Lockheed cashes in on govt orders

Lockheed Martin Corp, the world's largest defense company, said first-quarter earnings rose 5.8 percent as higher US government computer sales and revenue from development of new NASA spacecraft helped overcome lower F-16 deliveries.

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Business International

US lender says net income fell 77%

Bank of America Corp, the second-largest US bank, said profit dropped for a third straight quarter as the company set aside $6.01 billion for bad loans.

UBS 'didn't recognize risks'

UBS AG, Switzerland's biggest bank, said senior management of its investment bank only recognized the severity of its subprime problem in late July.

High crude price helps up firm's earnings

Halliburton Co, the world's second-largest oilfield contractor, said first-quarter profit rose 5.8 percent as crude pushed beyond $100 a barrel, prompting customers to increase exploration and production spending.

Oil rises to record level of $117

Crude oil rose above $117 a barrel for the first time after OPEC said it will maintain production, rejecting calls from the United Kingdom and Japan to boost output.

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Business International

Latest Merrill loss follows writedown

Merrill Lynch & Co posted its third straight quarterly loss and will cut about 3,000 jobs after at least $6.5 billion of writedowns and a 40 percent drop in investment-banking fees.

Nokia profit misses estimate

Nokia Oyj, the world's biggest maker of mobile phones, posted a first-quarter profit that trailed estimates on costs for pensions and closing a plant, and forecast the handset market's value will shrink in euro terms this year.

UK 'may unveil' rescue package

The UK authorities could announce as early as next week the details of a plan to ease tight conditions in the mortgage market, a source said yesterday.