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Toyota Corolla is going to face a formal investigation in US for the complaints raised against the recent edition of the vehicle. The auto major will shut down its UK production plant in the coming month. As a result of which, 3,500 workers are going to sit idle.

The decision came from the company as a result of a collapse in its car sales. At the same time there were consumer concerns over the safety of the vehicles in a very much similar way of US.  

Fortescue, the iron ore mining company, saw its profit for six months ending December 31, slipping down to $43 million, a fall of 94 per cent. It fell from $760 million for the same period last year. Also, the income of the company has gone down sharply for the same period.

The fall is the result of rising iron ore prices coupled with other factors like the loan repayment time of the company and high cost of sales due to volatile foreign exchange movement.

National Australian Bank's (NAB) cash earnings for the quarter ending December stood at $1.1 billion which is flat as compared to the same period last year. The results announced are un-audited.

However, when compared to the previous quarter for the current year, the bank has grown by as much as 20 per cent.

Standard and Poor's Ratings Services on Friday slashed Indian telecom giant Bharti Airtel's long-term corporate credit rating to 'BBB-' with negative implications. The fall in ratings came after the company proposed to takeover Zain Africa.

Gordon Brown, the UK Prime Minister is very much hopeful that he can save the Corus steelworks on Teesside and the jobs of 1,600 employees. Mr. Brown is anticipating so just because the Government is talking to a number of companies, who have shown their interest in the plant.

After market hours on Thursday, Jaihind Projects announced that it managed to win two projects from Gujarat State Petronet Limited for Rs. 47.96 crore, divided into the first order worth Rs. 26.05 crore for construction contract for Morbi Mundra Spurline Project, Electrotherm, Mid India, GPT Steel and GSPC and the second one being the engineering, procurement and construction contract for GSFC-Sikka connectivity of Jamnagar project prized at Rs. 21.91 crore.