UNITED STATES

Alcoa's quarterly loss smaller than expected

Alcoa Inc posted a third consecutive quarterly loss on Wednesday, but cost cuts helped the largest U.S. aluminum maker beat Wall Street estimates by a large margin, sending its stock higher.

Daily Wrap-Up - July 8 - Energy

Senators Harry Reid, Robert Menendez and Orrin Hatch, accompanied by Texas oilman T Boone Pickens on Wednesday introduced newly proposed a Natural gas legislation. The G8 agreed on Wednesday to try to limit global warming to 2 degrees Celsius. The head of the American Petroleum Institute Jack Gerard called for more drilling to bring additional domestic energy supplies to the marketplace

White House unhappy with IMF limits in US spending bill

The Obama administration on Wednesday said it strongly opposed legislation in the U.S. Congress that would restrict its ability to respond to future financial crises through the International Monetary Fund.

Dow, Nasdaq squeeze out gains before Alcoa results

The Dow and the Nasdaq eked out gains on Wednesday as a late-stage rally brought stocks off their lows on hopes that the quarterly earnings season would deliver good news.

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Daily Wrap up July 8 - Tech

Amazon lowered the price of the popular Kindle 2 by $60 to $299 on Wednesday, just two months after it first introduced the e-reader into the market.

G8 agrees to limit global warming; China, India resist

The G8 agreed on Wednesday to try to limit global warming to 2 degrees Celsius and cut its greenhouse gas emissions by 80 percent, but it failed to persuade China and India to join a bid to halve world emissions.

More Americans than ever are obese: CDC

Americans are getting heavier than ever, with more than 26 percent of the population now fully obese, the U.S. government reported on Wednesday.

Jackson burial a mystery, album sales soar

Burial plans for Michael Jackson were a mystery Wednesday as attention returned to doctors who may have prescribed powerful drugs for the entertainer.

G8 commits to reach $15B for world food security

The G8 nations have made a draft declaration on Tuesday to commit $15 billion for world food security over several years for agricultural development in poor countries.

Democrats hunting for votes for U.S. healthcare deal

Congressional Democrats hunted for votes for a mammoth healthcare overhaul on Wednesday as critics attacked the Obama administration's new cost-savings deal with hospitals as a sham.

Unwind policy once growth sustainable: Fed's Evans

The U.S. recession should end in the second half of 2009 but the Federal Reserve needs clearer signs of sustainable growth to start reversing course on policy, Chicago Fed president Charles Evans said on Wednesday.

Oil falls 4 percent on EIA report, economic doubts

Oil dropped over 4 percent to under $61 a barrel on Wednesday after a U.S. government report showed that distillate stocks have risen near a 25-year high, reinforcing worries about a potential economic rebound.

Deal with hospitals to save gov't $155 bln: W.House

The Obama administration announced a deal with three hospital groups on Wednesday that will save $155 billion in healthcare spending over 10 years, mainly by lowering charges for health services to the poor and elderly.

Mobile entertainment seeking players and payment

For the millions of people who spend hours glued to their computer screens chatting on social networks came the good news this year that they could finally get out more often.

Rothschild reviewing possible YRC bond deals: source

Struggling No. 1 U.S. trucking company YRC Worldwide Inc has asked investment bank Rothschild to evaluate potential bond exchanges as part of its restructuring plans, according to a source familiar with the matter.

New York indicts 13 in $100 million mortgage fraud

New York prosecutors on Wednesday said 13 people and a mortgage origination company have been indicted on charges of running a multimillion-dollar real-estate fraud that cheated lenders through sham sales.

Massachusetts sues U.S. over gay marriage rights

Massachusetts' attorney general filed a lawsuit on Wednesday against the U.S. government that seeks federal marriage benefits for about 16,000 gay and lesbian couples who have legally wed in Massachusetts.

Americans doubt insurance plans will cover cancer

Fewer than half of all Americans trust that their health insurance plans would pay for the full costs of cancer treatment and nearly two-thirds falsely believe Medicare would not pay anything, according to a survey released on Wednesday.

Pickens' pullback could signal shift in the wind

Oil billionaire T. Boone Pickens' step back from his plan to build the world's largest wind farm in Texas shows how a brutal recession could change the way the United States invests in renewable energy.

Recession should end in 2nd half 2009: Fed's Evans

The U.S. recession should end in the second half of 2009, but the Federal Reserve needs clearer signs of sustainable growth to start reversing course on policy, Chicago Fed president Charles Evans said on Wednesday.

North Korea suspected in Web attack

More than two dozen Internet sites in South Korea and the United States, including the White House, were attacked in recent days by hackers that South Korea's spy agency said may be linked to North Korea.

Pepsi Bottling beats Street despite light volume

Pepsi Bottling Group Inc reported a higher-than-expected quarterly profit as price increases and stronger U.S. sales of carbonated soft drinks helped offset declining demand for pricier beverages.

Market falls on recovery concerns, ahead of earnings

U.S. stock indexes fell on Wednesday on lingering worries about the state of the economy and the uncertain outlook for second-quarter earnings, though surprisingly strong demand for a Treasury auction limited losses.

Obama not talking about second stimulus: official

U.S. President Barack Obama's administration is not discussing a second stimulus plan to jolt the U.S. economy out of recession, a White House budget official told Congress on Wednesday.

Pickens's pullback could signal shift in the wind

Oil billionaire T. Boone Pickens's step back from his plan to build the world's largest wind farm in Texas shows how a brutal recession could change the way the United States invests in renewable energy.

U.S. accuses six in $140 million trans-Atlantic scheme

Six employees of Wall Street retail brokerage Sky Capital ran a $140 million transatlantic boiler room to defraud investors in the United States and Britain, authorities charged on Wednesday.

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