IBT Staff Reporter

House of Representatives Speaker Nancy Pelosi said on Tuesday new estimates showed a healthcare overhaul drafted by Democrats would reduce the U.S. budget deficit over 10 years and cost less than $900 billion.

Hedge fund firm Galleon Group said it is winding down its funds, less than a week after its founder was arrested and charged with running one of the biggest insider-trading schemes ever involving a hedge fund.

Eli Lilly and Co posted third-quarter profit well above Wall Street expectations on Wednesday on strong performance of its major prescription drugs and lower taxes, but it said an inventory benefit that helped results might reverse in the fourth quarter.

Brookfield Incorporacoes, the Brazilian real estate unit of Canada's Brookfield Asset Management, said on Tuesday it raised $272 million in a share offering.

Morgan Stanley reported better-than expected third-quarter profit on Wednesday with results bolstered by strong fixed income sales and trading revenue and improved investment banking underwriting results.

Shares of AGA Medical Holdings Inc, a maker of devices for heart defects and blood vessel diseases, edged up 1 percent in their debut on Nasdaq Wednesday after the company's IPO priced below range.

Plains Capital Corp, a Dallas-based bank holding company and mortgage lender, said it expects its initial public offering of 15 million shares to be priced at $14 to $16 a share, in what could be the first IPO by a bank in more than two years.

India's Prime Minister Manmohan Singh is likely to meet his Chinese counterpart Wen Jiabao on Saturday, hoping to douse an escalating verbal duel between the Asian giants centered around their decades-old border dispute.

Famous former Bachelor and single father Jason Mesnick got engaged to Molly Malaney after he proposed to her in New Zealand, according to People Magazine.

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A management revamp at Nokia following a record loss has given 51-year old chief financial officer Rick Simonson a shot at becoming the first non-Finnish chief executive of the world's largest handset maker.

Verizon Communications Chief Executive Ivan Seidenberg said on Wednesday the current debate about net neutrality is extremely troubling and risks halting progress in broadband development.

President Dmitry Medvedev said on Wednesday Russia's bid to join the World Trade Organization had not been damaged by the complications of pursuing membership together with Kazakhstan and Belarus.

TCF Financial Corp reported a 42 percent drop in quarterly profit that missed market expectations, hurt by a higher provision for credit losses.

Stocks gained on Wednesday as results from banks including Morgan Stanley and Wells Fargo topped expectations, and on increased optimism about the profit outlook for the technology sector.

Gentex Corp posted a better-than-expected 58 percent rise in third-quarter profit on Wednesday and forecast a revenue increase of up to 35 percent for the fourth quarter, citing improving production volumes by automaker customers.

The world needs genetically modified crops both to increase food yields and minimize the environmental impact of farming, Britain's top science academy said on Wednesday.

Spain's Grupo Ferrovial, under pressure to reduce its dominance in UK airports, has agreed to sell London's Gatwick for a smaller-than-expected 1.51 billion pounds ($2.46 billion) to a consortium involving Credit Suisse and General Electric.

Oil jumped to $80.05 a barrel on Wednesday, matching its one-year high hit the previous day, after a U.S. government report showed a smaller than expected rise in crude stocks in the world's top consumer.

Cadbury beat sales forecasts and raised targets in a bumper third-quarter trading report, pushing up its shares and pressuring suitor Kraft to come up with a bigger bid to win its takeover battle.

Sallie Mae, the largest U.S. student loan provider, forecast higher earnings in 2010, boosted by lower loan loss provisions and more stable credit markets, sending its shares up as much as 22.5 percent.

The top executives of General Electric and Comcast Corp, which sources say are negotiating a multi-billion dollar sale of NBC Universal, said they were keeping their options open but offered few hints of whether a deal may soon emerge.

Pakistani helicopter gunships attacked Taliban bases near the Afghan border on Wednesday as the army urged NATO forces to seal the frontier to stem cross-border movement of militants.

Global efforts to immunize children against life-threatening diseases set a record high last year but failed to protect millions of youngsters in the world's poorest countries, health officials said on Wednesday.

General Motors Co has not subscribed to the $424 million rights issue of its South Korean unit by a Wednesday deadline, according to a report, but its overseas units are now expected to take up the offer.

China's army will recruit 130,000 graduates from Chinese universities and colleges this winter to raise the quality of the armed forces and help solve the job crisis facing graduates.

Yahoo Inc beat Wall Street's profit and sales expectations as spending by advertisers showed signs of life in the third quarter and as months of cost-cutting and restructuring boosted the Internet company's bottom line.

The Obama administration was deeply divided over whether to fund Chrysler's restructuring in bankruptcy and whether the automaker could survive to repay the investment, according to a former senior official.

Goldman Sachs upgraded Caterpillar Inc the stock to neutral from sell and bumped up its price target by $16 to $64, citing improved cost control by the company and a stronger outlook for construction equipment demand.