(Reuters) - Gold rose above $1,500 an ounce on Wednesday for the first time ever as the dollar wilted, oil rose, worries over the U.S. economic outlook boosted demand for the metal as a haven and rising inflation lifted Asian demand. The Reuters-Jeffries CRB index was on track for its biggest one-day gain in a fortnight as commodity prices rallied.

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(Reuters) - Wells Fargo & Co (WFC.N), the fourth-largest U.S. bank, posted a higher quarterly profit as it put aside less money for bad loans. Net income due to common stockholders rose to $3.57 billion, or 67 cents per share, from $2.37 billion, or 45 cents per share, a year earlier. Revenue fell to $20.33 billion from $21.45 billion. Analysts, on average, had expected earnings of 66 cents per share, according to Thomson Reuters I/B/E/S.

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(Reuters) - Raj Rajaratnam corrupted friends and corporate employees to gain tips that let him make millions of dollars of illegal profit through insider trading, a prosecutor said at the Galleon Group hedge fund founder's trial. "The defendant knew tomorrow's news today, and that meant big money," Assistant U.S. Attorney Reed Brodsky told the Manhattan federal jury in his closing argument on Wednesday.

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(Reuters) - American International Group (AIG.N) will transfer its troublesome asbestos risk to Berkshire Hathaway (BRKa.N) (BRKb.N), relieving it of a book of business that has cost it billions of dollars, the bailed-out insurer said on Wednesday. Laying off that risk to Berkshire's National Indemnity unit lets AIG trade a large one-time fee for the safety of knowing it will not face more huge charges, a plus as the U.S. government tries to convince investors to take its 92 percent stake in the company.

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(Reuters) - A pair of top U.S. manufacturers topped Wall Street's profit expectations, as a recovering global economy drives demand for products ranging from air conditioners to truck transmissions. The companies -- United Technologies Corp (UTX.N) and Eaton Corp (ETN.N) -- also raised their full-year earnings forecasts, and their shares rose in premarket trading.

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(Reuters) - Brent crude rose above $122 a barrel on Wednesday, helped by a weaker dollar and a rebound in equities. ICE Brent crude was 87 cents firmer at $122.20 a barrel by 1348 GMT, albeit lower after briefly climbing to intra-day highs of $123.15. U.S. crude was up $1.08 at $109.36 a barrel, but off highs of $109.92 a barrel earlier in the session.

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Two Canadian industries, technology and oil and gas, warn of looming labour shortages. Two Canadian industries warned Tuesday of looming labour shortages. Two separate reports predicted the information and communications technology sector and the oil and gas industry will both face shortages in the next few years

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(Reuters) - U.S. stocks slid on Monday, with the Nasdaq falling 2 percent, after ratings agency Standard & Poor's cut its long-term outlook on the United States and another step by China to stem growth reignited worries about the global economy. The Dow Jones industrial average .DJI dropped 229.70 points, or 1.86 percent, to 12,112.13. The Standard & Poor's 500 Index .SPX dropped 22.15 points, or 1.68 percent, to 1,297.53. The Nasdaq Composite Index .IXIC dropped 54.50 points, or 1.97 percent, to 2,710.15.

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(Reuters) - Citigroup Inc's first-quarter profit fell 32 percent as bond trading revenue plunged and operating expenses jumped. The results were better than analysts expected, but the bank's shares were flat in premarket trading. Citigroup generated profit in large part because it dipped into funds previously set aside to cover bad loans, releasing $3.37 billion of reserves.

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(Reuters) - Standard & Poor's on Monday downgraded its credit outlook for the United States, citing a "material risk" that policymakers may not reach agreement on a plan trim its large budget deficit. While the agency maintained the country's top AAA credit rating, it said that authorities have not made clear how they will tackle long-term fiscal pressures.

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