IBT Staff Reporter

Caterpillar Inc., a manufacturer of heavy construction and mining equipment, on Friday said quarterly earnings fell more than expected due to lower sales of diesel truck engines, weakness in North American construction markets, and higher production costs.

Move is one in a series of tightening steps aimed at keeping inflation under control.

Citigroup Inc., the largest U.S. bank, said on Friday that strong international growth fueled a higher-than-expected 18 percent increase in quarterly profit. Revenue rose faster than expenses for a second consecutive quarter, as Chief Executive Charles Prince continued to emphasize controlling costs.

Boston Scientific Corp. posted a lower-than-expected quarterly profit on Friday as sales of its flagship drug-eluting heart stents fell by 32 percent.

Chrysler Group and the United Auto Workers union on Friday mark the formal start of a summer of crucial contract negotiations under intense pressure to break the model of business as usual for Detroit.

Ericsson missed market forecasts for second-quarter earnings as its multimedia drive produced disappointing results and revenue in its key European market stagnated, sending its shares down 5 percent.

Fresh takeover speculation pushed shares in Friends Provident up over 4 percent on Friday, making Britain's smallest bluechip life insurer the top gainer in the FTSE 100.

Sprint Nextel is partnering with Clearwire, a broadband technology company, to build a nationwide WiMax network for cell phones, aiming to take the United States into to 4th generation (4G) wireless technology.

European stocks reversed course after China raised interest rates and corporate earnings disappointed on Friday, while the cost of insuring risky European debt rose on fears for the health of the U.S. credit market.

Great India Place, one of India's biggest shopping malls, gives eager consumers the chance to browse in air-conditioned comfort, scout for global brands and sip cappuccinos after a hard day's shopping.

The world's richest corporations and finest minds spend billions trying to solve the problem of carbon emissions, but three fishing buddies in North Wales believe they have cracked it.

Six-party talks to end North Korea's nuclear arms ambitions enter a third day on Friday after envoys settled on a set of tasks the United States said could be carried out this year, rather than a disarmament timetable.

Japan's Nikkei average was nearly flat on Friday with Nippon Steel Corp. and other steel shares advancing following strong output data, but gains were limited as KDDI Corp tumbled on price war fears.

China has cancelled the business licenses of two firms that exported wheat protein tainted with toxic chemicals that wound up in pet food in the United States, a senior quality control official said on Friday.

Undaunted by the odd polonium poisoning, murder plot or diplomatic face-off, Russia's wealthy elite are hungry for the good life in London and there is no sign of their appetite waning.

The United States and India remain divided over a controversial nuclear cooperation agreement despite three days of talks to finally close the deal, a U.S. official said on Thursday.

China National Petroleum Corporation, announced on Tuesday that it has agreed to import 30 billion cubic meters of natural gas per year for 30 years from Turkmenistan through a planned pipeline.

Web search leader Google Inc. reported on Thursday a 28 percent rise in profits that fell short of consensus expectations, as a recent jump in operating expenses offset market share gains against rivals.

In a public-private partnership, Australian agribusiness ABB Grain signed a A$5.7 million deal with the University of Adelaide to develop new malting and feed barley varieties for export and domestic markets.

Microsoft Corp posted a 7 percent gain in net profit as demand for its Office software and improved results from its online arm more than compensated for a $1.1 billion charge to repair Xbox game consoles.

M2 Telecommunications Group Ltd. announced on Thursday that it has been chosen by sales intermediary Capricorn Society Ltd. to provide a full suite of telecommunications services the latter’s 10,000 member companies.

India's leading biotechnology enterprise, Biocon, has entered into an agreement to sell its enzymes unit to Denmark's Novozymes for $115 million.

The New York Times published reviews before the book went on sale, drawing a stinging response from author J.K. Rowling.

Federal Reserve Chairman Ben Bernanke said on Thursday that subprime mortgage losses could hit $100 billion and threaten consumer spending, but he sought to reassure lawmakers that the central bank was working quickly to strengthen lending regulations.

Chinese telecom equipment supplier Huawei Technologies is making its presence felt in India, the world's fastest growing mobile market, by wooing telecom services providers for millions of dollars worth of network outsourcing contracts.

India's largest private mobile services provider, Bharti Airtel, and Sweden's Ericsson have inked a $2 billion, two-year deal whereby the latter will help Bharti expand its telecom network as it looks to push into new rural markets.

Tata Motors, which is reportedly looking to enter into a tie-up with Italian sports automaker Ferrari for marketing and servicing Ferrari cars in India, is also evaluating a bid to buy luxury British car brands Jaguar and Land Rover from struggling US automaker Ford, according to a report.

Viacom Inc. Vice Chairman Shari Redstone may leave the board over a falling out with her father, Chairman Sumner Redstone, a source familiar with the matter said on Thursday.

Shoppers will be able to review and rate the merchandise sold on Wal-Mart Stores Inc's Web site beginning on Thursday, as the retailer works to expand its online capabilities.