Business News in Brief
NEW YORK - IBM says its second quarter earnings rose 6 per cent despite a downturn in revenue amid Europe's economic jitters.
CHARLOTTE, North Carolina - Bank of America Corp's second-quarter profit beat analysts' expectations as a result of higher mortgage banking income, improved credit quality and solid results from the wealth management and corporate and commercial banking businesses, the lender has reported.
BUENOS AIRES - Recently-nationalised Argentine oil company YPF has announced it is increasing investment and slashing dividend payments in a bid to boost oil production.
WELLINGTON - Wellington International Airport has extracted $100 million in excessive profits with its most recent price increases for airport services, says its biggest customer Air New Zealand.
WELLINGTON - Genesis Research and Development has called off its proposed merger with Australia-based Mariposa Health.
MEXICO CITY - Mexico's Vitro, one of the world's largest glassmakers, says a US court has extended an order preventing US creditors who reject its reorganisation plan from trying to seize the company's assets.
NEW YORK - The US dollar has enjoyed a boost as the prospects dimmed for more new US stimulus to be announced when the Federal Reserve meets later this month.
NZ dollar up
WELLINGTON - The New Zealand dollar has risen against the greenback and returned to record levels versus the euro, as markets weighed up the prospects of the US economy being given fresh stimulus.
SYDNEY - The Australian dollar is trading at six-week highs, as concerns around European debt sees investors move into safe-haven currencies.