Intel to pay $1.4B for Infineon wireless unit

Intel to pay $1.4B for Infineon wireless unit Intel Corp. is buying the wireless communications unit of Germany's Infineon Technologies AG for $1.4 billion in cash, the second deal in as many weeks that allows the chip maker to expand beyond the struggling personal computer market. Intel has tried with limited success to get its chips into cell phones. It is hoping to change that by buying Infineon's wireless business, which makes chips for smart phones such as Apple Inc.'s iPhone. The deal, which still requires regulatory approval, is expected to close in the first quarter of 2011.

Genzyme spurns Sanofi-Aventis buyout bid Biotechnology company Genzyme Corp. said it rejected Sanofi-Aventis SA's $18.5 billion buyout offer because it undervalues the company. On Sunday, French drug developer Sanofi-Aventis offered $69 per share for Genzyme, which has been struggling in the aftermath of manufacturing problems for key drugs. Genzyme shares traded above the offering price Monday, suggesting shareholders expect the bid to go higher.

Surprise rise in Japan's industrial production Japan's industrial production in July unexpectedly rose for the first time in two months, as companies bolstered output despite signs of a slowing global economy. Factory production climbed 0.3 percent from June, according to the Ministry of Economy, Trade and Industry's monthly report. The reading beat Kyodo news agency's average market forecast for a 0.3 percent decline. Sectors contributing to the improvement include general machinery, chemicals and paper.

Japan moves to jump-start faltering recovery Japan's government and the central bank threw the economy a double lifeline, seeking to contain a strong yen and revive a faltering recovery. To boost liquidity, the central bank unveiled a new six-month low-interest loan program to financial institutions. Combined with an existing three-month funds-supplying operation worth $236 billion, banks will now have access to a total of $355 billion. The 8-1 decision by the central bank's policy board was accompanied by a unanimous vote to keep its key interest rate at a super-low 0.1 percent.

HP to pay $55 million over kickback claims The Department of Justice said Hewlett-Packard Co. agreed to pay $55 million to settle claims it paid kickbacks to companies so that they would recommend its products to federal agencies. HP already announced earlier this month it will take a charge of 2 cents per share in the third quarter to settle the claims. The Justice Department gave the full settlement amount Monday. HP has denied engaging in any illegal conduct in connection with the claims.

MySpace allows syncing with Facebook MySpace, which recently revamped itself to look more like Facebook, is now allowing users to sync their posts to Facebook, too. That means people on Facebook can see their friends' MySpace items without leaving Facebook. It's a sign the site seeks to carve out a niche that is no longer about competing with Facebook but coexisting. MySpace users will also be able to share music, videos, game applications, links and photos across both social networking sites.

World's major airlines post $3.9 billion profit The International Air Transport Association said 47 major carriers it monitors to assess the industry's financial health reported a net profit of $3.9 billion in the second quarter. The results contrast with the $881 million net loss posted by carriers a year earlier. IATA says airlines in North America and the Asia-Pacific region performed best. The association said European carriers' results were boosted by a $1.3 billion asset sale, without which they would have posted further losses.