IBT Staff Reporter

Copper futures were trading lower in after hour electronic trading after ending Tuesday with gains on a rising dollar.

Gap Inc. announced on Tuesday it will partner with Fiba Holdings A.S. to introduce its Gap and Banana Republic brands to customers in Russia, according to a statement.

Financial shares fell on Tuesday, triggered by renewed concerns about the economy.

The dollar fell against the yen and the euro on Wednesday on concerns about that the economy will continue to weaken as investors place their assets into commodities.

China National Petroleum Corporation estimated the company's losses caused by the strong earthquake that happened in Southwest China last week might reache 1.78 billion Yuan(255 million U.S. dollars).

Pou Sheng International (Holdings), the world's largest sportswear manufacturer, will sell HK$3.09 billion in stocks on Hong Kong exchanges to find limited interest from local investors, market watchers say.

China's stocks dropped the most in the month as increasing concern mount over companies damaged by the earthquake and inflation risks by reconstruction after-quake.

Japan stocks declined Thursday because of weak Asian markets and profit-taking by investors. Real estate and banking issues, which have been highly bought these days, were sold.

Intuit Inc posted higher quarterly profit on Tuesday, which includes the tax season, boosted by strong demand for its TurboTax tax preparation software and its QuickBooks accounting software.

JPMorgan Chase & Co will keep about 45 percent of Bear Stearns Cos. employees after the two banks complete their merger, JPMorgan's chief executive said.

An Openheimer & Co group of analysts led by Meredith Whitney cut their earnings outlook for major U.S. banks, saying the current credit crisis is not close to ending.

Shares of upscale retailer Saks Inc. fell 8 percent during Tuesday's trading after reporting lower-than-expected quarterly profit as markdowns pressured gross margin.

Hewlett-Packard reported that profit for its second fiscal quarter grew 16 percent on improvement across its businesses.

Lehman Brothers Holdings Inc is laying off nearly 5 percent of its workers worldwide as a response to recent write-downs due to the sub-prime mortgage crisis and ensuing global credit crunch, according to news reports released Tuesday.

Crude oil prices rose for the first time above $129 a barrel in New York as investors fear supplies are insufficient to meet global demand, and as major firms rose its forecasts for oil prices.

Netflix rose on Tuesday after announcing the online movie rental service introduced of a new device allowing subscribers to watch Internet video on their televisions.

Merck & Co. said on Tuesday it agreed to pay $58 million to settle allegations that its ads for the once-popular painkiller Vioxx deceptively played down the health risks in 29 states, including the District of Columbia.

Gold futures rose to the highest level in four weeks as a decline in the U.S. dollar and rising oil prices boosted the metal's appeal as an investment hedge. Silver gained more than 4 percent.

American International Group is boosting the amount of capital it plans to raise to a total of $20 billion, the insurer's chief executive officer said on Tuesday.

U.S. stocks plunged on Tuesday after oil soared to nearly $130 a barrel fueling concerns that commodity prices will further dampen U.S. consumption levels, while analysts forecast more credit losses and faster inflation.

Covidien Ltd., a healthcare products manufacturer, said on Tuesday that its Procedure Kit for laparoscopic procedures was approved by U.S. regulators.

Customer satisfaction with U.S. airlines dropped to its lowest level since 2001, according to a survey report published on Tuesday.

Medtronic Inc. the developer of medical technology reported on Tuesday its earnings for the fourth-quarter ended April 25 were $812 million, or 72 cents per share, compared with $812 million or 70 cents per share, a year earlier.

Target Corp., the second largest U.S. retailer, reported a profit which beat Wall Street forecasts as the company's chief financial officer said sluggish sales were ahead.

Staples Inc., the world's largest office-supplies retailer, posted record first-quarter sales of $4.9 billion on Tuesday and stood by its 2008 outlook, despite its warning of continued economic weakness throughout the year.

Home Depot Inc., the largest home- improvement retailer, said on Tuesday its first-quarter profit fell 66 percent as consumers grappling with the deepest U.S. housing slump in over 25 years left the company's sales affected.

The dollar fell versus the euro and yen on Tuesday ahead of a home sales report which could indicate more declines in the housing market.

China Life Insurance Company Limited (China Life) said Monday that the company's total premium income increased to 128 billion Yuan ($18.3 billion) in the first four months this year. In the same period of 2007 the company's premium revenue of 89.4 billion Yuan.

Google Inc. officially launched its Google Health on Monday which offers the general public electronic access to their PHRs (personal health records) and other health-related information.