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Nano burst into flames on Sunday in Mumbai.

Satish Sawant, an insurance agent, had purchased a brand new Nano from a dealer in Mumbai. While on his way to home, his dream car Nano caught fire.

He doesn't know driving, so he had requested the Concorde Motors to escort one driver to drive him home safe and sound.

Forth Ports Plc, a Ports operator, reported a profit in fiscal 2009 ended December 31 after making a loss in previous fiscal. The company reported its annual results today. The company also said today that it has decided to meet the consortium that made a takeover offer in February.

Earlier in the month of February, Forth had rejected two bids by the same consortium for takeover of the company saying that those bids didn't value the company correctly.

Virgin Money confirmed the news today that it is all set to make a first round bid for Royal Bank of Scotland's high street banking network in United Kingdom. Virgin said today that it has hired Greenhill to help prepare a bid before the 6 April deadline for submissions of interest.

The company led by Sir Richard Branson has reportedly taken this step to become a major player in the internet banking sector. This recent move by Virgin will also please the UK government which wants the banking sector to be more competitive.

Wolseley Plc, a British building materials supplier, posted a narrower loss in the first six months of the year ended January 31, 2010. The company released it half yearly results today.

Wolseley said that the results for the first half were reported better than expected by the company. Wolseley also said that the company remains cautious for the next half and will focus on the cost cutting measures.

The Confederation of British Industry (CBI), a leading business organization, said today that the economic recovery in UK in likely to remain slow for the rest of 2010. CBI predicted that the end of economic stimulus measures would impact the growth pace of UK economy.

The organization also forecasted that the consumer spending will be lower this year as the people tend to save more. The employers' group suggested the government to set out a credible plan to reduce its bulging budget deficit.

A Perth court has cleared businessman John Kizon of all the charges of going in for insider trading related to a website which deals in online sex and gambling business.

Even his business partner, Nigel Mansfiled was freed from all the charges, said a West Australian District Court on Monday.

Talking to a media company, AAP, Kizon's lawyer, Stephen Shirrefs said that the judge had agreed that all the charges against Kizon were false and that there was no evidence to prove anything against him.