Reuters - Top News

By Reuters: Top News Obama presses economic theme as team solidifies CHICAGO (Reuters) - President-elect Barack Obama takes another step toward tackling the ailing U.S. economy on Wednesday as part of an aggressive effort to demonstrate that his administration will face the global financial crisis head-on. Volcker to head new economy panel: report WASHINGTON (Reuters) - Former Federal Reserve Chairman Paul Volcker will chair a new economic advisory panel created by President-elect Barack Obama and designed to stabilize financial markets, the Wall Street Journal reported on Wednesday. Growth fears linger but metal shares rally HONG KONG (Reuters) - Stocks in Japan and Australia fell Wednesday after a report showed the U.S. economy shrank by the most since 2001, underscoring sharply slowing global demand, while South Korean shares were boosted by steelmakers after BHP Billiton killed its bid for Rio Tinto. U.S. finds trace of melamine in baby formula WASHINGTON (Reuters) - U.S. health officials have found trace amounts of the chemical melamine in one sample of infant formula sold in the United States, a Food and Drug Administration spokeswoman said on Tuesday. Ex-AIG exec under probe by U.S. prosecutors: report NEW YORK (Reuters) - Former American International Group Inc executive Joseph Cassano is under investigation by U.S. prosecutors for possibly misleading auditors and investors about subprime mortgage-related losses, according to a Bloomberg report citing people familiar with the probe. U.S. troops kill 10 militants in Afghanistan KABUL (Reuters) - U.S.-led coalition forces killed 10 militants in two separate operations aimed at wanted Taliban commanders in southeastern Afghanistan, the U.S. military said on Wednesday. Thai protesters storm airport control tower BANGKOK (Reuters) - Anti-government protesters stormed the control tower at Bangkok's main international airport on Wednesday, a day after they stormed the main terminal, forcing airlines to cancel flights, media reports said. South Korea to pull officials from North on Friday SEOUL (Reuters) - South Korean officials will clear out of an industrial enclave in North Korea on Friday, a few days before the communist state said it would clamp down on border crossings between the rivals, an official said on Wednesday. Rio Tinto under pressure on asset sales SYDNEY/MELBOURNE (Reuters) - Global miner Rio Tinto Ltd said on Wednesday it was confident it could sell billions of dollars in assets to pay down massive debt, despite concerns about a lack of buyers, a day after rival BHP Billiton Ltd dropped a bid for the firm. Oil rises to above $51 after 7 percent fall on U.S. data SINGAPORE (Reuters) - Oil rose to above $51 a barrel on Wednesday, after a near 7 percent fall the previous day, when data showed the U.S. economy last shrank at its fastest pace in seven years, reflecting slowing demand in the world's largest oil consumer.