IBT Staff Reporter

The consortium that agreed to buy student lender Sallie Mae for $25 billion said on Wednesday that as of today conditions for the closing of the deal would not be met.

Credit rating agencies drew more fire on Wednesday as a powerful U.S. regulator said it was investigating if their judgment had been colored by money from customers selling subprime mortgages.

Stocks climbed and a downtrodden dollar recovered on Wednesday as optimism over a tentative deal to end a strike at General Motors offset data showing a retreat in business spending.

China Shenhua Energy, the country's biggest coal producer, raised 66.58 billion yuan ($8.9 billion) in China's largest domestic IPO after pricing the share offer at the top of an indicative range.

Nasdaq Stock Market Inc and Borse Dubai, aiming to muscle out potential rival bidders, boosted an offer for OMX to $4.9 billion on Wednesday and pushed close to a majority stake in the Nordic exchange group.Borse Dubai is offering 265 Swedish crowns ($40.57) per share, up 15 percent from a previous offer of 230 crowns. It has now secured 47.6 percent of OMX in stock or options for shares.

Japan Post bank will expand into the home mortgage market, partnering with regional banks, it announced on Wednesday.

Japan's Hitachi Ltd is mulling options for its ailing hard disk drive business including bringing in a strategic investor to turn the business around, sources close to the matter said.

An international campaign kicked off today in an attempt to mend trade relations between Africa and Europe.

A section of a Japanese-funded bridge under construction in southern Vietnam collapsed on Wednesday, killing up to 60 workers and injuring about 100 in the country's worst such disaster.

Merrill Lynch & Co Inc faces a $1.5 billion third-quarter loss on its fixed-income business, driven by $4 billion in asset write-downs connected to leveraged loans and mortgages, a Goldman Sachs analyst said on Wednesday.

Bear Stearns Cos Inc shares jumped 4 percent on Wednesday on rumors the investment bank, which has faced hedge fund losses and asset write-downs, is close to selling a minority stake to another financial institution, traders said.

Stocks gained on Wednesday as a tentative labor agreement at General Motors Corp eased worries about Detroit's automakers and more weak economic data added to expectations for another cut in interest rates.

The United States rejected on Wednesday Iran's claim that its nuclear program is a "closed" matter and said it would keep pushing for fresh U.N. Security Council sanctions that are resisted by China and Russia.

The blazing morning sun promises another triple-digit day, and inside Stage 16 at

Cisco Systems Inc said on Tuesday that it will cooperate with the Haier Group, China's largest manufacturer of household appliances, to build networking systems for home and individual users, as well as expanding the Chinese and international markets.

New orders for costly U.S.-made manufactured goods dropped at the sharpest rate in seven months during August, according to a government report which added to signs growth was slowing in the third quarter.

U.S. home loan applications slumped last week after climbing for three straight weeks, an industry group said on Wednesday, as falling demand for home purchase loans overshadowed a fourth consecutive weekly rise in refinancing requests.

The International Monetary Fund (IMF) on Wednesday said it expected Chilean economic growth to slow to 5.3 percent next year from 5.8 percent in 2007, but said the economy was well placed to weather external shocks.

General Motors Corp's quick settlement with its major union allows the softening U.S. economy to sidestep another blow and sets the stage for similar deals that could boost domestic automakers, analysts and investors said on Wednesday.

The gross domestic product of the U.K. grew by 0.8 percent in the second quarter, according to a new report released by the Office for National Statistics (ONS), on Wednesday.

China Shenhua Energy, the courntry's largest coal producer, has attracted a record 2.67 trillion yuan (US 355.6 billion) in subscriptions for its A-share innitial public offering (IPO),according to the China Securities Journal.

Sony Corp sold about 250,000 units of the new version of the PlayStation Portable in Japan in the four days since its launch, a game magazine publisher said on Wednesday, roughly matching total Japanese sales of the original PSP in the two months through August.

The International Monetary Fund (IMF) on Wednesday said it expected Chilean economic growth to slow to 5.3 percent next year from 5.8 percent in 2007, but said the economy was well placed to weather external shocks.

Warner Bros Entertainment has agreed with United Arab Emirates' Aldar Properties and a UAE media company to set up a film and video game production firm, state-controlled Aldar said on Wednesday.

The dollar rebounded from record lows against the euro on Wednesday, brushing aside a steeper-than-expected fall in August durable goods orders as buyers took advantage of cheap exchange rates.

The dollar rebounded from record lows against the euro on Wednesday, brushing aside a steeper-than-expected fall in August durable goods orders as buyers took advantage of cheap exchange rates.

Microsoft Corp has cemented its reputation among hardcore gamers with the launch of alien shoot-out Halo 3, but it is still struggling to attract the mass market audience that has flocked to Nintendo Co Ltd's Wii console.

Top U.S. nuclear negotiator Christopher Hill said on Wednesday North Korea could move ahead to "disable" its nuclear arms programmes by the end of this year, adding it was important to remain focused.

Sudan's northern government has taken $6.51 million from the south's oil revenues, saying it was for custom exemptions granted to vital aid to rebuild the war-torn region, a southern official said.