While President Barack Obama publicly presses congressional leaders for a multitrillion- dollar agreement in deficit-cutting talks he said are “running out of time,” aides privately are negotiating the framework of a possible compromise.

Former News of the World editor Rebekah Brooks was arrested today by police investigating phone hacking at News Corp.’s Sunday tabloid.

HTC Corp., Asia’s second-biggest maker of smartphones, said it will buy back as much as 2.4 percent of its outstanding shares after a U.S. International Trade Commission ruled that it infringed two Apple Inc. patents.

A U.S. debt default would cause panic throughout the financial system and long-term uncertainty, former Treasury Secretary Larry Summers told CNN.

Republican Senator Tom Coburn said he will unveil a plan tomorrow that would cut $9 trillion from the federal budget over the next 10 years in an effort to curb spending and avoid a default on U.S. debt.

Funds boosted bets on rising commodity prices by the most in almost a year as traders snapped up gold amid escalating debt woes in the U.S. and Europe.

European Central Bank President Jean-Claude Trichet said Europe can surmount its sovereign debt crisis.

President Barack Obama has chosen a candidate other than Elizabeth Warren as director of the new Consumer Financial Protection Bureau, according to a person briefed on the matter.

The first time George Heinlein met with Iraqi officials to discuss building sports stadiums, he arrived without a translator and endured almost an hour of discussion in Arabic -- none of which he understood.