IBT Staff Reporter

Dutch navigation device maker TomTom reassured investors by keeping its 2010 outlook intact in the face of stiff competition from free navigation on smartphones.

Smartphones could become the next weapon in the United States' battlefield arsenal, as defense companies seek to cash in on the rapidly growing use of sophisticated mobile applications.

More than $12 billion in airplane orders from lessors and Asia-Pacific carriers dominated the third day of the Farnborough Airshow, as manufacturers stood ready to raise their forecasts for the year on the back of strong demand.

The U.S. securities regulator was aware of Wall Street's potentially questionable accounting practice of classifying repurchase agreements as sales instead of borrowings long before the collapse of Lehman Brothers raised the issue, the Wall Street Journal reported on Wednesday.

Lenovo Group, the world's No.4 PC brand, said it will roll out its own tablet PC, becoming the latest technology company to jump on the bandwagon for computers styled after Apple Inc's popular iPad.

Stock index futures pointed to a higher open for Wall Street on Wednesday, boosted by upbeat earnings from technology firm Apple .

Europe's banks have been asked to estimate how much additional capital they would need under two adverse scenarios as part of stress tests aimed at reviving confidence among investors.

Government-controlled British bank Royal Bank of Scotland acknowledged being the mystery buyer of nearly $8 billion in new passenger jets, as an expected flurry of new orders shook up the third day of the Farnborough Airshow.

British lender Royal Bank of Scotland confirmed it had placed an order worth over $7.6 billion at list prices for 52 Airbus A320 family aircraft and 43 Boeing 737 family aircraft.

Oil held steady near $77.50 on Wednesday, as rising stock markets and a forming Atlantic storm countered mixed U.S. inventories and disappointing housing data. U.S. crude for September, the front month-contract after Tuesday's expiry of August, rose 5 cents to $77.63 a barrel at 0653 GMT (2:53 a.m. EDT). ICE Brent gained 3 cents to $76.25.

Bank of Japan Deputy Governor Hirohide Yamaguchi said on Wednesday the central bank has not guided monetary policy with a specific currency rate level in mind, and will not do so.

Oil held steady near $77.50 on Wednesday, as rising stock markets and a forming Atlantic storm countered mixed U.S. inventories and disappointing housing data. U.S. crude for September, the front month-contract after Tuesday's expiry of August, shed 10 cents to $77.48 a barrel at 12:06 a.m. ET. ICE Brent fell 14 cents to $76.08.

Japan's Nikkei average inched down 0.2 percent on Wednesday, weighed down by worries about a stronger yen and doubts over the U.S. economic recovery as the market awaited events later this week, including the results of European bank stress tests.

Gold edged down on Wednesday as investors shifted some of their money into firming equities, while a drop in ETF holdings could prompt more selling as bullion struggles to hold above $1,190 an ounce. Although purchases from jewelers offered some support, trading was thin ahead of euro zone bank stress test results this week, which some analysts say could soothe concerns about how European banks would cope with deterioration in the region's economy and financial markets.

The euro inched up against the dollar on Wednesday, after being knocked from a 10-week high above $1.3000 the previous day due to profit-taking ahead of euro zone bank stress test results this week. Traders were also looking to Federal Reserve Chairman Ben Bernanke's semi-annual testimony before Congress on Wednesday and Thursday, with investors listening for any comments that could boost speculation about more monetary accommodation.

The euro inched up against the dollar on Wednesday, after being knocked from a 10-week high above $1.3000 the previous day due to profit-taking ahead of euro zone bank stress test results this week. Traders were also looking to Federal Reserve Chairman Ben Bernanke's semi-annual testimony before Congress on Wednesday and Thursday, with investors listening for any comments that could boost speculation about more monetary accommodation.

Gold prices eased in thin Asian trade Wednesday mainly on rising stocks despite the euro edged up against the dollar. Gold for immediately delivery was seen trading at $ 1190.64 an ounce at 11.30 a.m Singapore time while U.S. gold futures for August delivery was at $1,191.4 an ounce on the Comex division of the New York Mercantile Exchange

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Asian stocks rose on Wednesday as investors cheered Apple's strong earnings and on optimism that China may roll back policy tightening measures later this year, while the euro firmed ahead of euro zone's bank stress test results late in the week.

Increased housing commitments swelled U.S. taxpayers' total support for the financial system by $700 billion in the past year to around $3.7 trillion, a government watchdog said on Wednesday.

BP Chief Executive Tony Hayward will step down within the next 10 weeks, the Times newspaper reported, as the company battles to remain independent after the worst oil spill in U.S. history.

Hedge funds pulled in $9.5 billion during the second quarter with nervous investors preferring to send their money to the biggest and best established managers, according to industry tracker Hedge Fund Research Inc on Tuesday.

BP Chief Executive Tony Hayward is to step down within the next 10 weeks, The Times reported on Wednesday.

AXA Asia Pacific , target of an $11.5 billion takeover battle, flagged a 5.7 percent rise in first-half operating earnings, shy of market expectations, as its Hong Kong operations were hurt by currency movements.

A federal judge has approved a $550 million settlement between Goldman Sachs and the U.S. Securities and Exchange Commission related to civil fraud allegations in a subprime mortgage product.

BP Plc said on Tuesday it reached a deal to sell $7 billion in assets to Apache Corp as the British oil company raises money to cover costs related to the oil spill in the Gulf of Mexico.

Yahoo Inc missed Wall Street's revenue estimates in the second quarter as some customers unexpectedly cut spending on online display ads toward the end of June, and shares fell more than 6 percent.

Apple Inc gave an unusually upbeat revenue forecast that trounced Wall Street's expectations and eased fears that the Antennagate controversy around its iPhone 4's reception would hurt sales, boosting its shares 3 percent.

More than 40 employees at mortgage finance giants Fannie Mae and Freddie Mac received special perks on mortgage loans from Countrywide as part of its former CEO's special VIP program, a top Republican U.S. lawmaker said on Tuesday.