General Motors shares hit lowest point in years

DETROIT -- General Motors Corp. on Wednesday slashed its full-year earnings outlook by more than half, citing poor North American business and health-care costs. Its share price is at its lowest point in a dozen years.

JPMorgan settles claims in WorldCom losses

NEW YORK -- JPMorgan Chase & Co., the nation's second largest financial institution, agreed on Wednesday to pay $2 billion to settle claims from investors who lost money in the collapse of WorldCom Inc. It was the last major bank to reach a settlement in the class action suit.

Supplies for next winter motivate OPEC increase

ISFAHAN, Iran -- OPEC left the intense global thirst for oil unquenched on Wednesday when it raised its output quota by 2 percent, a symbolic gesture that will not add supply to the market. Oil prices climbed above $56 a barrel. The move was driven by fears of a supply crunch next winter.

Bidding battle for MCI rises to $8.5 billion

NEW YORK -- Qwest Communications International Inc. is raising its offer to buy MCI Inc. to $8.5 billion, adding nearly half a billion dollars cash to its bid to scuttle the long-distance phone company's merger with Verizon Communications Inc., a source familiar with Qwest's plans said Wednesday.