Luxembourg - ArcelorMittal, the world's largest steel company, announced Wednesday that it was expanding its operations in Brazil with the acquisition of London Mining Brasil for about 810 million dollars (551 million euros).

The Luxembourg-based company also said it would develop an iron ore port facility in Sepetiba Bay, some 70 kilometres west of Rio de Janeiro.

ArcelorMittal wants to use the port to export iron ore extracted from the London Mining Brasil mine in the state of Minas Gerais to its steel facilities in the Atlantic basin.

General Motors had put up its brand Hummer for sale SUVs as it saw a sharp drop in the sales of these vehicles and it now plans to shift its focus from trucks and SUVs.

Meanwhile Mahindra and Mahindra’s Vice President, Anand Mahindra, scrapped all speculations about Mahindra and Mahindra acquiring the gas guzzling Hummer from General Motors.

The Company does not wish to tarnish its image by acquiring Hummer, which does not carry the eco-friendly image.

Due to the increase in input costs, Hero Honda, country’s largest two-wheeler maker has increased prices of its product across its various models up to Rs 1,500.

Anil Dua, Hero Honda Motors Senior Vice President (sales and marketing), informed, “A couple of weeks back; we have increased the price across various models in order to partially pass on the increase in input cost to the customers.”

The fixing of the User Development Fee {UDF) at Rs 375 for each
departing domestic passenger by the Centre has come as a surprise for
the GMR Hyderabad International Airport Limited (GHIAL) on Monday
evening.

GHIAL had earlier represented to Ministry of Civil Aviation to fix UDF around Rs 725.

Since Ministry of Civil Aviation (MoCA) had permitted the airport
operators to collect Rs 1,000 as User Development Fee (UDF) from
international passengers, the GHIAL was ready to scale down the
domestic UDF to Rs 725 per passenger.

The matter had been hanging fire for over two months. The UDF from
international passengers was being collected from June 11, 2008.

Wolfsburg, Germany - Volkswagen is working on plans to build a new cheap mid-engined sports car that is scheduled to be presented at the Los Angeles Auto Show in November, Germany's Auto Bild newspaper reports.

Drawings published by the newspaper show a car with large wheels and a long wheelbase.

Four cylinder engines with an output between 77 kW/105 hp and 118 kW/160 hp were possible for the lightweight car with a body weight of under 1,000 kilogrammes. Several components such as steering, brakes and electronics would probably come from standard VW vehicles to bring down the price, the report said.

McNally Bharat Engineering Company Ltd has informed that it has secured two orders worth Rs 53.25 crore from two different firms.