The US Federal Reserve cut short-term interest rates by a quarter of a percentage point, extending its six-month campaign to head off the threat of recession.
The Federal Funds rate was cut to 3.75 from 4 per cent,its lowest level since April 1994.
A US appeals court overturned a lower court order that would have split Microsoft in two, but left intact the lower-court finding that some of its business conduct amounted to illegal maintenence of its Windows monopoly.
World oil prices fell sharply during the week in the wake of figures showing a steep increase in petrol and heating oil inventories in the US. The US summer season is at its height, so the stock buildup has sparked fears that the economic slowdown is hitting demand.
General Electric is prepared to sell 20 per cent of its influential aircraft leasing arm in a last-ditch attempt to gai regulatory approval for its $41 bln takeover of Honeywell.
Bridgestone, the Japanese tyre-maker, is closing the Decatur, Illinois, plant of Bridgestone/Firestone, the US arm at the centre of the group's massive tyre recall scandal last year.
Bridgestone said it would take an additional $570 mln charge this year to cover the closure and other costs arising from the Firestone recall.
Finnish telecom equipment maker Nokia said it would cut up to 1,000 staff at its networks unit, confirming after a profit warning earlier this month that the slowdown in the telecoms market is hitting it hard.
Lucent Technologies' difficulties in raising $2 bln to boost its financial reserves could drive down the company's already-battered debt rating even further, Moody's Investor Service warned. Earlier, the rating agency stripped Lucent of its investment-grade rating.
