IBT Staff Reporter

Gold prices consolidated positions in Asian trade Thursday on market uncertainty as equity markets and euro movements failed to give any directions for investors.

The United Auto Workers on Wednesday overwhelmingly elected Bob King as its president in an endorsement of the sweeping concessions the union made to U.S. automakers in recent years in a bid to ensure their survival.

Toyota Motor Corp is set to resume construction of car assembly plants in Brazil and Mississippi which were put on hold amid the global financial crisis, the Nikkei business daily said on Thursday.

General Motors said on Wednesday it was dropping its request for European aid to restructure its Opel unit, opting to fund the sweeping turnaround plan on its own after government talks bogged down.

Volkswagen shrugged off previously cautious outlooks for 2010 profit, saying a forecast-beating performance in the first five months meant it would now significantly exceed last year's results.

Bank of America Corp and other U.S. banks may introduce new fees on basic services and eliminate free checking to replace revenue lost to new banking regulations, the Wall Street Journal said.

Japan's Fujitsu Ltd and Toshiba Corp have agreed to merge their mobile phone businesses as early as October, and they are expected to announce the deal on Thursday, the Nikkei business daily reported.

Sales of Apple Inc's latest iPhone blew away expectations in its first day on the market despite shortages and an embarrassing online ordering glitch that thwarted many shoppers.

The board of Calpers, the biggest U.S. public pension fund, voted on Wednesday to ask California's government for an additional $600 million in funding to bolster its finances.

After suffering sustained criticism of its role in the financial crisis, the Federal Reserve looked set on Wednesday to emerge from an overhaul of financial regulations with its jealously guarded independence intact.

For many middle-aged and elderly men, low libido, depressed mood and a lack of energy may just be the signs of normal aging -- and not low testosterone levels.

Top executives of United Airlines and Continental Airlines sparred with irritated lawmakers on Wednesday over their merger plan, drawing a threat for closer industry regulation if the deal is approved.

A joint conference committee is merging Wall Street reform bills from the Senate and the House of Representatives to reach a final version of historic financial regulation legislation.

The survey by the U.S. Centers for Disease Control and Prevention showed a stable pattern over recent years of Americans without health insurance -- numbers used as the basis for battles over healthcare and health insurance reform.

More Americans are exercising but rates of obesity and smoking have not changed, according to the latest government data.

Market regulators have closed an investigation of American International Group and some of its executives over losses at the bailed-out insurance giant, two sources with knowledge of the matter said on Wednesday.

Nintendo Co Ltd, confident that its Wii will stand up against rivals Microsoft Corp and Sony Corp, says it feels no pressure to reinvent the pioneering motion-sensing games platform.

Sprint Nextel Corp hopes win new customers using devices other than cellphones with new wirelessly-connected gadgets coming on the market starting later this year, an executive for the company said on Wednesday.

After suffering sustained criticism of its role in the financial crisis, the Federal Reserve emerged on Wednesday from an overhaul of financial regulations with its jealously guarded independence intact.

The Australian dollar appears to be finding some support around the USD0.8600 level as investor concerns over the European debt crisis ease a little.

Sales of Apple Inc's latest iPhone blew away expectations in its first day on the market despite shortages and an embarrassing online ordering glitch that thwarted many shoppers.

The Australian Dollar spent the majority of local trade yesterday above the 0.8600 cents mark as risk appetite returned to the market with high yielders the main benefactor.

Oil giant BP said it would cut four quarters of dividends, significantly reduce its investment program and sell $10 billion of assets to fund a planned $20 billion fund to pay for its Gulf of Mexico oil spill.

Stocks finished flat on Wednesday as cautious comments from FedEx and weak housing market data overshadowed a surge in industrial production.

General Mills Inc has begun investigating a hoax press release that said U.S. President Barack Obama had ordered a probe into the cereal maker's supply chain.

Oil giant BP said it would not pay three quarters of dividends, significantly reduce its investment program and sell $10 billion of assets to fund a planned $20 billion fund to pay for its Gulf of Mexico oil spill.

The moratorium on deepwater drilling in the Gulf of Mexico has begun to bite oilfield service companies, with market analysts now forecasting lower than expected spending on new projects in the region and pressure on drilling stocks.