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Wall Street falls as economic angst resurfaces

Stocks tumbled on Wednesday as a gloomy retail sales report revived recent anxiety about the economy's struggle and caused a broad sell-off that accelerated late in the session.

Obama opposes detainee abuse photo release

In a reversal, President Barack Obama objected on Wednesday to the release of dozens of photographs showing the abuse of terrorism suspects, fearing the pictures could trigger a backlash against U.S. troops.

GM, Chrysler to cut up to 3,000 dealers: sources

General Motors Corp and Chrysler aim to drop as many as 3,000 U.S. dealers and are expected to begin sending notifications as early as Thursday, three people briefed on the still developing plans said.

G7 to recover later this year, but a long haul

The world's richest nations will put recession behind them later this year, but when growth returns it will be sluggish, according to Reuters polls that pose a challenge to the vigorous rally in world stock markets.

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EU hands down record antitrust fine to Intel

EU regulators on Wednesday slapped a record 1.06 billion euro ($1.45 billion) fine on Intel Corp for antitrust violations and ordered it to halt illegal efforts to squeeze out arch-foe AMD.

Honda to lift Japan output to meet extra demand

Honda Motor Co (7267.T) is taking steps to raise output in Japan in preparation for a likely uptick in demand if a bill to offer consumers cash to replace old cars becomes law, its chief financial officer said on Wednesday.

Wall Street falls after weak retail data

Stocks tumbled on Wednesday as worse-than-expected retail sales hurt shares in the sector, including Wal-Mart Stores Inc, and dampened recent enthusiasm over the economic outlook.

U.S. likely to feel pressure to move on Intel

Now that European, South Korean and Japanese authorities have moved against chip giant Intel Corp for breaking antitrust laws, the question is: Are U.S. officials feeling pressure to take action, too?

Congress under pressure as GM bankruptcy possible

With General Motors Corp planning to end production of Saturns and Pontiacs at its Delaware plant which employs more than 1,000 people, state leaders are scrambling to win new work at the facility or persuade the company to move other operations to the region.

U.S. mortgage applications fall as refinancing drops

U.S. mortgage application demand slid to the lowest level since mid-March, driven by a drop in requests to refinance loans even as borrowing costs dipped toward record lows last week, the Mortgage Bankers Association said on Wednesday.

EU fines Intel $1.45 billion for squeezing out rival

EU regulators on Wednesday fined Intel Corp a record 1.06 billion euros ($1.45 billion) for antitrust violations and ordered it to halt illegal practices used to squeeze out rival AMD.

Wall Street falls as retail data blurs economic outlook

Stocks slumped on Wednesday after retail sales data came in worse than expected, hurting shares in the sector including Wal-Mart Stores Inc and blurring the economic outlook.

U.S. climate bill talks: renewable energy standard, ghg cap reduced

Democrats at the U.S. Energy and Commerce Committee have agreed on a renewable energy standard, greenhouse gas emissions cap and allowances distribution on the climate bill, Chairman Henry Waxman said yesterday evening.

Craiglist to drop erotic services ads

Online classified site Craigslist will replace its erotic services ads with a new adult category to bar flagrant prostitution and porn, the Connecticut attorney general's office said on Wednesday.

AIG CEO tries to soothe Congress on bailout repay

The CEO of AIG tried to reassure the U.S. Congress on Wednesday that the bailed-out insurer will be able to repay taxpayer aid within three to five years if the economy permits.

U.S. urges emerging powers to open markets

Big emerging countries like China, India, Brazil and South Africa must do more to open their markets to secure a new global trade deal, the U.S. trade chief said on Wednesday.

Wall Street lower as retail sales, Europe outlook weigh

U.S. stocks retreated on Wednesday after key U.S. retail sales data came in worse than expected, dampening hopes of a quick economic recovery.

Frontier to buy Verizon phone access lines

Frontier Communications Inc has agreed to buy 4.8 million access lines from Verizon Communications Inc for $5.25 billion in stock, in a deal that triples its size and makes it the largest U.S. communications provider serving rural areas.

U.S. retail sales fell 0.4 percent in April

Sales at U.S. retailers fell for a second straight month in April, pulled down by sluggish gasoline and electronic goods purchases, government data showed on Wednesday.

India ruling Congress seen ahead as voting ends

The ruling Congress-led coalition was slightly ahead of the opposition Hindu-nationalist alliance in India's general election, but both groups fell short of a parliamentary majority, early projections said on Wednesday.

Geithner says financial system starting to heal

The U.S. financial system has completed a big part of the painful adjustment away from its excessively leveraged state, and lending is starting to improve, U.S. Treasury Secretary Timothy Geithner said on Wednesday.

Now 3,009 cases of new flu in U.S., CDC says

The United States now has 3,009 confirmed cases of the new H1N1 influenza across 45 states and Washington, D.C., the Centers for Disease Control and Prevention reported on Tuesday.

Pope presses call for Palestinian state

Pope Benedict witnessed the watchtowers and high walls that seal Bethlehem off from Jerusalem on Wednesday as he entered the Israeli-occupied West Bank and pressed his call for a Palestinian state.

U.S. retail sales slump for second straight month

Sales at U.S. retailers fell for a second straight month in April as cash-strapped consumers held back on some purchases, according to a government report on Wednesday that dented hopes the economy was beginning to improve.