IMF lends Mozambique $176 mln to ease crisis impact
The International Monetary Fund (IMF) has approved a $176 million loan to Mozambique to help cushion the southern African country from the effects of the economic slowdown, the IMF said on Wednesday.
IMF representative Felix Fischer said the loan would be payable in 10 years, after an interest-free grace period of five years, followed by annual rate of 0.5 percent.
Wall Street jumps on natural resources boost
Stocks advanced on Wednesday as a weaker U.S. dollar lifted commodity prices, boosting shares of natural resource companies, including oil and mining stocks.
GM back in court to seek approval for sale
The only viable option to save General Motors Corp is a sale of its main assets to a New GM, a U.S. Treasury official told a bankruptcy court on Wednesday as the automaker sought approval for the deal.
Celesio owner Haniel balks at Panpharma takeover
Celesio's main shareholder Haniel put the brakes on the German drug distributor's foray into the Brazilian market, throwing into doubt a takeover that markets had cheered.
Thousands march in HK for economic relief, democracy
Tens of thousands of people marched on Wednesday in Hong Kong's biggest annual protest calling for greater democracy as well as improved economic relief measures and investor protection during the financial crisis.
Iran demands EU apology before any nuclear talks
Iran, stung by European Union criticism of its handling of post-election unrest, on Wednesday accused the 27-nation bloc of meddling and demanded an apology before any more talks on Tehran's disputed nuclear program.
Comorans protest over plane crash, black box located
French and U.S. aircraft hunted on Wednesday for survivors from a plane that crashed off Comoros, while in Paris expatriates from the Indian Ocean archipelago tried to block another flight by the same airline.
OAS sends Honduras an ultimatum after coup
Honduras faced growing pressure to reinstate ousted President Manuel Zelaya on Wednesday after the Organization of American States set a 72-hour deadline to end a crisis triggered by a military coup.
U.S. pending home sales rise 0.1 percent in May
Pending sales of previously owned U.S. homes rose slightly in May, the fourth straight monthly gain, a real estate trade group said on Wednesday.
U.S. mortgage applications fall to 7-month low
U.S. mortgage applications plunged to a seven-month low last week as demand for home refinancing loans tumbled 30 percent, data from an industry group showed on Wednesday.
U.S. private firms shed jobs in June, more to come
U.S. private sector job cuts fell in June to their lowest in eight months, but they still came in more than expected and the economy may be on track to lose another one million workers by year-end.
General Mills net earnings, sales grow
General Mills on Wednesday reported net earnings after tax grew 93 percent to $358.8 million, while net sales grew 5 percent to $3.6 billion.
Stock futures point higher as oil offsets jobs data
Stocks index futures pointed to a higher open on Wall Street on Wednesday as oil and commodity prices regained ground, potentially benefiting shares of natural resource companies.
Tesla's Musk to stay CEO through Model S launch
Tesla Motors Chief Executive Elon Musk said on Tuesday that he will remain in the company's top job at least through the 2011 launch of its second model, an electric sedan known as the Model S.
Exxon Mobil sells 20 pct stake in Indonesia blocks
Exxon Mobil (XOM.N: Quote, Profile, Research, Stock Buzz) has sold a 20 percent stake in two offshore exploration blocks in Indonesia to Malaysia's state oil firm Petronas [PETR.UL], an official at the country's energy watchdog said on Wednesday.
UBS could still settle in U.S. tax case: Swiss Finance Minister
UBS can still settle a damaging U.S. tax case even though Washington is pushing ahead with a lawsuit to force the Swiss bank giant to identify offshore clients, the Swiss Finance Minister said.
Market Outlook for Wednesday
Investors will be watching the release of U.S. automakers' June auto sales for insight into the resilience of consumers. Economists in a Reuters survey expect annualized sales of 3.33 million cars and 4.00 million trucks. In May, car sales stood at 3.35 million, and truck sales were 4.03 million.
New Shell CEO has toughest task in European business
The new chief executive of Royal Dutch Shell Plc faces the tallest order in European business -- to make his company the continent's top earner this year, next year, and well into the next decade.
Sweden's Global Gaming snaps up Pirate Bay
A little-known Swedish software firm has snapped up file-sharing website The Pirate Bay with the hope of turning the source of legal controversy into a money-spinner that appeals to both users and content providers.
U.S. private sector sheds 473,000 jobs in June
U.S. private employers cut 473,000 jobs in June, more than expected but down from the 485,000 jobs lost in May, a report by a private employment service said on Wednesday.
Oil rises above $71 on U.S. inventory drop, Nigeria
Oil rose above $71 a barrel on Wednesday following a large drop in crude inventories in the United States, the world's top energy consumer, and output disruptions from militant attacks in Nigeria.
Constellation Brands profit tops view
Constellation Brands Inc reported a better-than-expected quarterly profit on Wednesday as it sold off some alcohol brands and cut costs.
General Mills posts higher net profit
Food maker General Mills Inc reported a jump in net profit, driven by strong sales of its cereals and dough products.
Stock futures point higher as oil rises
Stock index futures moved higher on Wednesday as commodity prices rose and investors looked ahead to a private sector employment report expected to show an easing of job losses ahead of the government's June payroll data.
Biogen gains rights to Acorda's MS drug
Biogen Idec Inc has licensed rights to Acorda Therapeutics Inc's experimental multiple sclerosis drug outside the United States as the large biotech company expands its MS franchise, the companies said on Wednesday.
RHJ FY loss widens sharply, sparks Opel doubts
Holding company RHJ International posted a sharply wider full-year loss and a 43 percent fall in the value of its portfolio, sparking fresh doubts about its bid for General Motors' Opel unit.
Shinsei to buy Aozora to create Japan's No.6 bank
Japan's Shinsei Bank plans to buy rival Aozora Bank in a deal that brings together two loss-making lenders in hopes of building a stronger bank that can return to growth in both retail and corporate banking.
Stock futures point higher ahead of data as oil rises
Stock index futures pointed to a higher open on Wednesday ahead of a private sector employment report that may give investors a peek into June payroll data, while oil rebounded from its earlier losses.
SABMiller in $750 million deal with black investors
The world's second-biggest brewer SABMiller is to sell 10 percent of its South African unit to black investors in a deal worth $750 million to meet the country's affirmative action rules.
Microsoft's Bing search wins share from Google
Microsoft Corp's new Bing search engine gained U.S. market share in its first month in operation but still trails dominant rival Google Inc, according to data released on Wednesday.
