IBT Staff Reporter

Under-fire oil company BP Plc has started canvassing shareholders about a restructuring in the wake of its Gulf of Mexico oil spill which could include a break up of the business, the Sunday Times newspaper reported.

The IMF and EU suspended on Saturday a review of Hungary's funding program, set up in 2008 to save the country from financial meltdown, saying it must take tough action to meet targets for cutting its budget deficit.

Premier Wen Jiabao said China's economy was responding appropriately to its stable policies, adding relatively fast growth would help create jobs and boost domestic demand, the Xinhua news agency reported on Sunday.

Airbus is leaning toward a decision to upgrade its narrow-body aircraft, its main source of revenue, with new engines and expects Boeing will follow suit, according to sales chief John Leahy.

Ford Motor and its partly-owned Jiangling Motors Corp broke ground on Sunday on a $300 million vehicle plant in central China as the partners speed expansion in the world's largest auto market.

Europe's EADS said it is spending around $50 million to $75 million to develop a new armed version of its light utility helicopter for a possible U.S. Army competition and emerging strong interest by a significant number of foreign buyers.

A defiant Steve Jobs on Friday rejected any suggestion the iPhone 4's design was flawed, but offered consumers free phone cases to address reception complaints that have hurt Apple Inc's image and shares.

A drop in consumer confidence in Europe amid worries about the region's debt crisis is holding back a recovery in global consumer sentiment and weighing on the broader economic outlook, a survey showed on Sunday.

The IMF and EU suspended on Saturday a review of Hungary's funding program, set up in 2008 to save the country from financial meltdown, saying it must take tough action to meet targets for cutting its budget deficit.

A delegation from the International Monetary Fund will return to Washington after talks with Hungarian authorities as several issues remain open and Hungary needs to work out steps to meet its budget targets, the IMF said on Saturday.

Boeing said its chief executive had not altered the latest delivery guidance on the 787 Dreamliner after a newspaper said he had expressed confidence in delivering the plane by end-year.

Hungary and its international lenders have not yet resolved differences over some important issues in talks which are expected to be finished by early next week, local media reports said.

Emerging markets and low-cost carriers are driving a rebound in commercial aviation -- where opportunities now outweigh the risks as economies recover, the head of the world's top engine firm said.

Boeing Chief Executive Jim McNerney said he was confident the first 787 Dreamliner would be delivered by the end of this year, as planned, according to an interview in German daily Welt am Sonntag.

Higher taxes on property transactions would do more than a property tax to curb speculation, an influential Chinese policy maker said in an editorial published on Saturday, in which he advocated maintaining current cooling measures in the second half.

It was a quarter that left investment banking businesses, the once-vaunted profit engines of Wall Street, sputtering.

Cocktails will be well down the to-do list at next week's Farnborough Airshow as arms companies strive to reflect the growing mood of austerity.

Billionaire investor George Soros on Friday said the just-passed U.S. financial overhaul bill will impose new regulations on the banking system before the banks have recovered sufficiently to cope with new restrictions on their activities.

A defiant Steve Jobs on Friday rejected any suggestion the iPhone 4's design was flawed, but offered consumers free phone cases to address reception complaints that have hurt Apple Inc's image and shares.

American International Group Inc agreed to pay $725 million to settle a long-running securities fraud lawsuit led by three Ohio public pension funds, in one of the largest class action settlements in U.S. history.

Estimates for second-quarter earnings edged higher in the latest week as results from bellwether companies like Intel Corp bolstered expectations for the quarter.

American International Group Inc agreed to pay $725 million to settle a long-running securities fraud lawsuit led by three Ohio public pension funds, Ohio Attorney General Richard Cordray said on Friday.

A defiant Steve Jobs on Friday rejected any suggestion the iPhone 4's design was flawed, but offered consumers free phone cases to address reception complaints that have hurt Apple Inc's image and shares.

Teen sensation Justin Bieber has knocked Lady Gaga off her reign as holder of the most-viewed video on YouTube.

Billionaire investor George Soros on Friday said the just-passed U.S. financial reform bill will impose new regulations on the banking system before the banks have recovered sufficiently to cope with new restrictions on their activities.

Cocktails and kerosene will take a back seat at next week's Farnborough Airshow as arms firms strive to fit in with the growing mood of austerity and Boeing shows off its new fuel-saving 787 Dreamliner.

Bank of America and Citigroup shares fell as the banks' results highlighted the sluggishness of the U.S. economic recovery and costs of potential regulation, offsetting better-than-expected quarterly profits on lower credit losses.

IBM is in danger of missing average Wall Street estimates for its second-quarter revenue as the weaker euro dents sales in Europe, which counts for about 30 percent of its revenue.