Oslo - Norwegian energy giant Statoil Hydro's second-quarter earnings were boosted by record-high oil and gas prices, the group said Friday.

Net income was 18.91 billion kroner (3.68 billion dollars), up 36 per cent on the corresponding business quarter in 2007.

Turnover increased 34 per cent to 170.6 billion kroner, the group said, noting that net operating income surged 74 per cent to 62.6 billion kroner.

"The second quarter result is primarily influenced by high oil and gas prices," Statoil Hydro chief executive Helge Lund said in a statement.

London - Energy giant British Energy has rejected a takeover bid worth 12 billion pounds (24 billion dollars) by French firm EDF which had been expected to carry out a massive renewal of nuclear energy plants in Britain, it was reported Friday.

The deal would have involved the sale of most of Britain's outdated nuclear power stations to the French state-owned energy firm, and was the centrepiece of the British government's future plans for a revival of nuclear energy.

A deal was expected to have been announced Friday. But according to reports, EDF said in a statement that conditions were not right for it to proceed with the deal.

Sydney - Investors were told Thursday they were unlikely to get any of the 100 million Australian dollars (94 million US dollars) they paid for shares in failed fuel-technology firm Firepower.

"Business in Australia is over, the company will in all probability, 99-per-cent probability, be wound up tomorrow," administrator Geoffrey McDonald told reporters.

McDonald was appointed to see if the company - infamous for marketing a pill that when popped in the petrol tank could make cars go farther and faster - could be saved.

Vienna - The Mexican company Cemex, one of the world's largest cement makers, is selling its building materials subsidiaries in Austria and Hungary to Austria-based construction company Strabag, both companies announced Thursday.

Strabag, one of Europe's leading construction groups, will buy 100 per cent of Cemex' stone, gravel and concrete operations in these two countries for 310 million euros (485 million dollars), Cemex announced in a statement.

Pending approval by market supervisory authorities and Strabag's board, the revenue from the sale will be used to reduce Cemex' debt, the Mexican company said.

Hanover - Giant German auto supplier, Continental AG, which is attempting to fend off a hostile takeover bid, reported Thursday a 36-per-cent fall in second-quarter earnings.

The Hanover-based tyremaker and brake systems manufacturer said net profit fell to 194 million euros (303 million dollars) from 303 million euros in the same period last year.

This follows the company's 11.4 billion-euros purchase last year of Siemens VDO auto parts business.

Continental is facing an 11.3 billion-euros takeover bid from the much-smaller family-owned auto supplier group Schaeffler, which said it already controls about 36 per cent of its bigger takeover target.

London - Anglo-Dutch oil giant Royal Dutch Shell Thursday reported profits of nearly 8 billion pounds (16 billion dollars) in the first six months of this year, due largely to the rocketing oil pri