Avon Products announces plans to look for new chief executive to replace its longtime leader Andrea Jung; Jung will remain in her dual role as chairwoman and chief executive until chief is found, when she will then continue on as executive chairwoman. Read more..

By ANDREW MARTIN - The New York Times

Former Washington Mutual executives, including Stephen Rotella, Kerry Killinger and David C Schneider, reach a $64 million agreement with the government to settle a civil lawsuit related to the subprime mortgage crisis. Read more..

By LOUISE STORY - The New York Times

Eight former Siemens executives and contractors, including managing board member Uriel Sharef, are charged with criminal bribery by the Justice Department in connection with a $1 billion contract with Argentina to produce national identity cards; indictment states that the men conspired to pay more than $100 million in bribes to officials in violation of the Foreign Corrupt Practices Act. Read more..

By EDWARD WYATT - The New York Times

Morgan Stanley's settlement with MBIA puts company on right track to increase regulatory capital and begin 2012 on more solid footing; divided OPEC is unlikely to tighten its ever-loosening grip on the oil market. Read more..

By AGNES T. CRANE and UNA GALANI - The New York Times

On Wednesday, Nokia announced the first step in its comeback in the United States with its first smartphone based on Microsoft’s Windows Phone operating system. Anyone hoping for Nokia to market its return with guns cocked and aimed at Apple and Google is likely to be disappointed, though. Read more..

By NICK WINGFIELD - The New York Times

Airy openness in Manhattan office spaces is replacing traditional model as companies seek loftlike feel for their businesses; once seen as difficult to rent, open spaces now command some of the highest rents in commercial real estate. Read more..

By TOM ACITELLI - The New York Times

So-called Knowledge District, home to Brown University’s $45 million medical school, is drawing businesses and institutions to Providence, RI. Read more..

By ELIZABETH ABBOTT - The New York Times

Commerce Department report shows that retail sales grew at their slowest pace in five months in November, increasing 0.2 percent after gaining 0.6 percent in October. Read more..

By REUTERS - The New York Times

Dow Jones industrial average falls 66.45 points, or 0.6 percent, to close at 11,954.94; Standard & Poor's 500-stock index falls 10.74 points, or 0.9 percent, to 1,225.73; Nasdaq composite index loses 32.99 points, or 1.3 percent, to 2,579.27. Read more..

By THE ASSOCIATED PRESS - The New York Times

The tech reporters and editors of The New York Times are always searching for interesting items on the Web. Here’s what they found on Wednesday: algorithms for determining college classes, slow Amazon publishing, Angry Bird merchandise and, for fun, exploding CDs. Read more..

By THE NEW YORK TIMES - The New York Times