IBT Staff Reporter

Carphone Warehouse profits were up 75 per cent to £216 million in the year ended 29 March 2008, the telecoms company said on Thursday. Revenue for the group also rose by 12 per cent to £4,474 million.

Mining firm Eurasian Natural Resources Corp (ENRC) said on Wednesday that positive trends in the first quarter of the year had continued into the second quarter.

The UK is to become the subject of disciplinary proceedings from the European Commission as its budget deficit continues to grow.

The gaming rooms at Monaco’s famous Monte Carlo Casino resonate with people trying their luck at the baccarat, poker, and craps tables. No one knows who will break the bank or who will go home broke. Although wise gamblers

Royal Bank of Scotland (RBS) said on Wednesday that its results for the first six months of the year should be satisfactory and in line with previous guidance.

Tokyo stocks closed sharply higher Wednesday on rises in Asian stock markets and stronger-than-expected Japanese economic growth data.

XTO Energy Inc, the natural gas producer, said on Tuesday it has agreed to acquire privately held Hunt Petroleum Corp for about $4.2 billion.

The dollar was steady against the yen on Tuesday after Federal Reserve chief Ben Bernanke said risks to the U.S. economy had decreased and signaled a willingness to fight inflation.

Fitch Ratings downgraded MGIC Investment Corp and PMI Group on Thursday, citing the stressful mortgage environment, and has become more pessimistic on its outlook for the mortgage insurance sector.

US banking giant, Bank of America, is free to take over the country's biggest mortgage lender, Countrywide Financial after gaining the Federal Reserve's approval.

Copper futures recovered earlier losses on Thursday as the dollar fell and demand for metals rose to compensate for inflation.

Wal-Mart's Sam's Club is going to open a business center focused solely to serve its small business customers, the company's executives said on Thursday.

Gold futures fell to its lowest level in three weeks on Thursday; dropping more than $21 an ounce, on speculation the U.S. will increase interest rates in order to protect the dollar which dampened the demand for the precious metal as an alternative investment.

Take-Two Interactive Software Inc. reported Thursday its first profit in more than two years and beat Wall Street's expectations as revenue doubled on stronger sales of its popular Grand Theft Auto IV.

Ford Motor Co. said Thursday it will cut salaried employee costs by 15 percent by August 1 and some people will loose their jobs.

Spot gas at most market locations (outside the Rocky Mountain Region) traded above $10 per million Btu (MMBtu) this report week (Wednesday-Wednesday), with many points registering prices in excess of $12 per MMBtu.

Crude oil futures climbed on Thursday as the dollar fell on speculation that the European Central Bank may raise interest rates next month, pressured by inflation.

Novartis AG said Thursday the U.S. Food and Drug Administration approved the osteoporosis drug Reclast which prevent new fractures in patients following a hip fracture.

Wal-Mart Stores Inc., the world's largest retailer, and Costco Wholesale Corp. reported a better-than-expected rise in May sales s record gasoline and food prices led shoppers to prefer discount chains.

U.S. stocks gained on Thursday, with all three indexes gaining at least 1 percent as May sales at Wal-Mart Stores Inc. and Costco Wholesale Corp. beat analysts' estimates while jobless claims fell, boosting expectations that consumer spending will increase the retailers profits.

Continental Airlines said Thursday it will cut 3,000 jobs, or 6.7 percent of its 45,000 employees; retire 67 mainline aircraft; and reduce mainline flights because of soaring fuel costs, making it the second major airline this week to announce cutbacks.

Martek Biosciences Corp. said on Wednesday its second quarter net income was $9.2 million or 28 cents a share, surpassing analysts forecasts.

Sequenom Inc. provider of genetic analysis and services said on Wednesday that its device to detect Down syndrome in a prenatal stage, showed no margin of error when tested in 200 samples and sent its shares up over 20 percent.

ADC Telecommunications said late Wednesday its fiscal second-quarter profit declined, citing a surge in expenses but offered a rosier outlook for the year.

U.S. office supplies giant Staples Inc. said late Wednesday that its subsidiary Staples Acquisition B.V. has entered into agreements to buy an additional 12.3 percent of Corporate Express NV's shares in its hostile bid for the Dutch office products company.

U.S. stocks were mixed Wednesday afternoon after Moody's said it may be forced to downgrade the credit ratings on MBIA Inc and Ambac Financial.

UAL Corp.'s United Airlines, the world's second-largest carrier, said Wednesday it will shut its low-fare Ted airline, ground 100 fuel-inefficient planes and cut 1,400 to 1,600 salaried management jobs to help counter record fuel costs.

Softbank Mobile Corp. and Telefonica SA announced on Wednesday they have reached deals to sell the Apple iPhone device later this year in Japan and Spain respectively.

American Express Co. on Wednesday affirmed its full-year profit, sending its shares up nearly three percent.