Reuters - The U.S. Federal Reserve must be ready to take action if slowing economic growth fails to curb inflation stemming from higher food and energy prices, one of its top policy-makers said on Tuesday.

Reuters - Target Corp reported a nearly 8 percent drop in quarterly profit on Tuesday as shoppers passed over trendy clothes and home decor in favor of everyday necessities, hurting its margins.

Reuters - Stocks fell for a second straight day on Tuesday, shedding 1 percent, as credit worries hit bank shares and a report showing inflation remains a threat despite slower growth further fed investor anxiety.

Reuters - U.S. wholesale prices shot up in July at the fastest annual rate in 27 years, while home builders cut back on construction as they worked through a glut of unsold homes, government data showed on Tuesday.

AFP - Usain Bolt was crowned the world's fastest man when he raced to victory in the blue riband Olympic men's 100 metres final in a world record time of 9.69 sec Saturday.

Reuters - Wireless operator Softbank Corp (9984.T) said on Tuesday it would offer mobile phones from Casio Computer Co (6952.T) by the end of the year, broadening a handset lineup that already includes Apple Inc's iPhone.

Reuters - China's huge state banks are poised to report strong profit growth for the first half in 2008, thanks to wider margins and strong fee income, but funding costs are expected to rise in the second half, eroding growth.

Reuters - U.S. automaker Chrysler LLC has filed a lawsuit in a Michigan court alleging supplier Johnson Controls Inc. charged inflated prices for batteries, and is seeking more than $15 million in damages, the Wall Street Journal reported on Tuesday.

Reuters - The worst of the global financial crisis is yet to come and a large U.S. bank will fail in the next few months as the world's biggest economy hits further troubles, former IMF chief economist Kenneth Rogoff said on Tuesday.

Reuters - U.S. investment bank Lehman Brothers Holdings Inc is considering options, such as selling all or part of its asset management unit, with an aim of reaching a deal by the time it releases third quarter earnings, sources said.

Reuters - Bankrupt home furnishings retailer Linens 'n Things has devised a plan to emerge from bankruptcy early next year, the New York Post reported.

AFP - US stocks closed narrowly mixed Friday as falling oil prices tamped down inflation worries and the dollar continued to rally on mounting signs of a slowing global economy.

Reuters - Electronic Arts Inc will drop its hostile $2 billion bid for rival video game publisher Take-Two Interactive Software Inc on Monday and instead pursue private talks with the company.

Reuters - Stocks tumbled on Monday as uneasiness about the prospect of more losses from the mortgage crisis bruised shares of banks and the two big U.S. home finance companies.