IBT Staff Reporter

Royal Bank of Canada subsidiary RBC Centura Inc said on Thursday it has agreed to acquire Alabama National BanCorporation in a deal valued at $1.6 billion.

The rate of home loans entering the foreclosure process rose to a record high in the second quarter of 2007, driven largely by failing subprime mortgages, an industry trade group said on Thursday.

The European Commission has taken the unusual step of sending questionnaires to Google customers before the company officially seeks permission to take over a rival, two business sources familiar with the situation said on Thursday.

Movie-on-demand service Vudu, which launched on Wednesday, aims to lure customers from video rental shops and digital cable television with over 5,000 movies from major and independent studios ready to download.

Intel Corp on Thursday introduced high-end processors for computer servers to compete with an upcoming new product from Advanced Micro Devices Inc.Intel Corp on Thursday introduced high-end processors for computer servers to compete with an upcoming new product from Advanced Micro Devices Inc.

Hewlett-Packard Co on Wednesday launched a line of powerful new computers aimed squarely at gamers, in the company's latest step to court a small-but-influential audience.

Sony Corp said it would launch a new digital single lens reflex camera for advanced users in November, broadening its product lineup in a move to take on industry leaders Canon Inc and Nikon Corp.

Major retailers, led by discounters Wal-Mart Stores and Target Corp, turned in better-than-expected August sales on Thursday, as consumers went back-to-school shopping despite higher gas prices and the nation's housing meltdown.

Investors have been told for years that they should put a portion of their money into foreign stocks as a way of balancing the U.S. market. The theory behind that advice was: When U.S. stocks zig, those foreign stocks zag.

HSBC said on Thursday it plans to start retail banking operations in Japan from January 2008, making Europe's largest bank the latest foreign player to target Japan's legion of wealthy individuals.

Sanyo Electric Co Ltd, restructuring with the help of Goldman Sachs, is considering gradually selling most of its loss-making white goods business, Japanese daily Yomiuri Shimbun said on Thursday.

Chrysler LLC has named longtime Toyota Motor Corp North American executive Jim Press as a new vice chairman and president.

Malaysian loss-making car-maker Proton Holdings expects to reverse a long and painful slide in its domestic market share with the launch of a new model from January.

Hyundai Motor Group chief Chung Mong-koo had his three-year jail sentence for fraud suspended by a South Korean appeals court on Thursday, leaving him free to run the world's sixth largest auto maker.

U.S. stocks rose on Thursday, helped by an upbeat earnings outlook and favorable news in the biotech and pharmaceutical sectors, while economic data eased worries about a possible recession.

The Bank of England kept official interest rates steady for a second month running on Thursday, and said it was keeping a close eye on financial markets to see how turmoil there would hit companies and consumers.

The Nikkei average closed 0.6 percent higher on Thursday, after hitting its lowest level in a week, as telecoms including KDDI Corp gained on a bullish brokerage report and steel stocks rose on better outlooks.

Gold hit a new six-week high on Thursday, supported by firm energy prices and improving physical demand in key consuming nations.

The euro steadied versus the yen on Thursday after the European Central Bank held rates at 4 percent as expected, as the market awaited a post-decision news conference with ECB President Jean-Claude Trichet.

European shares fell and sterling slipped after the Bank of England said it was too early to tell how recent market turbulence would affect companies and households, and left interest rates on hold.

Chinese Premier Wen Jiabao said on Thursday his country took food safety very seriously, echoing comments by President Hu Jintao in Sydney.

The oil market is well balanced and there is no shortage of crude, OPEC's president said on Thursday, ahead of a meeting of the producer group next week that is expected to maintain supply curbs.

Starbucks opened its first coffee shop in Russia on Thursday, two years after it won a legal battle to protect the right to its brand in the fast-growing Russian market.

Limited Brands Inc said on Thursday sales at stores open at least a year rose 1 percent in August, in line with the retailer's expectations, but it expects same-store sales to be flat in September.

Blackstone Group plans to buy a 20 to 40 percent stake in chemicals company China National BlueStar (Group) Corp for up to $500 million, marking its first major investment in the world's fastest-growing major economy.

Campbell Soup Co on Thursday posted quarterly profit below analysts' estimates despite strong sales of its V8 vegetable juice, as the company overhauled its supply chain in Australia and Indonesia.

Italian operatic tenor Luciano Pavarotti died in the early hours of Thursday, his agent said.Here are some key facts on Pavarotti.

Like most Italian boys, Luciano Pavarotti used to dream of being a soccer star. Instead, he rose to opera stardom and entranced stadium audiences with his singing voice rather than his soccer skills.

The legendary Italian tenor brought opera to the masses with his powerful voice and jovial personality.