IBT Staff Reporter

Watson Pharmaceuticals Inc posted lower net income on Wednesday, as the generic drugmaker added spending to launch two brand-name medicines and saw lower revenue from its distribution unit.

Israeli naval commandos have boarded a ship carrying Iranian-supplied rockets destined for Lebanon's Hezbollah group and taken the vessel to an Israeli port, the government said on Wednesday.

The Walt Disney Co has received Beijing's nod to build a theme park in Shanghai, in a major advance for the media and entertainment company in the tough China market ahead of President Obama's first China visit.

U.S. authorities allowed Sri Lanka's military chief to return home without being questioned over human rights violations in the last months of the country's 25-year civil war, the Foreign Ministry said on Wednesday.

China Merchants Securities Co won regulatory approval for an initial public offering in Shanghai that could fetch $2 billion, setting off a return of big IPOs to the mainland stock market after share prices stabilised.

Tropical storm Mirinae killed 42 people after plowing into central Vietnam this week and several others are missing, state media reported on Wednesday.

Shares of Hyatt Hotels Corp will price on Wednesday and are set to start trading on Nov. 5, a day earlier than previously planned, according to some of the company's underwriters.

Direcional Engenharia, a Brazilian building company, said on Wednesday that it was seeking to raise up to 228 million reais ($130 million) through the sale of common stock in an initial public offering.

General Motors' move to scrap the sale of its Opel unit and raised forecasts from Nissan Motor Co lifted confidence in the global auto industry's recovery on Wednesday.

The U.S. services sector, which represents about 80 percent of U.S. economic activity, grew for the second consecutive month in October, while the labor market also showed signs of improvement in data published on Wednesday.

Goldman Sachs has agreed to sell half of its holding in Shineway Group, China's top meat processor, to a Chinese fund for about $150 million, earning roughly five times its investment from the landmark 2006 deal, sources with direct knowledge of the matter said on Wednesday.

Fertilizer maker Terra Industries Inc rejected a sweetened $4.1 billion takeover bid from rival CF Industries Holdings Inc on Wednesday in the latest twist in a takeover battle going on since January.

Spanish telecommunications company Telefonica raised its offer for Brazilian rival GVT on Wednesday by 5.2 percent, seeking to trump a potential counteroffer by French media group Vivendi and seal a deal by the end of the month.

U.S. stocks rose broadly on Wednesday on positive economic data and ahead of a Federal Reserve statement on interest rates and the economy that is expected to keep government support in place.

Automatic Data Processing Inc posted higher quarterly earnings on Wednesday as the world's largest payroll processing company trimmed expenses to offset lower sales.

U.S. stocks rose broadly on Wednesday on positive economic data and ahead of a Federal Reserve statement on interest rates and the economy that is expected to keep government support in place.

Merck & Co and Schering-Plough Corp said their $41.1 billion merger will be completed later on Tuesday, marking the close of the second huge deal in the pharmaceutical industry in recent weeks.

The global meltdown and resulting implosion in vehicle sales over the past year have pressured everyone in the automotive sector, creating opportunities for some players while leaving others subject to bankruptcy, consolidation or concessions.

Republicans rolled to victory in Virginia and New Jersey governor's races on Tuesday in a sharp blow to Democrats that showed the limits of President Barack Obama's political clout.

The main rival to Sun's MySQL database has always been Oracle not Microsoft, the creator of MySQL said, as Europe nears an antitrust decision on Oracle's proposed $7 billion purchase of Sun.

Automotive suppliers can look forward to a wave of consolidation as businesses hit hard by the crisis seek to restructure, boost economies of scale and gain access to new technologies, industry executives said at the Reuters Auto Summit.

GMAC Financial Services, a lender that has received $12.5 billion in government bailouts, posted a third straight quarterly loss on Wednesday, hurt by red ink in its mortgage business.

The U.S. labor market showed signs of improvement in October with fewer planned layoffs and private job cuts, though investors are waiting for Friday's government data for a confirmation of the trend.

Comcast Corp's quarterly profit rose 22 percent, beating expectations, as it sold more phone and Internet subscriptions, helping the top U.S. cable operator fight competition from phone and satellite companies for video subscribers.

Eight major banks which were at the front of the line for government bailouts have already set aside $117.6 billion this year to pay employees, almost as much as they paid in all of 2008, a Reuters analysis has found.

Apple began promoting its music videos on iTunes Store on Tuesday, as the company plans to expand its offering on the popular online store.

Asian stocks rise for first day in three on profit optimism; Toyota gains.

Police clashed with supporters of Iran's opposition leader Mirhossein Mousavi in Tehran on Wednesday when a rally marking the 30th anniversary of the storming of the U.S. embassy turned violent.

Comcast Corp's quarterly profit rose 22 percent as customers signed up for additional phone and Internet services, helping the top U.S. cable operator fight competition from phone and satellite operators.