IBT Staff Reporter

Microsoft Corp posted a 7 percent gain in net profit as demand for its Office software and improved results from its online arm more than compensated for a $1.1 billion charge to repair Xbox game consoles.

M2 Telecommunications Group Ltd. announced on Thursday that it has been chosen by sales intermediary Capricorn Society Ltd. to provide a full suite of telecommunications services the latter’s 10,000 member companies.

India's leading biotechnology enterprise, Biocon, has entered into an agreement to sell its enzymes unit to Denmark's Novozymes for $115 million.

The New York Times published reviews before the book went on sale, drawing a stinging response from author J.K. Rowling.

Federal Reserve Chairman Ben Bernanke said on Thursday that subprime mortgage losses could hit $100 billion and threaten consumer spending, but he sought to reassure lawmakers that the central bank was working quickly to strengthen lending regulations.

Chinese telecom equipment supplier Huawei Technologies is making its presence felt in India, the world's fastest growing mobile market, by wooing telecom services providers for millions of dollars worth of network outsourcing contracts.

India's largest private mobile services provider, Bharti Airtel, and Sweden's Ericsson have inked a $2 billion, two-year deal whereby the latter will help Bharti expand its telecom network as it looks to push into new rural markets.

Tata Motors, which is reportedly looking to enter into a tie-up with Italian sports automaker Ferrari for marketing and servicing Ferrari cars in India, is also evaluating a bid to buy luxury British car brands Jaguar and Land Rover from struggling US automaker Ford, according to a report.

Viacom Inc. Vice Chairman Shari Redstone may leave the board over a falling out with her father, Chairman Sumner Redstone, a source familiar with the matter said on Thursday.

Shoppers will be able to review and rate the merchandise sold on Wal-Mart Stores Inc's Web site beginning on Thursday, as the retailer works to expand its online capabilities.

Nintendo Co. Ltd. has sold more than 3 million units of its Wii game console in Japan, three times the sales of Sony Corp.'s PlayStation 3, game magazine publisher Enterbrain said.

Nokia launched a service on Thursday which it said would cut the time a GPS-enabled cellphone takes to pinpoint its whereabouts, opening new opportunities for location-based online services.

Toshiba Corp. said on Thursday it has recalled more Sony Corp. laptop computer batteries due to fire risk, rekindling concerns over the safety of Sony-made batteries.

Motorcycle maker Harley-Davidson Inc. said on Thursday quarterly earnings rose 19 percent boosted by foreign markets although shares fell due to a greater-than-expected decline in U.S. sales.

Diversified manufacturer Honeywell International Inc. said on Thursday quarterly net profit rose 17 percent, boosted by strong demand from the aerospace and construction industries.

Logitech, the world's largest maker of computer mice, posted a 15 percent drop in first-quarter profit on Thursday as competition pressured Webcam sales, pushing shares lower.

Motorola Inc. on Thursday posted a quarterly loss as revenue fell amid weak phone sales, as it loses market share.

Hollywood screenwriters and studio executives ended a second day of contract talks on Wednesday with the two sides far apart on major issues but planning to resume negotiations next week.

Sprint Nextel Corp. and Clearwire Corp. said on Thursday they plan to jointly construct a nationwide mobile broadband network in the United States using WiMAX technology, designed to run more than five times faster than current wireless networks at a lower cost.

Bank of America Corp. Chief Executive Kenneth Lewis pledged on Thursday to complete the $21 billion acquisition of all of LaSalle Bank from ABN AMRO Holding NV early in the fourth quarter.

Billionaire investor Carl Icahn denied on Wednesday that he has a stake in Samsung Electronics Co. Ltd. or is preparing a takeover bid for the company, according to a report.

PNC Financial Services Group Inc., a fast-growing Northeast U.S. regional bank, on Thursday posted a disappointing second-quarter profit, sending shares down to their lowest level in four months.

Scrutiny of banking transactions after 9/11 has led European and Canadian banks to cut back on dealings with Cuba.

Oil resumed its march towards record highs on Thursday, climbing above $77 a barrel after a surprise drop in gasoline stocks in the United States and heightened supply concerns in Africa.

International Game Technology said on Thursday its fiscal third-quarter net earnings rose a greater-than-expected 20 percent, on higher sales of its slot machines and improved results from its own gaming operations.

Sony said Wednesday that its latest 'ultra-portable' notebook computer - the Vaio TZ - will be available at select retailers in August.

Stocks rose sharply on Thursday as multinational companies such as IBM and Juniper Networks Inc. reported earnings that beat forecasts, shifting investors' focus back to corporate profits and away from subprime credit worries.

Baxter International Inc. on Thursday reported higher second-quarter net profits, driven by improved demand for its blood therapy products that contributed to a 7 percent increase in overall sales.

The number of new claims filed for U.S. jobless benefits fell unexpectedly in the latest week, dropping 8,000 to the lowest level in two months, the government said on Thursday.