IBT Staff Reporter

SAP will be forced to cannibalise its own customers by offering new software that is delivered over the Web as it adapts to a world irrevocably changed by Google, SAP's chairman said.

Asset management firm BlackRock Inc. said it agreed to acquire the fund of funds business of Quellos Group LLC for up to $1.7 billion, in a move to expand its alternative investment operations.

The yen rose broadly on Tuesday, pulling away from multi-year lows versus the dollar and euro after Japanese, South Korean and New Zealand officials raised concerns about the low-yielding currency's recent weakness.

A New Jersey importer has asked the U.S. National Highway Traffic Safety Administration for help in recalling about 450,000 light-truck tires made in China after a fatal car accident, lawyers said.

Spain's Iberdrola said on Tuesday it will make a share issue to help finance its $4.5 billion cash purchase of U.S. regional gas and electricity supply company Energy East before completing the deal in the second half of 2008.

Swiss drugmaker Roche Holding said on Tuesday it still hoped its $3 billion hostile bid for Ventana Medical Systems Inc. could turn friendly but declined to say whether it would sweeten the deal.

The U.S. Department of Justice has launched an investigation of Britain's BAE Systems Plc over the defense company's compliance with anti-corruption laws, including its dealings with Saudi Arabia.

Turbulence in the housing market remains largely restricted to the subprime sector, Timothy Bitsberger, treasurer and senior vice president at Freddie Mac, said on Tuesday.

The world economy is powering ahead at a faster pace than expected two months ago, building up global inflationary pressures, the chief economist of the International Monetary Fund said on Tuesday.

Saudi Telecom is to buy 25 percent of Malaysia's Maxis in a $3 billion deal that gives the Arab world's top telecom operator access to Indonesia and India, and marks southeast Asia's biggest buyout.

The European Commission has lifted a suspension of its review of a venture by Japanese electronics giant Sony and Germany's Bertelsmann that created the world's number two music company.

All five commissioners of the U.S. Securities and Exchange Commission are to appear on Tuesday at a Congressional hearing that is expected to explore hedge fund activities, access to corporate proxy statements and so-called soft-dollar arrangements.

Australian Pharmaceutical Industries Ltd. (API) said on Tuesday its second-half earnings would fall short of its previous forecast, but added it was on track for growth after posting a first-half loss.

South Korea's National Pension Service is interested in buying a majority stake in Korea Exchange Bank (KEB) from Lone Star, but has had no formal talks with the U.S. investment firm, a senior fund executive said.

The Upper Deck Co. said on Monday it would launch a hostile tender offer to acquire baseball trading card company Topps Co. Inc. for about $425 million.

The American Medical Association said on Monday it will ask state and federal authorities to investigate retail health clinics such as those offered in CVS/Caremark stores, Wal-Mart Stores and Walgreen Co. for possible conflicts of interest.

British credit information firm Experian said on Tuesday it was buying a 65 percent stake in Brazilian credit bureau Serasa for $1.2 billion to give it control of three of the top five credit bureaux worldwide.

Trade and travel problems along the U.S-Canadian border remain a serious aggravation for the government of Prime Minister Stephen Harper, Canada's ambassador to Washington said on Monday.

Walgreen Co. (NYSE: WAG) posted a 19.6 percent rise in quarterly profit on Monday driven by strong growth in its prescription sales.

Apple Inc.'s (NASDAQ: AAPL) popular iTunes store became the third largest music retailer in the United States, according to market research, soaring past traditional brick-and-mortar stores and other online stores.

Yahoo Inc. (Nasdaq: YHOO) said on Sunday that it will unify its search and display advertising teams in a move to better compete against rivals. Meanwhile, the company’s chief sales officer resigned.

America First Apartment Investors Inc. (NASDAQ: APRO) said on Monday that it agreed to be acquired by a privately held buyout firm for about $532 million in cash, including debt.

Big expectations could give way to a flop if the device doesn't capture the mass market.

A war for the hearts, minds and votes of CBOT Holdings Inc. shareholders escalated on Monday, two weeks ahead of a July 9 vote that could decide the fate of the No. 2 U.S. futures mart.

Zoellick will take over after a controversial two-year term by Paul Wolfowitz.

If you're lucky enough to own two homes, you may have recently packed up and moved to your summer residence. That's nice, but it can have tax consequences that are anything but a day at the beach.

Consolidating your student loans isn't the no-brainer it used to be.

Shares of Martha Stewart Living Omnimedia Inc. (NYSE: MSO) jumped in Monday trading after the company said it hired a new advertising executive from Yahoo! Inc (Nasdaq: YHOO).

Martha Stewart Living Omnimedia Inc. shares rose 5 percent on Monday after the media company hired an influential advertising executive from Yahoo Inc. for its media business.