IBT Staff Reporter

Family Dollar Stores Inc reported a 36 percent jump in quarterly profit, topping market estimates, and its shares rose 10 percent, as more shoppers scoured its aisles for low prices on food, shampoo and household cleaners.

Shares in struggling German chipmaker Infineon Technologies AG soared on Wednesday after the company said it was selling its wireline communications unit (WLC) for 250 million euros ($349.5 million).

The global economy is starting to pull out recession but recovery will be sluggish and government policies need to remain supportive, the International Monetary Fund said on Wednesday.

Hess Corp did not file a discovery notice with Brazil's government after drilling a well in the offshore Santos Basin, a company official said on Wednesday, a sign Brazil's offshore oil fields still face major risks.

A dramatic rally in bonds of U.S. real estate investment trusts may not be sustainable as the sector faces a protracted slump in property values, low occupancy rates, and weakened credit markets.

Bayer, Germany's largest drugmaker, has filed for approval in the United States for a new birth control pill it started to market in Europe in May to shore up its best-selling contraceptives business.

U.S. mortgage fraud reports jumped 36 percent last year as desperate homeowners and industry professionals tried to maintain their standard of living from the boom years, the FBI said on Tuesday.

Oil dropped well over a dollar to below $62 a barrel on Wednesday, placing it on course for a sixth consecutive fall and the longest losing streak since mid-December, after U.S. data showed a big rise in fuel stocks.

U.S. stocks rose on Wednesday as investors scooped up bargains in the commodities sectors a day after Wall Street slid to a 10-week low, but sentiment was dampened by the start of the quarterly earnings season.

The vacancy rate for U.S. apartments reached its highest level in more than 20 years in the second quarter and could soon exceed record highs if the recession persists, real estate research firm Reis Inc said.

Banks of paramilitary police fanned out in the far-flung Chinese city of Urumqi on Wednesday to try to stifle unrest days after 156 people were killed in the region's worst ethnic violence in decades.

A history of strong relations between Switzerland and the United States should help Swiss bank UBS find a settlement in a damaging U.S. bid to access data of wealthy Americans trying to dodge taxes.

The extravagant mourning for Michael Jackson has some critics wondering whether the pop singer's global superstardom could ever be duplicated in an Internet era offering endless entertainment choices.

President Susilo Bambang Yudhoyono looked set to win a second term on Wednesday as provisional election results showed there would be no need for a run-off vote, opening the way for a period of quickening reform.

For six hours I had been struggling to get beyond the clichés. They'd been floating in and out of my consciousness since checking in at Los Angeles: visions of hibiscus shirts, Elvis with a ukulele, hips in hula skirts and Jack Lord on a hotel balcony cocking a gun.

A district in Afghanistan's restive east was in danger of falling into Taliban hands after pitched gunbattles with insurgents killed at least eight police, a senior official said on Wednesday.

European Union regulators unveiled draft plans on Wednesday to force short sellers of stocks to publicly disclose significant positions in a bid to crack down on those who abuse the market.

The global economy is starting to pull out of its deepest recession since World War Two but recovery will be sluggish and policies need to remain supportive, the International Monetary Fund said on Wednesday.

Hyundai Motor Co, South Korea's top carmaker, on Wednesday launched its first hybrid car in the domestic market to satisfy a growing appetite for fuel-saving vehicles and to improve the image of the company's technology.

On the main board, foreign investors sold a net 197 billion won ($154.4 million) worth of shares, ending their buying spree in the past nine sessions.

Federal-Mogul Corp (FDML.O) is readying a renewed bid for the assets of Delphi Corp (DPHIQ.PK) after breaking off talks with the bankrupt auto parts maker in late May, three people with knowledge of the situation said on Tuesday.

Suspected U.S. drones fired six missiles into a Pakistani Taliban training camp near the Afghan border on Wednesday, killing six militants, government and intelligence agency officials said.

Car sales in India rose an annual 7.8 percent in June, climbing for a fifth straight month and reinforcing the country was one of the few markets where demand has been picking up.

U.S. Secretary of State Hillary Clinton said that Washington would call for more sanctions against Iran if the White House policy of engagement with Tehran failed.

China is at the start of another boom in car sales that is being propelled by rising incomes in third-tier cities and could continue for a few years, JP Morgan said on Wednesday.

Barack Obama dressed like Steve McQueen?

U.S. mortgage fraud reports jumped 36 percent last year as desperate homeowners and industry professionals tried to maintain their standard of living from the boom years, the FBI said on Tuesday.

G8 leaders were due to agree a goal of limiting global warming to 2 degrees Celsius (3.6 Fahrenheit) above pre-industrial levels at a summit in Italy Wednesday.

The first day of the meeting will group the leaders of the Group of Eight -- United States, Britain, Germany, Italy, France, Russia, Canada and Japan -- plus European Commission President Jose Manuel Barroso and current EU president Sweden.