Business News

• Fannie and Freddie shares hit 18-year low (Reuters) -

  Reuters - Shares of Fannie Mae and Freddie Mac dove to their lowest levels in more than 18 years on mounting fears of a government bailout that would wipe out shareholders of the two U.S. housing finance giants.

  
  
• Techs, rebounding financials lift Wall St. (Reuters) -

  Reuters - Stocks rose in choppy trading on Wednesday as investors snapped up shares of major technology companies after Hewlett-Packard reported a strong profit and outlook.

  
  
• Lehman couldn't secure Korean Funds: report (Reuters) -

  Reuters - Lehman Brothers Chief Executive Dick Fuld nearly struck a deal to raise almost $5 billion from South Korean wealth funds and institutions but the pact disintegrated, the New York Post said citing sources familiar with the matter.

  
  
• BAA must sell 3 airports (Reuters) -

  Reuters - Spanish builder Ferrovial must sell three of the seven British airports it bought for 10 billion pounds ($18 billion) two years ago under a tougher-than-expected ruling on Wednesday.

  
  
• LandCap JV to buy Wachovia loans: report (Reuters) -

  Reuters - A joint venture created by LandCap Partners is buying $40 million of troubled land and construction loans from Wachovia Corp The Wall Street Journal said.

  
  
• China shares surge 5.89 pct by midday (AFP) -

  AFP - Chinese share prices surged 5.89 percent by midday Wednesday amid speculation that the authorities will soon launch new measures to boost the ailing stock market, dealers said.

  
  
• Russia 'makes 1 bln dlrs' on Fannie Mae, Freddie Mac bonds: reports (AFP) -

  AFP - Investments in the bonds of struggling US home-loan financers Fannie Mae and Freddie Mac have earned Russia more than a billion dollars in the past six months, press reports said Tuesday.

  
  
• 2Q profit reports from retailers show more strain (AP) -

  AP - From affluent shoppers at Saks to bargain-hunters at Target, from Home Depot to office supplier Staples, consumers are pulling back and that's hurting retailers and raising more concerns about how they'll do the rest of the year.

  
  

Entertainment News

• Dave Matthews Band sax player dies from ATV wreck injuries (AP) -

  AP - LeRoi Moore, the versatile saxophonist whose signature staccato fused jazz and funk overtones onto the eclectic sound of the Dave Matthews Band, died Tuesday of complications from injuries he suffered in an all-terrain vehicle accident, the band said. He was 46.

  
  
• Jessica Simpson to market beer for Dallas brewer (AP) -

  AP - Jessica Simpson is now selling beer. The singer and actress has signed on as spokeswoman for Stampede Light Plus, made by Dallas' Stampede Brewing Co.

  
  
• Jessica Simpson Gets Her Brewski On (E! Online) -

  E! Online - There's only one pairing more natural than beer ads and buxom blondes, and that's Jessica Simpson and Texas.

  
  
• Britney Spears' Bikini Bod Secrets (E! Online) -

  E! Online - With all the ogling at Britney Spears' fabulous physique has come the seemingly requisite question whenever celebs lose weight: "Gee, how did they do it?"

  
  
• Glitter Deportation No Longer All Thai'd Up (E! Online) -

  E! Online - Gary Glitter's fear of flying has apparently flown away.

  
  
• Top 5 lists in entertainment (AP) - AP - 1. "Summer Olympics-Tuesday," NBC.
• Top 5 lists in entertainment (AP) - AP - 1. "Summer Olympics-Tuesday," NBC.
• Top 5 lists in entertainment (AP) - AP - 1. "Summer Olympics-Tuesday," NBC.
• Ericsson, ST form wireless JV to lead industry (Reuters) -

  Reuters - Ericsson and STMicroelectronics have agreed to combine their wireless chip and software businesses, strengthening their hand against competitors to supply the likes of top cellphone maker Nokia.

  
  
• NYC's Transport Group Will Stage 'Bury the Dead' and New Musical 'Being Audrey' (Playbill) - Playbill - Off-Broadway's Transport Group, winner of a special 2007 Drama Desk Award, has Irwin Shaw's Bury the Dead and a world premiere musical about a woman who is inspired by Audrey Hepburn for its 2008-09 season.
• Thailand deports Glitter to Hong Kong: immigration (AFP) -

  AFP - Thailand deported former glam rocker and convicted paedophile Gary Glitter on Wednesday, sending him to Hong Kong after he refused to board a plane to his native Britain, a Thai immigration official said.

  
  
• Tracksuit chic explored in London exhibition (Reuters) - Reuters - Is your sweaty old tracksuit a fashion statement or just comfy clothing?
• T. Boone Pickens talks about his first billion (AP) - AP - "The First Billion Is the Hardest" (Crown Business. 252 pages. $26.95), by T. Boone Pickens: T. Boone Pickens deals in big figures. Very big. He quotes Forbes Magazine as pegging his worth at $3 billion in 2007, when he was 79.

Gift Basket News

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