Business

SYDNEY/TORONTO (Reuters) - China's Sinochem Corp has hired banks to advise it how to foil BHP Billiton's $39 billion bid for Potash Corp , two sources with direct knowledge of the matter told Reuters. Full Story »

NEW YORK (Reuters) - New York Times Co expects to report an operating loss in the range of 5 cents to 7 cents per share in the third quarter. Full Story »

WASHINGTON - President Barack Obama says he's been frustrated over accusations he's been too hard on Wall Street, saying his push for financial reform doesn't amount to "being extremist or anti-business." Full Story »

WASHINGTON (AFP) - The US Federal Reserve avoided pulling the trigger on fresh stimulus spending at a top-level policy meeting, but said it was prepared to act if the tepid economic recovery cools further. Full Story »

MINNEAPOLIS - The maker of Cheerios cereal, Yoplait yogurt and other food products reported Wednesday that better cereal and organic and natural product sales drove its fiscal first-quarter net income up 12 percent. Full Story »

LONDON - Pursuit of the quick buck is undermining Britain's economy, a government minister said Wednesday as he announced a review of corporate governance, executive pay and takeovers. Full Story »

NEW YORK - In a story Sept. 21, The Associated Press reported that the president and the CEO of AFG Financial Group Inc. of Garden City, N.Y., were sentenced to prison in a $100 million mortgage scheme. The story said the company is separate from American Financial Group Inc., of Cincinnati, an insurance company that goes by AFG. It should have made clear the companies are not related. Full Story »

BUCHAREST, Romania - Romania needs to borrow almost euro6 billions ($7.9 billion) next year to cover its budget deficit and plans to sign a new deal with the International Monetary Fund in 2011 to shore up the ailing economy, the president said. Full Story »

TOKYO (Reuters) - Goldman Sachs wants to sell its stake in Primo Japan Inc, a Japanese retailer of diamond rings, and is seeking bids of as much as 10 billion yen ($118 million), four people with direct knowledge of the transaction told Reuters. Full Story »

WASHINGTON - The Obama administration is promising to move quickly to simplify the paperwork consumers receive when taking out a home mortgage. Full Story »

FRANKFURT (AFP) - Russia's Gazprom wants German chemical giant and partner BASF to sign on to the South Stream gas pipeline so as to preserve Russian influence in the energy sector, a press report said Wednesday. Full Story »

OLYMPIA, Wash. - Some of Washington state's biggest names in business are on opposite sides of an effort to impose an income tax on the state's wealthiest residents. Full Story »

FRANKFURT (Reuters) - German luxury car and commercial truckmaker Daimler (DAIGn.DE) is not in talks with Italian rival Fiat over the acquisition of its capital goods division Fiat Industrial, Daimler said on Wednesday. Full Story »