The world's biggest commodities trader, Glencore has planned to exercise an option and decided to buy back Colombian coal miner Prodeco from Xstrata.

Glencore had sold the company to Xstrata last year and has now agreed to pay around $2.5bn for Prodeco. It has not made its future plans for miner clear but some believe that it is already in talks with some parties including Brazilian mining giant Vale for a possible sale.

A research vehicle is set to enter the markets with an aim of green environment by Mercedes-Benz equipped with plug-in hybrid configuration and hydrogen fuel cell. This will be introduced at the Geneva Motor Show next month showcasing metal-sheet and new driver technologies.

Backed by cost cuts and weak Dollar status, Swedish Engineering Group ABB Ltd. on Thursday reported a strong net profit of $540 million while being vigilant for the year 2010 as mild demand continues in Western Europe and the U. S. The operating margins heaved 9.1% from 5% but the sales dipped 4% to $8.76 billion from $9.14 billion.

According to Chief Executive Joe Hogan, in order to meet its medium-term operation-targets, the cost will preferably be kept in tough bars and savings target will be increased to $3 billion from $2 billion.

The 2010 World Economic Forum is all set to commence this week in Davos, under the theme "Rethink, Redesign, Rebuild". The annual meeting is probably one of the best places to mingle for people who want to know more about the global economy and world politics.

The mountain retreat is all set to welcome about 2,500 top management chiefs and politicians, who will share their current moods and attitudes.

On Wednesday, the Czech National Bank suddenly and unexpectedly cut down its key interest rate to a record low for the month of December.

The central bank pulled down the two-week repo rate by a total of 25 basis points to a mere 1%, a figure which will be applicable on loans starting 17 December. Estimates pegged by analysts had revealed an expected figure of 1.25%.

The Lombard rate was slashed to 2% as well, while the rate of discount remained stable at 0.25%.

All throughout November, the bank had kept its rates stable.

In a development which led to country's central bank selling the currency immediately, the Swiss Franc weakened by as much as 0.3% against the Euro. The fall has come after the currency hitting its highest level in as many as 5 months.

In addition to Euro, the Franc also recorded falling values against the Dollar, after climbing yesterday for the first time in 19 months. Both major Swiss banks, the Swiss National Bank and the Bank for International Settlements have declined to comment on the sudden currency slip.

Zurich-based UBS AG is targeting to pocket 15 billion Swiss francs (equivalent to $14.85 billion) in annual pre-tax profit over the next three to five years.

Oswald Gruebel, chief executive of UBS assured investor that the banking giant would return to profitability and hit the target as the management would be able to put the subprime crisis and the US tax row behind.

Speaking on the issue, Mr. Gruebel added, "I am determined, however, that we build a firm for sustainable profit and not one to focus only on short-term expectations."

Switzerland's privacy watchdog said Friday that it would take legal action against Google Inc. to compel it to amend its Street View application.

Hanspeter Thuer, the Federal Data Protection & Information Commissioner, said that they were concerned about persons and cars being shown on Street View, especially outside sensitive locations such as schools, hospital etc.

The Street View application put street-level photographs over the internet and allows people to be identified without their knowledge.

Swiss bank UBS suffered a loss of 564 million Swiss francs (equivalent to $552 million) during the third quarter against a profit of 283 million francs last year.

It was the fourth quarterly loss in a row, but the Zurich-based bank said it expected its situation to improve in the approaching months.

UBS, which is one of the biggest losers in the global financial crisis, has failed to stem an outflow of funds. UBS customers withdrew 36.7 billion francs during the third quarter.

While reporting a 16% plunge in five-month sales, luxury goods maker Compagnie Financiere Richemont SA, on Wednesday, met forecasts and specified it is careful in spite of the indications of slowdown in the fall of its demands.

As per Chairman Johann Rupert, "We would prefer to wait until we have more evidence of a broader economic recovery before speculating on the likelihood of a better second half, particularly when it comes to the wholesale business."

Only a few days after France penned a new tax treaty with Switzerland, the nation received the names and details of as many as 3,000 suspected French tax evaders with Swiss bank accounts.

Eric Woerth, French Budget Minister said in an interview with Journal du Dimanche that the accounts of the 3,000 French with the Swiss bank contain around three billion euros.