INVESTMENT

Citigroup Inc said on Wednesday it will outsource the core processing elements of a U.S. receivables management business to First Data Corp, saving money and reducing about 500 jobs.

Shareholders of four funds at Fidelity Investments, the world's largest mutual fund manager, rejected a proposal on Wednesday that would have blocked investments in companies linked to genocide.

U.S. stocks jumped on Wednesday with the S&P 500 racking up its three best days since March, sparked by results from bellwether Intel Corp that lifted hopes for a rebound in technology spending and improved corporate profitability.

Two key components of the Obama administration's bold plan to reshape U.S. financial regulation came under attack on Wednesday, with lawmakers and lobbyists engaged in a reform debate of immense scope.

U.S. stocks racked up strong gains on Wednesday, sparked by results from bellwether Intel Corp that lifted hopes for a rebound in technology spending and improved corporate profitability.

The Obama administration on Wednesday will send Congress legislation demanding that hedge fund managers submit to new registration and disclosure rules to boost transparency and limit any risks they pose to the financial system, a senior U.S. Treasury official said.

A former Credit Suisse trader facing trial on charges of fraudulently selling $1 billion worth of mortgage-backed auction-rate securities, has been arrested after two months on the run, according to a court document made public on Wednesday.

The Senate health committee approved its version of healthcare reform on Wednesday. The following are some of the provisions in the legislation:

U.S. regulators on Wednesday filed civil charges for insider trading against 11 people, including a 26-year-old former Goldman Sachs Group Inc investment banking analyst accused of leaking confidential merger information to his brother.

Citigroup has become the latest bank to rebuild its European oil and gas investment banking team, rehiring James Sleeman and naming another senior banker as a global co-head covering the sector.

Ellington Financial LLC, a specialty finance company, is planning to raise up to $200 million in an initial public offering, according to a prospectus filed on Tuesday.

British bank Barclays Plc is considering the sale of its private equity business and will meet investment partners this week to discuss the issue, several people familiar with the matter said.

China Pacific Insurance (Group) Co Ltd, the country's third-largest life insurer and partly owned by the Carlyle Group, is set to relaunch its Hong Kong IPO, according to sources, after its first attempt failed last year when markets plunged.

Two of the biggest U.S. credit card companies, Capital One Financial Corp and Discover Financial Services , reported lower-than-expected defaults and delinquencies in June, sending their shares sharply higher.

Hedge fund swindler Samuel Israel was ordered to serve two more years behind bars on Wednesday for a wild escapade in which he faked his own death in an attempt to avoid a 20-year prison sentence.

The biggest U.S. pension fund has sued the top three ratings agencies in a complaint linked to big losses linked to complex investments.

A U.S. judge refused on Tuesday to dismiss an insider-trading charge against former Bear Stearns hedge fund manager Ralph Cioffi, court documents showed.

U.S. stocks headed for a sharply higher open on Wednesday as Intel Corp's solid quarterly results and outlook reinforced hopes for an economic recovery and a rebound in technology spending.

Stock index futures pointed to a higher opening for Wall Street on Wednesday, as investor confidence was boosted by results and an upbeat outlook statement from chipmaker Intel .

Global stocks rose to their highest level in nearly two weeks on Wednesday as blockbuster results from major firms such as tech bellwether Intel Corp underpinned appetite for riskier assets.

Calpers, the biggest U.S. public pension fund, has filed a suit in a California state court in connection with $1 billion in losses that it says were caused by inaccurate credit ratings from the three leading ratings agencies, The New York Times reported.