The US economy shrank at an annualised rate of 5.5% in the first three months of 2009, better than previously thought, government figures show. Gross domestic product (GDP) had been previously estimated at a 5.7% decline. The fall in GDP now seems to be easing, after shrinking at an annualised pace of 6.3% in the [...]

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Prices in Japan fell by the most on record last month, raising fears of a new bout of deflation, official figures from the Ministry of Finance show. Consumer prices fell 1.1% in May from the same month a year ago, the most since records began in 1970. Prices of goods excluding fresh food also fell [...]

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Oil giant BP has appointed the chief executive of Swedish telecommunications company Ericsson as its chairman to replace Peter Sutherland. Carl-Henric Svanberg will join the oil giant’s board in September and take over as chairman on 1 January 2010. BP chief executive Tony Hayward said that Mr Sutherland would be “a hard act to follow”.

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Spain launches $12.7bn bank fund Spain has launched a 9bn euro ($12.7bn; £7.7bn) fund in case any of its troubled banks needs rescuing.Finance Minister Elena Salgado said the money could be used for capital injections, mergers or restructuring. She said the Fund for Ordered Bank Restructuring would start off with 9bn euros, but that the [...]

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IFCI Ltd has announced that the Board of Directors of the Company at its meeting held on June 27, 2009 has recommended, a dividend @ Re 0.80 per share i.e. 8% for the year ended March 31, 2009, subject to the approval of shareholders at the ensuing Annual General Meeting.

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Gujarat NRE – conversion of FCCBs Gujarat NRE Coke Ltd has announced that the Company at its meeting held on June 26, 2009, has issued and allotted 45,02,016 Equity Shares of Rs. 10/- each at a premium of Rs 34.64 per share pursuant to Conversion Notice(s) received from the holder(s) of FCCBs for conversion of [...]

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The number of new cars made in the UK fell 43% in May from the same month a year earlier, the Society of Motor Manufacturers and Traders (SMMT) said. However the drop, to 67,754 cars, was the smallest of the year. Commercial vehicle production fell 73.5%. Several firms have temporarily shut factories or cut back [...]

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National Australia Bank is to pay 825m Australian dollars ($660m:£401m) for UK insurer Aviva’s Australian wealth management businesses Navigator. NAB is Australia’s biggest lender, and the deal is the first acquisition under new chief executive Cameron Clyne. The deal will add “scale, efficiency and new capabilities to our operations”, said NAB.

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US unveils banking reform plans The US government has announced a major reform of banking regulation to prevent future financial crises. The overhaul will require big banks to put more money aside against future losses to curb excessive risk taking. Consumers will get a special agency to protect their interests and

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Reliance Infrastructure Fund to close on Jun 23 09 Reliance Infrastructure Mutual Fund IPO Details Issue Price:Rs10 where to invest: Infrastructure companies Newpaisa.com Rating: 10/10

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