Heathrow: 2012 ‘busiest year on record’

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UPS drops 5.2bn-euro bid for TNT over EU competition

Package delivery firm United Parcel Service (UPS) has pulled out of its 5.2bn-euro ($6.8bn; £4.3bn) bid for Dutch rival TNT Express after discovering EU competition authorities would probably block the deal. UPS said it saw "no realistic prospect"…

German truck maker MAN cuts shifts

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Indian inflation eases to 11-month low in December

Indian inflation slowed last month, boosting hopes of an interest rate cut when the central bank meets later this month. The annual rate of inflation eased to 7.18% in December, down from 7.24% in November, according to the Wholesale Price Index -…

UK economy ‘contracted in fourth quarter’

The UK economy contracted by 0.3% in the last three months of 2012, according to the National Institute of Economic and Social Research (NIESR). The NIESR blamed it on artificially strong growth in the third quarter. If the figure is confirmed by…

Ford to hire 2,200 extra US staff to meet growing sales

Ford plans to hire 2,200 new staff in the US this year, in response to the continuing rise in American car sales. The country's second-largest carmaker by sales, it said it would hire engineers, computer programmers and other office workers. Ford's…

Japanese government approves $116bn stimulus package

The Japanese government has approved a fresh 10.3 trillion yen ($116bn; £72bn) stimulus package in an attempt to spur a revival in its economy. The package will include infrastructure spending, as well as incentives for businesses to boost…

US trade deficit widens as imports increase

The US trade deficit widened unexpectedly in November, after a rise in the import of consumer goods. Figures from the Commerce Department showed that the gap widened by 16% to $48.7bn (£30.1bn). The markets were expecting the deficit to shrink. The…

Dreamliner plane review ordered by US regulators

US regulators have ordered a review of the 787 Dreamliner plane after a series of incidents put a question mark over the safety of Boeing's flagship plane. The review by the Federal Aviation Administration will look at the design and manufacture of…

Eurozone unemployment reaches new high

The unemployment rate across the eurozone hit a new all-time high of 11.8% in November, official figures have shown. This is a slight rise on 11.7% for the 17-nation region in October. The rate for the European Union as a whole in November was…