IBT Staff Reporter

Top global drugmakers Pfizer Inc and Roche Holding AG , posted uninspiring results and gave lackluster forecasts on Thursday, sending shares in both companies down more than 2 percent.

Iran said on Wednesday it had launched a Kavoshgar-3 rocket capable of carrying a satellite -- a move that may add to Western concern about Tehran's nuclear program.

China warned President Barack Obama on Wednesday that a meeting between him and the Dalai Lama would further erode ties between the two powers, already troubled by Washington's arms sales to Taiwan.

Australian wealth manager AMP Ltd will not seek to extend its exclusive agreement with France's AXA SA on a joint $11.4 billion bid for AXA's Australian unit, sources said, opening the door for rival bidder National Australia Bank Ltd to start talks with AXA SA.

Semiconductor company Microchip Technology Inc said it would buy flash chip maker Silicon Storage Technology for about $273 million in cash and reported third quarter results which beat market expectations.

State-owned conglomerate Dubai World, which is restructuring some $22 billion in debt repayments, has yet to arrive at a formal standstill agreement with its creditors.

An Illinois Democrat who won his party's nomination on Tuesday to campaign for Barack Obama's vacant Senate seat struck a populist tone, attacking his Republican opponent as part of the Washington establishment.

Norway's Statoil plans to spin off and float its international chain of gas stations in the latest move by a major western oil company to reduce its exposure to low-margin fuel retailing.

German solar company Phoenix Solar will strive to pay a dividend even though painful cuts in solar incentives are looming in Germany, the company's chief executive told Reuters.

Stock index futures pointed to a lower open for Wall Street on Wednesday, as disappointing earnings results, including Pfizer, offset a report showing fewer-than-expected private sector job losses in January.

Oil dipped below $77 a barrel on Wednesday, retracing gains made earlier in the week ahead of key inventory data out of the world's largest energy consumer, the United States.

Pfizer Inc posted fourth-quarter earnings slightly below analysts' expectations and gave a disappointing forecast for 2010 and 2012, sending its shares down nearly 3 percent.

Oil touched a two-week high above $78 a barrel on Wednesday, rising ahead of key inventory data out of the world's largest energy consumer, the United States, later in the session.

U.S. stock index futures were mostly flat on Wednesday, following two days of strong market gains and ahead of key jobs and services sector data expected to show the U.S. economy has continued to improve.

Pfizer Inc on Wednesday posted fourth-quarter earnings slightly below analyst expectations and gave a full-year profit forecast below Wall Street forecasts, sending its shares almost 2 percent lower.

Time Warner Inc reported stronger-than-expected quarterly results courtesy of hit movies such as Sherlock Holmes and The Hangover, and it became the second major media company in as many days to raise its dividend.

Demand for U.S. home loans rose to a six-week high on a mini refinance wave, with borrowers pushing to lock in rates before they climb later this year, the Mortgage Bankers Association said on Wednesday,

U.S. stock index futures were mostly flat on Wednesday, following two days of strong market gains and ahead of key jobs and services sector data expected to show the U.S. economy has continued to improve.

The global economy may be climbing out of recession but the air transport industry does not expect any significant pick up in orders this year, executives said on Wednesday.

Time Warner Inc reported stronger quarterly profit and slightly higher revenue courtesy of hit movies like Sherlock Holmes and The Hangover, and it became the second major media company in as many days to raise its dividend.

Toyota Motor Corp said on Wednesday its North American and Japanese dealers had received several dozen complaints concerning what drivers characterized as insufficient braking on its new Prius hybrid car when driving over bumpy or frozen roads.

Bank of America Corp has approved more than $4 billion in 2009 pay for its investment bankers and traders, according to the Wall Street Journal.

China will never have its voice heard on the international stage unless the government loosens its tight grip over the media and film industry, the CEO of the country's No. 2 Internet portal said Wednesday.

Honda Motor Co lifted its annual guidance far beyond market expectations on Wednesday after cost cuts drove quarterly profit to the strongest in a year and a half, and said it anticipates further growth next financial year.

World stocks rose for a third day running on Wednesday as better-than-expected U.S. company earnings and firm data raised expectations that the economy would keep strong momentum into the first quarter.

Toyota Motor Corp suffered a sharp drop in U.S. sales last month as its massive recall and unprecedented sales halt allowed rivals to grab market share from the world's largest automaker.

Oil bounced back above $77 on Wednesday, reaching its highest level in almost two weeks, as recovery optimism drove Asian stock markets higher, led by China.

Toyota Motor Corp suffered a sharp drop in U.S. sales last month as its massive recall and unprecedented sales halt allowed rivals to grab market share from the world's largest automaker.

Asian shares powered ahead on Wednesday with energy and resources stocks leading the way, as demand for riskier assets increased after Wall Street rallied on upbeat U.S. earnings and economic data.