BUSINESS

The financial situation in Iraq, one of the world's largest reservoirs of crude oil, has become grave.

"It?s unsafe to shoot in Mumbai nowadays. Our limbs are at stake. So is our property."

General Motors Company (NYSE: GM) on Wednesday reported July U.S. car sales fell 6 percent compared with the year before as retail sales fell modestly and fleet sales plummeted.

Missy Franklin, the 17-year-old American swimming star who has warmed the hearts of millions around the world with her charismatic personality and strong performance at the Olympics, including a gold medal in the 100-meter backstroke.

The ADP employment report out Wednesday morning seemed to have a bit for everyone, with both optimists and pessimists claiming the data release supported their views. A slightly more nuanced view of the data seems to hand the case to the bears

July US car sales diverged for American manufacturers Ford and Chrysler, the first two carmakers to report sales for the month.

Ford Motor Company (NYSE: F) reported U.S. July car sales were down 4 percent compared to the year before due to weak fleet sales.

Chrysler Group LLC, a subsidiary of Italian Fiat SpA (Milan: F), reported its best July U.S. car sales since before the recession Wednesday.

MF Global Holdings Ltd (PINK: MFGLQ)'s brokerage customers will be able to get all their money back.

Rail transport was paralyzed, hospitals had to rush to use back-up generators, roads became clogged with traffic jams, and water supplies were disrupted, among a multitude of other breakdowns.

The U.S. private sector added more jobs than forecast in July, ADP reported on Wednesday, giving the market some relief after three sluggish months as it awaits Friday's government employment report.

In the wake of multiple reports claiming that Apple would make its sixth generation iPhone, unofficially called the "iPhone 5," public at a special event in September, another report from Asia hit the web Tuesday, suggesting that the delivery schedule and the early shipment of the flagship smartphone might be disrupted due to low yield rates of in-cell touch panels the device is rumored to feature.

India's exports and imports declined for the second consecutive month in June due to the global economic slowdown and a fall in the prices of oil.

Taxpayer money is sent to help save the troubled Japanese utility, but that sum won't be coming back for the foreseeable future.

General Motors Company (NYSE: GM) is expected to report profits down 51.7 percent for the second quarter of 2012 as the company continues to slog through an uphill battle to restructure its loss-making European Opel-Vauxhall unit and to sell through high levels of North American inventory.

Asian stock markets were mixed Wednesday as investors remained cautious ahead of the outcome of the two major central bank meetings.

U.S. stock index futures point to a higher opening Wednesday as investors were hopeful that stimulus measures will be announced in the Federal Reserve?s meeting to declare policy action.

Most of the European markets rose Wednesday amid optimism among investors that the European Central Bank would announce bold stimulus measures to rejuvenate the economy and regain growth momentum.

The Americans only score once, but it's enough to beat a scrappy North Korean squad.

The top after-market NYSE gainers Tuesday were Genworth Financial, Meritage Homes Corp, Laboratory Corp of America Holdings, Radian Group and Halcon Resources Corp. The top after-market NYSE losers were Kraton Performance Polymers, Polypore International, Con-way, Medifast Inc and AmerisourceBergen Corp.

The top after-market Nasdaq gainers Tuesday were Silicon Image Inc, Global-Tech Advanced Innovations Inc, Depomed Inc, Merge Healthcare Inc and Papa John's International Inc.The top after-market Nasdaq losers were Career Education Corporation, McGrath RentCorp, Digital River Inc, True Religion Apparel and Horizon Technology Finance Corporation.

Palaniappan Chidambaram, who as finance minister oversaw India's strongest growth surge in the past two decades, returned to the post on Tuesday but faces a sharp economic slowdown, worsening public finances and falling exports this time around.

Most of the Asian markets fell Wednesday amid increasing concerns over the slowdown in economic growth in China as the country's manufacturing activity grew at a slower pace in July compared to that in the previous month.

Asian shares fell Wednesday after four days of gains, as expectations of stimulus action this week by the U.S. Federal Reserve and the European Central Bank fade, and following signs of deepening Asian economic stress.

A top U.S. housing regulator refused on Tuesday to offer principal reductions for mortgages held by Fannie Mae and Freddie Mac, highlighting a sharp difference in views over the best way to aid the beleagured real estate market.

The numbers released by the White House Friday on a Friday report of the future direction of the U.S. economy look optimistic when compared to economist predictions also included in the report.

Carmelo Anthony scored for the U.S.

In spite of low expectations for profit, market-watchers are actually increasingly bullish on AIG, believing the most important thing to watch when the company reports quarterly results Thursday will be its plans to buy back stock from its largest shareholder, the U.S. government.

The Pittsburgh native set an Olympic record with a time of 1:53.61.