IBT Staff Reporter

World stocks fell and the dollar hit a record low against the euro on Wednesday after signs of fresh woes in the U.S. high-risk mortgage sector rekindled concerns about the potential impact on the wider economy.

Ventana Medical Systems Inc. said on Wednesday that its board unanimously rejected a $3 billion tender offer from Swiss drugmaker Roche Holding AG.

The dollar weakened broadly on Wednesday, striking a record low versus the euro and a 26-year trough against sterling as growing fears surrounding the U.S. subprime mortgage and credit sectors gripped financial markets.

The new kings of Wall Street -- as the managers of booming private equity and hedge funds have been dubbed in the business press -- will come under unaccustomed scrutiny on Wednesday before the U.S. Congress.

OPEC can do nothing about the high price of oil because factors other than crude supply have sent the market to near record levels, Qatar's Energy Minister said on Wednesday.

U.S. stock index futures pointed to a higher start on Wall Street on Wednesday, recovering from the previous session's fall, when housing weakness hit shares. U.S. stocks slid on Tuesday as the subprime mortgage crisis escalated, undermining banking shares, while Home Depot and other housing-related companies cut their outlooks.

Dow Jones & Co. , in talks for a takeover by News Corp., met with supermarket magnate Ron Burkle and Internet entrepreneur Brad Greenspan on Tuesday in an effort to find an alternative offer, a source familiar with the situation said.

Microsoft Corp. said on Tuesday it will hold firm on pricing for its Xbox 360 game console, defying widespread expectations that it would respond to a price cut by rival Sony Corp. for the PlayStation 3.

Private equity corporate raiders who have so far sidestepped the mining sector despite widespread consolidation, could soon reset their sights, global accounting and consulting firm Ernst & Young said on Wednesday.

Gold rose to its highest level in more than one month on Wednesday on a weak U.S. dollar and dealers said the metal was gaining momentum to hit new highs.

Citigroup plans to boost the number of its branch locations in Japan by 40 percent to about 200, including those of recently acquired brokerage Nikko Cordial Corp., as the financial firm looks to move beyond a niche role in the world's second-largest economy.

A U.S. investment fund is putting pressure on NEC Corp. to give up control of its ailing chip making unit by offering $1.25 billion for a 25 percent stake, the latest foreign shareholder to apply heat on what they see as

Danone had most likely bought Numico shares on the open market in high volume trading last Friday.

China's main stock index ended up 0.33 percent on Wednesday, buoyed by strong real estate and bank stocks, but investors remained worried that imminent initial public offerings may swamp the market with fresh supplies of shares.

The Bush administration is expected to slash its 2007 budget deficit estimate when it updates its forecast on Wednesday, but uncertainty over slowing corporate receipts may lead the White House to express a more cautious view than some in the financial markets.

Stocks slid on Tuesday as the subprime mortgage crisis escalated, undermining banking shares, while Home Depot Inc. and other housing-related companies lowered their outlooks.

Competition within the video game industry is expected to be fiercer than ever over the next 5 years but no single company will grab the whole market, researchers say.

Shares of Gemstar-TV Guide International Inc. (Nasdaq: GMST) jumped on Tuesday after the company said it was exploring strategic partnerships, including possibly selling itself.

Advanced Micro Devices said on Tuesday that the former president and chief executive of ATI Technologies, has resigned as executive vice president of AMD, effective the end of July.

Dell Inc. (Nasdaq: DELL) unveiled a new line of personal computers aimed at small-businesses on Tuesday as it moves to boost its sales and regain its position as the top computer maker.

TiVo Inc. on Tuesday said many of its customers can now order pay-per-view movies and television shows from Amazon.com's download service directly from their TV, without a personal computer.

Swings in volatile energy and food prices will have minimal impact on inflation as long as expectations of future price gains are held steady, Federal Reserve Chairman Ben Bernanke said on Tuesday.

Dell Inc. has made progress in its turnaround efforts but still has 'a long way to go' to spur personal computer sales and regain lost market share, Chief Executive Michael Dell said on Tuesday.

It’s unlikely that Apple, Inc. is working on a new cheaper version of its iPhone mobile device to replace its iPod Nano music players soon, said one analyst Wednesday.

Oil neared another 11-month high on Tuesday, extending nine days of gains that have lifted crude by $6 to within striking distance of its record above $78.

Ford Motor Co. said on Tuesday it would boost output in Russia to 125,000 cars per year by 2009 from 72,000 as it seeks to satisfy booming demand in Europe's fastest growing major car market.

The Dutch Supreme Court will issue its ruling on ABN AMRO's suspended sale of its U.S. unit LaSalle on Friday and the decision could sway an acrimonious takeover battle for the Dutch bank.

Home improvement retailer Home Depot cut its 2007 earnings outlook on Tuesday, citing weakness in the U.S. housing market and said it was launching a tender offer for 250 million shares.

BHP Billiton Ltd/Plc, the world's biggest miner, is in talks with private equity firms to team up for a possible $40 billion bid for U.S. aluminum company Alcoa Inc., the Times said on Tuesday.