Corus pleads guilty on plant blast that killed three
London: Anglo-Dutch steel company Corus has pleaded guilty of breaking health and safety laws in connection with the blast at its Port Talbot plant which killed three men and injured 12 in 2001.

The first criminal charge was that Corus did not ensure the safety of its employees. The second charge held it did not ensure contractors were not exposed to safety risks.

After its guilt plea at Swansea Crown Court, Corus UK is likely to face unlimited financial penalties.

Corus admitted civil liability for one of the worst accidents in the UK's steel industry for 26 years, around 12 months after the explosion.
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China's economy may slow down to 9.6 per cent in 2007: WB
Beijing: China's economy is expected to slow down to 9.6 pc in 2007 and to 8.7 per cent in 2008, after experiencing a GDP growth of 10.4 per cent in 2006 a World Bank report Global Economic Prospects 2007 released in Beijing said.

The report gives a medium-term outlook for China's economy in a special section of regional economic prospects.

According to the report, continued robust investment demand and a pickup in private consumption should maintain China's GDP growth at high rates.

According to the report, China's export growth rates are projected to decelerate toward 14 per cent in 2008, lower than the estimated 20.3 per cent increase in the year 2006.

The report also said in the coming years, signs of overheating in China will be limited to specific sectors and regions.
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Ford announces management reshuffle
Detroit: Ford Motor Co. has announced a reshuffle of its top management with a view bring chief executive Alan Mulally closer to key operations.

For the first time since taking over full time in October, Mulally has created a post of global product development chief and has also eliminated a layer of management in its international operations.

Derrick Kuzak a keuy player in the launch of Ford's small Focus sedan, will lead Ford's new global development group and will report to Mulally.

Three business unit chiefs will now report directly to the CEO: Mark Fields, 45, who heads the Americas; Lewis Booth, 58, who is in charge of Europe and Ford's luxury brands; and John Parker, 58, who has responsibility for the Asian region and Mazda.

Mulally said he wants to to revamp Ford Motor's operational structure and make the company leaner and more centrally driven in areas such as product development, purchasing and engineering. Mulally has criticized Ford's regional operating structure as an impediment that was keeping the company from competing effectively against rivals such as Toyota Motor Corp.
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Opec to cut oil output again
Tokyo: U.S. crude oil futures gained and stayed above $62 a barrel on Friday after rising more than $1 a day earlier, mainly due to an OPEC decision to cut more production from February.

U.S. crude for January delivery was up 20 cents at $62.71 a barrel on the Globex electronic trading platform having risen consecutively for a second day when it settled higher at $1.14, or 1.9 percent, at $62.51.

OPEC has decided to reduce production by 500,000 barrels a day, effective Feb. 1, despite a warning by the International Energy Agency that a 1.2 million bpd cut the cartel agreed to in October was already tightening the market. US crude stocks fell 4.3 million barrels last week as imports declined.
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