IBT Staff Reporter

Caterpillar Inc reported a stronger-than-expected quarterly profit and raised its full-year outlook, citing sales growth in emerging markets, especially from customers in mining and energy.

It was a miserable winter day in January 2007, the kind that makes auto executives in the Motor City wonder why they hold the Detroit Auto Show at the most inhospitable time of the year.

Continental Airlines , which is being bought by United Airlines, posted a second-quarter profit that handily beat Wall Street expectations, helped by higher fares and reduced capacity.

Hungary hopes to reduce its budget deficit below the EU's 3 percent ceiling in the future but seeks equal treatment with other member states on a time frame to achieve that target, the prime minister said. Hungary by the end of the year will bring its deficit to 3.8 percent (of GDP) as it has agreed to, Prime Minister Viktor Orban told a news conference on Thursday.

Hungary's prime minister signalled on Thursday he would not renew a safety net with the IMF and would row back on a commitment to cut the budget deficit to European Union-prescribed levels next year. In the latest of a series of comments that have confounded markets, Viktor Orban said Hungary would meet this year's budget target under the International Monetary Fund-backed deal but the IMF safety net would end in October and the matter of negotiating a new one was insignificant.

Private equity firm Blackstone Group LP is close to finalizing the purchase of property loans with a face value of around $1.1 billion owned by Morgan Stanley's Japanese operations, three sources familiar with the situation said.

The credit risk profiles of India's diamond and diamond jewellery players will remain stable over the medium term, on the back of steady demand expected in key markets, and improved prices of polished diamond in 2010-11, according to an analysis by CRISIL.

Dollar funding costs eased on Thursday with the three-month interbank rate falling below 0.5 percent for the first time in two months and gains in Euro dollar futures implying further declines in the near term.

Platinum and palladium is set to scale new heights in the coming months. If the forecast of analysts is any indication platinum and palladium could reach around $1,300 and $400 an ounce, respectively, over the next couple of months.

Continental Airlines , which is being bought by United Airlines, posted a second-quarter profit on Thursday helped by higher air fares and trimmed capacity.

Oil rose on Thursday after better than expected euro zone manufacturing and services data, but rising U.S. oil inventories and fears about the broader U.S. economy, the world's largest, kept prices in check. The euro zone's private sector surged this month, according to a survey released on Thursday, reassuring markets spooked by U.S. Federal Reserve Chairman Ben Bernanke describing the prospects for the United States as unusually uncertain.

General Motors Co said on Thursday it would acquire auto finance company AmeriCredit Corp for $3.5 billion in cash in a deal aimed at easing financing terms for subprime car shoppers.

Wal-Mart , the world's top retailer, will be ready to open hundreds of stores in India if the country opens up the sector to foreign direct investment, the chief of its Indian joint venture said.

The owners of Danish cleaning firm ISS have revived plans for a multi-billion euro flotation, asking banks to pitch for roles helping to list or sell the company, three people familiar with the matter said. The owners -- Goldman Sachs Capital Partners and Swedish private equity fund EQT Partners -- are seeking to start a dual-track process toward an initial public offering (IPO) or sale later this year, the sources said.

Caterpillar Inc reported a stronger-than-expected quarterly profit on Thursday, and raised its full-year outlook, citing continued strong sales growth in emerging markets.

Stock index futures rose on Thursday, pointing to a rebound from Wednesday's sell-off after eBay posted solid earnings and Qualcomm boosted its outlook.

The U.S. dollar fell broadly on Thursday as better-than-forecast European economic data boosted equities and spurred appetite for risk, with a drop in U.S. lending rates putting additional pressure on the currency.

Gold prices are set to mark an eleventh year of gains in 2011 as investors seek refuge from an uncertain global economic outlook, with analysts revising up expectations sharply in a Reuters survey released on Wednesday.

The dollar fell close to a seven-month low against the yen on Thursday on downbeat comments from Federal Reserve Chairman Ben Bernanke, while better-than- forecast euro zone data buoyed the euro. Bernanke said the U.S. economic outlook was unusually uncertain and that the Fed was ready to ease monetary policy further if necessary, sending the two-year U.S. Treasury yield to a record low and diminishing the allure of the dollar versus the yen.

Nokia reported on Thursday a sharp drop in second-quarter profits, increasing the pressure on embattled Chief Executive Olli-Pekka Kallasvuo.

Irish economy received little respite this week when the International Monetary Fund (IMF) said it is not too optimistic about the Ireland economy. And, this has come as a huge repite for the sliding gold prices on Thursday. With more and more bad economic news emanating from Europe, the gold prices have slowly started picking up the lost rhythm this week.

Although the Ugandan government can boost the security of its fledgling oil industry from future terrorist attacks that may scare away certain investors, Africa analysts doubt violence replicating the twin bombs that struck during the World Cup final is likely.

European officials appeared to be at odds on Thursday over whether to release stress test results earlier than planned and reveal banks' exposure to sovereign debt, in a last-minute struggle over how to regain confidence in the financial sector.

Oil reversed early losses on Thursday to head back toward $77 a barrel as signs of a stronger recovery in Germany soothed investor concerns, but rising U.S. inventories kept prices in check.

Superheroes are enjoying a new career path, heading straight from the pages of comic books into video games and no longer having to stop at Hollywood to collect their credentials first.

The Federal Reserve stands ready to ease monetary policy further if the budding U.S. economic recovery withers, Fed Chairman Ben Bernanke said on Wednesday, describing the outlook as unusually uncertain.

With the results of stress tests on 91 European banks looming, financial institutions have been coming up with their own scenarios of what to expect. How financial markets react to the results may well depend on the expectations currently being reached by analysts.

Gold prices fell below $1,190 an ounce in Europe on Thursday as investors awaited the outcome of European bank stress tests at the end of the week, with a majority of institutions expected to pass the tests. Spot gold was bid at $1,186.05 an ounce at 0833 GMT (4:33 a.m. EDT), against $1,191.80 late in New York on Wednesday. U.S. gold futures for August delivery fell $6.00 to $1,185.80.

A increase in labour disputes between management and workers in China, mostly at foreign-owned factories in the southeast, has raised questions about the country's future as a low-cost manufacturing centre.