UNITED STATES

Fed sees more jobs lost this year, higher rates in 2010, Paulson defends tactics, U.S. China partner for clean energy

The Obama administration on Wednesday sent Congress legislation that would pry open hedge funds to wider scrutiny, requiring those with more than $30 million under management to register with the government and greatly boost disclosure.

American International Group Inc said on Wednesday it was moving ahead with spinning off a large life insurance unit, even as a source said it continues to hold sales talks with MetLife Inc.

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.

Taking advantage of investor appetite for renewable energy projects, four geothermal firms said on Wednesday they plan to combine forces to form a single, larger company that will be able to raise funds more easily to develop green power projects.

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.

A spokesman from Los Angeles Police Department (LAPD) said Wednesday the investigation of Michael Jackson's death is ongoing and currently not being treated as a homicide.

CNOOC, PTT PCL, ENI, and Osaka Gas are among companies that submitted indicative bids for a 20 to 35 percent stake in InterOil's liquefied natural gas project in Papua New Guinea, sources said.

Australian Dollar: After a quiet Asian session yesterday the Aussie dollar came to life overnight, rallying hard from 0.7950 to open this morning back above the 80 cent handle at 0.8035.

Worldwide personal computer shipments in the second quarter took a major plunge of 3 percent, according to worldwide PC tracker on Wednesday.

Space shuttle Endeavour and seven astronauts finally launched off into orbit on Wednesday on a flight to the international space station, making it its sixth attempt.

California Governor Arnold Schwarzenegger said on Wednesday he was hopeful a deal with lawmakers to resolve the state's budget crisis by closing a $26.3 billion shortfall was near, perhaps even by the end of the day.

CIT Group Inc , a major lender to small- and mid-sized U.S. businesses, said on Wednesday that talks with the government to bail out the company had ended, a development that could make bankruptcy likely.

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. Federal Reserve officials have modified their unemployment rate predictions as they expect the rate to top 10 percent above the previously forecast value of 9.6 percent. In June the nation's unemployment rate climbed to 9.5 percent, a 26-year high. The latest projections have cast a new shadow of doubt on the timing the economy will take to recover.

Michael Jackson's memorial proved to be good for business, sparking another nostalgic frenzy for his music that continues to put the King of Pop atop music charts since his sudden death three weeks ago.

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.

California's attorney general said on Wednesday his office has run dozens of doctors' names, some of them thought to be aliases, through its prescription drug database to aid police investigating the death of Michael Jackson.

British boy wizard Harry Potter conjured his magic at box offices again, as the sixth film in the highly popular movie series earned a record $22.2 million at Wednesday midnight showings in the United States.

The U.N. Security Council neared agreement on Wednesday on North Korean firms and individuals to be added to a blacklist for involvement in Pyongyang's nuclear and missile programs, diplomats said.