IMF says world recession is easing, but economy still likely to contract
The International Monetary Fund said signs in the economy indicate that recession is easing but the recovery will be slow and likely to take some time. The IMF said the global economy is likely to contract 1.4 percent this year.

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.

Cyberattacks target U.S. and South Korean Web Sites
North Korean hackers are suspected of being behind a cyber-attack on some of the most important government offices in the US and South Korea after the July 4th holiday weekend, including the White House, the Pentagon, the New York Stock Exchange and the presidential Blue House in Seoul.

NRG Energy Inc.
NRG Energy Inc. rejected Exelon Corporation's $6.9 billion offer today saying the bid continues to substantially undervalue NRG, according to a letter sent to Exelon Chief Executive Officer John Rowe, Reuters reported.

Gasoline stocks rise more than expected
The U.S. Energy Information Administration released its weekly petroleum status report. Gasoline stocks had risen by 1.9 million barrels, more than a 600,000 barrel increase forecasted by analysts, according to Reuters. Distillate stocks, including diesel, climbed by 3.7 million barrels, compared with an expected two million barrel increase and remaining at their highest level in nearly 25 years.

Thrifty shoppers rule
Thrifty shoppers are looking for deals, benefitting stores which cater to lower prices amid a tough recession. Family Dollar Stores reported a 36 percent in quarterly profit on Monday, sending its shares up 10 percent. “[C]onsumers look for value oriented offerings and obviously, that’s Family Dollar’s sweet spot,” said Edward Jones analyst Matt Arnold, according to Reuters.

Reports indicate UBS could afford to pay $5.5 billion to end tax dispute
Swiss bank may be able to afford a $5.5 billion payment to bring an end to a U.S. tax dispute without needing any additional funding. The bank is able to do this due to recent capital injections from proceeds of asset sales.

Upset smokers sue again
Three Tennessee residents are fuming against cigarette companies for their use of “light” or “ultra light” on smoking cartons, bringing a lawsuit accusing the companies of false and misleading advertising. Altria Group Inc and Reynolds American Inc are were accused today in Federal court in Tennessee of knowing that cigarettes with those labels don’t reduce risks to smokers, according to Bloomberg.

Large wind farm project for Texas canceled: Pickens
A project to build the world's largest wind farm in Texas Panhandle has been canceled due to a technical problem on getting power from the proposed site to a distribution system, oil tycoon T. Boone Pickens told the Associated Press yesterday.

Streaming radio stations online strike deal with copyright holders
A group of webcasters struck an agreement with SoundExchange, the organization that collects royalties for musicians and record companies, on Wednesday over payments for playing music online. The rates would have reportedly consumed as much as 70 percent of the profits that streaming content providers make.