While analysts had forecast a 5.4 percent expansion, growth has actually been recorded as being 7.1 percent higher than at the same time last year. These latest figures reinforce the fact that the Philippines has had one of the better performing economies in the region throughout 2012.

Observers have reacted positively to the news, with many stating that these robust numbers suggest that the Philippines will likely exceed its target of achieving six percent growth over the fiscal year.

According to new research, currently available technologies could earn fuel savings of $26,400 per truck with a payback time of less than 18 months.

The report published today by Carbon War Room and Trimble, Road Transport: Unlocking Fuel-Saving Technologies in Trucking and Fleets finds that efficiency gains could also mitigate 624 million tons of CO2 by 2020 in the US alone, if applied only to class 8 trucks.

The acquisition, worth $5 billion, represents the state-controlled producer’s largest overseas purchase and comes at a time when ONGC is looking to increase production to fuel India’s growing economy.

At present, India imports almost 80 percent of the oil it requires. This is due to the fact that its refining capacity has outgrown the oil output locally.

Novelis today broke ground on a $250 million aluminium recycling and casting centre at its plant in Nachterstedt, Germany.

Constructed adjacent to the company's existing aluminium rolling mill, the new centre will enable the company to produce 400,000 metric tons of aluminium sheet ingot from recycled material annually, and is projected to be the world's largest aluminium recycling centre.

According to a recent report, China's apparent* oil demand rose 6.6 percent year over year in October to 41.28 million metric tons (mt), or an average 9.76 million barrels per day (b/d).

The Platts analysis of recent Chinese government data showed October’s apparent demand was the third highest on record, slightly lower than the record 9.8 million b/d in September and the 9.77 million b/d seen in February this year.

The latest data follows a rise in fixed asset investment, industrial production and retail sales in October.

In response to the news back in September that overall economic growth had fallen to a three-year low the Chinese authorities have since introduced numerous measures in a bid to revive growth. This has included the lowering of interest rates and the move by the central bank to cut the amount of money that financial institutions need to keep in reserve to try and boost lending.

Equipment manufacturer Deere & Company has reported net income of $687.6 million, or $1.75 per share, for the fourth quarter ended 31 October 2012, up from $669.6 million, or $1.62 per share, for the same period last year.

For fiscal 2012, net income attributable to Deere & Company was $3.065 billion, or $7.63 per share, compared with $2.800 billion, or $6.63 per share, in 2011.