IBT Staff Reporter

At a time when China is tightening its realty industry and which in turn is impacting the demand for steel, Gulf countries have decided to abolish the 5% steel import duty soon to ease supply strain that has been mostly felt in Saudi Arabia. Finance ministers from the six-nation Gulf Cooperation Council (GCC) examined the proposed measure at a meeting. There is consensus among GCC countries about this proposal.

World's leading ethanol producer Brazil is considering wide spread campaign on promoting sustainable biofuel for use in air transport. An alliance of aircraft manufacturers in Brazil, the Brazilian Alliance for Aviation Biofuels (Abraba), arrived at the decision based on cost of fuel and protecting the environment.

World oil prices extended gains in Asian trade Tuesday mainly after policy makers agreed on a trillion dollar emergency package to help Euro zone coming out of debt crisis. Light sweet crud for June delivery was seen trading at $77.11 a barrel at 11.00 a.m Singapore time while Brent crude was at $80.35 a barrel at the same time.

National Food Authority of the Philippines said Tuesday, country's rice inventory totaled 2.77 million metric tons as of April 30, from 2.25 million tons in March. The NFA estimated that total rice stocks in April would last for 77 days. Stocks in government warehouses would be good for 35 days, while those in commercial warehouses would last for 12 days and household stocks for 30 days.

Gold prices edges up in Asian trade Tuesday but remained highly volatile as investors ditched the euro on fears the euro zone debt crisis would spread beyond Greece. Gold for immediate delivery was seen trading at $1202.01 an ounce at 11.30 a.m Singapore time while U.S. gold futures for June delivery was at $1,201.7 an ounce.

Toyota Motor Corp beat forecasts with a fourth-quarter profit on Tuesday as it cut costs and its aggressive sales incentives swiftly drew U.S. customers back to showrooms after its worst recall crisis.

A massive relief rally in financial markets on news of a $1 trillion deal to resolve Europe's debt crisis fizzled on Tuesday on nagging doubts about how Greece and other debt-laden euro zone countries will reduce their budget deficits.

The U.S. Treasury has managed to negotiate prices for warrants from bailed out banks at prices largely at or above estimated values, but it needs better controls over its bargaining process, a government watchdog said on Tuesday.

A massive relief rally in financial markets on news of a $1 trillion deal to resolve Europe's debt crisis fizzled on Tuesday on nagging doubts about how Greece and other debt-laden euro zone countries will reduce their budget deficits.

A massive relief rally in financial markets on news of a $1 trillion deal to resolve Europe's debt crisis fizzled on Tuesday on nagging doubts about how Greece and other debt-laden euro zone countries will reduce their budget deficits.

Fannie Mae, the largest U.S. residential mortgage funds provider, on Monday asked the government for an additional $8.4 billion after the company lost $13.1 billion in the first quarter.

Excitement over the euro zone's mammoth $1 trillion rescue package gave way on Tuesday to doubts whether its weakest economies can meet their end of the bargain and deliver drastic debt cuts, driving the euro and stocks lower.

A massive relief rally in world stocks on news of a $1 trillion deal to resolve Europe's debt crisis slowed down on Tuesday in Asia on nagging doubts about how Greece and other debt-laden euro zone countries will reduce their budget deficits.

Ottawa - The Canadian Food Inspection Agency has issued a warning recalling on certain processed meat products which was contaminated with Listeria.

Fidelity Investments, the giant mutual fund firm, has shuffled top management, expanding the duties of Abigail Johnson, the daughter of its chief executive, and hiring a top Bank of New York Mellon Corp executive to run its asset-management business.

Taiji, Japan - The villagers of Taiji were lab tested to have dangerous high mercury levels, likely because of their fondness for dolphin and whale meat. The village has been recently depicted in the Oscar documentary titled The Cove.

Although heartburn drugs may ease digestion problems but too much of it could pose some health risks. Studies have shown that overuse of heartburn drugs can cause serious side effects and should be used with caution.

Toyota Motor Corp came under new scrutiny on Monday over its recall practices just after the Obama administration said the company was paying closer attention to safety matters.

A study has found that women with fats around their waistline and a high body mass index (BMI) have an increase risk of pancreatic cancer.

Global equity markets staged a massive relief rally on Monday after officials agreed to a $1 trillion emergency rescue package to halt a festering sovereign debt crisis in Europe from engulfing the rest of the world.

The government will be reviewing the services of renal dialysis in Central Australia after it was heavily criticised for sending indigenous patients away from Alice Springs which is much closer to them.

The AUD is fairly unchanged from yesterday's close to be currently trading around USD0.9030 despite the huge gains posted in the offshore equity markets.

Google Inc displaced iPhone maker Apple Inc to become the second most popular provider of smartphone software in the United States during the first quarter, the latest sign of the increasing competition in the fast-growing mobile market.

The Obama administration believes Toyota Motor Corp is paying closer attention to safety concerns, but Washington continues to investigate the carmaker and will not rule out a new fine, the top U.S. transport official said on Monday.

The Australian Dollar opens at 0.8970 today after another turbulent 24 hours.

Stocks racked up their biggest one-day gain in over a year on Monday as an agreement on a $1 trillion emergency rescue package from the EU quelled fears a new credit crisis would derail European economies.

A $1 trillion emergency package to stabilize the euro zone unleashed a spectacular rally in world stocks on Monday but the euro wiped out initial gains as worries about the region's debt problems persisted.

When executives gather for the annual Cable Show industry event in Los Angeles this week, two issues will be near the top of the agenda: rising programing fees and the growing threat of new Web video services.

(Corrects paragraph 9 and subhead reference to Toyota progress to strong from some)