China’s leading search engine company Baidu has reported a sharp increase in profits but warned revenue would be hit by moving to a new advertising system.
The warning sent the firm’s shares more than 10% lower in after-hours trading in New York. Net income between July and

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Vestas, the world’s largest wind turbine maker, has reported a big jump in quarterly profits after increasing deliveries of turbines.
Net profit for July to September came in at 165m euros ($246m; £150m), up 70% on the 97m euros recorded a year ago. Revenue rose to 1.81bn euros from 1.76bn euros a year ago.

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Sales of previously-owned US homes unexpectedly surged last month to the highest level in more than two years. The National Association of Realtors said sales rose 9.4% to an annual rate of 5.57 million last month, up from a rate of 5.09 million in August.

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China is launching its long-awaited Nasdaq-style stock market in the southern city of Shenzhen. Twenty eight small- and medium-sized enterprises are expected to debut on the new exchange.
It is designed to attract financing for new industries with the potential for high growth. Only recently have the economic conditions been

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The European Parliament has given the green light for member states to cut persistent file-sharers off from the net.
It has dropped an amendment to its Telcoms Package which would have made it hard for countries to cut off pirates without court

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Spain’s unemployment rate has remained at 17.9% in the third quarter, the highest in the European Union. The number of jobless now stands at 4.1 million, the country’s statistics agency said.
The Spanish unemployment rate had risen for the previous eight

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Insurer American International Group Inc. said late Monday it has agreed to sell its nearly 98 percent stake in Taiwan unit Nan Shan to an investor group led by Hong Kong’s Primus Financial for about $2.15 billion.
Nan Shan, which serves more than 4 million life insurance policy holders in Taiwan, is the third-largest life insurer [...]

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UK interest rates will stay low for years amid tax rises and spending cuts, according to an economic forecast. The Centre for Economics and Business Research (CEBR) believes the rate will remain at its current 0.5% level until 2011 and not reach 2% until 2014.
The report predicted the pound will weaken further, falling to $1.40 [...]

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ITV has said it is looking to raise £120m to reduce debt by selling bonds. Its plan to raise cash comes a day after two potential candidates to replace Michael Grade as ITV’s chairman ruled themselves out of the running.

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