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U.S. Corn Acreage to Rise 4.5% on Profit ProspectsU.S. corn acreage will be the second largest this year, since 1944, as farm profits surged while the rising demand for food and fuel caused cuts in world stockpiles. Toyota, Honda Extend Plant ShutdownsJapanese automakers Toyota and Honda have extended the shutdown of their plants in Japan as the country’s worked to recover from the earthquake and tsunami that hit the tiny Asian nation on March 11. Toyota is biggest car producer in the world. The Japanese firm announced today said that production at its plant would remain suspended until Saturday March 26. Earlier, the company had announced that the production would remain stopped until the end of Tuesday. Toyota did not announce that when the production will resume at its 27 plants in Japan. Bank of America Says No to Reducing Home LoansThe executives of Bank of America rejected the idea of writing off tens of billions worth of mortgage debt, saying that the idea is unworkable and unfair to borrowers who stayed current on their loans. Rate Of Interest Increase Supported By Spencer Dale As Well For BOEThe Bank of England discussed about a hike in the rate of interest offered by Banks and Spencer Dale joined voices with Sentence and Weale in supporting the move. Spencer Dale is chief the economist for the BOE. Colorado Power Lines Receive Preliminary Permission of PUCThe power lines to be constructed over a stretch of the southern parts of Colorado had been a center of controversy and many opposed to its continuation. However, Friday saw the PUC or Public Utility of Colorado give it a go through permission. Hong Kong's Hang Seng Index Erases This Year’s GainsThe stocks nosedived in Hong Kong today as the Hang Seng Index erased this year’s gains. The stocks fell as commodity producers slipped on lower oil prices and reports emerged that higher interest rates by China slow economic growth. Nation’s largest oil producer, PetroChina Co., shed 3 percent after announcing an asset purchase, while China Overseas Land & Investment Ltd., which is run by the nation’s construction ministry, went down 3.6 percent after Beijing raised interest rates on February 8. Sanofi Still To Finalize Genzyme Deal, Forecasts Earning Decline in 2011French pharma giant Sanofi-Aventis (SNY) today said that it is still holding talks with U.S biotech Genzyme (GENZ) over the latter’s takeover. The company however, forecast an earnings decline of between 5%-10% this fiscal year. "We are continuing to review non-public information," after signing a confidentiality agreement with Genzyme around 10 days ago, said Sanofi Chief Executive Chris Viehbacher in an early morning conference call with journalists. It is to be noted that Sanofi expressed its willingness to acquire the American firm last summer but the negotiations between the two companies began recently. The talks were put on hold over Sanofi’s offer of $69-per-share for Genzyme. Mitsubishi To Manufacture Outlander Sport At Ailing Illinois PlantJapanese automobile giant Mitsubishi today announced that it will start manufacturing a new Outlander Sport Crossover SUV at its Normal plant in downstate Illinois from the beginning of 2012. The company said that it will invest USD 45 million in the project. It is to be noted that the plant at Illinois was on the verge of being closed down and had decreased production. Besides this, the company had also decided to phase out all models from production by 2014. Bad Weather Increases Power Demand In Texas, Leading To OutagesCold weather led to high power demand across Texas, causing massive power outages. Some areas in Texas were without power for more than eight hours. The outages started about 5:30 a.m. and lasted till afternoon, but “there is a strong possibility that they will be required again this evening or tomorrow, depending on how quickly the disabled generation units can be returned to service,” the chief operator of Texas’ power grid said in a release. US Investigating BP Over Gas Market ManipulationBP said on Wednesday, “The US Federal Energy Regulatory Commission (FERC) and the U.S. Commodity Futures Trading Commission (CFTC) are currently investigating several BP entities regarding trading in the next-day natural gas market at Houston Ship Channel during October and November 2008. RIM Provides India Access To Messenger ServicesWhile the makers of the BlackBerry had been unable to give any such solutions in the past, RIM confirmed on this past Thursday that it had provided the government with the necessary tools that shall enable them in doing the same. European Stocks Gain With Investors Willing to Add RiskEuropean stocks jumped today as investors decided to add more risk to their investment portfolios amid good economic data. A sharp sell-off was noted yesterday by Lloyds Banking Group in U.S. Treasurys due to an upside surprise in the employment data and unexpected ISM non-manufacturing figures for December. The bank said that the investors have now fed the money back into the equity market.
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