BUSINESS NEWS

Nokia Siemens in Talks to Sell Stake

Nokia Siemens Networks is talking to several buyout firms about a potential cash infusion of at least $1 billion in exchange for a minority stake in the telecommunications gear maker.

Google Says China Remains Murky

Google CEO Eric Schmidt said the company doesn't know if what now seems to have been a minor disruption of the search engine's availability in China Thursday was evidence of Beijing's power.

Merck's Profit Falls 52%

Merck reported a 52% drop in profit, as the drug maker booked merger and restructuring costs.

Intel Nears Chip Pacts

Intel is in advanced talks to acquire Infineon's wireless chip unit, whose products include cellular baseband chips used by Apple and other cellphone makers.

Disney Taps Lee as ABC Entertainment Chief

Disney named Paul Lee, the head of its ABC Family cable-television channel, to run entertainment programming for the ABC network.

Chevron Profit Soars

Chevron's second-quarter earnings more than tripled, driven by higher oil prices and a surge in refining earnings.

Release of Toyota Documents Blocked, Ex-Official Says

Senior officials at the transportation department have temporarily blocked the release of findings by auto-safety regulators that could favor Toyota in some crashes related to unintended acceleration.

Deal Boosts Li's Standing in U.K.

Tycoon Li Ka-shing's $9.1 billion acquisition of three U.K. power grids from Electricite de France will give him control of about a quarter of the country's power distribution.

BP's Hayward Defends Tenure, Spill Response

Tony Hayward, the departing chief executive of BP, is unrepentant about how the energy giant responded to the U.S.'s largest offshore oil spill.

Renault Posts First-Half Profit

Renault swung to a larger-than-expected net profit in the first half, as sales surged despite the phasing out of government incentives to spur demand.

EADS Raises Full-Year Forecast

EDF said first-half net profit halved, but the company raised its earnings forecast for the full year on increased aircraft deliveries and an improved exchange rate.

AIG Hires Citi for AIA IPO

American International Group has added Citigroup to the list of global coordinators for the listing of a stake in its largest overseas life-insurance business this fall.

EU May Broaden U.S. Biodiesel Tariffs

The EU is preparing to investigate whether U.S. biodiesel producers are routing their product to Europe through third countries in order to avoid tariffs imposed on U.S. shipments last year.

AWB to Merge With GrainCorp

Australian agribusiness firms AWB and GrainCorp announced a surprise plan to merge under in a deal valued at about $1.8 billion.

Geron to Resume Stem-Cell Study

Geron can proceed with early testing of an embryonic-stem-cell treatment for spinal-cord injuries after the FDA lifted a nearly yearlong hold on the trial.

Honda, Mazda Improve Bottom Lines

Japanese automakers Honda and Mazda said that sales was growing strong in Asia and North America as both reported improved earnings on the quarter.

BA, Virgin Sound Optimistic

British Airways and Virgin Atlantic signaled that the pace of recovery is picking up after one of the toughest economic downturns in decades.

Oil Prices Lift Total's Profit

French oil major Total posted a 43% increase in second-quarter net profit, boosted by stronger production, higher oil prices and a stronger dollar.

Six More Insurers Subpoenaed by Cuomo

Genworth Financial, Unum Group and New York Life Insurance were among life insurers subpoenaed by New York's attorney general in his probe of payouts to policy beneficiaries.

Japanese Banks Post Solid Results

Japan's leading banks saw solid net profits gains in the first quarter of their fiscal year as the number of bad loans decreased significantly.