'Ordinary bloke' is richest man in Oz

A promise to turn rust-red iron ore into gold for investors has transformed Andrew Forrest from a "penny stock" mining entrepreneur with a dream into Australia's richest man, worth more than $7 billion.

Mitsubishi discusses satellite launches

Mitsubishi Heavy Industries Ltd, Asia's largest aerospace company, is in talks to win its first commercial orders for satellite launches using its H-2A rocket, a Japanese newspaper reported yesterday.

IN BRIEF (Page 17)

Business International

Coffee, ice cream raise Nestle profits

Nestle SA, the world's largest food company, raised second-half profit 14 percent, beating analysts' estimates, after passing on higher commodity costs to consumers by increasing prices of Dreyer's ice cream and Nescafe instant coffee.

Bailout risks lender's capital

Dresdner Bank AG, Germany's third largest bank, agreed to rescue its $18.8 billion K2 structured investment vehicle, joining Citigroup Inc and HSBC Holdings Plc in putting capital at risk to bail out investment funds crippled by the collapse of the subprime mortgage market.

EU predicts growth, inflation woes

The European Commission cut its forecast for economic growth in the euro area and predicted the strongest inflation since the start of the single currency, highlighting the dilemma facing the region's central bank.

New lines boost US burger chain

Hamburger chain Jack in the Box Inc posted a better-than-expected quarterly profit, helped by a rise in revenue on addition of new products to its menu, and raised the top end of its 2008 earnings forecast, sending its shares up more than 5 percent.

Recent rally in small-value stocks will be short-lived

Small-value stocks got a much-needed lift after the Federal Reserve cut interest rates by 1.25 percentage points from Jan 22 to Jan 30.

IN BRIEF (Page 17)

Business International

Wheat price surge confounds experts

The biggest rally in the history of wheat trading defied even some of the best conventional wisdom, humbling forecasters from Goldman Sachs Group Inc to the US government.