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Business Highlights

The latest refrain came Wednesday in a blog post by Dave Heiner, Microsoft's deputy general counsel. His attack amounted to a last-ditch appeal to the U.S. Federal Trade Commission and the European Commission as they wrap up wide-ranging investigations into Google's business practices. Resolutions to those probes are expected early this year, perhaps within the next week at the FTC.

Microsoft fears Google, perhaps its biggest nemesis, will emerge from the antitrust probes without being required to make significant changes.

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Asian-led consortium buys stake in ArcelorMittal

TORONTO (AP) â¿¿ Global steel giant ArcelorMittal will sell a 15 percent stake in one of its Canadian iron ore operations to an Asian-led consortium for $1.1 billion in cash.

In the transaction announced Wednesday, a group led by South Korean steelmaker POSCO and China Steel Corp. will enter into a joint venture partnership that will own ArcelorMittal's Labrador Trough iron ore mining and infrastructure assets.

The consortium also includes other investors who were not identified in the announcement.

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Macau casino revenue in 2012 rose to $38 billion

HONG KONG (AP) â¿¿ Casino revenue in Macau climbed 13.5 percent last year to a record $38 billion, as the Asian gambling hub reinforced its position as the world's biggest gambling market.

Gross revenue from Macau's 35 casinos also hit a monthly record in December, rising 20 percent to 28.2 billion Macau patacas ($3.5 billion), according to data posted on the Gaming Inspection and Coordination Bureau on Wednesday.

But gambling revenue growth eased off in 2012 from the year before, when it rocketed 42 percent to $33.5 billion, as China's economy slowed and wealthy mainland Chinese gamblers held back amid fears about a crackdown on corruption.

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By The Associated Press(equals)

The Dow Jones industrial average closed up 2.4 percent to 13,412.55. The Standard & Poor's 500 jumped 36.23, or 2.5 percent, to 1,462.42. The Nasdaq rose 92.75, or 3.1 percent, to 3,112.26.

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