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.

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Lonmin plc, the world's third-biggest platinum producer, posted a 30 percent rise in second-quarter platinum sales, helped by processing a backlog, and completed a US$575 million debt refinancing package.

Lonmin plc, the world's third-biggest platinum producer, posted a 30 percent rise in second-quarter platinum sales, helped by processing a backlog, and completed a US$575 million debt refinancing package.

Lonmin plc, the world's third-biggest platinum producer, posted a 30 percent rise in second-quarter platinum sales, helped by processing a backlog, and completed a US$575 million debt refinancing package.

General Motors (GM) and Chrysler are to get additional loans and more time from the US treasury as the troubled carmakers work on plans to try and make themselves viable and stave off bankruptcy.   GM could get as much as $5 billion more in federal loans, while Chrysler could get $500 million as they race against government-imposed deadlines to restructure, according to a government report filed Tuesday.  A special inspector general on the auto industry and bank bailout programs says the money will be made available for working capital.

Carphone Warehouse, the UKÔÇÖs biggest mobile-phone retailer, has announced plans to separate its mobile phone business from its TalkTalk fixed line and broadband operations, creating two listed firms with Carphone founder Charles Dunstone set to be executive chairman for both. ┬á The separation would create two businesses with ÔÇ£distinct investment profiles and improved comparability with sector peers,ÔÇØ the company said in an e-mailed statement today.

Business software manufacturer Oracle has said it is in a deal to buy computer hardware and software maker Sun Microsystems for $7.4 billion.   The deal comes a month after IBM abandoned its bid to buy Sun, and Oracle said the buy "transforms the IT industry, combining best-in-class enterprise software and mission-critical computing systems."   Although best known for its computer servers, Sun was also the developer of the Java programming language, and created the Solaris operating system.