New York - The United Nations on Wednesday expressed concern about the lack of a ceasefire between Israel and Hamas and the increasing violence two months after Israel declared a unilateral end to hostilities.

UN Undersecretary General for Political Affairs B Lynn Pascoe said the Middle East is faced with a "worrying situation of impasse and uncertainty."

New York  - Despite record losses, the chief of Ford Motors, Alan Mulally, earned 13.6 million dollars in 2008 but has agreed to a huge salary cut for this and next year, Ford motor company said Tuesday.

The 2008 income included 2 million dollars in regular salary plus long-term stock options, the country's second largest car producer said. That amount however was 37 per cent less than the previous year.

New York  - US stocks fell sharply on Tuesday, one day after posting their biggest gains of the year, as the US administration sought new powers to control failing financial firms.

Banking shares, which gained some 18 per cent on Monday, led the market decline amid speculation that Congress will no longer back more money for struggling Wall Street institutions.

New York  - Despite record losses, the chief of Ford Motors, Alan Mulally, earned 13.6 million dollars in 2008.

The money included 2 million dollars in regular salary plus long- term stock options, the country's second largest car producer said Tuesday in a statement.

Mulally did not receive a bonus for 2008, in contrast to 2007. For the current and next years, he has agreed to a 30-per-cent salary reduction.

Ford reported record losses of 15 billion dollars for 2008 - but still has enough cash reserves to survive.

New York  - Carnival Corp, the world's largest cruise-line operator, Tuesday reported first-quarter profits after cutting costs and offering heavy discounts.

The Miami-based Carnival said its net income was 260 million dollars, up from 236 million dollars a year earlier. Sales dropped 9.1 per cent to 2.86 billion dollars in the three months ending February 28.

"Considering the economic climate, achieving higher quarterly net income is quite remarkable," Carnival CEO Micky Arison said in a statement.

New York, Mar. 24: A bailed out J P Morgan Chase has announced plans to spend 120 million dollars on buying two luxury corporate jets similar to the Gulfstream V model.

In the latest example of stunning tone deafness among the corporate swells, high-flying financiers will use these plush new luxury jets, and the company is also building a fancy new hangar to house them.

ABC News reports that the firm is forking out a monumental 138 million dollars for the two projects.