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• Wall Street gains, Nasdaq up 1 percent (Reuters)
• Service sector growth slows, employment mixed (Reuters)
• Apple stumble seen opening door for rivals (Reuters)
• Banks should tie more employees' pay to risk: Fed (Reuters)
• Moody's slashes Italy credit rating (Reuters)
• A look at economic developments around the globe (AP)
• APNewsBreak: Report highlights need to clean Gulf (AP)
• Monsanto reports 4Q loss, will restate earnings (AP)
• Dexia clients fret as Belgium, France plan rescue (Reuters)
• BofA to close correspondent mortgage lending unit (Reuters)
• IMF official retracts statement on bond purchases (AP)
• Retailer Tesco says first-half profit up 16 pct (AP)
• Lawsuit claims banks cheated veterans with fees (AP)
• Libya's oil-rich east bids for power (Reuters)
• Calif. gov signs law expanding auditor authority (AP)
• Ford to pay workers $6,000 bonus in new contract (AP)

Wall Street gains, Nasdaq up 1 percent (Reuters) Posted: 05 Oct 2011 08:07 AM PDT Reuters - Stocks rose in a volatile session on Wednesday, with the Nasdaq gaining 1 percent.

Service sector growth slows, employment mixed (Reuters) Posted: 05 Oct 2011 07:38 AM PDT Reuters - Service sector activity growth slowed in September, but other data on Wednesday showed private employment up modestly for the month, suggesting that overall the economic recovery is sluggish.

Apple stumble seen opening door for rivals (Reuters) Posted: 05 Oct 2011 06:29 AM PDT Reuters - Rival smartphone makers could exploit a rare letdown by Apple in the launch of its new iPhone 4S model, which failed to wow fans, and grab a bigger share of the most lucrative part of the phone market.

Banks should tie more employees' pay to risk: Fed (Reuters) Posted: 05 Oct 2011 07:47 AM PDT Reuters - Large banks need to tie more employees' compensation to the risk their decisions pose to the banks through such things as deferred pay, the Federal Reserve said in a report released on Wednesday.

Moody's slashes Italy credit rating (Reuters) Posted: 05 Oct 2011 07:29 AM PDT Reuters - Moody's lowered its rating on Italy's bonds by three notches on Tuesday, saying it saw a "material increase" in funding risks for euro zone countries with high levels of debt and warning that further downgrades were possible.

A look at economic developments around the globe (AP) Posted: 04 Oct 2011 09:39 AM PDT AP - A look at economic developments and activity in major stock markets around the world Tuesday:

APNewsBreak: Report highlights need to clean Gulf (AP) Posted: 05 Oct 2011 02:02 AM PDT AP - Coastal states must work together to restore key elements of the Gulf of Mexico that have made it a backbone of the U.S. economy before the ecosystem becomes so weak and polluted that it is no longer habitable for animals or people, according to a preliminary report released Wednesday.

Monsanto reports 4Q loss, will restate earnings (AP) Posted: 05 Oct 2011 06:36 AM PDT AP - Monsanto's fourth-quarter results beat Wall Street expectations. But the company says it has to restate the last two year's earnings because of a federal investigation into its herbicide sales.

Dexia clients fret as Belgium, France plan rescue (Reuters) Posted: 05 Oct 2011 08:50 AM PDT Reuters - Worried customers withdrew funds and overloaded the telephone helpline of struggling bank Dexia on Wednesday as governments raced to put a rescue plan in place and stop its troubles from deepening the euro zone debt crisis.

BofA to close correspondent mortgage lending unit (Reuters) Posted: 04 Oct 2011 02:21 PM PDT Reuters - Bank of America Corp said Tuesday it will close its correspondent mortgage lending business by the end of the year after failing to find a buyer for the operation.

IMF official retracts statement on bond purchases (AP) Posted: 05 Oct 2011 08:48 AM PDT AP - In a dramatic turnaround, a senior official for the International Monetary Fund on Wednesday retracted an earlier comment that the IMF could intervene in bond markets to support struggling Italy and Spain.

Retailer Tesco says first-half profit up 16 pct (AP) Posted: 05 Oct 2011 01:09 AM PDT AP - Tesco PLC, the world's third-largest retailer, reported a 16 percent increase in net profit for the half year ending Aug. 27 despite a drop in sales in its main British market.

Lawsuit claims banks cheated veterans with fees (AP) Posted: 04 Oct 2011 06:02 PM PDT AP - A whistleblower lawsuit launched in 2006 and unsealed Tuesday in federal court in Atlanta claims several large banks and mortgage companies defrauded military veterans and taxpayers out of hundreds of millions of dollars in a "brazen scheme" to hide illegal fees.

Libya's oil-rich east bids for power (Reuters) Posted: 05 Oct 2011 08:36 AM PDT Reuters - Libya's eastern city of Benghazi would risk fading back into obscurity after a six-month interlude as the seat of the rebel government were it not for one powerful asset: oil.

Calif. gov signs law expanding auditor authority (AP) Posted: 05 Oct 2011 07:22 AM PDT AP - California Gov. Jerry Brown has signed a bill that expands the state auditor's authority to investigate misuse of city and county taxpayer funds.

Ford to pay workers $6,000 bonus in new contract (AP) Posted: 04 Oct 2011 04:34 PM PDT AP - The union that once set the gold standard for American wages is giving up pay raises in exchange for a piece of the auto industry's profits and the promise of thousands of new jobs.

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