Swedish lender Swedbank AB (SWED-A.SK) Wednesday said the macroeconomic outlook remains uncertain with a risk of recession in Europe as it reported a drop in second-quarter net profit, driven by higher loan losses following big reversals last year.

Philippine conglomerate Ayala Corp. (AC.PH), whose existing investments are mainly in the property, telecom, financial services and water distribution sectors, said Wednesday it will spend up to $1 billion over the next five years investing in the country's infrastructure and power industries.

India's Jindal Steel & Power Ltd. (532286.BY) is close to buying a controlling stake in Canadian coal mine owner CIC Energy Corp. (ELC.T), the Economic Times daily reported Wednesday, citing people close to the development.

Roy Oswalt baffled Oakland's batters to beat the Athletics for the first time, and Josh Hamilton and Adrian Beltre each hit solo home runs in the Texas Rangers' 6-1 victory Tuesday night.

Travis Wood was sailing along. Then, in a flash, that changed. Carlos Lee hit a grand slam and the Miami Marlins beat the Cubs 9-5 on Tuesday night, giving Ozzie Guillen a win in his first game back managing in Chicago. "Everything just kind of hit the fan," Wood said. "It happened quick." Wood got

Portland Trail Blazers guard Nolan Smith suffered a concussion in Tuesday's summer league game against Houston.In the final minute of the game, Smith was driving to the basket when he was hit on the head by Rockets guard Zoran Dragic

Erik Bedard pitched effectively into the seventh inning for his first win in more than a month, Andrew McCutchen homered, and the Pittsburgh Pirates beat the Colorado Rockies 6-2 Tuesday night to become the fifth team with at least 50 wins.

Obama plans to create an elite corps of master teachers, a $1 billion effort to boost U.S. students' achievement in science, technology, engineering and math.