IBT Staff Reporter

National City Corp, a large U.S. Midwest bank, on Wednesday said third-quarter profit fell 80 percent, as mortgage losses mounted even after the sale of a subprime lending unit to Merrill Lynch & Co.

Nasdaq Stock Market Inc , the second-largest U.S. equities exchange, posted a higher quarterly profit on Wednesday, helped by a gain from the sale of its stake in the London Stock Exchange.

Freddie Mac sharply shrank its holdings of mortgage securities in September and kept the portfolio below a growth limit set by its regulator, the second largest U.S. home funding company said on Wednesday.

At least half a dozen children from top Indian film families are debuting this year in Bollywood, a clannish industry that has for generations shoehorned its sons and daughters into instant stardom.

Merrill Lynch & Co Inc reported $7.9 billion in net write-downs for the third quarter on Wednesday as shaky risk management and bad bets on subprime mortgages and collateralized debt obligations triggered the company's first quarterly loss in six years. More write-downs could be on their way if the company further cuts its exposure to CDOs.

China launched its first moon orbiter on Wednesday accompanied by a blaze of live-to-air patriotic propaganda celebrating the country's space ambitions and technological prowess.

It's soft, it glows and if it's in a crash, nothing will get badly dented -- maybe. Honda Motor Co's new Puyo concept car has no sharp edges and is covered in soft silicone so it can absorb the force of light collisions.

A Nintendo computer game that allows players to practice their golf swing or fine-tune their tennis stroke in their living room has won six Bafta awards. The Japanese company's top-selling title Wii Sports swept the board at the British Academy Video Games Awards in central London.

The dollar held relatively steady and the yen pared gains on Wednesday after Merrill Lynch third quarter losses were deeper than original estimates but not as bad as many traders had feared immediately before the release.

Oil retreated for the fourth consecutive session on Wednesday in anticipation of a rise in U.S. crude stocks and on the possibility of increased supplies from OPEC.

Japanese tech firms Sony Corp and Kyocera Corp said they have halted some production in the San Diego, California, area because of fires raging in the southern part of the state.

Berkshire Hathaway Inc's Warren Buffett said on Wednesday he is scouring the world for big businesses, but is doubtful about finding a good buy in China because the market is too hot.

The world's biggest jumbo jet was set to fly from Singapore on Thursday on its long-delayed first-ever commercial flight, as part of the Singapore Airlines daily service to Sydney.

Turkish warplanes and troops have attacked Kurdish rebels inside Iraq and forces were being built up on the border, but Ankara was holding back from any major strike for now, military sources said on Wednesday.

Relentless wildfires forcing the largest evacuations in California's modern history raged into a fourth day on Wednesday as 10,000 exhausted firefighters hoped for a break in the hot winds whipping the flames.

Brokerage and investment bank Merrill Lynch & Co. is expected to post a loss for its fiscal third quarter, battered by problems in the credit market.

U.S. Treasury Secretary Henry Paulson said Tuesday that China should embrace more market oriented policies to avoid losing control of its rapidly growing economy.

CME Group Inc. and the Brazilian Mercantile & Futures Exchange S.A. said late Tuesday that they have signed a non-binding letter of intent for a cross-investment between the entities.

Japan's Nikkei 225 average rose 0.7% to 16,563.51, aided by a higher close on Wall Street for the second straight day, while the broader Topix index advanced 1% to 1,585.86.

U.S. Treasury prices rose Tuesday as bond traders ignored a rising stock market and gravitated towards bonds ahead of possibly weaker home sales report this week which may give the Federal Reserve a reason to jumpstart the economy with additional interest rate cuts.

Countrywide Financial Corp, the largest U.S. mortgage lender, said Monday it will help customers refinance or modify up to $16 billion of adjustable-rate mortgages through next year.

Hitachi one of the leading global electronics company is pulling out of the business for selling personal computers.

Towering wildfires burned out of control across Southern California for a third day on Tuesday as 500,000 people fled the San Diego area, and firefighters made a desperate stand to save a mountain town ringed by flames.

This Tuesday, European Commission executive Franco Frattini proposed to create a "blue card" for the Union that would allow skilled labor from abroad to enter and settle in the member states easier than currently.

Medical billing fraud against the U.S. government is pervasive, even rivaling the drug trade as the crime of choice in Florida.

Amazon.com Inc reported on Tuesday a drop in profit margins from the previous quarter, unpleasantly surprising investors betting on continued improvement at the world's largest Web retailer, and its shares fell 9 percent. The results beat Wall Street estimates but it was not enough to satisfy investors who have pushed the shares up to a valuation far beyond peers

The dollar fell on Tuesday as rising global stock markets increased investors’ appetites for riskier investments.

Zurich Life Insurance Co. have agreed to jointly create a life insurance company with Nissen Holdings Co., a major mail-order firm , in Japan around 2009.

Umbro, the company which makes the sports kit for the England soccer team as well as for six of the UK Premier League clubs, has today agreed to a takeover by Nike in a £285 million deal.