Essar plans new plant

RAIPUR: Essar Steel is planning to set up a 3.2-million-tonne per annum steel plant in the economically backward Bastar area of Chhattisgarh with Rs 50-80 billion IC investment - close on the heels of Tata Steel. — HNS

Malaysian exports up

KUALA LUMPUR: Malaysia’s exports increased by 10.9 per cent in May from the same month a year ago to $11.2 billion due to higher shipments of crude oil and electronics. The export growth was above the average nine per cent forecast. — AP

Jobless rate decreases

MADRID: Unemployment in Spain declined by 1.6 per cent in June from May, the fifth straight monthly fall. The ministry said there were 32,533 fewer job-seekers in Spain in June, when the total number of unemployed came to 1,974,860, the first time since July 2003 that the total had fallen below two million. — AFP

Aussie job ads fall

SYDNEY: The number of Australian job advertisements in newspapers and on the Internet fell by 2.4 per cent in June from May but were still up by 24.1 per cent year-on-year, figures showed Monday in another sign the economy continues to slow. — AFP

New chief at Boerse

FRANKFURT: Stefan Jentzsch, board member at HypoVereinsbank, is currently seen as the favourite candidate to take over as chairman of stock market operator Deutsche Boerse, a position left vacant since the departure of Werner Seifert in May. — AFP

Philippines stops VAT

MANILA: The Philippine stock market took the brunt of investors’ ire over a Court decision to stop a new VAT the centerpiece of the government’s economic reform policy. — AP

Call to use less fuel

JAKARTA: Indonesia’s state-owned oil company on Monday called for customers to use less fuel amid nationwide shortages sparked by soaring international oil prices and rising domestic consumption. — AP

Bank reform inTurkey

ANKARA: The Turkish parliament has passed a series of banking reforms ahead of the latest installment of a $10 billion loan by the IMF to Turkey. However, the parliament failed to pass social security reforms also required by the IMF. — AP

Lufthansa plan passed

FRANKFURT: Lufthansa said it received unconditional approval from US regulators for its planned $374.7 million takeover of Swiss International. The airline still needs European regulatory approval. — AP