Most of us have at least on one occasion recognized the truth in the lyrics to Joni Mitchell’s Big Yellow Taxi. A senior executive with a construction equipment company recent did so as he described his company’s retrospective assessment of a decision relating to a key supplier:

Sales and operations planning (S&OP) is an integrated business management process that was developed in the 1980s by Oliver Wight. In general terms, it refers to the decision-making processes involved in balancing supply and demand, creating profitable volume and mix propositions, and engaging in optimal asset management. Its scope is business-wide, integrating financial and operational planning, and linking board-level strategy to on-the-ground day to day operations.

As part of the deal, Actavis is offering $5 billion in shares to Warner Chilcott investors. If the deal clears regulatory hurdles, the company will be based in Ireland. It is estimated that the combined company would have annual sales of about $11 billion.

Actavis's drugs include treatments for deep vein thrombosis, asthma medication and attention deficit, while Warner Chilcott, which has manufacturing facilities in Puerto Rico, Northern Ireland and Germany, focuses on gastroenterology, women's healthcare and dermatology.

The acquisition represents the largest deal completed by the search giant since its current CEO, Marissa Mayer, took over in July 2012.

It is understood that under the terms of the acquisition, Tumblr would continue to operate as an independent business, with its founder David Karp remaining in his role as head of the business.

Analysts say that by acquiring Tumblr, Yahoo will gain a larger social media presence and enhance its ability to attract younger audiences in its battle with internet rivals Google and Facebook.

Boosted by strong demand in the UK, registrations rose 1.8 percent to 1.08 million, compared to figures released at this time last year.

April’s increase is the first since September 2011, yet without UK sales, which were up 15 percent, registrations would have recorded another fall.

Demand for new cars across Europe fell to a 17-year low last year, with most economies weak, or in recession, and unemployment hitting record highs. For the first four months of 2013, overall volumes are down seven percent, compared with the same period a year ago.

At a time when the yen continues to weaken, thus boosting the earnings potential for exporters, the benchmark Nikkei index rose two percent to 15,096, with carmaker Toyota and consumer electronics giant Sony leading the gains.

The IEA believes that the level of these reserves will result in the US accounting for a third of new oil supplies, thus transforming it from the world's leading importer of oil into a net exporter.

"North America has set off a supply shock that is sending ripples throughout the world," said IEA executive director Maria van der Hoeven.

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