IBT Staff Reporter

Asian governments from Indonesia to China to India are in no rush to eliminate domestic fuel subsidies by raising cheap local pump prices, officials said this week, even as crude oil rockets toward $100 a barrel.

World trade talks appeared to be making progress on Wednesday as the leaders of Brazil, India and South Africa said they were committed to reaching a deal.

Tata Consultancy Services Ltd, India's top software services exporter, said on Thursday it had signed a contract with Nielsen Co worth $1.2 billion, sending its shares up nearly 2 percent.

Sony Corp will sell its production facilities for making key microchips used in its PlayStation 3 game console to Toshiba Corp, pulling back from the heavy investment needed.

Chinese online game developer Giant Interactive Group Inc was set to begin marketing a U.S. initial public offering on Thursday worth roughly $700-$800 million, sources familiar with the deal said, joining a record-breaking capital-raising push by Internet firms.

China promised on Thursday no let-up in its drive to force foreign-invested enterprises to create state-controlled unions and said it would not be deterred by reluctant company bosses.

Nike Inc sales in China are growing at over 50 percent annually and will reach $1 billion within a year, making the mainland its second largest market globally, Chief Executive Mark Parker said on Thursday.

Stocks fell on Thursday as shares of financial services companies slid on concerns about the lingering effects of the credit crunch following Bank of America Corp's disappointing quarterly results. The No. 2 U.S. bank said profit plummeted 32 percent, dragging down shares of other big banks and renewing worries about the financial sector's outlook.

Bank of America Corp, the second-largest U.S. bank, posted a much larger-than-expected 32 percent drop in quarterly profit on Thursday, hurt by mounting credit losses and dismal investment banking results.

Pfizer Inc said on Thursday third-quarter earnings fell sharply due to a $2.8 billion charge to end its involvement with the poorly selling inhaled insulin drug Exubera.

Every car from Toyota is no longer automatically recommended, according to a new reliability study.

Gold rebounded on Thursday as bargain hunters returned to the market amid worries about possible military action by Turkey in northern Iraq, high oil prices as well as a weak dollar.

The dollar hit a two-week low against the yen on Thursday in the wake of data showing U.S. housing starts sank to a 14-year low last month, cranking up speculation that the Federal Reserve may cut interest rates.

Oil eased towards $87 on Thursday after Nigeria's energy minister raised the possibility OPEC may review output, reflecting its unease with record prices the United States says are of great concern to its economy.

The Securities and Exchange Commission has opened an informal probe into stock sales by Countrywide Financial Corp Chief Executive Angelo Mozilo, the Wall Street Journal said on Wednesday.

Sony Corp will launch a cheaper model of its PlayStation 3 in the United States, hoping to attract more buyers as it goes up against rival game consoles from Microsoft and Nintendo this holiday.

News Corp's MySpace, the world's largest online social network, said on Wednesday it will allow outside developers further access to its service to counter the growth of smaller rival Facebook.

China will be asked to do more to encourage the military rulers of Myanmar to engage in dialogue with the opposition, the U.N. special envoy to the troubled Southeast Asian nation said on Thursday.

British Airways is looking at merger opportunities that could create a trans-Atlantic super-carrier in response to a joint venture between Delta and Air France, according to a report.

Russian President Vladimir Putin criticized the U.S.-led war in Iraq on Thursday, saying that experience showed the need for resource-rich countries like Russia to build up their armed forces to defend themselves.

Former Pakistan Prime Minister Benazir Bhutto's end to self-exile could eventually lead to power sharing with President Pervez Musharraf.

China slammed the United States on Thursday for awarding the Dalai Lama one of its highest honors and summoned the U.S. ambassador in Beijing to complain, saying its actions had "gravely undermined" relations.

Turkey's parliament resoundingly approved a motion on Wednesday allowing troops to cross into northern Iraq to hunt down Kurdish rebels there, but its Western allies and Baghdad urged Ankara to refrain from military action.

EBay Inc said on Wednesday it had a strong quarterly performance in auctions, masked by a big net loss due to a write-down, and that its full-year earnings would be at the top end of expectations.The third-quarter net loss of $936 million, or 69 cents per diluted share, compared with a year-ago profit of $281 million, or 20 cents per diluted share. The loss stemmed from a $1.39 billion write-down on eBay's takeover of Internet phone service Skype.

Apple Inc Chief Executive Steve Jobs said on Wednesday that outside developers will be allowed to create programs for the iPhone, changing a policy that had angered many.

Former Federal Reserve Chairman Alan Greenspan sees no imminent danger in the weakening of the U.S. dollar, a Czech newspaper quoted him as telling a closed-door conference in Prague via a video link.

President George W. Bush defended on Wednesday his plan to appear at an award ceremony for the Dalai Lama in the face of Chinese objections and urged Beijing to open talks with the exiled Tibetan spiritual leader China views as a separatist.

U.S. President George W. Bush warned on Wednesday a nuclear-armed Iran could lead to World War III as he tried to shore up international opposition to Tehran amid Russian skepticism over its nuclear ambitions.Bush was speaking a day after Russian President Vladimir Putin, who has resisted Western pressure to toughen his stance over Iran's nuclear program, made clear on a visit to Tehran that Russia would not accept any military action against Iran.

Oil prices touched a new peak of $89 a barrel on Wednesday as investors fretted over possible military action by Turkey in northern Iraq and a potential supply crunch this winter.