UNITED STATES

Musharraf allies scotch talk of emergency in Pakistan

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Pakistan's beleaguered President Pervez Musharraf has no plans to impose emergency rule, contrary to widespread reports that he was about to announce the authoritarian measure, the president of the ruling party said on Thursday.

Yen rallies as investors spooked again by risk

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The low-yielding yen jumped against the dollar and euro on Thursday as investors trimmed exposure to carry trades after BNP Paribas said three of its funds were hit by problems in the U.S. subprime mortgage sector.
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Oil eases below $72

Oil edged below $72 a barrel on Thursday as concerns over a slowing U.S. economy overshadowed an unexpectedly steep drop in fuel stocks in the world's top consumer.
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Top company executives see more demergers

Top executives at the world's largest companies expect a rise in demergers over the next year as shareholders pressure companies to focus on core activities and unlock value, legal firm Allen & Overy said on Wednesday.
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Lenovo chases Packard Bell

Lenovo Group Ltd., the world's No. 3 maker of personal computers, wants to take over a mid-tier PC manufacturer valued at about $800 million to bolster a barely profitable European arm.
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Vodafone says to keep Verizon stake

Cell phone giant Vodafone Group Plc said on Wednesday it had decided not to sell part of its 45 percent stake in fast-growing U.S. cell phone joint venture Verizon Wireless.
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Mortgage applications jump in latest week

Mortgage applications rose for the first time in three weeks as interest rates fell sharply and demand surged for home purchase and refinance loans, an industry group said on Wednesday.
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Tyco Electronics reports $1.37 billion loss

Tyco Electronics Ltd. said on Wednesday it lost almost $1.4 billion in its initial quarter as a stand-alone company, reflecting the settlement of lawsuits against former parent Tyco International Ltd. and other costs.
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Sprint quarterly profit falls but beats Street

Sprint Nextel Corp posted a lower quarterly profit on Wednesday but beat Wall Street expectations as the No. 3 U.S. mobile phone service added customers, sending its shares up more than 3 percent.
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Productivity growth weak, inflation risk seen

Productivity climbed at a slower-than-expected pace in the second quarter and has gained only slightly over the past year, keeping alive the risk that rising wages could push up inflation.
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Fed says inflation main worry but cites risks

The Federal Reserve on Tuesday held benchmark U.S. interest rates steady and said that while tightening credit conditions had increased downside risks facing the economy, inflation was still its main concern. The decision by the central bank's Federal Open Market Committee kept the overnight federal funds rate at 5.25 percent, the level it hit in June 2006 after 17 straight quarter-percentage point increases.
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Fed seen on hold as credit worries rise

The U.S. Federal Reserve is expected to hold overnight interest rates steady and reaffirm concerns about inflation at its meeting on Tuesday, but may also acknowledge emerging signs of economic weakness. Fed policy makers began meeting this morning against a backdrop of unsettled financial markets and are expected to announce their decision on interest rates at 2:15 EDT.
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Wal-Mart sees surge in India sourcing

Sourcing of products from India by Wal-Mart Stores Inc. could rise to billions of dollars annually in coming years once the U.S. retailer starts operations there, the firm's country president said on Tuesday.

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