UNITED STATES

Stocks turned lower on Wednesday after Federal Reserve chairman Ben Bernanke outlined a path the Fed could take to begin pulling back its unprecedented stimulus for the U.S. economy when the time comes.

Discovery Communications Inc reported a 46 percent jump in fourth-quarter profit on the back of strong distribution revenue and advertising sales in its international TV business.

The Federal Reserve could begin pulling back its unprecedented stimulus for the U.S. economy by first removing some cash from the financial system and then raising interest rates, Fed Chairman Ben Bernanke said on Wednesday.

Iran believes a nuclear fuel exchange with the West is still possible, state television said on Wednesday, a day after the Islamic Republic's expansion of uranium enrichment drew a U.S. warning of more sanctions soon.

Stocks are nearly flat this morning as investors monitor the progress of a possible Greece bailout, digest a slew of economic data, and eye Fed Chairman Ben Bernanke's written testimony at 10:00 am EST and the European Union Economic Summit on Thursday.

The British government failed on Wednesday in a legal challenge to keep secret U.S. intelligence material relating to allegations of cruel and inhuman treatment involving the CIA.

India aims to test a new nuclear-capable missile with a range of more than 5000-km (3,100- miles), a top military scientist said on Wednesday, a move that could complicate security in a volatile region.

U.S. mortgage applications dipped last week, reflecting reduced demand for home purchase loans even as rates on 30-year loans fell to their lowest since December, an industry group said on Wednesday.

Pakistan said on Wednesday it had information suggesting Pakistani Taliban chief Hakimullah Mehsud had died of wounds inflicted in a U.S. drone aircraft attack in January.

Iran has arrested several people who were preparing to disrupt rallies on February 11 marking the 1979 Islamic revolution, police said on Wednesday, in a clear warning to opposition supporters planning new protests.

Oil dipped below $74 in choppy trade on Wednesday after OPEC trimmed its 2010 global demand growth forecast.

Wall Street was set for a flat open on Wednesday with equity markets sensitive to comments from European officials as to whether a rescue plan for heavily indebted Greece was in the works.

The U.S. trade deficit widened unexpectedly in December to $40.2 billion, fueled by the highest oil prices and oil imports since October 2008, the Commerce Department said on Wednesday.

Alexza Pharmaceuticals Inc said it signed a collaboration deal with a unit of Biovail Corp to develop and commercialize AZ-004, its inhaled treatment for agitation, in the United States and Canada.

Hewlett-Packard Co is set to win unconditional EU approval for its takeover of 3Com Corp as the deal poses no major competition concerns, a person familiar with the situation said on Wednesday.

Guy Hands, founder of buyout house Terra Firma, said IPOs of private equity-owned companies will be hard to achieve this year, returns will be lower and deal opportunities will be scarce.

MDS Inc said on Wednesday that Ricerca Biosciences would buy its business that provides clinical trial services to biotech and pharmaceutical companies for $45 million and certain minority equity interests.

U.S. mortgage applications dipped last week, reflecting reduced demand for home purchase loans even as rates on 30-year loans fell to their lowest since December, data from an industry group showed on Wednesday.

One of every five U.S. home owners owed more on their mortgage than their home was worth in the fourth quarter, a trend that poses a serious threat to the U.S. housing market's recovery, real estate website Zillow.com said on Wednesday.

Research by Britain's Medical Research Council (MRC) found that lower intelligence quotient scores were associated with higher rates of heart disease and death, and were more important indicators than any other risk factors except smoking.

Firming expectations of a Greek bailout lifted world stocks, the euro and commodity prices on Wednesday, and sent Greece's borrowing costs lower.