IBT Staff Reporter

Morgan Stanley is all set to trump Goldman Sachs in a deal to buy a brokerage seat in Indonesia from PT Tiga Pilar Sekuritas, sources said, as the race to tap the growing financial market in Southeast Asia's biggest economy intensifies.

Euro zone manufacturing activity declined for a sixth straight month in January as a slight upturn in Germany failed to offset a prolonged contraction in the bloc's smaller economies, a survey showed on Wednesday.

Debt-laden Greece and its international lenders must focus less on deficit reduction and more on reform because there are limits to what society can tolerate, a senior IMF official said on Wednesday.

Portugal seeks to sell 1.5 billion euros ($1.9 billion) in treasury bills on Wednesday, in a test of its ability to raise short-term funds after a recent surge in its long-term bond rates have raised fears it may be forced to follow Greece and seek a new bailout.

China-focused plantation operator Sino-Forest Corp said an independent committee had wound up its investigation into allegations the firm had exaggerated its assets, but had not been able to get to the bottom of all the issues raised.

Japan's Sharp Corp posted an 86 percent drop in nine-month operating profit on Wednesday and cut its full-year profit forecast to zero, struggling with intense competition in the TV business in a weak global economy.

China's factory sector expanded slightly in January, confounding expectations for a contraction and supporting hopes the world's second-biggest economy will avoid a hard landing, a government purchasing managers' index showed.

Stocks rose and the euro steadied on Wednesday as investors remained on guard ahead of the release of manufacturing surveys from the Europe's biggest economies after China's powerful factories showed a slight expansion.

Mayor Nobuto Hosaka had more than saving taxpayers' money on his mind when he recently invited bids from rivals of giant utility Tokyo Electric Power Co <9501.T> to supply power to his ward in Japan's capital.

U.S. investigating authorities have traced more than 90 percent of the customer money which disappeared from MF Global around the time of its bankruptcy, the New York Times reported, citing people briefed on the investigation.

Debt-laden and recession-hit Greece must accelerate structural reforms and slow down on deficit reduction, the head of the IMF's inspection team for Greece was quoted as saying on Wednesday.

Asian stock markets struggled on Wednesday as weaker U.S. data damped down recent optimism that the world's largest economy may escape the gloom from the euro zone debt crisis, while Chinese manufacturing surveys failed to break the cautious mood.

Morgan Stanley is all set to trump Goldman Sachs in a deal to buy a brokerage seat in Indonesia from PT Tiga Pilar Sekuritas, five sources said, as the race to tap the growing financial market in Southeast Asia's biggest economy intensifies.

An ambitious private project to unlock wireless access across Mexico appears to be stuck in a stalemate with the developer and the government unable to agree on terms.

U.S. authorities are preparing to charge former Credit Suisse Group AG employees with criminal and civil fraud related to write-downs on subprime mortgage derivatives at the height of the financial crisis, sources familiar with the matter said.

U.S. authorities are preparing to charge former Credit Suisse Group AG employees with criminal and civil fraud related to write-downs on subprime mortgage derivatives at the height of the financial crisis, sources familiar with the matter said.

Financial industry observers are increasingly skeptical that the U.S. Securities and Exchange Commission's planned proposal to require a uniform fiduciary standard for all financial advisers will become a reality this year, if ever.

Police seized a motorboat packed with more than a ton of marijuana north of Los Angeles and arrested three Mexican men, the latest seizure as traffickers try to beat tougher border security by taking to the waves, authorities said on Tuesday.

The U.S. stock-market surge in January may feel to some like having reached a remote mountain peak. It was a lot of work, but there are not many people to celebrate with.

The number of proposed solar projects in California last year was 4-1/2 times the level the state needs to meet its 33 percent renewable power target by 2020, a state regulator said on Tuesday.

The Weinstein Company has made its first acquisition of this year's Sundance Film Festival, acquiring Lay the Favorite. The movie, by British director Stephen Frears, sold for more than $2 million.

It's no secret that during Hollywood's awards season, complex character roles often get overlooked in favor of more uplifting performances. But when Martin Scorsese saw such a slight befall his Hugo star, he was not about to slink away with his tail between his legs.

The White Stripes frontman Jack White said on Monday that he will debut a solo album, Blunderbuss, on April 24, with entirely new songs written by him and embodying his own sense of self-expression.

Shirley MacLaine is coming to Downton Abbey.

Silent-film star Charlie Chaplin might seem like an unlikely candidate as the subject of a Broadway musical, but it will soon be a reality.

The USA Network is heeding its Animal instincts and giving the go-ahead to the latest project from Brothers & Sisters executive producer Greg Berlanti.

The big-screen adaptation of the flexible toy Stretch Armstrong will finally make its way to the big screen thanks to a new partnership between Hasbro and Relativity Media.

Veteran director John Rich, who worked on a number of TV classics including All in the Family, Gunsmoke and Gilligan's Island, has died. He was 86.

Mitt Romney has been declared the winner of the Florida primary, restoring much of the momentum he lost to Newt Gingrich in South Carolina.