COMPANIES

A pension fund group has demanded that Harley Snyder resign as Countrywide Financial Corp's lead director and compensation committee chairman, saying he lacks the independence to make the largest U.S. mortgage lender's board accountable to shareholders.

Toll Brothers said on Thursday that it expected to report a 36 percent drop in quarterly home-building revenue, reflecting the deepening decline in the U.S. housing market.

BHP Billiton has made a long-awaited bid approach to Rio Tinto in a move aimed at creating a $350 billion-plus mining giant, but Rio rejected the all-share proposal as too low.

Ford Motor Co posted a narrower-than-expected quarterly loss on Thursday and said it was nearing a deal to spin off British luxury brands Jaguar and Land Rover. Shares of Ford rose almost 5 percent in pre-market trading. Ford said it expects to conclude a deal to sell Jaguar and Land Rover by early next year.

Ballard Power Systems, the Vancouver producer of hydrogen fuel cells, said it agreed to sell its automotive-fuel-cell business to Daimler AG of Germany and Ford Motor Co. of Dearborn, Mich. As payment, Ballard will receive the 34.3 million of its shares that Daimler and Ford hold.

United Airline announced on Tuesday its plans to start daily nonstop flights from San Francisco to Guangzhou, China.

Morgan Stanley on Wednesday said it has suffered a $3.7 billion loss stemming from its U.S. subprime mortgage exposure, which it expects will reduce fourth-quarter earnings by about $2.5 billion. The Wall Street investment bank said the loss occurred in September and October, and might change before its fiscal quarter ends this month.

Visa USA, Inc will pay American Express Co. a total of $2.25 billion to settle allegations stemming from an anti-trust lawsuit filed in 2004 by AmEx, according to a report.

New York Attorney General Andrew Cuomo issued subpoenas to mortgage financiers Fannie Mae and Freddie Mac on Wednesday as he seeks information about allegations that Washington Mutual Inc pressured appraisers to inflate home values.

American International Group Inc shares fell on Wednesday as investors grew increasingly nervous before third-quarter earnings were reported after the close and a takeover premium evaporated.

Nasdaq Stock Market Inc on Wednesday confirmed it would acquire the Philadelphia Stock Exchange for $652 million, a move that will let the No. 2 U.S. stock exchange expand its presence in the fast-growing equity options business.

CHICAGO, Nov 7 (Reuters) - Travel Web site Expedia Inc said on Wednesday quarterly profit rose 69 percent on a surge in bookings primarily in rapidly growing European markets.

New York Attorney General Andrew Cuomo announced on Wednesday that his office was sending subpoenas to Fannie Mae and Freddie Mac as part of his expanding probe of the home mortgage industry. The subpoenas seek information on the mortgage loans that the two companies purchased from banks, including Washington Mutual, Cuomo said.

Does Asia have more to fear from rising petrol prices as crude oil hurtles towards $100 a barrel than it does from slowing growth in its biggest export market of the United States?

Indian media company Network18 said on Wednesday it would invest $90.5 million over three years in its joint venture with Viacom Inc, which will launch a Hindi-language general entertainment channel in India next year.

Dutch financial group ING will buy a 25.2 percent stake in Thailand's TMB Bank, TMB officials said on Wednesday after the money-losing Thai bank rejected a last-minute rival bid.

Washington Mutual Inc, the largest U.S. savings and loan, said on Wednesday the U.S. housing slump will persist through 2008, causing loan losses to mount and mortgage lending to fall to an eight-year low.

New York Attorney General Andrew Cuomo is expected to announce on Wednesday he is examining what role Fannie Mae and Freddie Mac might have played in an alleged scheme to inflate appraisals of home values, sources familiar with the investigation said.

Nasdaq Stock Market Inc said on Wednesday it would acquire the Philadelphia Stock Exchange for $652 million, a move that will let the No. 2 U.S. stock exchange expand its presence in the fast-growing options business.

Citigroup Inc and Merrill Lynch & Co Inc, both seeking new chief executives after taking billions of dollars in write-downs, are considering the same five candidates for their top jobs, CNBC television reported on Wednesday.

General Motors Corp posted its largest quarterly net loss on Wednesday, reflecting a $39-billion charge related to unclaimed tax credits and a loss at its former finance subsidiary GMAC. The largest U.S. automaker posted a third-quarter net loss of $39 billion, or $68.85 per share, compared with a loss of $147 million, or 26 cents per share a year earlier.

Toyota Motor Corp, the world's most profitable automaker, posted a 2.7 percent rise in quarterly operating profit thanks to a weaker yen, stronger sales and cost cuts and nudged up its full-year forecasts.

French oil giant Total posted a 3 percent drop in third-quarter adjusted net profit on Wednesday, despite higher oil prices and production, but the result beat forecasts and it maintained a key output target.

Time Warner Cable Inc, the second-largest U.S. cable television operator, said on Wednesday that third-quarter profit fell due to a large year-earlier gain.

Gauging retail success or failure for the holidays is an increasingly difficult, and often unreliable, endeavor.

BNP Paribas SA reported a 21 percent jump in its third quarter profit, beating estimates.

General Motors Corp said on Tuesday it would book a $39 billion non-cash charge in the third quarter, reflecting the risk of a slower turnaround that could keep it from claiming expected future tax credits in key markets.

Two analysts expect Morgan Stanley will take a fourth quarter write-down of between $3 billion and $6 billion related to asset-backed securities and collateralized debt obligations.

Former Freddie Mac chief executive Leland Brendsel will return or waive rights to more than $15 million in compensation, according to terms of a settlement related to accounting fraud at the company between 1998 and 2002.