UNITED STATES

Billionaire Carl Icahn's sweetened $3 billion buyout offer for auto parts maker Lear Corp. has gained little traction among top advisory firms or shareholders ahead of a scheduled vote next week.

Japan's Nikkei average slipped 1.11 percent on Wednesday to its lowest finish in nearly two weeks, hurt by a tumble in U.S. stocks and a stronger yen.

U.S. apparel company Liz Claiborne Inc. said on Wednesday that it will cut up to 800 jobs and consider its options for 16 apparel brands under a plan to cut costs.

DaimlerChrysler shares fell more than 2 percent on Wednesday on market talk of possible financing difficulties for the sale of U.S. carmaking arm Chrysler to Cerberus, traders said, but Daimler said it was not aware of any difficulties.

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.

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.

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.

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.

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

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.

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.

China posted a record trade surplus of $26.9 billion in June as exporters rushed shipments ahead of tax rebate cuts, handing more ammunition to critics who say Beijing's weak currency gives it an unfair trade advantage.

Taiwan's army has selected Boeing Co. over Bell Helicopter to supply 30 attack helicopters in a deal worth more than $1.5 billion, a defense official said on Tuesday.