Billionaire's new Toy: 557-foot Yacht cost a staggering $300 million

It is the biggest private yacht in existence and comes with a missile-detection system, two helipads, a luxury spa, swimming pool and a miniature submarine.

But when you're Russian oligarch Roman Abramovich, only the most ostentatious displays of wealth will do.

Rate worries dent Wall Street recovery hopes

U.S. stocks fell on Wednesday on worries that rising interest rates could put a damper on consumer and business spending, but stocks pared losses late in the session to finish off the day's lows.

Indian Students Targeted in Melbourne Attacks

The violence is now threatening to spill over into neighboring New South Wales, Australia’s most populous state. Hundreds of men of Indian background rallied overnight in Sydney to protest a spate of attacks against students and migrants, the Sydney Morning Herald said today.

www.bloomberg.com

Obama Aid Signals Deal With ‘Devil’

President Barack Obama, in less than five months in office, kicked out the head of General Motors Corp., scored a majority stake in Chrysler LLC for the United Auto Workers and stiffened U.S. fuel-mileage standards.

www.bloomberg.com