G8 agrees on 2 degrees celsius limit for global warming
The Group of Eight nations agreed on Wednesday to try to limit global warming to 2 degrees Celsius and cut its greenhouse gas emissions by 80 percent, but failed to convince India and China to join them during a meeting in L'Aquila, Italy.

Google announces Chrome operating System
Google said Wednesday it will launch an operating system for personal computers next year, taking direct aim at the dominance of Microsoft Corp's Windows franchise. The system, based on Google's Chrome web browser, is designed for all classes of PCs, from small netbooks to full-sized desktop systems, and will be available in machines from multiple PC makers in the second half of next year, the company said.

White House opposes restrictions for IMF spending
The White House has strongly opposed the bill introduced by Congress which would limit the Obama administration's ability to respond to any future financial crisis through the International Monetary Fund. The provisions are not law and could be changed or stripped.

Consumer credit falls by $3.23 billion in May
The Federal Reserve today released the consumer credit report for May indicating a slight decline of $3.23 billion indicating a decline for the fourth consecutive month. The May consumer credit outstanding fell at a 1.5 percent annual rate to $2.5196 trillion from $2.5229 trillion in April.

Alcoa to withstand losses in downturn: CEO
Alcoa Inc reported smaller losses for latest reporting period, as the company's CEO said today management moves made so far will let the firm withstand a historic downturn in the aluminum industry. Alcoa's chief executive Klaus Kleinfeld said moves are paying off at the aluminum producer even as prices for aluminum have plunged by nearly half.

Natural gas legislation introduced
Senators Harry Reid, Robert Menendez and Orrin Hatch, accompanied by Texas oilman T Boone Pickens on Wednesday introduced newly proposed a Natural gas legislation that will encourage the development and purchasing of natural gas vehicles.

Swiss Government may seize UBS data
The Swiss government said it would seize UBS data and prevent the U.S. Justice Department from pursuing a U.S. court order seeking the identities of 52,000 American account holders they suspect of evading taxes. According to the court filing, UBS will use its legal authority to ensure that the bank cannot be pressured to transmit the information illegally.

Pepsi Beats Expectations
Pepsi Bottling Group reported that net income for the second quarter was $211 million, up from $174 million a year earlier. Results beat Wall Street expectations.

Amazon Drops Kindle 2 Price
Amazon lowered the price of the popular Kindle 2 by $60 to $299 on Wednesday, just two months after it first introduced the e-reader into the market.

T-Mobile Launches MyTouch 3G Android Phone
T-Mobile officially launched its second Google Android phone, the MyTouch 3G, on Wednesday. Company executives said they'll use a high-touch retail experience and custom cases to make it possible for users to personalize the phone.