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Jan 26 2013, 02:29 IST
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SummaryA slump in North Sea oil production, lower factory output and a hangover from the London Olympics caused Britain’s economy to shrink more than expected in late 2012, pushing it perilously close to a “triple-dip” recession.

of long-term incentive pay for 2012, the source said.

N Korea threatens war with South over sanctions

North Korea threatened to attack rival South Korea if Seoul joined a new round of tightened UN sanctions, as Washington unveiled more of its own economic restrictions following Pyongyang’s rocket launch last month. In a third straight day of fiery rhetoric against regional powers, the North directed its verbal onslaught at its neighbour on Friday, saying: “‘Sanctions’ mean a war and a declaration of war against us.” The reclusive North has this week declared a boycott of all dialogue aimed at ending its nuclear programme and vowed to conduct more rocket and nuclear tests after the Security Council censured it for a December long-range missile launch. “If the puppet group of traitors takes a direct part in the UN ‘sanctions’, the DPRK (North’s official name, the Democratic People’s Republic of Korea) will take strong physical counter-measures against it,” the North’s Committee for the Peaceful Reunification of Korea said, referring to the South.

Japan wants Nissan-NEC venture to buy Sony unit

A Japanese state-backed fund wants a Nissan Motor Co Ltd and NEC Corp joint venture to buy Sony Corp’s lithium-ion battery unit to prevent rivals in China and Taiwan from getting its technology as the Tokyo TV maker looks to offload non-core businesses, the Daily Yomiuri said. The Bravia TV maker’s shares rose as much as 6.9% in Tokyo after the report. The company declined to comment. Sony’s CEO, Kazuo Hirai, speaking at the CES consumer electronics show in Las Vegas this month, said any unit not contributing to those core divisions or helping to end losses in televisions could be sold. The INCJ has offered to invest in any firm created by merging Sony’s battery division with the Nissan-NEC venture, the Yomiuri said.

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