IBT Staff Reporter

Ford Motor Co said on Wednesday it is nearing an agreement to sell its Volvo Swedish cars unit to China's Geely in a deal that underscores China's arrival as a major force in the global auto industry.

The Nasdaq rose on Wednesday after solid earnings from Micron Technology and Red Hat, but an unexpected drop in new home sales limited gains on the broader market.

Ford Motor Co.'s sale of Volvo Car Corp. to the parent company of Chinese automaker Geely is expected to close by June of 2010, the company said today, more than three years after Ford began to dismantle its premium auto group which once included Jaguar, Land Rover and Aston Martin.

U.S. Senate Democrats cleared the second of three 60-vote hurdles on President Barack Obama's healthcare overhaul on Tuesday, moving its version of the landmark legislation one step closer to passage before Christmas.

At least 11,516 people around the globe have died from the H1N1 flu virus since the pandemic emerged in April, the World Health Organisation (WHO) reported on Wednesday.

Shipping and oil group A.P. Moller-Maersk (MAERSKb.CO) has agreed to buy Devon Energy Corp's (DVN.N) stakes in the Cascade, Jack and St. Malo oilfields in the Gulf of Mexico for $1.3 billion, the firms said on Tuesday.

Veolia Environnement (VIE.PA) is in talks with Italian train operator Trenitalia to run its own high-speed train services in France, a person familiar with the matter said on Wednesday.

The snowstorm that walloped the East Coast over the weekend hit retailers hard, forcing store closures and keeping shoppers at home by the fire. But those heavy storm clouds had a silver lining for shippers like United Parcel Service, the world's largest package delivery company, whose business peaks annually with the global gift-giving frenzy that culminates around Christmastime.

Shares of MGIC Investment Corp fell nearly 10 percent, a day after the largest U.S. mortgage insurer said two units of Bank of America Corp filed a complaint for declaratory relief against it in the Superior Court of the State of California.

An American Airlines Boeing 737 (AA331) carrying more than 150 passengers and crew overshot the runway last night in Kingston, Jamaica.

Maura Shaughnessy, manager of the MFS Utilities fund, has bicycled across New Zealand and Italy and in the Grand Canyon, not to mention completing an annual 192-mile charity ride in Massachusetts 16 times.

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The Nasdaq advanced on Wednesday, boosted by the tech sector's strength after solid earnings from Micron Technology and Red Hat.

Allied Healthcare International (AHCI.O) said it had made an indicative cash offer for homecare services provider Supporta (SOR.L), sparking the prospect of a bidding war with British social housing provider Mears (MERG.L).

In the nights before Christmas, some U.S. retailers are opening their doors round the clock to wring out every last possible holiday sale.

Spain's Telefonica (TEF.MC) said on Wednesday its O2 unit had bought voice-over-Internet-protocol provider Jajah for 145 million euros ($207.6 million). The all cash deal is subject to approval by Spain's antitrust authorities, Telefonica said.

Tata Teleservices [TATASL.UL], India's sixth-largest mobile operator, said it signed 3.3 million users in November, leading industry additions for the fourth straight month and taking its customer base to 54 million.

Wal-Mart Stores Inc will continue its holiday discounts and deals into the week after Christmas, the world's largest retailer said on Wednesday, as it introduces new deals and extends some old ones.

Bankrupt telecom equipment maker Nortel Networks Corp (NRTLQ.PK) has sought court approval to sell certain assets of its Carrier voice over Internet protocol and application solutions business to Genband Inc for $282 million, court papers showed.

Glencore , the secretive Swiss commodities trader, took a step toward a public listing valuing it at more than $35 billion, as investors bought bonds that could give them a near 6 percent stake.

Sales of newly built U.S. single-family homes unexpectedly fell to their lowest level in seven months in November, data showed on Wednesday, dealing a blow to the housing market's recovery.

Sales of newly built U.S. single-family homes unexpectedly fell to their lowest level in seven months in November, data showed on Wednesday, dealing a blow to the housing market's recovery.

Consumer sentiment improved in December from November on some income growth and less gloomy job conditions, a survey showed on Wednesday.

The Nasdaq and the S&P 500 rose toward session highs on Wednesday as shares of technology and those of natural resource companies advanced on the back of U.S. dollar weakness, but the Dow traded near breakeven after briefly turning positive.

Wells Fargo & Co , the fourth-largest U.S. bank by assets, on Wednesday said it repaid the $25 billion government bailout it received during the financial crisis, after last week selling $12.25 billion in stock.

The Treasury Department will ask Congress to ease restrictions on the use of bank bailout funds so that it can use some of the money to encourage more lending to small businesses, a department official said on Wednesday.

The Dow and the S&P 500 barely budged on Wednesday, as the indexes pulled back from early gains after data showed new home sales fell unexpectedly in November.

Bristol-Myers Squibb Co lowered its 2009 outlook on Wednesday to reflect the completion of its spinoff of Mead Johnson Nutrition Co .

American Idol judge Simon Cowell has decided to quit the top-rated TV talent show when his contract ends in 2010, according to a report in British tabloid The Sun, which would deal a blow to the Fox network.