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US Business

Qualcomm in India Broadband Venture

Fri, 30 Jul 2010 08:12:42 EDT

Qualcomm is forming a joint venture with India's Global Holding and Tulip Telecom to build a network for offering wireless broadband services.

Audi Sees Growth in China, U.S.

Fri, 30 Jul 2010 07:41:23 EDT

Audi reported its first-half net profit nearly doubled and said it is looking for strong growth in China and the U.S.

Snafus Plague New Zealand iPhone Debut

Fri, 30 Jul 2010 05:59:39 EDT

Hundreds of customers in New Zealand hoping to buy Apple's new iPhone 4 were turned away Friday, in what one frustrated would-be buyer called a "nightmare" for customers.

Mitsubishi Corp. Doubles Profit

Fri, 30 Jul 2010 01:19:04 EDT

Mitsubishi Corp. said Friday its profit more than doubled last quarter, boosted by a one-off gain, rising prices for resources, and strong sales in Asia for its cars.

Macquarie Warns of Lower Profits in Major Units

Fri, 30 Jul 2010 01:48:48 EDT

Macquarie Group said results from key three divisions are expected to fall this year if market conditions don't improve.

Disney to Sell Miramax

Fri, 30 Jul 2010 09:13:36 EDT

Walt Disney Company said it will sell Miramax Films to Filmyard Holdings for more than $660 million.

Oil Prices Lift Total's Profit

Fri, 30 Jul 2010 07:32:31 EDT

French oil major Total posted a 43% increase in second-quarter net profit, boosted by stronger production, higher oil prices and a stronger dollar.

EADS Raises Full-Year Forecast

Fri, 30 Jul 2010 04:56:27 EDT

EDF said first-half net profit halved, but the company raised its earnings forecast for the full year on increased aircraft deliveries and an improved exchange rate.

AIG Hires Citi for AIA IPO

Fri, 30 Jul 2010 08:48:39 EDT

American International Group has added Citigroup to the list of global coordinators for the listing of a stake in its largest overseas life-insurance business this fall.

Wyly Brothers Face SEC Fraud Charges

Fri, 30 Jul 2010 03:47:20 EDT

Billionaire brothers Sam Wyly and Charles Wyly hid $550 million in trading profits by using an "elaborate sham system" of offshore entities, the Securities and Exchange Commission charged Thursday.

Hitachi Bursts Back To Profit

Fri, 30 Jul 2010 07:36:23 EDT

Hitachi swung back to a profit in the last quarter as a recovery in demand for cars and consumer electronics lit a fire under several of its businesses.

Nomura Profit Falls 80%

Fri, 30 Jul 2010 09:02:02 EDT

Nomura Holdings' net profit dropped 80% as commission revenue from investment banking decreased sharply and profits from trading operations shrank.

Global Cellphone Shipments Rise

Fri, 30 Jul 2010 06:55:26 EDT

Global shipments of mobile phones continued to grow in the second quarter, but vendors' profit margins could be threatened by high-end price pressure.

Trustee Seeks Madoff Family Funds

Thu, 29 Jul 2010 21:32:52 EDT

The trustee recovering assets for victims of convicted Ponzi-scheme operator Bernard Madoff filed suits alleging customer assets were diverted to businesses to enrich Mr. Madoff's family members.

Citi Pays for Subprime Feint

Thu, 29 Jul 2010 22:41:18 EDT

Citigroup will pay $75 million to settle regulatory charges that it failed to disclose $40 billion in subprime exposure to investors in the second and third quarters of 2007.

Exxon in Talks on China Gas Field

Fri, 30 Jul 2010 08:11:13 EDT

Exxon Mobil is in talks with PetroChina to jointly explore and develop an unconventional gas block in the Ordos basin in northern China.

Honda, Mazda Improve Bottom Lines

Fri, 30 Jul 2010 05:59:59 EDT

Japanese auto makers Honda and Mazda said that sales was growing strong in Asia and North America as both reported improved earnings on the quarter.

U.S. House Passes Lean Airline Safety Bill

Fri, 30 Jul 2010 07:02:50 EDT

U.S. legislators, deadlocked over a comprehensive airline-safety bill, have compromised on a slimmed-down measure to enhance pilot training and airline safety.

Cheung Kong Buys EDF's U.K. Assets

Fri, 30 Jul 2010 09:20:06 EDT

A consortium led by Cheung Kong Infrastructure agreed to pay $9.05 billion for Electricite de France's U.K. electricity distribution networks, a person familiar with the situation said.

Demand Rebound Drives Michelin to Profit

Fri, 30 Jul 2010 04:39:25 EDT

French tire maker Michelin said it swung to profit in the first half of 2010 as demand rebounded on a recovery in the auto industry.

Charles River, WuXi End Deal

Thu, 29 Jul 2010 22:34:42 EDT

Charles River Laboratories and China's WuXi PharmaTech have mutually agreed to terminal their $1.6 billion deal because of opposition by Charles River shareholders, the companies said.

British Airways' Loss Widens

Fri, 30 Jul 2010 09:03:14 EDT

British Airways said its fiscal first-quarter net loss widened, hurt by the impact of disruptions including volcanic ash clouds and strikes.

Renault Posts First-Half Profit

Fri, 30 Jul 2010 06:53:25 EDT

Renault swung to a larger-than-expected net profit in the first half, as sales surged despite the phasing out of government incentives to spur demand.

Chevron's Profit Soars

Fri, 30 Jul 2010 09:05:23 EDT

Chevron's earnings more than tripled as the oil company benefited from increased production and prices, plus stronger refining margins.

MetLife: What Subpeona?

Fri, 30 Jul 2010 09:08:17 EDT

MetLife Chief Executive Robert Henrikson said the insurer hasn't yet received a subpoena announced by New York Attorney General Andrew Cuomo on Thursday.

Sands Rethinks Macau VIP Strategy

Fri, 30 Jul 2010 06:15:39 EDT

Las Vegas Sands's Macau unit is considering changing the way it markets itself to high rollers.

Kia Motors Profit Jumps 61%

Fri, 30 Jul 2010 05:15:42 EDT

Kia Motors reported a 61% on-year jump in second-quarter earnings as strong sales of new models gave a hefty boost.

Merck's Profit Falls 52%

Fri, 30 Jul 2010 08:51:57 EDT

Pharmaceutical giant Merck said its earnings dropped 52%, weighed down by acquisition and other charges and weaker sales of key drugs.

Alcatel-Lucent Sticks to Forecast

Fri, 30 Jul 2010 04:27:09 EDT

Telecommunications-equipment maker Alcatel-Lucent reported a second-quarter net loss on Friday, but confirmed its full-year forecast.

Carlyle Sets First Close of China Fund

Fri, 30 Jul 2010 08:07:35 EDT

Carlyle Group announced the first closing of its landmark Chinese-currency-denominated fund after raising the equivalent of $350 million from a group of government and private-sector investors led by an arm of the Beijing city government.

BP's Hayward Defends Tenure, Spill Response

Fri, 30 Jul 2010 09:05:58 EDT

Tony Hayward, the departing chief executive of BP, is unrepentant about how the energy giant responded to the U.S.'s largest offshore oil spill.