IBT Staff Reporter

The Obama administration's pay czar said on Thursday he is concerned that pay cuts he ordered at bailed out companies could hamper their ability to retain talent and would consider offers to hire new executives at competitive industry rates.

A $7 billion merger between British Airways and Spain's Iberia looked imminent on Thursday as their boards held separate meetings to discuss a deal to create the world's third-largest airline by revenue.

McDonald's Corp plans to spend $2.4 billion on capital improvements in 2010 as it continues to revamp restaurants and expand in emerging markets, the world's largest restaurant company said on Thursday.

The demand for mobile Internet access and data services such as games and pictures appears to be recession proof, the global head of France Telecom's Orange mobile business said.

Publisher Arnoldo Mondadori Editore SpA said on Thursday it saw no quick end to a slump in advertising which more than halved nine-month net profit and announced plans to cut its Italian staff by a fifth.

The market for mobile phone financial services in Western Europe will surge from almost zero to between 4 billion and 5 billion euros ($6-7.5 billion) by 2013, research firm Frost & Sullivan said on Thursday.

Intel Corp will pay rival chipmaker Advanced Micro Devices Inc $1.25 billion to settle all outstanding legal disputes, in a move that could weaken antitrust authorities' cases against Intel.

Carrie Underwood performed Cowboy Casanova at the CMAs Wednesday night, the first single of her third album Play On, which debuted early November.

The Interac Association has hired a Wall Street investment bank to help it restructure into a for-profit company, should regulators allow, the Globe and Mail newspaper reported on Thursday.

U.S. Treasury Secretary Timothy Geithner offered fresh reassurances to Asian nations that the Obama administration was committed to a strong dollar and to actions aimed at bolstering its value.

Chinese property developer Longfor Properties Co raised $912 million, pricing its Hong Kong initial public offering at the top end of an indicated range on Thursday, according to two sources close to the deal.

Former Miss California, Carrie Prejean, last night appeared on Larry King Live calling him inappropriate and threatened to walk out of the interview when questioned about her lawsuit settlement with the Miss California organization.

Strong demand for a piece of a China property company and a brokerage show that selected IPOs are still being coveted despite investor fatigue with the surge of new listings.

Chinese property developer Longfor Properties Co raised $912 million on Thursday, pricing its Hong Kong initial public offering at the top end of an indicated range, according to two sources close to the deal.

Iran's Supreme Leader Ali Khamenei has created a powerful new intelligence organization to try to quell any further public unrest following June's disputed election, an exiled Iranian opposition group said on Thursday.

Pakistani police have arrested seven suspected militants planning to attack security agency offices and officials in the commercial hub of Karachi, police said on Thursday.

A draft declaration to be made at next week's world food summit ducks new targets on agricultural aid and the fight against hunger, but France said on Thursday it wanted firmer pledges on finance and market regulation.

Qualcomm Inc said on Thursday that it has started providing multi-mode high-speed wireless chips to customers on a trial basis as it looks to cash in on the move to next generation wireless services.

Apple is expanding its retail business in New York by opening up a new store in the city's Upper West side this Saturday, Nov. 14.

General Motors Co said on Wednesday it will hire 600 workers for three Brazilian plants in the state of Sao Paulo to boost output as demand for automobiles grows in Latin America's largest economy.

U.S. President Barack Obama said on Thursday he would host a December conference to brainstorm how to beat back double-digit unemployment, and repeated a pledge to fight for U.S. exports as he toured Asia next week.

British cattle genetics company Genus warned on Thursday that first half profit would be below last year, sending shares to a two-month low.

The U.S. economy is in much better shape but risks remain, although there is no near-term inflation threat, a top Federal Reserve official said on Thursday.

The settlement agreement between Intel Corp and Advanced Micro Devices Inc does not change a lawsuit filed against Intel last week by New York Attorney General Andrew Cuomo, a source familiar with the matter said.

President Barack Obama left for Asia on Thursday with the U.S. economy, jobs and a yawning trade deficit with China looming large on his agenda.

Canada's Toromont Industries Ltd said on Thursday it intends to proceed with a formal bid to acquire Enerflex Systems Income Fund, after talks for a deal with the supplier of equipment for the oil and gas industry failed.

Diversified U.S. manufacturer United Technologies Corp said it will buy General Electric's security business for $1.82 billion in a move to expand the presence of the world's top maker of elevators and air conditioners in a fast-growing North American sector.

After more than an hour talking about how awful business has been of late, Pete Van Straten, 52, jerks a thumb at the telephone sitting on the desk behind his younger brother, George.

Babcock & Brown Infrastructure shareholders have voted so far are strongly in favor of a $1.6 billion recapitalization plan backed by Canada's Brookfield group, BBI's chief financial officer said on Thursday.