IBT Staff Reporter

India's second largest manufacturer of two-wheelers, Bajaj Auto, and French car maker, Renault are in discussions for a new vehicle venture.

Jones Apparel Group, Inc. said Tuesday that a $900 billion bid for its Barney’s unit from Japanese retailer Fast Retailing Co. Ltd. was “superior” to an agreement signed earlier with an affiliate of Dubai-based Istithmar.

Advanced Micro Devices’ share of the x86 chip market grew 4.2 percent in the second quarter versus a year ago, while Intel lost a similar amount in the same time frame, according to new data.

Music and video capable mobile phones have been driving revenue growth on the handset accessories market, with revenue for the this year expected to jump to more that $32 billion, according to a report.

Manufacturing grew at a slower rate in July as a drop in new orders spawned caution among factory managers, and U.S. private employers probably added jobs last month at their slowest rate in four years, according to two reports on Wednesday.

Ford Motor Co and Chrysler Group posted weaker-than-expected U.S. sales for July on Wednesday, underscoring the pressure on auto sales from a weaker housing market and higher gas prices.

The Standard & Poor's 500 index slid in a highly erratic session on Wednesday, as concerns about worsening credit conditions persisted and a sharp downturn in the price of oil sent energy companies' shares lower.

Oil hit a new record high above $78 on Wednesday after a larger-than-expected drop in crude inventories in the United States.

The dollar rose against the yen on Wednesday, rebounding from earlier three-month lows in choppy trading, as the U.S. stock market steadied after its recent heavy losses.

Stocks fell and currency markets churned on worries about worsening credit markets and a move away from risky investments.

The world's electricity must be generated from zero or near zero-emission power plants by 2050 if a 50 percent cut in global greenhouse gas emissions is to be achieved by mid-century, Australia's Environment Minister said on Wednesday.

British Prime Minister Gordon Brown urged governments, businesses and volunteer groups on Tuesday to unite in a show of people power to put the world back on track toward slashing extreme poverty by 2015.

U.S. Treasury Secretary Henry Paulson brings his overtures for a faster rise in the yuan to Chinese President Hu Jintao on Wednesday, a day after the Bush administration warned that anti-China legislation in the U.S. Congress could provoke a global trade backlash.

The recent slide in European stock markets has not signaled the turning point in the four-year bull run, chart analysts say, but stocks could struggle to recover those losses in the short term.

Kraft Foods Inc. on Wednesday posted higher quarterly profit, helped by lower restructuring charges, a lower tax rate and higher sales, which offset rising costs for milk, wheat and other ingredients.

Dow Chemical, the biggest U.S. chemical company, is considering making a bid for Britain's Imperial Chemical Industries, the Daily Telegraph newspaper said on Wednesday.

British Airways revealed the biggest fine in its history on Wednesday as it reached settlements with the U.S. and UK authorities for price fixing that could cost it up to 350 million pounds ($711 million).

News Corp. said on Wednesday that it would buy Dow Jones & Co Inc. for $5.6 billion, adding the Wall Street Journal to its worldwide media empire and ending a century of family ownership of one of the top U.S. business news sources.

Time Warner Inc. said on Wednesday that quarterly profit rose 5.2 percent as it added more digital cable, Internet and phone customers. The company also said its board had approved the buyback of $5 billion of its stock, after essentially completing a $20 billion buyback.

Canada will request consultations at the World Trade Organization to challenge Belgium's ban of Canadian seal products, Ottawa said on Tuesday.

Shares of Sun Microsystems Inc. rose more than 4 percent on Tuesday after the computer server maker said it hard turned around from a loss a year ago to post a higher than expected profit.

'The golden dream by the sea' is how Gov. Arnold Schwarzenegger has fancifully described California. Yet for thousands who bought homes during the Golden State's latest housing boom, foreclosures have turned recent months into a nightmare.

Rupert Murdoch's News Corp. is likely to secure a deal to buy Dow Jones & Co. Inc. on Tuesday after drawing the support of a sufficient number of votes held by the company's controlling family, according to The Wall Street Journal.

Telecoms equipment maker Alcatel-Lucent produced a bigger-than-expected quarterly loss on Tuesday as merger costs and pricing pressures took their toll, sending its shares down as much as 9 percent.

Former Enron Corp. shareholders on Tuesday called on the White House to support their efforts to hold third parties accountable when their actions help a company defraud investors.

First Data Corp. said on Tuesday its shareholders voted in favor of its $26 billion leveraged buyout by Kohlberg Kravis Roberts & Co., but some investors remained unsure about whether the deal will close on time at current terms.

Consumer confidence rose to a nearly six-year high in July as consumers perceived improvements in business conditions and the labor market, a report said on Tuesday.

John Felderhof, the lone remaining key figure in the multibillion-dollar Bre-X gold fraud, was found not guilty on Tuesday of insider trading and misleading investors in the only prosecution brought in the greatest mining scam of all time.

Investors worry that deteriorating borrowing conditions will saddle lenders -- and not just Citigroup -- with too many soured investments.