News in brief: New boost for Japan’s economy, British Land signs up West End tenant, France seeks deal with ArcelorMittal

The Japanese government has approved another stimulus package, worth 880 billion yen (£6.7 billion), as the world’s third-largest economy struggles to avoid its third recession since 2008.

The country’s economy shrank by 3.5% in the three months to the end of September and analysts said the latest stimulus would be unlikely to prevent further shrinkage this quarter, making two consecutive quarters of decline and putting Japan into another recession.

British Land signs up West End tenant

British Land, the property company behind the Cheese Grater skyscraper in the City, has agreed a £2.2 million-a-year deal to lease office space to a Saudi Arabian oil company. Aramco Overseas Company, the Saudi’s UK affiliate, has signed a 15-year lease for 24,392 sq ft of space at British Land’s new West End development at 10 Portman Square at an average cost of £90.76 a square foot.

France seeks deal with ArcelorMittal

France is frantically seeking a face-saving deal with ArcelorMittal over the country’s Florange plant. The Indian steel giant has threatened to close it, threatening 2700 jobs, but the Socialist government of Francois Hollande has threatened a state takeover if the restructuring takes place. Both sides are reported to be eyeing a deal with ArcelorMittal promising new jobs for workers and investment elsewhere in France.