IBT Staff Reporter

India's trade minister said on Tuesday that wealthy countries need to be more flexible on agricultural subsidies if global trade talks are to re-commence following the failed WTO talks in Geneva late last month.

U.S. wireless companies face new competition on Wednesday as they start bidding on licenses for advanced wireless services like high-speed Internet - from the satellite and cable television industries.

In the final days of July, Microsoft held an analyst meeting at its Redmond Wash headquarters, where it was notably unclear about the release of its new Windows Vista operating system. Though they declined to give solid details, industry experts feel there may be a strong chance for more delays.

Nokia, the worlds largest cell phone supplier, announced on Tuesday that it has signed an agreement to purchase music distributor Loudeye Corp. for $60 million.

U.S. business productivity rose at a 1.1 percent annual rate in the second quarter but unit labor costs jumped sharply, according to a government report that gave the Federal Reserve a final piece of inflationary data as a pivotal meeting started on Tuesday.

After years of lackluster results, AOL is refocusing. Instead of pursuing new subscribers, it will focus on online advertising to grow in a highly competitive market.

On Monday, Microsoft Corp. offered the first glimpse of an external Hi-Definition DVD (HD-DVD) player to be released for its Xbox 360 gaming console.

Alltel Corp. the No. 5 U.S. cellphone provider, said on Tuesday it will provide a service to download audio clips from the Internet to cellphones in a bid to expand its business beyond voice services.

Sprint Nextel Corp.is expected to announce it is choosing the WiMax technology to build a new wireless Internet network in coming years, the Wall Street Journal reported on Tuesday, citing people familiar with the matter.

Expectations of a halt in the Federal Reserve's two-year campaign of interest rate rises kept the dollar near two-month lows on Tuesday, while auto firms led stocks higher in Asia and Europe.

China is all but certain to raise retail gasoline and diesel prices for a third time this year, but will not jack up rates by the more than 15 percent that would be necessary to close the gap with rallying crude costs.

BP Plc is shutting down its giant Alaska Prudhoe Bay oil field due to a damaged pipeline and fears of wider corrosion, slashing West Coast supplies and prompting the U.S. government to consider releasing emergency stockpiles as prices jump.

South Korean car manufacturer Kia released its earnings report for the second quarter on Monday, announcing a plunge in net profit as it heads into union negotiations.

Telstra, Australia's largest telecommunication company, announced its intention to withdraw from building a A$4 billion (US$3.1 billion) high-speed broadband network.

British Petroleum PLC, announced late Sunday that it would shut off its biggest U.S. oil field due to corrosive oil pipes.

Forbes Media LLC announced on Thusday that it had sold a minority stake in the company to a private equity group.

Martha Stewart, the high profile founder of Martha Stewart Living Omnimedia, settled civil charges with the SEC on Monday regarding charges of insider trading brought against her several years ago.

Indonesia is open for foreign investment and anticipates a swift implementation of the Special Economic Zone in June, said Indonesia's president.

Zimbabwe is preparing to implement strong trade measures in efforts to liberalize its common trade market by 2008, said its Minister of Finance, Dr. Herbert Murerwa on Friday.

News Corp.'s Fox Interactive Media on Monday said it selected Google Inc. as MySpace.com's search system in a multiyear search and advertising deal that also covers some of Fox's other properties.

The Internet may soon change the way people watch television. AT&T and Verizon have been spending billions of dollars, to build and reinforce their networks with the hope of turning the Internet into an on-demand, multi-media entertainment machine.

News Corp.'s Fox Interactive Media and Google Inc. said on Monday they have signed a multi-year search and advertising deal covering Fox's MySpace.com and other properties.

Time Warner's internet arm, AOL, formerly America Online, released details of Internet searches performed on its systems over a period of three months by hundreds of thousands of its subscribers, but later apologized.

Apple Computer announced a new Intel based server at the World Wide Developers Conference on Monday.

Energy and ambition is what World Bank President Paul Wolfowitz says he felt during a recent eight nation tour of Africa which ended late last month.

Apple Computer Inc. on Monday introduced its new professional desktop computer line called the Mac Pro, which will use the Intel Corp. Xeon chipset, as Chief Executive Steve Jobs took the stage at the iPod and Mac maker's annual conference for software developers.

Several options grants to top executives at Apple Computer Inc. were dated just before sharp increases in its stock between 1997 and 2001, the Wall Street Journal reported on Monday, citing a review of regulatory filings.

The Bank of Japan, which last month raised interest rates for the first time in six years, is expected to keep its powder dry this week as it confirms that economic growth is slowing and with inflation yet to materialize.

European shares sank on Monday, pulled lower by BP which began shutting down the biggest oilfield in the United States, with weaker mining and auto stocks adding to the negative tone and trade remaining cautious ahead of Tuesday's Federal Reserve meeting.