IBT Staff Reporter

148261-148290 (out of 154954)

Baidu profit doubles, but shares slip on forecast

Chinese Internet search company Baidu.com Inc beat forecasts by more than doubling its quarterly profit, but its shares fell 4 percent as its profit guidance fell short of some investors' expectations.

Microsoft results indicate shift to new growth

More than a year ago, Microsoft Corp. Chief Executive Steve Ballmer stood in front a group of skeptical Wall Street analysts and insisted that the software maker was still a growth company.

Merrill CEO met Wachovia over merger: report

Merrill Lynch & Co. Chief Executive Stan O'Neal broached the idea of merging with Wachovia Corp. without first getting board approval, angering some members so much they considered replacements for O'Neal, the New York Times reported on Friday.

Dollar hits fresh lows as rate cuts in view

The dollar fell to fresh record lows against the euro and a basket of currencies on Friday as investors, faced with a run of weak U.S. economic data, anticipated a Federal Reserve interest rate cut next week.

Fed fever lifts global stocks

Investors bet on Friday on a U.S. interest rate cut to spur slowing economic growth, lifting most world stock markets and dragging the dollar to record lows, but the price of oil hit an all-time high, adding more strains.

Microsoft shares jump on forecast

Microsoft Corp lifted its full-year forecasts and posted 23 percent quarterly profit growth on Thursday, topping analysts' estimates on strong sales of Halo 3 and Vista, and sending its shares up 11 percent.

Standard Life to buy Resolution for $10 bln

Insurer Standard Life has agreed to buy rival Resolution for 4.9 billion pounds ($10.1 billion), topping a competing offer and breaking up Resolution's planned merger with Friends Provident.

Turkey sends more troops to Iraqi border

Turkish helicopters ferried more troops to the border with Iraq on Friday as diplomatic efforts got underway in Ankara to avert a major offensive against Kurdish guerrillas based in northern Iraq.

UN's Ban "very worried" on Iran's nuclear progress

U.N. Secretary-General Ban Ki-moon is worried about Iran's nuclear program but hopes a stand-off with the international community can be resolved through dialogue, he said in comments published in Italy on Friday.

Oil rallies above $92

Oil rallied to a fresh record high above $92 a barrel on Friday as the dollar tumbled to a record low, Washington imposed new sanctions on Iran and gunmen shut more oil production in Nigeria. Oil's bullish momentum has pulled in increasing amounts of speculative investment and waves of technical buying have been triggered as U.S. oil pierced successive lines of resistance.

With fires waning, California assesses the damage

Four burned bodies found in the path of California's fierce wildfires raised the death toll to at least 12 people, even as firefighters won the upper hand and officials turned on Friday toward assessing the damage.

Asian stocks scale fresh peak on earnings

Asian stocks rose to an all-time high on Friday thanks to upbeat earnings from blue-chip firms such as Sony and Honda Motor, while a rally in oil prices to a record high above $91 a barrel fuelled gains in energy shares.

Top U.S. tax writer proposes burden shift to rich, corporations

A senior Democrat in charge of tax writing at the U.S. House of Representatives released his $1.3 billion proposal to overhaul the tax system, raising taxes for the rich, cutting rates for many middle-income Americans and eliminating the alternative minimum tax.

BP to pay $373 million to settle criminal, civil charges

British oil giant BP agreed to pay $373 million in fines and penalties on Thursday to settle charges related to manipulating U.S. energy markets, a Texas refinery explosion and a pipeline spill in Alaska, according to U.S. prosecutors.

German Rail Strike Hampering Commuters

The ongoing 30 hour railroad strike that is executed by the German train driver's union GDL is slicing the capacity of the passenger travel effectively to half.

News Corp, Dow Jones under fire

New's Corp's proposed $5 billion acquisition of Dow Jones is coming under fire as the federal communications regulator said the deal raises competitive issues and may not be in the best interest of the public.

Intel Unribbons new Processor Plant

Chip giant Intel opened up the first of four 45nm fabrication plants today in Chandler, Arizona representing a $3 billion investment for the company.

Bush visits California fire affected areas

President George W. Bush, visited San Diego and had an aerial view and tour of the damages caused by wild fires that have wrecked havoc across southern California, forcing more than 500,000 to flee their homes.

Microsoft lifts profit outlook, shares rise

Microsoft Corp lifted its full-year estimates on Thursday after posting a 23 percent rise in quarterly profit on strong demand for both computers running its operating system and Halo 3, sending its shares up 12 percent. The world's largest software maker beat even Wall Street's most bullish forecast with a net profit of $4.29 billion. Revenue rose 27 percent to $13.76 billion.

Bank of America to assist California fire victims

California's largest bank, Bank of America (BofA) said that it will contribute to relief efforts in the Southern California fires by donating $1 million through its Charitable Foundation.Bank of America said that this donation is the first in a series of steps it will take to help fire victims and responders; and is now working with city leaders in San Diego and Los Angeles to determine the amount of assistance and resources needed in this endeavor."Southern California families, business and entire communities are in urgent need of immediate aid and we wanted to begin to begin to address that need as quickly as possible," said Janet Lamkin, President of Bank of America California.Chevron, based in San Ramon has also today announced a $500,000 to support fire relief efforts. It said that $400,000 will be given to American Red Cross Disaster Relief Fund and $100,000 will be directed towards local charities and relief efforts in the communities where Chevron operates.Chevron is also providing bottles of water and meals to evicted families.

Paulson to urge against India-Iran gas pipeline

Treasury Secretary Henry Paulson will soon urge Indian officials not to move forward with a planned pipeline project that would bring Iranian natural gas to India, a senior Treasury official said on Thursday.

BP to pay $373 million in fines in U.S. cases

Oil major BP will pay $373 million to settle U.S. charges stemming from a deadly Texas refinery explosion and an Alaska oil spill, as well as allegations it manipulated propane markets, the government said on Thursday. The settlement comes as the company seeks to set a new course with a restructuring aimed at improving its record on safety and the environment.

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