Nokia CEO to Step DownNokia said CEO Olli-Pekka Kallasvuo will step down, as the world's largest handset maker looks to move out from under the shadow of recent profit warnings. Stephen Elop will succeed him.
German Banker to ResignGermany's Bundesbank said board member Thilo Sarrazin is resigning after a public outcry over controversial comments he made about race and ethnicity.
Goldman's U.K. Fine: $27 MillionGoldman Sachs agreed to a fine of $27.1 million as part of an investigation by the Financial Services Authority that began shortly after U.S. regulators accused the firm in April of fraud.
European Crisis Flares Up in IrelandIreland's troubled banking system became the latest flash point in Europe's continuing economic crisis, as the government said it would split up the weakest of its major banks to stave off a run by depositors.
Elan Pulls SEC Into SpatIn an unusual twist to a boardroom spat at Elan, the Irish biotech firm has reported one of its own directors to regulators at the SEC for potential insider-trading allegations.
ABB Sees Strong DemandEngineering company ABB stuck to an upbeat forecast, saying that demand remains robust and a plan to cut $3 billion in costs by the end of the year is on track.
BP Report Pins Most of Blame on OthersBP's internal investigation into the explosion of the Deepwater Horizon drilling rig found that the British oil giant bears some responsibility for the disaster but laid most of the blame on its contractors.
KNOC Sticks to Dana OfferKorea National Oil Corp. said it won't raise its $2.89 billion bid for Dana Petroleum, a day after Dana released a lengthy document saying the offer undervalued the company.
Papandreou Eyes Small ConcessionsGreece's prime minister is expected to make a major annual policy announcement on Saturday that could offer some concessions to groups hit hard by austerity.
BOE Holds Rates at Record LowThe Bank of England's Monetary Policy Committee kept its key interest rate and the size of its bond-buying program unchanged, as expected.
Spain Approves New Labor LawsSpanish lawmakers gave their final approval, without making major changes, to a long-awaited overhaul of labor laws expected to help cut unemployment and spur economic growth.
Further Rises in Franc Could Slow Economy, Brunetti SaysSwitzerland's chief government economist Aymo Brunetti said a further appreciation of the franc would pose a significant risk to the country's economy, but economic growth is still on track to top government forecasts.
Vodafone Streamlines StructureVodafone announced a major restructuring of its divisions, placing all the minority stakes the company holds in other mobile operators into a single unit to be managed separately.
French Unions Protest Retirement AgeLabor unions vowed to amplify their protests against France's plans to increase the retirement age after President Nicolas Sarkozy said he wouldn't give in on elements of a proposed pension overhaul.
ECB Makes Case for Belt-TighteningThe ECB is pressing the case for fiscal belt-tightening despite an uncertain global recovery, arguing that the benefits from higher private-sector confidence outweigh any drag on demand.
Bomb Kills 16 in Southern RussiaA suicide bomber exploded a car near the crowded central market in Russia's volatile North Caucasus, killing 16 people and wounding more than 100 others.
Lion Capital Mulls Hema ExitPrivate-equity firm Lion Capital said it's considering options for exiting the Dutch retail chain Hema.
Ukraine Questions Opposition FigureUkraine's Security Service questioned a leading member of the political opposition Wednesday in a widening corruption probe focused on allies of former Prime Minister Yulia Tymoshenko.
Regulator Opposes NAB, AXA DealAustralia's competition regulator continued its opposition to National Australia Bank's proposed bid for wealth management firm rival AXA Asia Pacific.
German Rebound Stirs Labor's Bargaining PowerGermany's resurgent economy is giving workers something they haven't had since the country slid into recession two years ago: bargaining power.
Dana Launches Defense Against TakeoverDana Petroleum said that a hostile $2.87 billion bid by Korea National Oil Corp. significantly undervalues the company.
Global-Bank Deal Targets ReservesGlobal banking regulators appear poised to demand larger reserves, which they believe will prevent a future financial crisis, and reserves of higher quality, under so-called Basel 3.
Greek GDP Revised DownGreece's second-quarter gross domestic product was revised down to show a 1.8% fall from the first three months of the year compared with the initial estimate of a 1.5% decline.
Glaxo Taps Banker as Finance ChiefGlaxoSmithKline chose Simon Dingemans, a Goldman Sachs M&A specialist, to be its next chief financial officer.
Swisscom Seeks Rest of FastwebSwisscom said it will offer $324.9 million to acquire the outstanding shares in its Italian Fastweb business.
Chairman's Exit Jolts HSBCThe sudden departure of HSBC Chairman Stephen Green for the post of U.K. trade minister has touched off a scramble to find his replacement.
Pope to Meet With Abuse Victims in U.K.Pope Benedict XVI plans to meet with victims of clerical abuse during his visit to the U.K., but the Vatican faces criticism from victims' supporters about the secrecy surrounding such gatherings.
London Commuters Tackle Travel ChaosMillions of London commuters faced travel misery as transit unions led a series of 24-hour strikes, but Londoners braved the chaos by walking or using buses, boats or bikes.
Barclays: Diamond Pick Isn't a ShiftBarclays confirmed investment-banking boss Robert E. Diamond Jr. will become the U.K. bank's chief executive next spring, as officials tried to dispel the notion the move represented a fundamental shift.
U.K. Envoy to Afghanistan ResignsSherard Cowper-Coles, Britain's outspoken special envoy to Afghanistan and Pakistan, has quit his post. Diplomat Karen Pierce will succeed him.
Richemont Lifts ForecastWatchmaker and jeweler Richemont raised its forecast for the current year after trumping expectations with a strong rise in interim sales.
U.S. Blacklists Iranian BankThe U.S. Treasury added Iran-owned, German-based European-Iranian Trade Bank to its key blacklist, saying the bank has provided a financial lifeline to Iranian companies involved in weapons proliferation.
Halal Fare Expands for French MuslimsMore companies see a lucrative opportunity in supplying religiously sanctioned food to the growing ranks of young, professional Muslims in France, who want Western food that is halal.
Oil Tycoon: PWC Caved to KremlinDefense lawyers for jailed Russian tycoon Mikhail Khodorkovsky are turning their legal guns on one of their client's former allies: auditor PricewaterhouseCoopers.
EU Ministers Divided on Bank TaxEU finance ministers remained divided after a debate on a bloc-wide bank levy and a fresh tax on financial transactions, indicating that neither measure is likely to materialize in the coming months.
Euro Rises After Portugal Debt SaleThe euro advanced on the dollar and yen after a government debt auction from the euro zone soothed investor nerves and spurred a move into higher-yielding currencies.
BP Will Find National Commission TougherIt would have been unreasonable to expect BP's report into the Macondo well disaster to have been a mea culpa from cover to cover.
Pakistan Cricket Teeters After ScandalPakistani cricket players have tested positive for steroids and been caught with recreational drugs. Now, allegations of match fixing would top any previous instances of inappropriate behavior.
