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German carmaker Daimler has marked a definitive separation from Chrysler by making a deal to give up its 19.9 percent stake in the US firm and forgiving its outstanding loans, the company has said.   Under the deal, Daimler has also agreed to three annual payments of $200 million (£137 million) into Chrysler's pension plans.   "In this way, Daimler is helping to secure pension payments to former employees of DaimlerChrysler," it said in a statement.

German carmaker Daimler has marked a definitive separation from Chrysler by making a deal to give up its 19.9 percent stake in the US firm and forgiving its outstanding loans, the company has said.   Under the deal, Daimler has also agreed to three annual payments of $200 million (£137 million) into Chrysler's pension plans.   "In this way, Daimler is helping to secure pension payments to former employees of DaimlerChrysler," it said in a statement.

President Barack Obama has told the bosses of 13 US credit card issuers to ditch unfair interest rate hikes and to be more transparent and accountable.   Obama wanted to keep the credit card market but to "eliminate some of the abuses" as politicians have expressed anger that many of the banks issuing credit cards with high fees are the same banks that have received government bailout money.   Banks say tighter rules would reduce income at a difficult time for them.

Dubai is considering two dates this year to issue another $10 billion of bonds, a government executive said on Sunday, as the emirate seeks to raise more funds to support state-linked companies.┬á Sheikh Ahmed Bin Saaed Al Maktoum, the head of a five-member Dubai government committee responsible for distributing the funds, said on Sunday the government was deciding between a "couple of dates" for a second bond sale, both before the end of the year. Dubai launched a $20 billion bond program in February, issuing the first half to the UAE central bank, and has since given m

The world's biggest software company, Microsoft, has experienced its first drop in revenue since it went public in 1986 as the global recession wounds its seemingly indestructible sales of computer operating systems.  Microsoft tonight revealed revenue of $13.65 billion for the three months to March, a 6 percent decline on the same period last year. Hit by write-downs of $420 million in investments and severance charges of $290 million, profit has dropped by 32 percent to $2.98 billion.

In a twice-yearly report, the German institutes forecast the German economy -- Europe's largest -- will contract by 6 percent this year and expect a "painful" time ahead.┬á  "Given the depth of the economic slump and low inflation in the euro area, the European Central Bank should lower its main interest rate to 0.5 percent," said Kai Carstensen of the Ifo economic institute, presenting the report at a news conference.┬á Germany is Europe's biggest economy and the world's biggest exporter.┬á The institutes forecast consumer prices in the 16-nation euro area would decline

In a twice-yearly report, the German institutes forecast the German economy -- Europe's largest -- will contract by 6 percent this year and expect a "painful" time ahead.  ┬á┬á "Given the depth of the economic slump and low inflation in the euro area, the European Central Bank should lower its main interest rate to 0.5 percent," said Kai Carstensen of the Ifo economic institute, presenting the report at a news conference.┬á┬á Germany is Europe's biggest economy and the world's biggest exporter.

US President Barack Obama has marked Earth Day by announcing a plan to permit offshore electricity generation from wind, waves and ocean currents.   The move will help to reduce carbon emissions and fight global warming, while creating jobs, said Obama.  He also said that wind could create as much as 20 percent of US electricity demand by 2030, and insisted that his plan for offshore energy would not damage the economy.  "As with so many clean energy investments, it's win-win," he said, predicting that offshore energy would create as many as 250,000 jobs.