IBT Staff Reporter

Oil fell toward $62 a barrel on Wednesday, placing it on course for a sixth consecutive fall and the longest losing streak since mid-December, after the focus sharpened on economic weakness and data showed higher fuel stocks.

Chinese authorities are detaining Rio Tinto Ltd's top iron ore negotiator on suspicion of espionage and stealing state secrets, Australia said on Wednesday, threatening to strain already fraying ties.

Switzerland has vowed to prevent UBS from handing over client information to U.S. authorities, in an attempt to defend bank secrecy, saying a tax case targeting its main bank is souring diplomatic ties.

China backed down on iron ore prices, signing up to the same 33 percent price cut agreed by Asian rivals but only for a six-month period rather than a full year, the China Business News said on Wednesday, citing informed sources it did not name.

Four employees of global mining giant Rio Tinto in Shanghai have been detained by Chinese authorities, the firm said on Tuesday.

Stock futures pointed to a mixed start on Wall Street on Wednesday morning after the previous session's steep losses. Futures for the Dow Jones industrial average were down 0.1 percent but those for the Nasdaq 100 and the S&P 500 were up 0.1-0.2 percent.

Economy jitters continued to sweep financial markets on Wednesday, weakening stocks, propelling the Japanese yen to a six-week high and dragging oil down to around $62 a barrel.

Alcoa Inc , whose results are traditionally viewed as an indicator of the country's economic health, is expected to post a third consecutive quarterly loss this week.

Alcoa Inc , whose results are traditionally viewed as an indicator of the country's economic health, is expected to post a third consecutive quarterly loss this week.

Leaders from the Group of Eight major industrial nations will warn against complacency over economic recovery on Wednesday at a world summit that will also tackle trade, climate change and food security.

Google is preparing to launch an operating system for personal computers next year, taking direct aim at the dominance of Microsoft Corp's Windows franchise.

Japan's Nikkei share average and oil prices hit six-week lows on Wednesday as investors pulled funds out of bets on the global economy's recovery and favored safe havens, such as the U.S. dollar and government bonds.

Oil fell toward $62 on Wednesday, on course for its sixth consecutive fall and longest losing streak since mid-December, after data showed larger-than-expected builds in U.S. products stocks, reflecting little sign of a recovery in oil demand.

Google Inc is preparing to launch an operating system for personal computers next year, taking direct aim at the dominance of Microsoft Corp's Windows franchise.

Texas oil billionaire T. Boone Pickens has called off plans to build the world's biggest wind farm in the Texas Panhandle, the Wall Street Journal said.

Australian packaging group Amcor Ltd is nearing a purchase of some of Rio Tinto Ltd's assets, sources said, in a deal that could be valued at up to $2.4 billion.

Japan's Nikkei share average and oil prices hit six-week lows on Wednesday as investors pulled funds out of bets on the global economy's recovery and favored safe havens, such as the U.S. dollar and government bonds.

Ruth Madoff, the wife of imprisoned fraudster Bernard Madoff, will get her passport back, after U.S. District Judge Denny Chin Monday authorized U.S. Probation and Pretrial Services officials to return it, court documents showed.

The purported theft of a Goldman Sachs trading platform threatens to cost it millions of dollars, a prosecutor told a court, but so far the bank has not reported damage to its business.

Oil fell toward $62 on Wednesday, on course for its sixth consecutive fall and longest losing streak since mid-December, after data showed larger-than-expected builds in U.S. products stocks, reflecting little sign of a recovery in oil demand.

A U.S. judge dismissed some damages claims in a copyright infringement lawsuit against Google Inc and its video-sharing Web site YouTube.com but left open the possibility that non-U.S. based rights owners could seek damages for live broadcasts, if they prevail.

Sony Corp Chief Executive Howard Stringer brushed off concerns that the PlayStation 3 video game console is too expensive, and said the company is unlikely to sell parts of its business amid the recession.

Artists and record labels reached an agreement on Tuesday with Internet radio companies over royalty rates, resolving a dispute that dates back more than two years over how to divvy up revenue from streaming music on the Web.

U.S. auto parts maker Lear Corp filed for Chapter 11 bankruptcy protection on Tuesday, a day after setting out plans to restructure its $3.6 billion debt burden under a proposed deal with creditors.

Chinese President Hu Jintao abandoned plans to attend a G8 summit in Italy on Wednesday, returning home early to deal with ethnic violence in the restive northwestern region of Xinjiang.

The Chinese foreign ministry said on Tuesday that the deadliest riots in Xinjiang region were caused by a large group of people motivated by the World Uighur Congress (WUC), which operates from Germany and the United States.

In a memorial to Michael Jackson on Tuesday that featured superstars Mariah Carey and Stevie Wonder, the moment that may be best remembered came when his 11-year-old daughter Paris spoke a few heart-wrenching words.

A company run by former AIG CEO Maurice Hank Greenberg did not plunder billions from a retirement fund, a jury ruled, dashing the bailed-out insurer's chances of collecting $4.3 billion in damages.

U.S. regulators are gearing up campaigns to preserve their consumer protection roles as the Obama administration marshals efforts to create a new agency, but face the political risk of appearing to side with Wall Street at the expense of consumers.