Reuters - Blackstone Group LP posted a second-quarter loss as tight credit markets curtailed buyouts, but the private equity firm said the choppy economic environment offered some investment opportunities.

Reuters - Yahoo Inc's board confirmed billionaire investor Carl Icahn as a director, while board member Robert Kotick tendered his resignation as part of a previously announced deal, the company said on Wednesday.

Reuters - Time Warner Inc said it would split AOL's dial-up Internet and advertising businesses into separate divisions by early 2009, a move that could make a sale or merger of either business easier.

Reuters - Stocks extended gains on Wednesday as a reassuring outlook from Cisco Systems and a further drop in the price of oil overshadowed nagging concerns about the housing slump.

Reuters - Freddie Mac on Wednesday posted its fourth straight quarterly loss as it braced for a prolonged housing crisis by setting aside twice as much money for bad loans and plans to slash its dividend by at least 80 percent.

Reuters - Cisco Systems Inc posted stronger-than-expected quarterly results and said it expected the weak economic environment to be relatively short term, sending its shares up 7 percent after the market closed on Tuesday.

Reuters - The Federal Reserve held U.S. interest rates steady on Tuesday, expressing concerns about both economic growth and inflation and indicating it is in no rush to push borrowing costs higher.

Reuters - Morgan Stanley told thousands of clients this week that they will not be allowed to withdraw money on their home-equity credit lines, Bloomberg News reported Wednesday, citing a person familiar with the situation. Most of the clients had properties that have lost value, the agency reported, citing a person who declined to be identified.

Reuters - Citigroup Inc is in talks with state and federal regulators to resolve allegations of wrongdoing in the auction-rate-securities market that could result in its buying back several billion dollars of the illiquid securities, Wall Street Journal said.

Reuters - Yahoo Inc on Tuesday released a recount of the vote for its board that revealed a strong protest vote against five of nine directors, including Chief Executive Jerry Yang.

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.