Market moves higher on rate cut hopes
Stocks rose on Monday but the gains looked shaky as investors weighed whether equities still have room to move higher if the Federal Reserve cuts interest rates this week.
Kookmin Q3 net up on stake sale, sees tougher 2008
Top South Korean lender Kookmin Bank posted a bigger-than-expected 14 percent rise in quarterly profit on Monday as it sold a stake sale in an insurance venture with ING Groep, but forecast a tough year ahead and a squeeze on margins.
Citigroup's Nikko profit up on asset management
Nikko Cordial, the Japanese brokerage unit of Citigroup, said its quarterly profit rose 72 percent from a year earlier, as growth at its asset management division overshadowed a loss at its investment banking arm.
China tightens rules for drug manufacturers
China is tightening application procedures for firms seeking to manufacture drugs, state media reported on Monday, following a rash of scandals over fake medicines and corruption in the industry.
Wireless drives Verizon sales
Verizon Communications Inc reported a better-than-expected quarterly profit on Monday driven by strong wireless subscriber growth, though analysts were unimpressed by its Internet subscription sales. Verizon Wireless's customer growth exceeded Wall Street expectations and made up for slowdown in Verizon's landline, or wireline, business.
Hulu adds Sony, MGM, launches test
Hulu, an online video service formed by two media conglomerates, will begin a private test on Monday with two new partners in one of big media's most ambitious attempts to court viewers wherever they spend time.
Skype and 3 launch mobile phone
EBay division Skype and mobile phone group 3 have launched a mobile handset that allows Skype users to make free Internet calls to each other while on the move.
Softbank to spend $350 mln on data center: Nikkei
Internet and telecoms giant Softbank Corp (9984.T: Quote, Profile, Research) will spend about 40 billion yen ($350 million) to start operations next year at a new data centre in southwestern Japan, the Nikkei business daily said on Sunday.
Toshiba up on chips, power systems
Japanese electronics group Toshiba Corp. posted a jump in quarterly operating profit on Monday, thanks to solid flash memory chip prices and power plant sales, and raised its full-year outlook by 12 percent, closer to market estimates.
Canada's mortgage insurance market picks up pace
Canadian home buyers look poised to reap the rewards as U.S.-based mortgage insurance companies bid for a foothold in the hot domestic housing market.
Humana profit soars, beats Wall Street view
Humana Inc posted a sharply higher quarterly profit on Monday, above Wall Street's target, on continued strength in its Medicare health plans for the elderly and its plans for employers.
UBS confirms Q3 pretax loss, warns on writedown
UBS AGwarned it may face more writedowns on its fixed income portfolio but said, just a day before reporting results, that its third-quarter pretax loss would be no worse than already predicted.
Merrill CEO's rise buckled by risky mortgages
The anticipated departure of Merrill Lynch & Co Inc Chief Executive Stan O'Neal would mark a surprising flameout in a career that had been impressive in its ascent.
Mitsubishi Electric profit jumps
Mitsubishi Electric Corp on Monday posted a better-than-expected 38 percent rise in first-half operating profit, helped by strong sales of power systems and elevators to emerging nations, and it raised its full-year outlook by 17 percent.
Method in madness of China stock valuations
China has the world's largest commercial bank, its biggest aluminum maker, its No. 2 oil firm and its fourth-largest investment bank. It has five of the world's 10 biggest companies, versus three for the United States.
Tesoro will review Tracinda's offer
Oil refiner Tesoro Corp. said it would review an unsolicited proposal by Kirk Kerkorian's Tracinda Corp. to buy a minority stake in the company for about $1.4 billion, but urged shareholders to take no action on the offer.
Affluent Asians set up house in downtown L.A.
Architect Christopher Pak understands what upwardly mobile Koreans want and that's why his latest project, a 22-story residential tower, has no apartments on the fourth and fourteenth floors.
Stressed borrowers use plastic to delay default
Rising mortgage payments and tighter lending standards for refinancing amid the subprime credit crisis have dried up once-easy access to home equity loans for many middle-income borrowers -- so desperate borrowers are using credit cards to cover basics while trying to keep up with home payments.
GM sees tough road back to competitiveness
General Motors Corp, one of the world's top two automakers, said it had yet to regain a competitive edge in the United States while future growth would come increasingly from markets such as China and Brazil. GM lost more than $12 billion in the past two years, and is in the midst of a sweeping restructuring that includes cutting more than 34,000 jobs and closing 12 plants in North America.
Dollar plumbs fresh lows as Fed cut anticipated
The dollar slid to a record low against a basket of major currencies on Monday, weighed down by expectations of a Federal Reserve interest rate cut this week and perhaps another move by the end of the year.
Oil leaps to record over $93 on Mexico
Oil leapt to a record high for a third day on Monday, surpassing $93 as Mexico briefly halted one-fifth of its production and the U.S. dollar struck new lows. Oil prices have soared by more than a third since mid-August as a stand-off between Turkey and Kurdish rebels, dollar weakness, easing interest rates and winter supply fears attracted a fresh wave of investment capital.
Consumers revolt against debt insurance mis-selling
Thousands of borrowers are poised to challenge lenders over debt insurance, in what has been hailed a new consumer revolution against mis-selling and unfair charges.
With inflation monster tame, Fed can manage risk
The Fed can now turn to pursuing a "risk management" interest rate policy that insures against a steep economic downturn.
Darfur meeting pushes for wider rebel presence
Sudanese government officials and Darfur rebels will meet privately on Monday to discuss an agenda for peace talks but delegates said little real progress was expected in the absence of key rebel leaders.
Iran favors peaceful solution on Kurds, Iraq says
Iran's President Mahmoud Ahmadinejad has told Iraq he supports a crackdown on Kurdish guerrillas in northern Iraq but wants a peaceful solution to the crisis, Iraq's government said.
Tropical Storm Noel strengthens, threatens Haiti
Tropical Storm Noel strengthened on Sunday as it crept over the Caribbean and threatened to lash impoverished Haiti with potentially deadly rains, U.S. forecasters said.
U.S. stocks hope for a Halloween rate cut
Wall Street expects a two-day Federal Reserve meeting this week to end with another cut in interest rates as financial firms struggle with losses tied to subprime mortgages and related securities.
World's bravest orchestra plays on in Iraq
When the Iraqi National Symphony Orchestra (INSO) holds a concert in Baghdad, organizers don't like to advertise: in fact they would prefer as few people as possible know about it.
Online game smiles seen vanquishing the blues
Find the smiling face on the computer screen and reduce stress. Researchers at McGill University in Montreal say that tests have shown that doing just that for five or 10 minutes helps cut stress and boosts confidence.
Walgreen sees movie-burning DVD kiosks at stores
Walgreen plans to put kiosks that can make DVDs of popular movies in drugstore photo departments next year, using a new system that would increase selection while avoiding piracy.