IBT Staff Reporter

Underlying net mortgage lending rose by a record amount in August, British Bankers' Association data showed on Wednesday, in another sign the Bank of England's surprise rate hike last month has not deterred house buyers.

Oracle Corp. Chief Executive Larry Ellison showed his notorious competitive streak Tuesday, when the business software maker reported first-quarter profit jumped 29 percent and revenue soared 30 percent.

Standard Life is believed to be preparing a shake up of senior management that could include the exit of finance director Alison Reed

Internet service providers will have to be careful about advertising headline speeds for broadband connections after an advert by Bulldog Communications was criticised by the advertising watchdog on Wednesday.

Nokia has today unveiled its latest product, the Nokia 6288. The Nokia 6288 is a slide phone that includes high quality video playing capabilities along with its other features.

The UK's savings pot grew to its highest level this century in the second quarter of 2006, figures from industry body IFA Promotion (IFAP) show.

The World Bank's private sector arm, criticised by civil society for investing largely in middle income countries, will ratchet up its projects in Africa and poor regions, the agency's head said on Wednesday.

The FTSE 100 nosed up on Wednesday, weighed by heavyweight miners and by ex dividend stocks taking 1.4 points off the index but with Man rising.

OIL giant Shell Uganda, has slashed pump prices for petrol at all its fuelling stations in the country by Shs50. A litre of petrol now costs Shs2,250 down from the previous Shs2,300 a price that has been ruling for the last two or so months.Mr Ivan Kyayonka, Shell's Country Manager on Friday attributed the price reduction to the decrease in oil prices on the international market.

Life insurer Resolution posted first half profit just above market forecasts on Wednesday, helped by growing asset management income

African stock exchanges may merge into integrated regional pan-African markets if African financial market leaders have their way. This was one of the main topics at the annual African Stock Exchange Association's three-day annual meeting that started in Johannesburg yesterday.

Nairobi's Africities summit is the fourth for local governments in the continent. The first, in Abidjan, Cote d'Ivore in 1998, saw the emergence of the African municipal movement on the regional and international scene.

As the International Monetary Fund embarks on a second round of reforms to give developing countries more say in the institution, the World Bank signalled on Wednesday that it was ready to go the same route.

Woolworths Group on Wednesday posted a wider adjusted first half loss as its same store sales slid, but said it expects a better second half.

Shortfall in Nigeria's crude oil output is currently put at about 872,000 barrels per day, owing largely to an increase in the cycle of violence - hostage taking, arson leading to damage of oil production facilities in the Niger Delta, is expected to last for the next six months.

Defense giant Boeing Co. has won a $2.1 billion contract to help the Department of Homeland Security beef up security along more than 7,500 miles of U.S. borders with Mexico and Canada, The Washington Post reported.

Tanga Cement Company, says its future expansion will be expensive because of the extended power rationing and growing competition from imports from Uganda and Kenya.

Africa'S deepening engagement with Asia's two economic giants-China and India-holds enormous potential for economic growth in Africa, according to a new report by the World Bank, released September 9.

Air Mauritius is tightening its belt. As its annual report revealed it last week, the profits of the local airline have decreased by half. Even worse: there is not much hope that this situation will improve in the near future.

Massmart Holdings Ltd, the third largest distributor of consumer goods in Africa and the leading retailer of general merchandise, liquor and home improvement equipment will invest more than $91 million in Tanzania in the next 10 years.

An agreement to boost the voting power of emerging nations in the International Monetary Fund is just the start of a difficult process, the IMF's head said on Wednesday, as the World Bank signaled it was ready to go the same route.

Honda's Chinese unit, Guangzhou Honda Automobile Co., and Guangzhou Automobile Group Co. of China began operation of their new factory on Tuesday.

The head of the India's state-owned Oil and Natural Gas Corp. (ONGC) said on Tuesday that the company was in talks with parties in Egypt, Qatar and Australia to import at least five million tons of Liquefied Natural Gas (LNG) annually.

The Dubai Stock index slipped further on Tuesday, falling to its lowest level this month, as Gulf investors booked profits and positioned themselves for the third quarter results season.

Clothing label, Juicy Couture said on Monday it is expanding by distributing its products to Asian countries as part of a partnership with Lane Crawford Joyce Group, an Asian international brand group.

The Chicago Board of Trade, a large derivative exchanges board announced on Monday a deal with Reuters Group plc to provide access to CBOT markets via Reuters.

AT&T, the largest telecom company in the US, signed a multi-year teleconferencing service contract on Tuesday with Metavante, a banking and financial.

First Reserve Corporation, a private - equity firm specializing in the energy industry obtained on Tuesday a 50 percent interest in Blue Source LLC, a greenhouse gas (ghg) emission reducing firm.

Former US trade representatives have urged the Department of Transportation to accept United Airlines' proposal to connect Washington D.C. and Beijing through direct commercial flights for the first time.