New York - The world is witnessing a nuclear power renaissance at a time when demands for fossil fuel-based energy and its prices have increased, the International Atomic Energy Agency (IAEA) said Monday.

But the expected increase in civilian nuclear power plants is accompanied by the risk of mounting nuclear material being converted into weapons, IAEA Director Mohamed ElBaradei told the UN General Assembly, which met to discuss the work of the Vienna-based nuclear watchdog.

"Nuclear power is undergoing something of a renaissance," ElBaradei said, comparing the situation to 10 years ago when nuclear power had stopped growing in developed countries because of security and safety risks.

Berlin - The hazard lights are flashing over the European car industry, with leading automakers cutting production and scaling back profit forecasts as the world financial crisis hits vehicle sales.

Less than a week after cutting its earnings forecast again, the giant German auto maker Daimler AG flagged plans Monday to shut down work for about four weeks over Christmas at key plants, including one producing its flagship luxury Mercedes-Benz cars.

New York City - The options for survival for US automotive giants General Motors and Chrysler are limited to bankruptcy protection, merger or a receipt of aid from the US government, the Wall Street Journal said Monday.

Citing sources inside GM and Chrysler, the respected financial daily said the two companies which are currently in merger negotiations would as a combined entity need around 10 billion dollars to continue operations, and may require government aid in any case.

Vienna- The price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) fell below 60 dollars Friday, despite the cartel's decision to curb production.

Growing recession fears sent stock markets and oil prices downward, with one barrel (159 litres) of OPEC crude standing at 57.57 dollars Friday, 2.70 dollars lower than on the previous day, according to data provided by OPEC on Monday.

The 19-month low came on the same day that OPEC oil ministers decided at an emergency meeting in Vienna to cut their total output by 1.5 million barrels per day from November 1, in order to stop the oil price from falling.

Frankfurt  - European shares opened sharply down Monday after a steep fall in stocks across Asia signalled another tumultuous week on global bourses.

After a wave of panic selling in Asia's stock markets, Europe's blue-chip Stoxx 50 slumped by 5.9 per cent in early trading to 1,994 points as recession fears deepen.

This came in the wake of big falls in opening trade across Europe's national bourses with London sliding more than 5 per cent, Paris' CAC 40 index cascading down by nearly 6 per cent and Frankfurt's key DAX dropping by 5 per cent.

Yangon - The military junta in Myanmar has removed barricades from the house of opposition leader Aung San Suu Kyi in the city of Yangon, witnesses reported Sunday.