COMPANIES

UnitedHealth Group Inc and former chief executive William McGuire will pay $925 million to resolve an investor class-action lawsuit accusing the health insurer of improperly backdating stock options.

The Chevrolet Volt, the electric car General Motors Co is counting on to revitalize its lineup, is on track to achieve an unprecedented fuel economy rating of 230 miles per gallon in city driving, GM said on Tuesday.

The Chevrolet Volt -- the electric vehicle General Motors Co [GM.UL] is counting on to recharge its image with consumers -- is on track to hit an unprecedented fuel economy rating of 230 miles per gallon in city driving, the automaker said on Tuesday.

German Chancellor Angela Merkel said on Tuesday that she was ready to intervene personally to support auto parts group Magna's bid for carmaker Opel.

General Motors Co and eBay Inc are launching a test program in California that will allow consumers to negotiate with dealers and buy new vehicles online, the companies said on Monday.

Despite government rebates for hybrids offered to consumers in U.S. and Canada, the programs are failing to produce environmental benefits, yet the programs continue to cost consumers.

Apple might be close to announcing a partnership with Verizon Wireless so that the data-centric iPhone will be offered through a new wireless provider, giving the public the an option of a choice of wireless providers besides AT&T, according to UBS Investment Research analyst Maynard Um.

Shares of CIT Group Inc sank 20 percent on Tuesday after the troubled lender delayed filing its second-quarter report with regulators and again warned it may have to file for bankruptcy.

Visa Inc and MasterCard Inc, the world's largest credit card networks, are counting on foreign markets for the growth that recession-bound U.S. consumers have been unable to provide.

Bank of America Corp will likely face more embarrassing disclosures about bonuses paid at Merrill Lynch & Co after a federal judge refused to rubber-stamp a settlement over the $3.6 billion of payouts.

European private equity firms are keen to start bringing their best-performing portfolio companies to market, encouraged by early successes on the other side of the Atlantic.

Canadian housing starts fell unexpectedly in July, dropping 4.1 percent from June and breaking a two-month run of gains, largely because of a drop in construction of multifamily dwellings.

Struggling Danish upmarket television and stereo maker Bang & Olufsen (B&O) posted deeper-than-expected losses for the final quarter, but said it was aiming for a break-even result in financial year 2009-10.

Drugmaker Paladin Labs Inc posted a higher profit in the second quarter, helped by a one-time gain.

Cumberland Pharmaceuticals Inc priced its initial public offering below the estimate range on Monday, but broke a nearly two-year drought for IPOs in the pharmaceutical sector.

Indian Sterlite Industries, a subsidiary of London-listed Vedanta Resources, on Tuesday confirmed an improved offer for the operating assets of bankrupt U.S. copper miner Asarco LLC.

Exchange watchdogs made dozens of referrals to U.S. securities regulators about the once prominent hedge fund Pequot Capital Management, the chairman of the Securities and Exchange Commission said in a letter revealed on Monday.

Dutch private bank Van Lanschot would be a buyer of private banking assets if the European Commission forces banks that took state aid to sell them, Chief Executive Floris Deckers said on Tuesday.

Fortescue Metals Group Ltd and China Investment Corp (CIC), China's $200 billion sovereign wealth fund, are in advanced talks on a $1 billion-plus convertible bond investment to help the Australian iron ore miner fund its expansion, two sources said on Tuesday.

Despite weakening second home purchases in 2008, the long-term demand looks favorable for the second-home market because there are large numbers of people in the prime years for buying a second home.

The value of U.S. homes fell by 12.1 percent in the second quarter from a year earlier, but the rate of decline shrank for the first time since prices began to fall in 2007, real estate website Zillow.com said on Tuesday.

Renewable energy leaders on Monday said the United States is moving too slowly to turn the economy green, despite support of the administration of President Barack Obama.

Adecco, the world's largest staffing group, said on Tuesday it had still not seen any recovery in its main European and U.S. markets and launched a new round of cost-cutting to protect profitability after a sharp drop in sales in the second quarter.

InterContinental Hotels, the world's biggest hotelier, said a recovery for the industry might be two years away after reporting first-half profit that fell but beat forecasts.

Adecco, the world's largest staffing company, missed forecasts with a second-quarter loss as one-off charges weighed, and said it was buying the UK's Spring Group to boost its professional staffing business.

Australia brushed off on Tuesday a Chinese report accusing iron ore miner Rio Tinto Ltd of overcharging and spying on Chinese steel mills, saying it had not been officially sanctioned.

Anglo-Australian miner Rio Tinto has yet to be presented with any evidence to support the detention of four of its China-based staff on suspicions of stealing state secrets, the firm said on Tuesday.

Dell is set to release a mobile phone on the Chinese market soon in cooperation with China Mobile, China Mobile released in its developers community website.

InfrastruX Group Inc, a provider of services to gas and electricity companies, is seeking to raise up to $290 million in an initial public offering, according to a regulatory filing on Monday.