The yen rose broadly on Wednesday, hitting a seven week high versus the dollar after a worse-than-expected report on U.S. private sector jobs boosted safe-haven demand for the Japanese currency. U.S. stock futures also added to losses, stoking risk aversion after data showed U.S. private employers cut 298,000 jobs in the month of August. Economists had sought job losses of about 250,000 in August, although the number was far fewer than the revised 360,000 jobs lost in July, according to Reuters.

BP PLC (NYSE: BP) said Wednesday that it had made a "giant" oil discovery in the Gulf of Mexico but had not yet determined the size and commercial potential of the find. The well was drilled to a total depth of 35,055 feet, making it one of the deepest ever drilled by the oil and gas industry, the company stated. BP has a 62 percent interest in the well, while Petrobras holds 20 percent and ConocoPhillips has 18 percent, as reported by the Associated Press.

American International Group Inc. (NYSE: AIG) Chief Executive Officer Robert Benmosche told employees he wants to cut in half the fees paid to Wall Street banks to take the insurer’s units public. AIG, which is selling businesses and planning initial public offerings to repay U.S. bailout loans, has been getting advice from banks including Morgan Stanley, Blackstone Group LP, Goldman Sachs Group Inc. (NYSE:GS) and JPMorgan Chase & Co. (NYSE:JPM) The initial share sale may raise some $8 billion for AIG, people familiar with the matter said in May. Based on the 2.5 percent rate, that would be $200 million in fees, with the largest amounts going to Morgan Stanley and Frankfurt-based Deutsche Bank, Bloomberg reported.

Pfizer Inc. (NYSE: PFE) will pay a record $2.3 billion to settle civil and criminal charges about how it marketed some of its drugs under a settlement to be unveiled today. The company, which is acquiring rival Wyeth, had previously warned in January that it had taken a $2.3 billion charge late last year to resolve investigations involving Bextra and a dozen other drugs, but did not provide details at the time. -Reuters

Unemployment rates in 372 U.S. metropolitan areas continued their upward climb in July, new Labor Department figures show. 19 metros now have unemployment rates greater than 15%, and eight of them are located in California. Five of them are in Michigan, suffering from the auto industry’s downturn. El Centro, California continues to have the nation’s highest unemployment rate, rising to 30.2% in July. Yuma, Ariz., is next with 26.2%. The national average in July was 9.7%, not seasonally adjusted, according to The Wall Street Journal.

-Jutia Group