IBT Staff Reporter

Oil edged below $72 a barrel on Thursday as concerns over a slowing U.S. economy overshadowed an unexpectedly steep drop in fuel stocks in the world's top consumer.

Rescue officials and soldiers were rushing food to central Vietnam on Thursday asthousands needed urgent aid.

Homeowners who fall behind on mortgage payments say lenders have grown slightly more flexible in scheduling late payments but are less accommodating than they ought to be, according to a study released on Wednesday.

Belgian-Dutch financial services group Fortis reported a 16 percent year-on-year rise in second-quarter net profit on Thursday, beating analysts' expectations due to strong banking results.

France's biggest listed bank, BNP Paribas, froze 1.6 billion euros ($2.2 billion) worth of funds on Thursday, citing U.S. subprime mortgage sector problems. The news sent shivers through nervous financial markets. It came as Germany's Bundesbank met to discuss a rescue package for lender IKB, which has been hit by the subprime crisis too.

Nokia unveiled two new mobile phones this week, the 7500 and 7900 'Prism' branded handsets that feature a diamond-cut design, sharp angled lines, geometric patterns and graphic light-refracting colors.

Lenovo, the world's third-largest personal computer maker it will begin offering the Linux-based operating system on some of its notebook computers, joining other computer companies adopting open-source systems.

Sharp Corp. is suing its larger competitor, Samsung Electronics, alleging that the company's products infringe on its own liquid crystal display technologies.

Stocks rose for a third session on Wednesday, a day after the Federal Reserve reassured investors about the economy and technology bellwether Cisco Systems Inc. raised its revenue outlook.

Virgin America Inc., the low-cost airline partly backed and fully branded by British entrepreneur Richard Branson, launched on Wednesday with a splash of publicity -- but found its first flight delayed by a midsummer New York storm.

World oil markets are well supplied and there is no reason for OPEC to increase production despite a recent surge in prices, Venezuela's oil minister said on Wednesday.

The Federal Home Loan Banks of Chicago and Dallas announced on Wednesday that they have begun preliminary talks about a possible merger as both banks face challenges turning a profit.

President George W. Bush said on Wednesday that the U.S. economy was solid and well-positioned to deal with the stress from continuing financial market volatility.

Rupert Murdoch's News Corp on Wednesday said fourth-quarter profit rose 4.5 percent on higher advertising sales and affiliate revenue from the Fox News Channel and on more new subscribers at the Sky Italia satellite TV service.

The world's largest retailer, Wal-Mart, has inked a 50-50 joint venture with Bharti Enterprises for a wholesale cash-and-carry business in India that will roll out ten to fifteen such outlets over the next seven years.

Emerging economies will edge past the developed countries in terms of economic growth by 2050, the Ernst and Young European Attractiveness Survey 2007 has revealed.

India's largest private air carrier Jet Airways has begun operating flights to the United States as well as the continental Europe, promising its passengers a taste of 'premium class services.'

Flooding in New York's subway lines ground the morning commute to a halt on Wednesday, angering New Yorkers who are facing rail and utility fee hikes to support an aging infrastructure.

In just eight words, the Federal Reserve waded deeper into a touchy debate over whether consumer spending can stand up to a housing market downturn.

The yen fell across the board on Wednesday after a Federal Reserve statement cooled expectations for a near-term U.S. interest rate cut and boosted stocks and other riskier assets.

Warner Music, bruised by the steady decline in CD sales, is mulling the possibility of going private, the New York Post said on Wednesday.

Top executives at the world's largest companies expect a rise in demergers over the next year as shareholders pressure companies to focus on core activities and unlock value, legal firm Allen & Overy said on Wednesday.

Nokia will outsource development of third-generation (3G) chips to STMicroelectronics and license out its modem technology, it said on Wednesday, widening its supplier base and opening up the market.

Toyota Motor Corp. expects industrywide U.S. auto sales to slow for the second straight year in 2007, with a rebound beginning in 2008, the company's U.S. sales chief said on Wednesday.

Lenovo Group Ltd., the world's No. 3 maker of personal computers, wants to take over a mid-tier PC manufacturer valued at about $800 million to bolster a barely profitable European arm.

Luxury home builder Toll Brothers Inc said on Wednesday that it expected to report a decline in quarterly home-building revenue as the U.S. housing crisis deepened.

Cell phone giant Vodafone Group Plc said on Wednesday it had decided not to sell part of its 45 percent stake in fast-growing U.S. cell phone joint venture Verizon Wireless.

Mortgage applications rose for the first time in three weeks as interest rates fell sharply and demand surged for home purchase and refinance loans, an industry group said on Wednesday.

Tyco Electronics Ltd. said on Wednesday it lost almost $1.4 billion in its initial quarter as a stand-alone company, reflecting the settlement of lawsuits against former parent Tyco International Ltd. and other costs.