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Libya rejoins the world

The United States has normalised relations with Libya, and the former rogue state has renounced all previous designs to manufacture weapons of mass destruction. The state has also been attempting economic reforms after three decades of a command economy.

By Helen De Guerlache

Shock comes at closing time

You've emptied the cookie jar and searched the couch for loose change. You've finally managed to scrape together a down payment for your first home. Only now you find you have to come up with thousands of dollars more to pay a long list of confusing fees called "closing costs."

Some buyers, looking back on their first home purchases, say they suspect their mortgage broker gave them a low estimate of closing costs to draw them into their office, only to "switch" to the higher dollar figures once it was too late or too hard to back out.

Dave Gallant, who just bought his first home in San Diego, said his friends all warned him how the tactic works.

"Every time you turn around, there's more paperwork," said Gallant, 38, a video instructor in the Navy. "You're so exhausted, by the time they come back and say, 'You know what? In order to get this (loan), we're going to need this much money,' " the buyer usually just ends up paying it.

Australian stocks fall; CBA down, Downer dives

SYDNEY, Aug 9 (Reuters) - Australian shares shed 1.5 percent on Wednesday, as companies geared to U.S. growth fell on concerns of a slowdown in the world's biggest economy, while engineering contractor Downer EDI Ltd. slumped after flagging a full-year loss.

The benchmark S&P/ASX 200 index dropped 76.1 points, to 4,948.7, retreating from Tuesday's three-and-half week closing high.

The Federal Reserve's policy-making committee left the benchmark fed funds rate unchanged at 5.25 percent, and said economic growth had moderated from its strong pace earlier this year.

That pulled down U.S. stocks on Tuesday on worries that slower growth would hurt corporate profits.

Commonwealth Bank of Australia , the nation's top mortgage lender, fell 1.2 percent to A$46.24 despite reporting a 16.7 percent rise in second-half profit, as investors focused on the risks to future growth from rising interest rates.

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