiring Mittal to make another offer to Arcelor Brasil SA shareholders on top of its euro 25.4 billion (USD 31.9 billion) bid for the parent company, Luxembourg-based Arcelor SA.

The CVM said Mittal had to make the offer to make sure Arcelor Brasil shareholders could sell their shares for the same value indirectly paid for two-thirds of the Arcelor Brasil stock held by Arcelor.
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Fed maintains interest rates
Washington: The Federal Reserve left interest rates unchanged at 5.25 percent on Wednesday for the third consecutive time due to a slowing economy that would ultimately suppress the rise in inflation.

The interest rate has been at 5.25 per cent since late June when the central bank raised rates for a 17th consecutive time in a two-year effort to combat rising inflation.

Analysts said they expect the Fed to hold interest rates for as long as a year.
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