COMPANIES

Tokyo-Citigroup Inc. announced on Tuesday that it will acquire shares of Nikko Cordial Corp. by triangular merger through Citigroup Japan subsidiary.

Shares in EchoStar Communications Corp jumped more than 11 percent before retreating on Wednesday as investors speculated further on the possibility the satellite operator might sell its DISH pay-TV network.

Insurer Old Mutual Plc plans to buy back 350 million pounds ($714 million) of its shares, roughly 4 percent of its capital, as part of a programme to improve capital efficiency, it said on Wednesday.

The Indian government has received about 300 applications from about 30 companies vying to tap growth potential in the world's hottest wireless market, the telecoms minister said on Wednesday.

Taiwan's Synnex Technology, the world's No.3 electronics distributor, forecasts its annual sales will grow by a fifth in 2007 and 2008, a touch below market estimates, as it aims to sell more products in China's fast-growth market.

Ranbaxy Laboratories Ltd, India's top drugmaker by sales, will raise its stake in Zenotech Laboratories Ltd to 45 percent to expand into the global biogenerics market, it said on Wednesday.

United Auto Workers members at several locals have backed a ground-breaking tentative contract with General Motors Corp that may serve as a pattern for talks with Ford Motor Co and Chrysler LLC.

Interstate Bakeries Corp, the bankrupt maker of Wonder Bread and Twinkies snacks, said on Wednesday its lenders reduced the amount the company can borrow as it struggles to stay in business.

Belgian-Dutch financial services group Fortis won conditional clearance on Wednesday from the European Commission for its proposed acquisition of parts of Dutch peer ABN AMRO.

Northern Rock's advisers are in talks with U.S. buyout firm JC Flowers over a rescue bid for the stricken UK mortgage bank, as U.S. firm Cerberus also considers a move, sources familiar with the matter said.

U.S. mortgage applications fell for a second straight week, largely reflecting a drop in demand for home refinancing loans, an industry group said on Wednesday.

Germany's biggest bank expects a $2 billion 3q profit despite big hits from global credit market problems

General Motors Corp gained ground against rivals in September with a 4 percent U.S. sales increase while Ford Motor Co sales plunged 18 percent and Toyota Motor Corp sales were off 1 percent for a third monthly decline. Overall, sales steadied in September, bucking Wall Street expectations for a decline.

The upstart airline has halved ticket prices on some routes and could impact rivals' profits.

Warm weather in parts of the United States in recent weeks could hurt September same-store sales, as consumers put off purchases of fall items like fuzzy sweaters and outerwear.

Pepsi Bottling Group Inc reported better-than-expected quarterly profit on Tuesday due to higher prices and continued cost savings, and raised its full-year outlook, sending its shares up more than 4 percent to an all-time high.

HSBC has applied for a review of its $6.3 billion purchase of a stake in Korea Exchange Bank (KEB) to South Korea's Fair Trade Commission, the anti-trust body said on Tuesday.

The Qatar Investment Authority filed for regulatory approval to take a bigger stake in OMX on Tuesday, raising the prospect of a bidding war for the Nordic firm with rival Dubai and its ally Nasdaq.

Canada's Toronto-Dominion Bank will buy Commerce Bancorp Inc in a cash-and-stock deal worth $8.5 billion which will expand its footprint in the United States, the banks said on Tuesday.

Citigroup said it would buy out minority shareholders in scandal-hit Japanese brokerage Nikko Cordial Corp for $4.6 billion, as part of the financial giant's push into the world's second-largest economy.

The U.S. Securities and Exchange Commission said on Monday that three former Dynegy Inc executives settled charges for their role in a $300 million accounting fraud that involved disguising a loan as operating cash flow.

Calls for Chuck Prince's resignation grew louder after the largest U.S. bank warned of a steep profit drop in the latest quarter.

Australian conglomerate Wesfarmers Ltd's takeover of retailer Coles Group Ltd would create a company with A$44 billion ($39 billion) in annual revenues and the country's largest private employer, documents showed on Monday.

Sony Corp's financial arm will raise $3 billion after setting its IPO price at the top end of an indicated range as investors looked past the U.S. subprime crisis and bet on its growth potential in the banking and insurance markets.

Four foreign banks operating in Singapore began a lawsuit against Asia Pacific Breweries (APB) on Monday demanding the Tiger beer maker compensate them for losses arising from bogus loans to an ex-APB executive.

Shares in beleaguered British bank Northern Rock Plc fell another 26 percent on Monday, the 10th anniversary of the former building society's stock market listing, amid fresh concerns of a sharply discounted sale.

Hannover Re is on course to reach its target net profit of more than 700 million euros ($993 million) this year, the chief executive of the world's fourth-biggest reinsurer said.

Bill Gross, manager of the world's largest bond fund, on Monday said that the subprime mortgage crisis will dominate Federal Reserve policy over the next several years and believes short-term U.S. interest rates could fall to 3-3/4 percent over the next six to 12 months.

Walgreen Co on Monday unexpectedly posted its first quarterly profit decline in almost 10 years, citing lower reimbursements for some generic drugs and higher salary and other expenses, sending its shares down more than 11 percent in pre-market trade.