IBT Staff Reporter

U.S. mortgage applications to refinance home loans jumped to a seven month high last week as rates neared record lows, but purchase demand remained stuck at a 13-year low.

Stock index futures rose on Wednesday, a day after markets clawed back from a steep sell-off and as U.S. Treasury Secretary Timothy Geithner flew to Europe to press for united action to tackle the region's deepening debt crisis.

British state broadcaster the BBC launched a new version of its popular iPlayer Web video service with prominent links to rivals' sites, as it waits to see if the new coalition government will limit its funding or powers.

Dressed in white, the traditional color of mourning in China, the father of 19-year-old Ma Xiangqian weeps outside the gates of a sprawling electronics complex. His wife and daughter kneel alongside.

The global economy is recovering faster than expected from recession with Asia leading the way, but it is at risk from huge debts in developed countries and possible overheating in countries such as China, the OECD said on Wednesday.

The U.S. economic recovery is building thanks to the government's helping hand, but it is not yet clear how well growth will hold up once those supports are removed, the OECD said in a report released on Wednesday.

Global miner Rio Tinto on Wednesday predicted strong iron ore demand to continue and gave an upbeat outlook for aluminum, defying sharp slides in commodity prices and fears of a double-dip global recession.

T-Mobile USA, a unit of Deutsche Telekom AG , said its chief executive, Robert Dotson, will leave the company in May 2011 and named Philipp Humm as its designated successor.

After Pakistan banned Facebook in a bid to stop it hosting blasphemous pictures of Prophet Mohammad, the country's interior minister found a new way to get his online fix. He jumped on Twitter.

Do you also see what I see when you look at the EURUSD chart? According to my opinion the crosspairs loses the gains of last days again. A short study of the crosspair into the past led me to a value of about 1.1632. Impossible? I´m not so sure as the crosspair already touched this level several times in the last years.

Central America's leading coffee producer, Guatemala's production shortage in the 2009/10 cycle moved up prices for high-quality beans. According to Guatemala coffee growers association, Anacafe, country's production for the cycle at 3.375 million 60 kg bags, down slightly from previous estimates of between 3.4 million and 3.6 million bags.

Global oil prices advanced towards $70 a barrel in Asian trade Wednesday mainly after the API report showed dip in US petrol stockpiles. Light sweet crude for july delivery was seen trading at $69.66 a barrel at 12 noon Singapore time while Brent crude was at 69.97 a barrel in London.

Gold prices advanced in Asian trade Wednesday despite a firming dollar as geopolitical tensions in the Korean peninsula boosted its appeal. Gold for immediate delivery was seen trading at $1204.94 an ounce at 12.00 noon Singapore time while US gold futures for June delivery was at $1205.44 an ounce eat the same time on the COMEX division of the New York Mercantile Exchange.

Stock index futures pointed to a higher opening on Wall Street on Wednesday, with futures for the S&P 500 up 0.51 percent, Dow Jones futures up 0.35 percent and Nasdaq 100 futures up 0.47 percent at 0807 GMT (4:08 a.m. ET).

A few months ago most analysts were skeptical about $1500 an ounce for gold by end of 2010, however, the recent rally in gold coupled with economic uncertainties have forced those who earlier disputed the bullish forecasts to jump on the bandwagon, according to Jeffrey Nichols, Senior Economic Advisor to Rosland Capital and Managing Director of American Precious Metals Advisors

Federal Reserve Chairman Ben Bernanke stepped up calls to preserve Fed independence on Wednesday, saying central banks best deliver steady economic growth and low inflation when free from political meddling.

The euro fell on Wednesday driven by fears that Europe's debt woes can wreak havoc in its banks, though Asian stocks rebounded from nine-month lows as value investors hunted for bargains.

Federal Reserve Chairman Ben Bernanke said U.S. inflation expectations were stable despite price swings in the past few years and signaled the Fed saw no need to change its current price commitment.

The Justice Department is examining Apple Inc's tactics in the market for digital music and has talked to major music labels and Internet music firms, the New York Times said citing several people briefed on the conversations.

Threats to sensitive computer networks lurk everywhere and with a few mouse clicks, organized criminals and hackers could shut down vital networks that run the U.S. government, industry and military.

U.S. inflation expectations were very stable and well-anchored at a low level despite pronounced swings in the past few years, Federal Reserve Chairman Ben Bernanke said on Wednesday.

Britain's General Medical Council has struck Dr Andrew Wakefield from the medical register and found him guilty of serious professional misconduct after he published a research suggesting a link between a common vaccine and autism.

Qatar Investment Authority, the country's sovereign wealth fund, is keen to buy part of the U.S. Treasury's stake in Citigroup Inc , the Financial Times reported in its Wednesday edition.

Shares of Australian brewer Foster's Group jumped as much as 8.7 percent on Wednesday after the company revealed plans demerge its beer and wine operations, leading investors to expect takeover approaches.

Some 20 European banks agreed to reimburse non-U.S. investors for $15.5 billion of losses from convicted swindler Bernard Madoff's Ponzi scheme, but some Swiss lenders remain holdouts, a lawyer for victims said.

The outlook on the United States' coveted AAA credit rating remains stable, though the government's financial strength is weakening due to its support for the financial system, Moody's Investors Service said on Tuesday.

Medical doctors fear that there will be a widespread of Clostridium difficile in Australia when three elderly patients at a Melbourne private hospital were reported to be infected by the bug.

U.S. mortgage finance enterprises Fannie Mae and Freddie Mac , seized by the government during the financial crisis, will continue to sustain losses on mortgages as house prices drop, their regulator said in testimony made public on Tuesday.

NEW YORK (Reuters Health) - Scientists are no strangers to spinning their research, a new study -- presumably not spun -- shows.