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Britain Back in Recession

Britain's economy sank back into recession in the first quarter, when it contracted by 0.2 percent amid ongoing state austerity and the eurozone debt crisis, official data showed on Wednesday.

The British economy has now returned to a technical recession, defined as two successive quarters of contraction, after shrinking by 0.3 percent in the previous three months, the Office for National Statistics (ONS) revealed.

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Brazil to Invest $17 Billion in Mass Transit for World Cup

Brazil will invest $17 billion on public transport for the 2014 World Cup and the 2016 Summer Olympics, President Dilma Rousseff announced Tuesday.

She said in a speech that the federal government, states and cities would earmark a total of 32 billion reals ($17 billion) for streetcars, subways and bus stations but gave no timetable for completion.

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Siemens Abandons Profit Target After Weak Second Quarter

German engineering and technology giant Siemens warned Wednesday that full-year profits would fall short of original targets following a difficult second quarter.

"Challenges, mostly in our power transmission business, impact the level of income from continuing operations we originally expected to achieve in fiscal 2012 -- 6.0 billion euros ($7.9 billion) -- by an estimated 600-800 million euros," Siemens said in a statement.

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China Signs Onto PNG's World-First Undersea Mine

Canada-based mining firm Nautilus Minerals said Tuesday it had signed China's Tongling Nonferrous Metals Group as the first customer of its pioneering Papua New Guinean sea-floor mine.

Nautilus, which is listed on the Canadian and London stock exchanges and has offices in Australia, said Tongling had agreed to buy 1.1 million tons of sulphides per annum from its Solwara 1 undersea mine for three years.

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Baghdad-Mumbai Flights Resume after 21 Years

Iraq will reopen this week the Baghdad to Mumbai air route after a hiatus of more than 21 years, as a growing number of Iraqis are travelling to India, officials said on Tuesday.

"Iraqi Airways will open on Friday the route between Baghdad and Mumbai after more than 21 years of interruption," Akram Louaybi, the flag carrier's spokesman, told Agence France Presse.

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Shell to Buy E. Africa-Focused Cove Energy for £1.12 bn

Royal Dutch Shell on Tuesday said it had agreed to buy Cove Energy, a London-listed company with key operations in East Africa, for £1.12 billion (1.37 billion euros, $1.81 billion).

The cash offer worth 220 pence per Cove share is an improvement on Shell's informal bid worth 195 pence per share made in February. Cove will be taken over by the Anglo-Dutch energy group's Shell Bidco subsidiary.

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BAA sells Edinburgh Airport to U.S. fund for £807 million

Spanish-owned airports operator BAA has agreed to sell Edinburgh Airport to U.S. investment fund Global Infrastructure Partners, which already owns Gatwick and London City hubs, it said on Monday.

"BAA today announces that it has agreed to sell its 100-percent interest in Edinburgh Airport Limited to Global Infrastructure Partners for £807.2 million ($1.3 billion, 990 million euros)," the group announced in a statement. The sale is expected to close by the end of May.

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Thomson Reuters Sells Healthcare Data Unit to Veritas

Media and business information giant Thomson Reuters said Monday it is selling its Healthcare data business to private investment group Veritas Capital for $1.25 billion.

The all-cash deal gives Veritas "the preeminent healthcare analytics company in the industry today," said Veritas chairman Robert McKeon said in a Thomson Reuters statement.

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Egypt Offers to Sell Gas to Israel at New Price

A senior Egyptian minister said on Monday her country is ready to resume gas exports to Israel but at a new price, after scrapping a long-term contract.

International Cooperation Minister "Fayza Abul Naga said the Egyptian side had no objections to reaching a new contract with new conditions and a new price," the official MENA news agency reported.

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Food Giant Nestle Buys Pfizer Nutrition for $11.85 Billion

Swiss food giant Nestle said Monday it has agreed to pay $11.85 billion to acquire infant food maker Pfizer Nutrition, which generates about 85 percent of its sales from emerging markets.

"Pfizer Nutrition is an excellent strategic fit and this acquisition underlines our commitment to be the world's leading nutrition, health and wellness company," Nestle chief executive Paul Bulcke said in a statement.

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