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(Reuters) - General Mills Inc reported a better-than-expected quarterly profit on Wednesday, as price increases helped it contend with the much higher ingredient and fuel costs that ate into its margins.

WASHINGTON (Reuters) - The Federal Reserve on Wednesday looks set to launch a fresh effort to invigorate the faltering economic recovery, embarking on what could be the first in a series of incremental steps to foster stronger growth.

SINGAPORE (Reuters) - UBS chief executive Oswald Gruebel said he has the support of his board despite the rogue trading scandal that cost the Swiss bank $2.3 billion and prompted calls for tougher regulation of risky investment bank practices.

SHANGHAI (Reuters) - Pent-up car demand in the United States and slowing, but still growing sales in China, should soften concerns about the ability of General Motors Co to weather a recession, the company's chief executive said.

BEIJING (Reuters) - Boeing aims to win at least half China's expected 5,000 new aircraft orders over the next 20 years, to maintain its market share in a country where it sees annual double-digit aviation growth over the same period.

DETROIT (Reuters) - With a tentative agreement with General Motors Co in hand, the United Auto Workers union shifts its focus to Chrysler Group LLC where a one-week contract extension will expire late Wednesday.

A London law firm said Wednesday it has launched legal action in Britain's High Court against mining company Anglo American on behalf of South African miners suffering from lung disease.

The Federal Reserve is running out of options to try to boost a slumping economy and lower unemployment. So policymakers are expected to reach 50 years back into their playbook for their next move.

Greece will have to take fresh austerity measures, the debt-ridden country's finance minister said Wednesday, a day after Athens moved a step closer to getting the vital bailout funds it needs to avoid a disastrous default next month.

Global markets were in a largely wait-and-see mood Wednesday as they waited to see if the U.S. Federal Reserve would move to stimulate the U.S. economy and if Greece's creditors would continue to prop up the struggling country.

It looks like retailers will have to work extra hard to keep this holiday season from turning into a bah humbug.

General Mills Inc.'s fiscal first-quarter net income fell 14 percent, but its adjusted results beat Wall Street's expectations as revenue climbed on higher prices, solid demand and new products.

SABMiller said Wednesday it has managed to win the support of the board of Foster's Group for its takeover of the Australian brewer after increasing its offer to $10.1 billion.

Stock futures are roughly flat as traders wait to see whether the Federal Reserve will take steps to stimulate the economy.

General Motors Co. says it is seeking to buy back a 1 percent stake sold to its main Chinese joint venture partner, as it expands its technology investments in a market where it is maneuvering to keep its edge.

Oil prices fell to near $86 a barrel Wednesday as the dollar gained on the euro and traders looked to a U.S. Federal Reserve meeting for possible stimulus measures to spur economic growth.

Alpha Natural Resources Inc. said Wednesday that it will ship less coal this year than previously estimated because of an unexpected drop in demand from Asia and production shortfalls at some U.S. mines.

THE RESULTS: Food maker General Mills Inc. reported first-quarter adjusted earnings of 64 cents per share on revenue of $3.85 billion. Analysts forecast earnings of 62 cents per share on revenue of $3.81 billion, according to a FactSet survey.