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Facebook beats Wall Street targets, stock hits record high

SAN FRANCISCO - Facebook Inc's fast-growing mobile advertising business helped drive a 61 percent increase in revenue during the second quarter, beating Wall Street's financial targets and sending shares to a record-high in after-hours trading on Wednesday.

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Economists worry rising wages may catch the Fed off guard

WASHINGTON - Wages may be growing at a faster clip than envisaged by U.S. policymakers, with a recent raft of business surveys showing an increase in the number of companies raising compensation.

5:20pm EDT

Qualcomm struggles to collect royalties in China, stock falls

SAN FRANCISCO - Qualcomm Inc's revenue outlook for the September quarter was below Wall Street's expectations and its shares fell on Wednesday after the leading mobile chipmaker said it was having trouble collecting royalties from some manufacturers in China.

5:49pm EDT

Bombardier reorganizes businesses; Aerospace COO to retire

- Canada's Bombardier Inc said it completed a reorganization of its business into four units as it looks to cut costs and overhead.

5:38pm EDT

IMF cuts U.S. 2014 growth forecast to 1.7 percent

WASHINGTON - The International Monetary Fund on Wednesday said it expects the U.S. economy to grow 1.7 percent in 2014, even more slowly than it predicted a month ago, as weakness in the first quarter offsets an expected pick-up in the second half of the year.

1:23pm EDT

Yum China cuts ties to owner of plant in meat scandal after arrests

SHANGHAI/LANGFANG China - Yum Brands Inc's China division severed ties to OSI China after Shanghai police detained five people from that supplier's meat processing factory at the center of a food safety scare that has ensnared several major Western brands.

China, Health 3:45pm EDT

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