IBT Staff Reporter

General Electric Co. has decided to sell its WMC Mortgage subprime lending business, the lender told employees in a memo on Thursday.

Gold steadied on Friday to trade just below a five-week high, but analysts saw potential for further gains as a recent slump in the dollar and firmer oil attract investment funds into the market.

Dutch bank ABN AMRO can proceed with its sale of U.S. unit LaSalle, the Dutch Supreme Court said, boosting the prospect Barclays will succeed in its near $90 billion takeover bid for ABN.

Partners of private equity firm Blackstone Group may have devised a way to avoid paying tax on $3.7 billion raised largely in the firm's initial public offering last month, the New York Times reported on Friday.

General Electric Co. posted a 9.6 percent rise in quarterly profit Friday on good results in its commercial finance business and strong demand for products ranging from jet engines to gas turbines. The company also said it had decided to exit the subprime lending business, where it recorded a loss in the quarter.

Up to 1,200 companies in Mexico stopped production because of problems with the supply of natural gas following a rash of pipeline explosions caused by rebels, an industrial group said on Thursday.

Battery and razor maker Energizer Holdings Inc. said on Thursday it would buy Playtex Products Inc. in an all-cash deal worth about $1.16 billion, plus the assumption of debt.

The Indian government has rescued a rare manuscript of a letter Father of the Nation Mahatma Gandhi wrote 19 days before his assassination in 1948 from being auctioned by British auction house Christie's and has paid a confidential sum for it.

Indian billionaire Anil Ambani's Reliance Energy Ltd. is set to invest Rs. 60,000 crore (US$15 billion) in the next five years to add 15,000 megawatts (MW) to its capacity.

India's Taj Mahal was voted last week as one of the new 'Seven Wonders of the World,' drawing global attention to the architectural wonder, while kindling pride and expectation of additional tourists to the 17th century monument to love.

Newmonth Mining Corp. (NYSE: NEM) said Wednesday that it still expects to sell between 5.2 and 5.6 million equity ounces of gold for prices between $375 and $400 per ounce.

Australian engineering services firm United Group Ltd. said Wednesday it had acquired US-based UNICCO Service Company (UNICCO) for $477 million (US$411 million) in a cash and stock deal.

Timber products company Auspine Ltd rejected Gunns Ltd’s offer of $6.15 (US$5.32)per share on Thursday, which valued the company at $332 million (US$287 million).

Two urban commercial banks in China plan to issue IPO The Bank of Nanjing Co. and Bank of Ningbo Co. plan to raise a combined 11.07 billion Yuan ($1.46 billion) through initial public offerings, the first batch of urban commercial Chinese banks to list in local stock exchanges.

Next year’s Beijing Olympics are getting a big push, as officials are offering an international traveling exposition describing a series of tour to lure international travelers.

Consumer spending fuels about two-thirds of total economic output and a pullback could weigh heavily on an economy already pegged to grow below trend this year.

John Carmack, the graphics wizard behind the classic video game Doom, said on Wednesday his upcoming mobile phone fantasy game may find its way to home gaming consoles if sales are strong.

U.S. Steel Corp.'s chief executive on Thursday called for China to rein-in its steel industry to calm simmering trade tensions.

Sony Corp. will launch a slimmer model of its PlayStation Portable handheld game player in September, in its latest attempt to ignite demand for its game hardware and compete better with Nintendo Co. Ltd.

President George W. Bush admitted on Thursday his troop buildup in Iraq had made limited progress but said he would wait for a September security report before considering a change of course.

The dollar dropped to a record low against the euro on Thursday as troubles in the U.S. mortgage and credit markets continued to dampen the currency's appeal.

Oil hit new 11-month highs above $76 a barrel on Thursday, propelled by strong fundamentals and increased flows of fund money into the world's most actively traded commodity.

Infosys Technologies Ltd. reported a 34.5 percent jump in quarterly profit on Wednesday, but shares fell after the Indian software developer lowered its full year profit outlook.

An experimental cancer drug from Britain's Antisoma Plc and Swiss-based Novartis AG has failed in a mid-stage clinical trial for ovarian cancer, lopping 15 percent off Antisoma's market value.

Stocks rallied on Thursday and drove the Dow to a record high after Wal-Mart reported better sales, allowing investors to put aside worries over costlier oil and cheaper housing.

HD DVD video players have outsold rival standard Blu-ray players by a three-to-one margin in Europe's main markets so far this year, according to a lobby group.

Marriott International Inc., the top U.S. hotel operator, said on Thursday that second-quarter profit rose a better-than-expected 11 percent, but concerns about slowing growth in North America led to a decline in its shares.

Shares of Nymex Holdings Inc. rose more than 4 percent on Thursday as two analysts increased their earnings estimates the day after the parent of the New York Mercantile Exchange said it was raising trading fees for members.

Nuts and bolts distributor Fastenal Co. on Thursday reported a quarterly profit that beat market expectations by a penny, on a rebound in daily sales growth.