ING Groep, Dutch bank, announced 2Q net profit was down 6.7% to 1.55 billion euro mainly due to gains on divestment in the year-ago period, beating expectations of 1.22 - 1.466 billion euro.

Deutsche Telekom, telecommunication services group, announced 2Q net income rose 63.4% to 943 million euros on fewer financial expenses and lack of mobile license impairments. Revenue was up 2.6%, helped by 1.9 million new customers.

CORPORATE NEWS

First Financial Bankshares Inc. (FFIN: chart) has agreed to buy Bridgeport Financial Corp. for $20.3 million, plus the assumption of $5.5 million in debt and trust preferred securities. The deal for Bridgeport, parent company of First National Bank in Texas, is expected to be completed in the fourth quarter.

Genesee & Wyoming Inc. (GWR: chart) said that its North American traffic for the month of July advanced 25.1% to 66,213 carloads vs. the same month last year. Monthly Australian traffic climbed 0.3% to 80,284 carloads vs. the year ago period.

Goldman Sachs Group agreed to build a new $2 billion headquarters across the street from the former World Trade Center site, reversing its decision this spring to abandon its building plans.

CV Therapeutics said the first of two pivotal Phase 3 studies of regadenoson, which helps detect coronary artery disease, met its primary end point.

Tommy Hilfiger, apparel maker, resolved an 11-month federal investigation by agreeing to pay a total of $18.1 million in back taxes and interest.

Elron Electronic Industries Ltd. (ELRN: chart) disclosed the completion of a new investment of about $7 million in Israel-based BrainsGate Ltd., a developer of implantable medical devices to treat various central nervous system related diseases. Elron said it would hold 20% of BrainsGate, on a fully diluted basis, after the investment.

Impala Platinum Holdings Ltd., Dynatec Corp. and Sumitomo Corp. revealed that Dynatec and Sumitomo have entered into a deal, confirmed by Implats, in which Sumitomo would buy a 25% interest in the Ambatovy Nickel Project in Madagascar.

Yahoo! Inc. (YHOO: chart) and Alibaba.com disclosed a definitive agreement to form a long-term strategic partnership in China. Under the terms of the agreement, Yahoo! would contribute its Yahoo! China business to Alibaba.com and both companies would work together in an exclusive partnership to grow the Yahoo! brand in China. In addition, Yahoo! noted that it is investing $1 billion in cash to purchase Alibaba.com shares from the company and other shareholders. The deal allows Yahoo! to hold about 40% economic interest with 35% voting rights in Alibaba.com. Yahoo said the overall transaction is valued at more than $4 billion. The transaction is seen to end in 4Q of 2005.