IBT Staff Reporter

In order to ease the burden of enhancing food grains stocks and facilitating space for new crops, India is planning to clear off buffer stocks by selling around 3 million metric tons to states.

Gold prices have fallen sharply from all-time high of $1265 on June 21st on reassessment of US economic prospects by some gold traders and investors, and an abatement in perceived European sovereign risk, accoridng to Jeffrey Nichols, Senior Economic Advisor to Rosland Capital. However, he has maintained a bullish view on gold on loss of confidence in dollar and inflation.

BP Plc defended its embattled chief executive on Wednesday and denied a report he would leave soon as the company explored a new approach in the Gulf of Mexico to end the worst oil spill in U.S. history.

Wells Fargo & Co and US Bancorp, two of the largest banks in the United States, said rising loan demand helped lift their earnings more than analysts had expected.

At a time gold is glittering at above $1,200 per ounce level, nobody is interested in its poor cousin silver. But, the truth is different. Those who want to invest in precious metals should now keep a close watch on silver.

U.S. mortgage applications jumped last week as demand for loans to purchase homes rose for the first time in five weeks, the Mortgage Bankers Association said on Wednesday.

Increased housing commitments swelled U.S. taxpayers' total support for the financial system by $700 billion in the past year to around $3.7 trillion, a government watchdog said on Wednesday.

Britain has pulled an interactive website asking the public to suggest ways of cutting government spending citing attacks after it attracted a range of bizarre proposals and rants against minorities.

Brazilian state prosecutors in Rio de Janeiro opened a formal investigation into Google over pedophilia, defamation and false identity on its social networking site Orkut, O Estado de S. Paulo newspaper reported on Wednesday.

The United States will make China a significant focus of its beefed-up efforts to fight global piracy and counterfeiting of U.S. goods ranging from CDs to manufactured products, a U.S. official said on Wednesday.

United Technologies Corp posted a 13.7 percent increase in quarterly profit and raised its full-year growth target for the second time this year, as its chief executive said demand was improving.

Wells Fargo & Co , the fourth-largest U.S. bank, posted higher-than-expected quarterly earnings, helped by declining losses on commercial and consumer loans.

Stocks were little changed on Wednesday as uncertainty over what Federal Reserve Chairman Ben Bernanke would tell a Senate committee blunted optimism after a stream of solid earnings.

Wells Fargo & Co , the fourth-largest U.S. bank, reported lower second-quarter profit, but losses on commercial and consumer loans declined from the first quarter.

Wells Fargo & Co , the fourth-largest U.S. bank, reported lower second-quarter profit, but losses on commercial and consumer loans declined from the first quarter.

Stocks trimmed early gains on Wednesday to trade little changed as enthusiasm over earnings from the financial sector and Apple were tempered by caution ahead of testimony from Federal Reserve Chairman Ben Bernanke.

Stocks rose on Wednesday as solid earnings from technology giant Apple as well as financials Morgan Stanley and Wells Fargo tempered growth worries.

An Australian scientist who invented the flight data recorder famously known as the black box to help investigate aircraft accidents has died at the age of 85, defense officials said on Wednesday.

United Technologies Corp reported a 13.7 percent rise in quarterly profit and raised its full-year earnings forecast, saying demand had improved and that the diversified U.S. manufacturer had boosted margins.

Diversified U.S. manufacturer Textron Inc posted profit that blew past Wall Street's expectations and sharply raised its 2010 earnings forecast, citing the payoff of an aggressive cost-cutting plan.

Stocks were poised for a higher open on Wednesday as solid earnings from technology giant Apple as well as financials Morgan Stanley and Wells Fargo tempered growth worries.

American International Group Inc is set to elevate Goldman Sachs Group Inc to the top role for handling the initial public offering of its Asian life insurance unit, sources said on Wednesday, a deal that could raise around $15 billion.

BP denied a report its embattled chief executive would leave soon, as it lined up $7 billion in asset sales to help pay for the worst oil spill in U.S. history, lifting its shares on Wednesday.

Morgan Stanley reported higher-than-expected second-quarter profit on Wednesday despite weak industry trends.

(Corrects prior 2010 EPS forecast in paragraph 2 to 30 cents-50 cents from 20 cents-50 cents)

Diversified U.S. manufacturer Textron Inc reversed a year-earlier loss and sharply raised its 2010 earnings forecast, citing the payoff of an aggressive cost-cutting plan.

U.S. stock index futures rose on Wednesday as solid earnings from technology giant Apple along with financials Morgan Stanley and Wells Fargo eased growth concerns.

Gold continued its slide on Wednesday with a fall of 1% to hit a near two-month low as prices broke below a major upward trend, but the metal could rebound on near-term technical support. Weak US housing sentiment and competition from other asset classes such as government bonds, equities and industrial commodities pressured the metal, which is used as an inflation hedge.

Coca-Cola Co reported a higher-than-expected quarterly profit on Wednesday, helped by increased sales volume in most of its markets.