IBT Staff Reporter

Mexican stocks rose in light trading on Wednesday, driven by gains in leading retailer Wal-Mart de Mexico and cell phone operator America Movil.

Gold edged higher on Wednesday to trade just above a key level of $650 an ounce, but business was very low key because of a holiday in the United States.

Hong Kong property firm Chinese Estates Holdings Ltd. is in talks with investors on a possible buyout of the firm, valued at more than US$4 billion, sending its shares up as much as 30 percent to a record high.

Oil edged down on Wednesday from a 10-month high above $73 a barrel, though analysts expected the rally to resume due to low U.S. fuel inventories and expectations of strong gasoline demand.

World stocks surged to another lifetime peak on Wednesday as robust economic growth and flourishing corporate takeover activity helped to ease concerns about the prospect of higher borrowing costs.

U.S. private equity firm Blackstone Group agreed on Tuesday to buy Hilton Hotels Corp. for about $20 billion plus debt, the richest in a series of recent private equity offers for hotel companies.

British house price inflation remained in double-digits in June and prices in the service sector accelerated, according to two separate surveys on Wednesday that reinforced expectations interest rates would go up this week.

General Electric Co. expects to increase its revenues in stable developing countries like Turkey at a rate of two or three times their gross national product (GNP) growth, a regional director said on Wednesday.

The New York Times just moved into a new $600 million, 52-story building and all people want to talk about is the mice. Or the leaks. Or the screwy elevators.

Sterling jumped to a 26-year high versus the dollar for a third day on Wednesday, vaulting $2.02 and showing no signs of vertigo so far against a broadly weak dollar that stayed near record lows versus the euro.

U.S life insurer Prudential Financial Inc. is in the final stages of picking an Indian company to form an asset management joint venture to break into the market, an executive said on Wednesday.

Britain's leading share index had edged higher by midday on Wednesday, led by hotel groups after Blackstone agreed to buy Hilton, but overall activity was thin as U.S. markets are closed for a holiday and investors await an interest rate decision on Thursday.

The cars could arrive within 30 months, as ambitious Chinese rivals race to penetrate the world's big auto markets.

Progress made by Britain's Barclays in its offer for ABN AMRO demonstrates its ability to offer the Dutch bank's shareholders certainty and deliverability, Chief Executive John Varley said on Wednesday.

Makers of some of Europe's most famous wines tried to cork an EU plan to drastically cut production, saying on Wednesday it would jeopardise centuries of tradition.

U.S. private equity firm Apollo Management unveiled a $6 billion bid proposal for Huntsman Corp on Wednesday, 8 percent higher than a deal accepted by the U.S. chemical company last week.

KKR & Co. LP, the prominent U.S. buyout firm that pioneered the leveraged buyout industry, filed with regulators on Tuesday to raise up to $1.25 billion in an initial public offering.

European share indexes ticked higher early on Wednesday, helped by the hotel sector, but investors were awaiting fresh direction ahead of two rate decisions later in the week and with U.S. markets closed for the Independence Day holiday.

Toyota Motor Corp. rattled Detroit-based automakers in June with generous discounts on its new Tundra pickup truck, but said on Tuesday it had no plans to compete on price in other areas of a weakening U.S. vehicle market.

Apple Inc.'s (NASDAQ: AAPL) new iPhone could deliver a 55 percent return for every phone sold according to new findings conducted by market research firm, iSuppli.

Google Inc. has acquired GrandCentral Communications, a start-up that lets users manage their existing phones and voice mailboxes over the Web as if they were a single account, the company said on Monday.

Stocks gained in a holiday-shortened session on Tuesday, lifted by fresh takeover talk and after a report suggesting Apple Inc. will generate fat profit margins on its iPhone.

Despite more aggressive discounts, Ford Motor Co. and Chrysler Group on Tuesday reported lower U.S. sales for June, underscoring the drag on the U.S. auto industry from high gas prices, fierce competition and a weak housing market.

Police were holding eight people on Tuesday, at least four of them foreign doctors, over a suspected al Qaeda plot against Britain that has triggered a manhunt stretching as far as Australia.

Iraq's cabinet approved changes to a draft hydrocarbon law on Tuesday and sent it to parliament for immediate debate, taking a big step towards meeting a key political target set by the United States.

Alcan said the company had no reason for any further discussion with Alcoa 'at this time.'

The United States does not oppose releasing some of the 50,000 metric tons of heavy fuel oil due to North Korea under a nuclear disarmament deal before its Yongbyon reactor shuts down, a U.S. official said on Tuesday.

The most expensive iPhone model could deliver profit margins of more than 55 percent for Apple Inc., according to iSuppli, which examined the components of the widely anticipated device.

French food group Danone is in exclusive talks to sell its biscuit and cereal snack unit for 5.3 billion euros ($7.2 billion) in cash to Kraft Foods Inc., the world's biggest cookie maker, they said on Tuesday.