Areva Transmission and Distribution said that it has won an over 35 million euros (Rs 221 crore) contract from Bhilai Steel Plant, a unit of Steel Authority of India Ltd.

Punj Lloyd has announced that its Indonesian arm has pocketed an engineering, procurement and construction services contract worth Rs 2.24 crore of new fuel terminal at Pulau Laut, Kalimantan, Indonesia from PT Shell Indonesia.

DS Kulkarni Developers announced that DSK Global Education & Research (P) has become a subsidiary of the company after the acquisition of 51% of shareholding in DSK Global Education & Research (P) by the company.

Organization of Petroleum Exporting Countries (OPEC), which accounts for about 40% of the world`s oil production, decided to cut its oil output by 1.5 million barrels per day (MBPD) from November 1

J.P. Morgan forecasts deeper recession in U.S., Europe

J.P. Morgan Chase's economics team on Friday said it cut its outlook for the U.S. and Western Europe to reflect a deeper recession. "Weak data, striking declines in October surveys and poor financial performance," prompted the investment bank to lower the average pace of growth for the two regions by a full percentage point for the third and fourth quarters. Economists led by Bruce Kasman lowered their views on the fourth-quarter U.S. growth rate to -4% from -2%. They still expect the Fed to cut its benchmark lending rate by a half percentage point next week and a quarter point in December. For Britain, J.P. Morgan anticipates the economy will contract 2.75% for the next two quarters, down from a -2% drop previously forecast. For Europe, the bank sees growth shrinking 1.5%, worse than a 0.5% drop previously.