IBT Staff Reporter

Madonna is taking on a new project in "W.E.", the singer's directorial debut. Madonna is not acting in the film, but will rather co-write the screenplay and direct the film.

American freestyle skier, Jeret ?Speedy? Peterson was found dead outside his car in Lambs Canyon, Utah. He was only 29.

France Telecom's Orange mobile unit is teaming up with Google to offer SMS-based chat in Africa, Orange said in a statement on Wednesday, targeting the fast growth of wireless services on a continent where computers remain scarce.

Chelsea will face Aston Villa in the final of the pre-season Barclays Asia Cup after breezing through against Hong Kong side Kitchee at the Hong Kong Stadium.

Standard & Poor's on Wednesday cut Greece's sovereign credit rating further into junk territory, lowering it to CC from CCC, saying the European Union's proposed debt restructuring would put the country into selective default.

Corporate America's hopes for a second-half pickup in the U.S. economy dimmed on Wednesday, as companies from Emerson Electric Co to Corning Inc warned of weakening demand for everything from industrial equipment to televisions.

A global labor federation plans to bring African unions together to battle the expansion of U.S. retailer Wal-Mart on the continent, a senior group member said on Wednesday.

South Africa's resource-heavy bourse tumbled on Wednesday with gold miners helping to drag the index down as strikes over wages loomed in the sector.

The Kenyan shilling reversed earlier gains and fell for a third straight day against the dollar on Wednesday after the central bank said it had kept its key lending rate at 6.25 percent.

The former Libyan intelligence agent convicted of the 1988 Lockerbie bombing over Scotland made a rare public appearance on Tuesday at a rally in support of Muammar Gaddafi.

The European Union's executive will increase funding for victims of the drought and famine in the Horn of Africa, the EU's crisis chief said on Wednesday after visiting Kenya and Somalia.

Striking workers in South Africa's petroleum sector are discussing a revised wage offer to end a three-week-old walkout as stoppages spread to the vital mining sector, threatening supplies of coal and gold.

Higher input costs and a strong rand led to a 63 percent drop in ArcelorMittal South Africa's first-half profit and the steelmaker forecast a difficult third quarter on Wednesday, sending its shares to a 28-month low.

UBS AG was sued by the conservator for Fannie Mae and Freddie Mac , which accused the Swiss bank of misleading the housing agencies into buying risky mortgage debt, resulting in more than $900 million of losses.

Wall Street fell on Wednesday as troubling signs from U.S. corporations and falling demand for long-lasting manufactured goods discouraged investors already nervous about faltering debt talks in Washington.

Wall Street skidded on Wednesday as troubling signs from U.S. corporations and falling demand for long-lasting manufactured goods discouraged investors already nervous about faltering debt talks in Washington.

Depression rates are higher in countries with higher incomes, a study found. 121 million people worldwide suffer from depression and rates are disproportionately high in countries with higher incomes. Depression significantly decreases quality of life and inherently comes with distorted, irrational, and negative thinking patterns.

A ship broke free from a tow line and is stranded near the shore at Sheffield Beach, north of Durban, South Africa.

Spanish savings bank Bankia aims to prioritise tackling bad debts after its maiden results as a listed entity showed a rise in non-performing loans since December.

Rumor has it that Alexander Skarsgard has split from girlfriend Kate Bosworth.

'True Blood' had its season 4 premier last night and the stars of the HBO series walked the red carpet in California.

General Motors Co Chief Executive Daniel Akerson has weighed in strongly on the future of its Opel business, saying the European unit was not for sale.

Struggling Swedish car maker Saab said on Tuesday it cannot pay almost half of its workforce this month because it has not received the funds it had expected, reviving fears about its precarious finances.

Netflix Inc. has reached a deal with CBS Corp allowing the video rental service to stream shows such as Californication, Dexter and Twin Peaks to audiences in Latin America and Canada.

Following the 2009 gay-bar raid, which cost Atlanta 1 million dollars in settlement, another one of Red Dog unit's violation of constitutional conduct may cost Atlanta an extra $200,000.

Netflix may have created a storm of anger when it announced its new prices, but it's in the midst of several new deals that will help keep it on top.

Amazon.com Inc will use its surging revenue to boost growth and drive expansion into areas such as Web content and cloud computing rather than boost its margins.

French market research company Ipsos plans to buy Synovate, a unit of British marketing firm Aegis Group , for 525 million pounds in a move it said would propel it to the No. 3 spot worldwide.

The opening ceremonies of the Summer Olympic games and Paralympic Games are just one year away. See what London is doing to prepare for the Games' return after 64 years.