(Reuters) - Signs of weakness in the U.S. economic recovery mounted as reports on Wednesday showed a sharp slowdown in the vast services sector and less hiring by private companies in April. Economists expressed disappointment ahead of a key labor market report on Friday that is also expected to show payroll growth eased last month. Higher gasoline prices and slower economic growth in the first quarter likely weighed on the world's biggest economy and tempered hiring.

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(Reuters) - Glencore Chief Executive Ivan Glasenberg could be worth $10 billion after the commodities trader makes its debut later this month in a record public offering valuing the commodities group at some $60 billion. Glasenberg, a publicity-shy former coal trader, was known to hold the largest slice of Glencore, but his precise holding and corresponding paper wealth was unclear until Wednesday's bumper 1,637-page prospectus detailed his stake of 18.1 percent.

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(Reuters) - Goldman Sachs Group Inc has just a few more months to put its stamp on the Volcker rule, and it is not wasting any time. The rule, designed to limit banks from speculating with their own money, will cost Goldman at least $3.7 billion in annual revenue, by one estimate. And billions more could be at stake if regulations now being drawn up are extra-tough.

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(Reuters) - Kellogg Co (K.N) reported a lower-than-expected quarterly profit, hurt by higher costs for ingredients and more spending on advertising, sending its shares down 1.6 percent on Wednesday. Like most food companies, the maker of Frosted Flakes cereal and Keebler cookies has been raising prices on its cereals and snacks, but those increases have lagged higher prices for wheat, oil and other commodities.

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(Reuters) - Deutsche Bank (DBKGn.DE) said efforts by the City of Los Angeles to sue Germany's largest lender for its alleged role in loan foreclosures were misguided. "The Los Angeles City Attorney's Office has filed this lawsuit against the wrong party," the bank said in a statement on Wednesday.

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(Reuters) - The jury weighing the fate of hedge fund manager Raj Rajaratnam began deliberations anew on Wednesday after a juror was excused for medical reasons and replaced by an alternate in the high-profile insider trading case. Rajaratnam himself was also absent from the courtroom for a second day because of treatment on an infected foot, adding to the unsettled atmosphere at the federal trial in New York in which he faces up to 25 years in prison if convicted of securities fraud and conspiracy charges.

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(Reuters) - Chip tool maker Applied Materials (AMAT.O) will buy Varian Semiconductor Equipment Associates Inc (VSEA.O) for $4.9 billion in cash as it looks to meet rising demand from smartphone and solar equipment manufacturers. The deal values Varian at $63 per share, a 55 percent premium to its closing price on Tuesday. The company's stock jumped 51 percent to $61.25 in morning trading on Wednesday, while Applied Materials shares dipped less than 1 percent.

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(Reuters) - Portugal and Greece talked up the benefits of Lisbon's decision to accept a multi-billion euro bailout from the European Union and IMF on Wednesday, but the outlook for both countries and Ireland remains highly uncertain. Portugal's caretaker Prime Minister Jose Socrates announced late on Tuesday he had reached preliminary agreement with the EU, IMF and the European Central Bank for a three-year package of support, including help for Lisbon's banks.

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(Reuters) - Oil prices slipped on Wednesday after weekly U.S. inventory data showed a larger-than-forecast increase in crude stockpiles. ICE Brent crude futures fell $1.22 to $121.23 a barrel by 1458 GMT. U.S. light crude futures fell $1.67 to $109.38 a barrel.

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(Reuters) - U.S. stocks dipped on Tuesday as a move higher in the dollar pressured commodity prices and investors weighed the potential for some consolidation in equities after a recent run-up. The dollar edged off three-year lows as a buildup of bets to sell the currency, based on loose U.S. monetary policy, ran out of steam. The dollar index .DXY, measured against a basket of major currencies, was last up 0.3 percent.

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