IBT Staff Reporter

South Korea sent its first batch of emergency aid on Thursday to relieve flooding in North Korea that has killed hundreds, and a top Pyongyang official said the North is aiming to restore basic services by the end of September.

Limited Brands Inc on Wednesday posted a higher second-quarter net profit, helped by a $304 million gain from the sale of its Express apparel business.

Industrial and Commercial Bank of China Ltd, the world's biggest bank by market capitalisation, beat forecasts with a 61.6 percent jump in first-half profit, helped by widening interest margins and fee income growth.

Retailer Macy's Inc is preparing to launch a $100 million fall advertising campaign with celebrities such as Martha Stewart and Donald Trump as it tries to boost its dowdy image and sagging sales, The Wall Street Journal reported on Wednesday.

Global financial turmoil prompted the Bank of Japan to hold rates on Thursday and warn the tremors would take time to settle, as stock markets climbed in spite of fresh strife stemming from the ravaged U.S. home loan market.

China's main stock index climbed for the first time above the 5,000-point level on Thursday, passing another milestone in a spectacular bull run that has more than quadrupled the index since the start of last year.

Every cloud supposedly has a silver lining, and Chinese industry's bill for complying with stepped-up safety standards after a string of embarrassing product recalls is no exception.

Social networking Website Facebook is working on an advertising system to allow marketers to target users with ads based on the information people reveal about themselves on the site, the Wall Street Journal reported in its online edition early on Thursday.

South Korea's tax officials raided the offices of U.S. private equity fund Lone Star, seizing 11 boxes of documents and copying data related to its recent domestic deals, Lone Star said on Thursday.

Investors banking on a swift cut in the U.S. benchmark interest rate to ease market turmoil may be disappointed: Policy-makers may be reluctant to act before a week jammed with economic data in early September.

European shares rose in early trade on Thursday, tracking sharp gains made by U.S. and Asian stocks overnight as equity markets continued to recover from a recent correction sparked by fears over a credit crunch.

U.S. oil hovered below $70 on Thursday after closing at its lowest in almost two months the previous session following an unexpected rise in crude oil stocks in top consumer the United States.

The yen fell broadly and higher-yielding currencies strengthened on Thursday as calm returned to troubled credit markets and rising equities signaled increased investor appetite for risk.

Foreign sales of some Chinese products have been shaken by reports of dangerous goods, but the country's fast-rising exports show most consumers remain untroubled, senior Chinese officials said on Thursday.

Investors bought riskier assets on Thursday, lifting world stocks, emerging market debt and higher-yielding currencies as hopes increased that the worst of the recent credit market storm has blown over. Stock markets from Shanghai to London posted solid gains, with the Chinese bourse hitting another all-time high.

Shares of baseball card company Topps Co Inc fell 7 percent on Wednesday after hostile suitor Upper Deck Co. dropped its $417 million bid, leaving Topps with a $378 million offer from a buyout group and a firm led by former Walt Disney Co chief Michael Eisner.

Lower oil prices dented first-half earnings at oil giant PetroChina and offshore specialist CNOOC, but helped Asia's top refiner Sinopec, though rebounding crude prices may reverse their fortunes in the second half.

U.S. stocks rose on Wednesday as takeover activity resurfaced and credit markets stabilized, luring investors back into riskier assets such as equities.

Intuit Inc, maker of TurboTax software, named a new chief executive on Wednesday and posted a narrower loss for its fiscal fourth quarter, which is traditionally its weakest.

Argentina's July primary budget surplus widened 23 percent to 2.58 billion pesos ($804 million), due in part to pension contributions shifted to the state system, the government said on Wednesday.

Wendy's International Inc said on Wednesday it now expects to serve breakfast in nearly 750 of its restaurants in the United States and Canada by the end of the current third quarter.

Goth-inspired retailer Hot Topic Inc posted a second-quarter net loss on Wednesday that was nearly double its year-ago loss as sales at established stores declined.

Broadridge Financial Solutions Inc , which was spun off at the end of March by Automatic Data Processing Inc, said on Wednesday quarterly profit fell 2 percent, as expenses grew faster than revenue.

The Federal Reserve is hopeful it has bought enough time with moves to soothe jittery credit markets to hold off any cut to the benchmark federal funds rate before a September meeting, if any easing is necessary at all.

The U.S. mortgage and credit crisis deepened on Wednesday, as Accredited Home Lenders Holding Co, HSBC Holdings Plc and Lehman Brothers Holdings Inc announced a total of 3,400 job cuts, as concern mounted about the longer-term impact on the economy.

Oil fell on Wednesday after a government report showed U.S. crude inventories rose unexpectedly last week, easing supply concerns.

DaimlerChrysler has paved the way to rename itself Daimler AG by striking a deal with Ford Motor Co to use the name now owned by British brand Jaguar, the companies said on Wednesday.

The four largest U.S. banks, led by Citigroup and Bank of America Corp., took the unusual step of borrowing $2 billion directly from the Federal Reserve on Wednesday, as the Fed tries to stabilize tempestuous financial markets by adding money to the banking system.

Calling Hurricane Katrina a man-made disaster, the actor urged action for a faster recovery in New Orleans.