AP - The U.S. service sector contracted in July — though less than expected — as new orders decreased and prices rose, stifling growth for truckers, retailers and insurers.

Reuters - Sony Corp (6758.T) agreed to buy Bertelsmann's 50 percent stake in their Sony BMG music joint venture for around $900 million, ending a four-year venture that never managed to beat the music industry's woes.

Reuters - Procter & Gamble Co , the world's largest consumer products company, posted higher quarterly profit on Tuesday, as price increases and cost controls more than offset soaring costs for oil and other commodities.

Reuters - The U.S. service sector shrank slightly for the second consecutive month in July but by less than economists had expected, according to a report released on Tuesday that also showed inflation pressures moderating.

Reuters - The U.S. Federal Reserve held a key interest rate steady on Tuesday in an effort to nurse the economy back to health without further exacerbating inflation.

Reuters - U.S. mortgage market giant Freddie Mac's chief executive dismissed internal warnings that could have protected the company from some of the financial problems now engulfing it, the New York Times said, citing more than two dozen current and former high-ranking executives and others.

Reuters - Merrill Lynch & Co Inc Chief Executive John Thain said Monday if the company loses more money, it may have to raise more capital, leaving the door open to further capital raises if markets deteriorate.

Reuters - The U.S. Federal Reserve on Tuesday is expected to hold interest rates steady as dismal housing markets and tight credit weigh on the economy, while it signals lingering inflation concerns despite lower oil prices.

Reuters - More banks and financial institutions are likely to face insolvency and need bailouts before the global financial crisis is over, according to former Federal Reserve chairman Alan Greenspan.

Reuters - One of Yahoo Inc's largest and most critical shareholders, Capital Research Global Investors, said on Monday it asked for a probe of last week's shareholder vote, a move that calls into question the strong showing for Chief Executive Jerry Yang.