Gates, Bloomberg funding global plan to reduce smoking

Microsoft founder Bill Gates and New York Mayor Michael Bloomberg are pooling their piles of money to pour $375 million into a global effort to cut smoking.

The philanthropists, who have a combined worth of more than $70 billion, said Wednesday that the money will help efforts in developing countries where tobacco use is highest. There are more than 1 billion smokers worldwide.

TOYOTA TAKES OVER General Motors Corp., pummeled by falling U.S. sales and high gas prices, lost the global sales lead to Toyota Motor Corp. in the first half of this year, but the churning market makes it difficult to predict which automaker will end the year on top.

Toyota sold 4,817,941 vehicles globally during the first six months of the year, company spokesman Hideaki Homma said Wednesday, beating GM by 277,532 vehicles. Toyota said its global sales rose 2 percent from the same period the year before, while GM's sales fell 3 percent

TACO BELL SUED The Taco Bell fast-food chain was sued by hip-hop artist 50 Cent over claims it violated a trademark by using his persona without permission to promote a new "value" menu.

Taco Bell, owned by Yum! Brands Inc., wrongfully used Curtis Jackson's stage name in a phony letter sent to U.S. news outlets asking the performer to change his name to "79 Cent," "89 Cent" or "99 Cent" to promote low-cost tacos and burritos, according to a complaint filed Wednesday in federal court in New York.

AMAZON EARNINGS SPIKE Amazon.com Inc. showed that it wasn't being hurt by economic weakness and high fuel prices, reporting Wednesday that its second-quarter profits more than doubled and surpassed analyst expectations. The Internet retailer also raised full-year revenue projections.

For the quarter that ended June 30, Amazon earned $158 million, or 37 cents per share. Amazon earned $78 million, or 19 cents per share, in the same quarter last year.

McDONALD'S IN BLACK McDonald's Corp. said Wednesday it returned to profitability in its second quarter, helped by a gain from selling its interest in sandwich chain Pret A Manger and strong sales of breakfasts, chicken sandwiches and beverages.

The hamburger chain said it earned $1.19 billion, or $1.04 per share, compared with a loss of $711.7 million, or 60 cents per share in the year-ago quarter.

PULTE TRIMS LOSSES Pulte Homes Inc. says its second-quarter loss narrowed from the prior year period as the homebuilder took charges on land and unsold inventory amid a worsening housing market.

The Bloomfield Hills, Mich.- based homebuilder said Wednesday it lost $158.4 million, or 63 cents per share, in the three months ended June 30. That compares with a loss of $507.6 million, or $2.01 per share, in the same period last year.

CONTINENTAL TAKES STEP Continental Airlines Inc. said it applied for U.S. antitrust immunity to join the Star Alliance, the world's largest airline grouping.

Approval would let Continental work on overseas fares and schedules with alliance members including United Airlines and Lufthansa. Continental announced it would join Star on June 19, the day the Houston-based carrier said it would collaborate with United to book seats on each other's U.S. flights.