Greek bank shares fell to a more than 15-year low on Wednesday, giving up the bounce seen after a second bailout by the euro zone last month. Financial markets dropped on Wednesday as concerns that a slowing global economy and the spread of the euro region's debt crisis to Italy weighed. By 0734 GMT, Greek

U.S. crude fell to near a five-week low on Wednesday after ratings agency Moody's assigned a negative outlook to the United States, stoking concern that demand may fall as the world's top oil user faces longer-term fiscal and economic challenges. Worries are growing that major economies may slip back into recession as Europe's debt crisis

Hong Kong shares tumbled on Wednesday for a second straight session as turnover spiked after more weak data from the United States on Tuesday compounded global growth concerns. The Hang Seng Index slumped 1.91% to 21,992.72, while the China Enterprises Index of top Hong Kong-listed Chinese companies dropped 2.21% to 12,007.1. On the mainland, the

Security experts have discovered the biggest series of cyber attacks to date, involving the infiltration of the networks of 72 organizations including the United Nations, governments and companies around the world. Security company McAfee, which uncovered the intrusions, said it believed there was one "state actor" behind the attacks but declined to name it, though

China's Huawei Technologies Co Ltd, the world's No. 2 network equipment maker, launched new cloud-computing smartphones on Wednesday, looking to ride a mobile industry boom that drove a 64 percent sales rise in its devices unit in the first half. The company , known for its low-cost cellphones, is betting cloud-computing smartphones will help it

Next, Britain's second-biggest fashion retailer, posted first-half sales towards the top end of company guidance, boosted by its online and home shopping business and showing resilience against a tough consumer backdrop. The firm, which runs over 500 stores in Britain and Ireland as well as the Directory home shopping business, kept its full-year profit forecast

Nationalised British lender Northern Rock posted a reduced first-half loss of 78.8 mln pounds ($128 mln) and said it continues to work on plans for its eventual sale back to the private sector. Last year it made a first-half loss of 140 mln pounds, and the company said it now expects to start trading profitably

Prime Minister Silvio Berlusconi speaks to parliament on Wednesday to try to calm fears over escalating market turmoil that has brought Italy to the edge of a Greek-style financial crisis. With yields on Italian 10 year bonds at over 6%, a level largely seen as unsustainable, the premium that investors demand to hold Italian bonds

Barclays is set to cut about 3,000 jobs this year to reduce costs after a drop in bond trading and an insurance mis-selling charge caused first half profits to fall by a third. The British bank's performance was more resilient than rivals, however, as bad debts tumbled and it kept costs steady. Its shares were