AIG's Cassano Defends Record on Derivatives

The former head of AIG's derivatives-trading unit defended his tenure at the firm, saying AIG would have realized few losses from credit derivatives if the trades hadn't been unwound in the U.S. government's 2008 bailout of the company.

Russian Spy Suspect Jumps Bail

Cypriot police said a man arrested on U.S. charges of spying for Russia had vanished after being released on bail. Meanwhile, more details emerged of the early lives in Russia of two others arrested in the case.

WTO Condemns Airbus Subsidies

The WTO formally condemned European subsidies to civil aircraft maker Airbus, concluding the first half of the most expensive trade dispute in WTO history.

U.S. Ex-Im Bank Reconsiders Project

The U.S. Export-Import Bank backed down Wednesday from an environmental-protection stand that threatened to cost hundreds of U.S. jobs.

Private Sector Adds Few Jobs

Private payroll gains were muted in June, rising just 13,000, as small businesses cut jobs, according to payroll giant ADP.

Banks Borrow Less From ECB Than Expected

The European Central Bank allotted $160.92 billion of funds at a three-month refinancing tender, less than investors feared. Stocks and the euro rallied on the news.

Ford Slashes Debt

Ford is aiming to reduce its debt by more than $4 billion, a sign that the auto maker remains confident in its own turnaround despite a softening car market in the U.S.

GM to Expand Volt Launch

General Motors is expanding the launch of its Chevrolet Volt battery-powered car to customers in the New York region and in Austin, Texas.

Celgene to Buy Abraxis for $2.9 Billion

Celgene agreed to acquire Abraxis BioScience for at least $2.9 billion in cash and stock, broadening its cancer-drug portfolio.

Portugal Blocks Telefónica's Vivo Bid

The Portuguese government vetoed Telefónica's $8.72 billion bid to buy out Portugal Telecom's stake in the companies' Brazilian joint venture, in a surprise move that sets the stage for a confrontation with the EU.

Moody's Warns It May Downgrade Spain

Moody's put Spain's Aaa credit rating on review for a possible downgrade because of flagging economic prospects, challenging fiscal targets and rising funding costs.

Boeing to Acquire Argon

Boeing agreed to buy defense-equipment maker Argon ST for $775 million, boosting its presence in cybersecurity and contracts with the U.S. Navy.