IBT Staff Reporter

BP reported a 45 percent fall in third-quarter replacement-cost profit to $3.867 billion due to lower oil and gas production, problems at its refining division and fewer asset sales which had flattered the year-earlier result. Though also lower than the same period last year, BP's underlying profits were towards the top end of analysts' forecasts, helped by a lower tax rate.

French Economy Minister Christine Lagarde said on Tuesday that G7 countries had asked China to accelerate the appreciation of the yuan, and said markets were beginning to hear the U.S. message on the strong dollar.

Turkey's foreign minister will vow military action in northern Iraq unless Iraqi and U.S. forces crack down on separatist Kurdish guerrillas.

Investors set aside wide-ranging concerns about the future on Tuesday to send stocks higher after a few sessions of hefty losses and to boost demand for higher-yielding currencies. As they took a break from worries about credit, a slowing U.S. economy and disappointing earnings, money moved into assets that have been battered in recent days.

Firefighters hoped for high winds to abate on Tuesday, enabling them to start containing the fast-moving fires that have engulfed a massive swath of Southern California, claimed some 700 homes and sent thousands fleeing.

Tesco, Britain's largest retailer and Disney Consumer Products UK announced an agreement to jointly launch a range of co-branded food products.

Microsoft decided not to appeal a European Court judgment on Monday, and said it would comply with an anti-trust ruling upheld last month requiring the software maker to share technical information to help other firms connect their products to Windows.

Chicago Federal Reserve Bank President Charles Evans said on Monday that it is not likely that he does not see as likely that U.S. housing demand and prices will weaken more than expected.

Last month, China's venture capital (VC) market swelled to see this year's high of over US$360 million in a single month, while investment in private equity (PE) market totaled US$ 990 million, up 110.6 percent month-on-month, according to the report from Chinaventure, one of the most popular venture investment consulting institutes in China.

PetroChina Company Limited today issued an A-shares prospectus Letter of Intent, and published a preliminary notice for inquiry. According to sources, the Chinese oil executives will lead a roadshow team in Shanghai, Shenzhen, Guangzhou and Beijing to start inquiry agencies promote and preliminary work.

Gold fell 2.6 percent on Monday after matching 28-year highs as worries about the U.S. economy and the U.S dollar rebounded.

Software giant Microsoft abandoned its nine-year fight with European regulators on Monday, yielding to implement substantial changes required by the European Commission.

U.S. Treasuries declined on Monday, ending a five-day runup amid a few credit worries and the eagerness of investors to seek out riskier investments, with two-year note yields reaching their lowest levels in over two years.

Oil fell towards $87 per barrel on Monday as dollar-based commodities declined on the strengthening U.S Dollar.

Shares of Apple computer surged in late Monday trading, gaining nearly 8 percent after the consumer electronics maker posted profit that surpassed Wall-Street expectations. The maker of the iPod music player estimates with a 67 percent rise in quarterly profit , led by strong sales of its Macintosh computers and a big first full quarter from the iPhone.

Retail shares were mostly higher on Monday, with gainers including Sears Holdings, Staples and Macy’s.

China is likely to become the world's second-largest consumer market by 2015, says a new report released by the Boston Consulting Group.

The dollar posted gains on Monday, making a comeback from record lows versus the Euro and other major currencies.

Sharp Corp announced on Monday that it’s April-September period operating profit would fall 12.4 percent to 79 billion yen because of higher business costs and accounting changes.

Today, the UK Chancellor of the Exchequer Alistair Darling will be meeting with business leaders about his plans to reform the capital gains tax system.

At least ten African Heads of State are xpected to attend the forthcoming information and communication technology summit in Kigali-Rwanda, on 28 October 2007, to discuss key Information and communication technologies (ICT) related issues for the Africa region.

Stocks were mixed in late trading on Monday with broader indexes posting small declines while the technology stocks rose higher ahead of Apple’s quarterly earnings announcement.

Ratification of the tentative labor contract between the United Auto Workers union and Chrysler LLC was thrown into jeopardy on Monday after workers at four of the eight assembly plants that must vote on the deal rejected it. The strong opposition to the Chrysler deal marks a setback for leadership of the UAW, which reached a tentative agreement with Chrysler on October 10 after a six-hour strike.

Secretary of State Condoleezza Rice lambasted Moscow on Monday for using its oil and gas wealth as a "political weapon" and said democratic reforms would strengthen Russia's ties with Washington.

Dell Inc (DELL.O) said it would sell personal computers, printers, monitors and ink supplies in 1,400 Staples Inc (SPLS.O) stores in the United States, its latest move into retail after breaking from 23 years of selling directly to consumers.

Oil fell sharply toward $87 a barrel on Monday as part of a broad-based commodities sell-off on concerns over the health of the U.S. economy and a recovery in the U.S. dollar.

Merck & Co (MRK.N) reported a better-than-expected profit on Monday, helped by sales of its vaccines and cholesterol drugs, and raised its 2007 profit forecast.

Gold fell 2.6 percent on Monday after matching 28-year highs as worries about the U.S. economy and fears over bank credit triggered a heavy sell-off in financial and commodities markets.

The dollar rebounded from a fresh low on Monday as traders pared back bets against the currency after the weekend's Group of Seven meeting yielded no call to action on the falling greenback.