TAKING A STAKE: China Investment Corp purchased US$5 billion in equity units in the firm that yield 9 percent per year before they convert into common shares in 2010
Morgan Stanley, the No. 2 US investment bank, reported a US$9.4 billion writedown from bad bets on mortgage-related debt, leading it to take a US$5 billion infusion from an arm of the Chinese government.

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The US government declined to name China a currency "manipulator" but said in a report on Wednesday that the yuan remains severely undervalued against the US dollar.

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After flooding eurozone money markets with cheap cash, the European Central Bank (ECB) mopped up surplus funds on Wednesday, a well-worn practice aimed at reassuring subprime-shy banks while taking care not to fuel inflation.

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The US Federal Reserve said on Wednesday that 93 lenders bid for a total of US$61.6 billion in a special auction aimed at improving financial market liquidity.

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Tribune Co chairman and chief executive Dennis FitzSimons will step down as soon as the US$8.2 billion buyout of the media conglomerate closes and will leave the company at the end of the year, Tribune said on Wednesday.

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SOFTWARE'S COSTCO: Sales of software licenses were up 38 percent, a closely watched statistic because new licenses lead to future revenues
Oracle Corp fared far better than analysts anticipated in its fiscal second quarter, easing worries that the sagging US economy and slowing corporate spending on technology would drag down the business software maker.

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■ PROPERTY

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