WASHINGTON - The US economy grew at a "modest to moderate" pace in recent weeks, with the housing market and construction improving nationwide, the Federal Reserve said in a report on Wednesday. WASHINGTON - US Federal Reserve Chairman Ben Bernanke has reiterated that its stimulus could be wound up next year if economic growth remains steady as forecast. BEIJING - The International Monetary Fund (IMF) says China's economy is on course to grow 7.75 per cent in 2013 - higher than the government's own 7.5 per cent target and actual growth of 7.6 per cent in the first half of the year. LONDON - The British unemployment rate stood at 7.8 per cent in the three months to the end of May, unchanged from the quarter to the end of April, official data shows. SEOUL - North and South Korea have failed again to reach agreement on reopening their jointly-run industrial estate as they wrangled over who was to blame for its shutdown. NEW DELHI - Pollution and other environmental degradation costs India $US80 billion ($A87 billion) a year, nearly six per cent of gross domestic product, the World Bank says in a report. SAN FRANCISCO - Intel Corp says profits in the past quarter slid by 29 per cent as the chipmaking giant accelerated its efforts to focus on mobile computing. NEW YORK - Subway says its co-founder and President Fred DeLuca has been diagnosed with leukaemia. WASHINGTON - Apple's iPhone sales are sputtering as rival smartphone makers ramp up their offerings, a market research firm says. NEW DELHI - The world's largest steel maker ArcelorMittal has scrapped plans to build a steel plant in eastern India due to delays in acquiring land. EL SEGUNDO, California - Mattel's second-quarter net income fell 24 per cent, pulled down by an impairment charge. NEW YORK - KFC is tossing out the chicken bones and the quaint image of founder Colonel Harland Sanders as it gets ready to test a slightly more upmarket restaurant in the US. MIAMI BEACH - The South Beach mansion once owned by Italian designer Gianni Versace is headed for the auction block. WELLINGTON - The New Zealand dollar edged up in volatile trading after Federal Reserve chairman Ben Bernanke emphasised the central bank's asset purchase programme could be reduced more quickly or expanded depending on economic conditions. SYDNEY - The Australian dollar is higher after US Federal Reserve chairman Ben Bernanke said the tapering of economic stimulus was not on a preset course. SYDNEY - The Australian market looks set to open higher following gains on Wall Street after US Federal Reserve chairman Ben Bernanke said tapering of stimulus measures was not on a "preset course." CANBERRA - The Rudd government is expected to make an economic statement to show a worsening outlook before calling the election.