HELSINKI: Nokia, the world's biggest mobile phone maker, yesterday said it would shed about 330 jobs in Finland and Denmark as part of a streamlining of its vast research and development operations.

TOKYO: The Bank of Japan (BoJ) upgraded its economic assessment yesterday, setting itself up for a confrontation with a government pressing for a policy response to deflation and a possible return to recession.

SINGAPORE: Conergy, Germany's second-biggest solar energy company, expects to generate a fifth of total sales from Asia-Pacific and the Middle East as sales volume doubles next year, a company executive said yesterday.

LONDON: Tesco, Britain's biggest retailer, took a further step on its journey to become a force in banking by signing up US group Fiserv to provide the technology platform for its financial services business.

MOSCOW: Russian retail sales and real disposable incomes rose on the month in October in a sign the economy continues its climb out of recession, but higher unemployment underscored the fragility of the recovery.

LONDON: Car production in Britain dropped by the smallest monthly amount so far this year during October thanks to the government's old-for-new scheme, industry data showed yesterday.

TOKYO: Japan Airlines may have to pay about 100 billion yen ($1.1bn) to settle derivatives transactions, it was reported yesterday, sending the struggling carrier's shares down three per cent to a record closing low.

FRANKFURT: Volkswagen yesterday said it would invest about 25.8 billion euros ($39bn) in factories, materials and vehicle types by the end of 2012. Volkswagen, the biggest car manufacturer in Europe, made the announcement during a meeting of its supervisory board.

LONDON: British house prices could retreat next year if unemployment rises sharply, Britain's third-largest mortgage lender Nationwide warned yesterday.

NEW DELHI: India's Bharti Airtel launched yet another new billing plan yesterday, slashing mobile roaming rates by nearly 60 per cent and signalling a tariff war in the world's fastest-growing wireless market was far from over.

FRANKFURT: Banks risk becoming addicted to cheap central bank cash used to fight the financial crisis and must prepare for its eventual withdrawal, the head of the European Central Bank (ECB) warned at a banking conference yesterday.

DUBAI: The Dubai economy is growing at a five per cent rate, less than in previous years but ahead of the most cautious forecasts, the head of a government economic committee said yesterday.

FRANKFURT: The UAE has no plans to drop its dollar peg, a top official said yesterday, while the recent rise in the price of oil has pushed it above the bank's internal forecasts.

TOKYO: Shares of Sony Corporation fell to their lowest in nearly four months yesterday after the electronics maker's new business strategy failed to convince investors it could deliver strong profit growth.

DUBAI: Dubai mortgage firms Tamweel and Amlak would welcome a further injection of government funds as they look to complete a long-awaited merger by March, Tamweel's chairman said.