Merrill investment banking chief Zakaria asked to leave
New York: Merrill Lynch & Co said its global markets and investment banking chief, Arshad Zakaria, would leave the firm at the end of the year. This was announced after the executive vice chairman Thomas Patrick, Arshad’s staunch supporter, was ousted.

Patrick's sudden departure came after he lobbied for Zakaria to be named Merrill's president against chief executive Stanley O'Neal's wishes.

Merrill Lynch has named Greg Fleming, co-head of its financial institutions banking group, and Dow Kim, head of global debt markets, as co-heads of global markets and investment banking, effective immediately.
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BMW Q2 profit down by 10 percent
Frankfurt: Luxury automaker BMW’s net profit has slipped by 10 per cent in the second quarter this year against the same period last year. The company has blamed the drop largely on model changeovers that cut into sales.

Net profit for the April-June period fell to 568 million ($ 641 million) from 629 million a year ago, on revenues of 10.24 billion ($11.57 billion) — down 12 per cent from 11.60 billion in the same quarter of 2002.
The company's new version of its mainstay 5-series went on sale last month, and model launches can hurt sales as remaining older versions become harder to sell.
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