Stocks fell slightly on Wednesday after a downgrade of Portugal's credit rating, China's interest rate rise and a soft report on the U.S. services sector sparked jitters about global growth prospects.
Christine Lagarde, the IMF's new chief, pledged on Wednesday to push ahead with reforms to give fast-growing emerging markets greater sway at the global lender.
The pace of growth in the U.S. economy's services sector remained sluggish in June and new orders fell, but employment held steady last month, according to an industry report released on Wednesday.
China's central bank increased interest rates for the third time this year on Wednesday, making clear that taming inflation is a top priority even when as the economy slows gently.
Hackers seized control of a PayPal Twitter feed on Tuesday, then sent out messages criticizing the payment processor in the second attack of its type in two days.
Germany wants to put a Greek bond swap back on the table as a model for private sector involvement in fresh aid for Athens, Deputy Finance Minister Joerg Asmussen told Reuters Insider TV Wednesday.
Car maker Ford and billionaire Richard Branson's Virgin Holidays have suspended advertising in Britain's News of the World due to allegations of hacking by the newspaper while travel operators Thomson and First Choice are among a growing band of companies reviewing their policies.
New International Monetary Fund Managing Director Christine Lagarde pledged on Wednesday to push ahead with reforms to give fast-growing emerging markets greater sway at the global lender.
China's top search engine Baidu Inc said on Wednesday it had reached an agreement with a Chinese television company to bring its search box to millions of television screens.
Prime Minister David Cameron promised an inquiry on Wednesday into a disgusting phone hacking scandal at Rupert Murdoch's News International that has outraged Britain and cast a shadow over the mogul's plans to buy control of broadcaster BSkyB.
Microblogging service Twitter is seeking to raise hundreds of millions of dollars in a new funding round, according to the Wall Street Journal.
Banks and other large financial companies that could be seized and liquidated by the U.S. government are balking at a proposed plan they argue gives regulators too much power to snatch back executives' pay if their institutions fail.
Christine Lagarde, who took office as IMF managing director on Tuesday, has signed up for tougher ethical rules than her predecessor as the lender seeks to inoculate itself from further hits to its reputation in the aftermath of Dominique Strauss-Kahn's resignation under fire.
Stocks were poised for a lower open on Wednesday after Moody's downgrade of Portugal's credit rating to junk and China's interest rate rise sparked jitters about global growth prospects.
The downgrading of freshly bailed-out Portugal's credit rating to junk shocked financial markets on Wednesday and cast new doubt on European efforts to rescue distressed euro zone states without debt restructuring.
Stock index futures fell on Wednesday after Moody's downgrade of Portugal's credit rating to junk and China's interest rate rise triggered unease about global growth prospects.
The number of planned layoffs at U.S. firms increased for the second month in a row in June, though downsizing in the first half of the year was at the lowest level since 2000, a report on Wednesday showed.
China's central bank increased interest rates for the third time this year on Wednesday, making clear that taming inflation is a top priority even when as the economy slows gently.
British lawmakers will hold an emergency debate on Wednesday over a phone-hacking scandal at a top-selling newspaper that has prompted calls for the resignation of a well-connected Rupert Murdoch executive and provoked a public outcry that could damage the paper's sales.
Nearly a third of European Union banks being tested for their resilience in bad markets may need some outside support, credit rating agency Moody's said on Wednesday.
Purchase applications for U.S. home mortgages rose last week, but refinancing activity plunged as interest rates jumped, an industry group said on Wednesday.
The Bank of Japan is expected to hold off on easing monetary policy further and revise up its assessment of the economy next week, encouraged by a pickup in factory output and recovery in business sentiment hit by the devastating earthquake in March.
The downgrading of freshly bailed-out Portugal's credit rating to junk shocked financial markets on Wednesday and cast new doubt on European efforts to rescue distressed euro zone states without debt restructuring.
NEW YORK Stock index futures pointed to a weak start for Wall Street on Wednesday, with futures for the S&P 500, Dow Jones futures and Nasdaq futures down 0.2 to 0.4 percent by 5:06 a.m. EDT.
Singapore's Temasek sold stakes in two of China's biggest banks on Wednesday to raise $3.6 billion, in a move likely aimed at reducing the sovereign investor's big exposure to the financial sector and building up a warchest.
Chinese banking shares fell for a second day on Wednesday after a sovereign fund unloaded a stake in two banks, flashing a cautious signal about risk even after the euro clawed back losses endured on Moody's downgrade of Portugal to junk status.
The head of Standard & Poor's in Germany rejected criticism that the ratings agency was being too tough in judging efforts to involve the private sector in Greece's bailout without triggering a sovereign debt default.
Moody's became the first ratings agency to cut Portugal's credit standing to junk, warning the country may need a second round of rescue funds before it can return to capital markets.
Insight Communications Co, controlled by The Carlyle Group, received final bids in its auction last week and a buyer will likely be picked within a month from bidders including WideOpenWest LLC and Mediacom Communications, the Wall Street Journal reported.
Asian stocks were off to a weak start while the euro remained fragile on Wednesday morning after Moody's slashed Portugal's credit rating to junk status and as investors take a breather after the past week's rally in risky assets.
