IBT Staff Reporter

American International Group Inc shares fell on Wednesday as investors grew increasingly nervous before third-quarter earnings were reported after the close and a takeover premium evaporated.

HONG KONG, Nov 7 (Reuters) - Oil soared above $98 a barrel for the first time on Wednesday and gold rose to a 28-year high as investors sought shelter from the falling dollar, which plumbed all-time lows.

Stocks fell on Wednesday as fear of more credit market turmoil raised worry about prospects for the economy and profits. New York Attorney General Andrew Cuomo said his office was sending subpoenas to government-sponsored mortgage financiers Fannie Mae and Freddie Mac as part of a probe of the home loan industry.

Nasdaq Stock Market Inc on Wednesday confirmed it would acquire the Philadelphia Stock Exchange for $652 million, a move that will let the No. 2 U.S. stock exchange expand its presence in the fast-growing equity options business.

President Mikhail Saakashvili declared a state of emergency in the Georgian capital Tbilisi on Wednesday after police fought pitched battles with protesters, and the prime minister said there had been an attempt at a coup.

The Writers Guild of America'smedia strategy has both shied away from and desperately needed a public face.

CHICAGO, Nov 7 (Reuters) - Travel Web site Expedia Inc said on Wednesday quarterly profit rose 69 percent on a surge in bookings primarily in rapidly growing European markets.

New York Attorney General Andrew Cuomo announced on Wednesday that his office was sending subpoenas to Fannie Mae and Freddie Mac as part of his expanding probe of the home mortgage industry. The subpoenas seek information on the mortgage loans that the two companies purchased from banks, including Washington Mutual, Cuomo said.

The dollar dropped to record lows versus the euro on Wednesday after comments by a Chinese official stoked fears the central bank of the world's fourth largest economy would reduce its holdings of U.S. assets.

The dollar hit record lows versus the euro on Wednesday, knocking major stock markets as General Motors posted its biggest quarterly loss ever which rattled investors already concerned about the U.S. economy.

Does Asia have more to fear from rising petrol prices as crude oil hurtles towards $100 a barrel than it does from slowing growth in its biggest export market of the United States?

Indian media company Network18 said on Wednesday it would invest $90.5 million over three years in its joint venture with Viacom Inc, which will launch a Hindi-language general entertainment channel in India next year.

Dutch financial group ING will buy a 25.2 percent stake in Thailand's TMB Bank, TMB officials said on Wednesday after the money-losing Thai bank rejected a last-minute rival bid.

Washington Mutual Inc, the largest U.S. savings and loan, said on Wednesday the U.S. housing slump will persist through 2008, causing loan losses to mount and mortgage lending to fall to an eight-year low.

New York Attorney General Andrew Cuomo is expected to announce on Wednesday he is examining what role Fannie Mae and Freddie Mac might have played in an alleged scheme to inflate appraisals of home values, sources familiar with the investigation said.

Nasdaq Stock Market Inc said on Wednesday it would acquire the Philadelphia Stock Exchange for $652 million, a move that will let the No. 2 U.S. stock exchange expand its presence in the fast-growing options business.

Citigroup Inc and Merrill Lynch & Co Inc, both seeking new chief executives after taking billions of dollars in write-downs, are considering the same five candidates for their top jobs, CNBC television reported on Wednesday.

Former Pakistan prime minister Benazir Bhutto threatened on Wednesday to lead a mass protest march to the capital unless President Pervez Musharraf quits as army chief, holds elections and restores the constitution.

Americans can watch television shows on anything from a computer to an iPod these days, but media companies and advertisers have yet to figure out how best to take advantage of all the new ways to reach audiences.

Microsoft Corp. released on Tuesday a suite of free Web services that connect to its Windows operating system, delivering a major element of its strategy to maintain the dominance of its software while extending its reach on the Internet.

At least seven people died when a gunman opened fire at a school in southern Finland on Wednesday, hours after a video was posted on YouTube predicting a school massacre.

A nonprofit group said on Tuesday production of a new laptop computer for children in developing countries had begun, a milestone that could shake up the PC industry by ushering in a new era of low-cost computing.

Oil was on the cusp of the landmark $100 a barrel level on Wednesday, helping push gold towards a record $850 an ounce as an embattled dollar hit new lows.

A global shortage of executive talent is forcing companies to be much more accommodating as increasingly restless senior managers demand less travel and more flexibility, executive search firms say.

Federal Reserve Bank of Richmond President Jeffrey Lacker said on Wednesday that assessing the credit market turmoil that started this summer may take more time and that the Fed did the right thing in making funds available, albeit at a cost.

Non-farm worker productivity increased at the strongest rate in four years during this year's third quarter, the government said on Wednesday in a report implying the economy could keep growing without generating inflation.

When the first snow falls this winter, 61-year-old Grace Murphy won't be turning on the heat in her Dorchester, Massachussetts home. With her heating oil tank at empty, she'll be huddled around her gas oven with her husband Paul, 66, and her 88-year old mother.

General Motors Corp posted its largest quarterly net loss on Wednesday, reflecting a $39-billion charge related to unclaimed tax credits and a loss at its former finance subsidiary GMAC. The largest U.S. automaker posted a third-quarter net loss of $39 billion, or $68.85 per share, compared with a loss of $147 million, or 26 cents per share a year earlier.

Toyota Motor Corp, the world's most profitable automaker, posted a 2.7 percent rise in quarterly operating profit thanks to a weaker yen, stronger sales and cost cuts and nudged up its full-year forecasts.