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Euro Flat Against Dollar Amid Hopes for EU Summit

The euro was flat against the dollar in Asia Wednesday, with earlier strength caused by hopes of a resolution to Greek bailout talks offset by progress in the U.S. debt ceiling stand-off.

The euro stood at $1.4153 in Tokyo afternoon trade against $1.4150 in New York late Tuesday. It had hit $1.4171 Tokyo morning.

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Yahoo! Profit Rises, Revenue Falls

Yahoo! reported Tuesday an 11 percent rise in profit in the second quarter from a year ago, despite a fresh drop in revenue linked to its Internet search agreement with Microsoft.

The Internet company said it had net profit of $237 million, up from $213 million in the 2010 second quarter, slightly exceeding market expectations.

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Apple Shares Hit Record High Ahead of Earnings

Apple shares hit a record high on Wall Street on Monday ahead of what is expected to be another blockbuster quarterly earnings report by the California gadget-maker.

Apple shares reached $374.65 during trading in New York before closing at $373.80, a gain of 2.43 percent on the day.

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American Express to Offer Coupons Via Facebook

American Express is jumping into the daily deals arena.

The card issuer on Monday night will launch a Facebook application that offers personalized coupons based on a cardholder's likes, interests and other profile information. The announcement marks a significant entrant into the daily deals market, which has exploded in the past year.

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Toyota Utilizing Hybrids to Help with Power Crunch

Toyota's electric-gasoline hybrid car technology will be utilized to help ease power shortages in Japan's disaster-struck northeast, part of a set of measures the automaker hopes will underline its commitment to the region.

Toyota Motor Corp. said Tuesday it will donate emergency power supply systems linked to its Prius hybrid cars to prefectures (states) in the Tohoku region ravaged by the March 11 earthquake and tsunami.

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Cisco to Lay Off Thousands of Employees

Cisco Systems Inc., the world's largest maker of computer-networking gear, is reducing its work force by about 9 percent to reduce costs and raise profits as the company tries to become more competitive.

Monday's announcement to cut 6,500 of its roughly 73,000 worldwide employees follows up on a plan disclosed in May to eliminate thousands of jobs. Two-thirds will come through layoffs, and the rest through an early-retirement plan. The company said 15 percent of employees at or above the level of vice president are being eliminated.

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Spain's Richest Man Runs World's Biggest Fashion Retailer

From his workship in the rugged northwestern region of Galicia, Amancio Ortega has conquered the world.

But he is something of an enigma.

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World Bank Chief Slams U.S. Leadership on Doha Round

World Bank President Robert Zoellick has criticized the United States for its lack of leadership in pushing for a new global trade agreement.

Zoellick says U.S. administration complaints that the so-called Doha round of trade talks are structurally flawed are an excuse for failed leadership.

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Gold Soars Above $1,600 Per Ounce for First Time in History

The price of gold surged on Monday above $1,600 per ounce for the first time in history, as investors bought the safe-haven metal amid deepening debt worries in the eurozone and the United States.

Gold jumped as high as $1,600.10 an ounce in early morning trading on the London Bullion Market, as the precious metal extended its recent record-breaking surge which began on Friday.

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WTO: Aid for Trade Funding Holds Steady in 2010

Donor aid to fund trade appeared to hold up in 2010 despite weak global economic growth and increasing concerns over state debt, the World Trade Organization said on Monday.

But with pressure expected to grow in coming months over the high debt of major donor countries such as the United States, emerging economies may have to take a bigger role in financing aid for trade, the WTO said.

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