IBT Staff Reporter

A Federal Reserve interest rate cut this week won't be enough to save the reeling housing sector, overwhelmed by unsold homes.

A boy playing with matches has confessed to starting a wildfire that destroyed 63 structures near Los Angeles, officials said on Tuesday.

A team of U.S. experts is heading to North Korea to help ready steps to disable a key nuclear complex, senior U.S. envoy Christopher Hill said in Beijing, where he was due to meet his Pyongyang counterpart.

The dollar touched an all-time low against the euro on Wednesday, while Asian stock markets marked time as many investors sat on the sidelines ahead of a widely expected interest rate cut by the U.S. Federal Reserve.

Stock index futures were higher before Wall Street's opening on Wednesday in the run-up to the Federal Reserve's monetary policy announcement, the highlight of which is expected to be a cut in interest rates.

Turkey will push U.S. Secretary of State Condoleezza Rice this week to follow through on promises to help eradicate Kurdish rebels in northern Iraq but experts say the top U.S. diplomat's hands are tied.

Google Inc is in active talks with number-two U.S. mobile carrier Verizon Wireless about putting Google applications on phones it offers, people familiar with the matter told Reuters on Tuesday. So far talks between the Web search leader and Verizon Wireless, owned by Verizon Communications and Vodafone Group Plc, revolve around technology and potential business models such as advertising-sponsored services, one of the people said.

Asian stock markets were subdued on Wednesday while the dollar wallowed near a record low against the euro with investors reluctant to take big positions ahead of the U.S. Federal Reserve's decision on interest rates.

Merrill Lynch agreed to a retirement package with its embattled Chairman and chief executive Stan O’Neal less than a week after the company posted its biggest quarterly loss ever, giving him $161.5 million in stock and benefits, but no bonus for 2007.

Oil fell $4 to below $90 a barrel on Tuesday, plummeting from its record high in a broad commodity sell-off sparked by uncertainty over how aggressive the U.S. Federal Reserve will be in fueling economic growth.

Federal Reserve policy-makers are widely expected to cut interest rates on Wednesday, but if they make no move, investors will wonder what the Fed knows that they don't and question its commitment to transparency.

The rapid fall of Stanley O'Neal from the helm of Merrill Lynch & Co Inc has left investors wondering who else in the banking industry may pay a price for the U.S. subprime mortgage crisis.

Brazil, the only bidding country, was named as the host nation of the 2014 World Cup finals by world soccer's governing body FIFA on Tuesday.

Stocks fell on Tuesday after a weak outlook from Procter & Gamble, disappointing earnings from U.S. Steel and a report showing consumer confidence at a two-year low fueled worries about the economy, consumer spending and corporate profits. Adding to the nervous atmosphere was some uncertainty about the outcome of Wednesday's Federal Reserve interest-rate decision, while a 3 percent pullback in oil prices hit energy stocks.

In the wake of recalls of millions of products manufactured in China, some US consumers have become wary.

Procter & Gamble Co on Tuesday posted a 14 percent increase in profit, but its shares fell 4 percent as its outlook for the rest of the year disappointed analysts, who also raised concern about its beauty business.

Federal Reserve policy-makers began meeting on Tuesday against the backdrop of a still-plummeting U.S. housing market that is sapping consumer optimism and may require more interest-rate tonic.

Consumer confidence weakened for a third month in October to its lowest since the aftermath of Hurricane Katrina as gasoline costs rose and the housing slump worsened. Indeed, a separate report showed home prices posted their biggest drop in 16 years during August, before a retrenchment in lending further darkened the outlook for housing.

Merrill Lynch & Co Inc ousted Chairman and Chief Executive Stan O'Neal on Tuesday, just days after reporting the biggest quarterly loss in the company's history, making him the highest-ranking casualty in the U.S. subprime mortgage crisis. Board member Alberto Cribiore will be interim chairman while day-to-day operations will be overseen by the firm's co-presidents, Ahmass Fakahany and Greg Fleming.

Given the Writers Guild of America contract expiration of midnight Wednesday, scribes are feverishly putting finishing touches on their projects and having them biked or messenger-pouched over to the studios.

Anti-poverty groups the ONE Campaign and DATA, both co-founded by rock star Bono, will merge in the United States to form a single organization in tackling poverty, especially in Africa, officials said on Monday.

A peek inside the private world of legendary actress Katharine Hepburn reveals a woman resembling the strong-willed characters she often portrayed.

Gold retreated on Tuesday as investors took profits after the precious metal rose to its highest level in 28 years the previous day, lifted by record-high oil and a weak dollar, while silver hit an 8-month high.

Stocks fell on Tuesday after disappointing quarterly results from Procter & Gamble and U.S. Steel hurt confidence in the earnings outlook, while a Wall Street Journal article raised doubt the Federal Reserve would lower interest rates this week.

The dollar traded little changed against the euro and a major currency basket on Tuesday, paring some of its earlier gains due to data showing U.S. consumer confidence fell to its lowest in two years.

Japan's Resona Holdings Inc said on Tuesday it would likely beat its first-half profit forecast by 20 percent, helped by strong commissions and lower credit costs, and said it had no direct exposure to the troubled U.S. subprime mortgage market.

Indian No. 2 listed real estate firm Unitech Ltd said on Tuesday its consolidated quarterly profit quadrupled as it sold more houses and commercial properties in the booming economy.

Leading negotiating nations are closer than ever before to concluding successfully the arduous Doha round of world trade talks, India's trade minister said on Tuesday, adding an end-2008 deadline could be reached.

Japan's jobless rate rose unexpectedly last month, reinforcing expectations the Bank of Japan will delay its next rate rise, although household spending jumped more than forecast.