IBT Staff Reporter

BlackBerry maker Research In Motion and Spanish telecom Telefonica are teaming up to test a payment system that turns a mobile phone into an electronic wallet and identity card, the companies said on Wednesday.

BlackBerry maker Research In Motion and Spanish telecom Telefonica are teaming up to test a payment system that turns a mobile phone into an electronic wallet and identity card, the companies said on Wednesday.

Bank stocks took another nose-dive on Wednesday on concerns about the European debt crisis and strenuous stress tests unveiled by the Federal Reserve on Tuesday, analysts said.

Microsoft Corp has signed a confidentiality agreement with Yahoo Inc, allowing the software giant to take a closer look at Yahoo's business, according to a source familiar with the matter.

When shoppers hit the stores on Black Friday, Abercrombie & Fitch will face its biggest test this year as the preppy clothing retailer tries to prove the value of its cachet in teenage apparel to investors.

Stocks tumbled about 2 percent and were on track for a sixth straight day of losses on Wednesday as frustration over the euro zone debt crisis coupled with weak Chinese factory data sank sentiment.

British police will examine a batch of email exchanges between climate scientists which appeared on the Internet Tuesday as part of an inquiry into the hacking of the private documents, police said Wednesday.

Consumers have spent $9.67 billion with online retailers in the first 20 days of November, according to digital research firm comScore. The firm expects a 15 percent increase in e-commerce sales this holiday season compared with last year.

J.P. Morgan has agreed to buy all of defunct U.S. brokerage MF Global's shareholding in the London Metal Exchange after a competitive bidding process, KPMG, the administrators for MF Global's UK unit, said on Wednesday.

Stocks tumbled again on Wednesday, leaving the benchmark S&P 500 on pace for a sixth straight decline as frustration with the euro zone's debt crisis coupled with weak Chinese factory data sank investor sentiment.

An Amish breakaway compound was raided by authorities Wednesday morning, leading to seven hate crimes arrests for incidents in the past few months in which members allegedly forcibly cut the hair of other Amish people in Ohio.

Shares of Groupon Inc fell for a third day on Wednesday, sinking below the company's initial public offering price of $20 less than three weeks after the daily deal company went public.

According to a new Pew Research Center poll, a third of Republicans think Mormonism isn't a Christian religion, and these people are less likely to support Romney for the Republican nomination. But if Romney does get the nomination, an overwhelming majority of Republicans would vote for him over President Barack Obama.

France would have limited room to absorb any new shocks to its public finances without endangering its AAA status, Fitch Ratings said on Wednesday, in the latest sign that the euro crisis could rob France of its cherished top-tier rating.

Nokia Siemens Networks plans to eliminate 17,000 jobs worldwide by the end of 2013 in an effort to streamline business operations, the company announced Wednesday.

Consumer spending growth slowed in October and business capital investment plans were weak, raising questions about expectations for solid growth in the fourth quarter.

Stocks tumbled again on Wednesday, leaving the benchmark S&P 500 on pace for a sixth straight decline as frustration with the euro zone's debt crisis coupled with weak Chinese factory data sank investor sentiment.

Julius Genachowski's decision to call the hearing could spell trouble for the $39 billion transaction.

Sen. John Thune, R-South Dakota, endorsed Mitt Romney on Wednesday, just three days after Sen. Kelly Ayotte of New Hampshire gave her endorsement. Thune and Ayotte are both strong conservatives, so their backing may increase Romney's credibility among the voters who are most hesitant to support him.

Nokia Siemens Networks, the world's second-largest maker of mobile phone network equipment, is axing 17,000 jobs, nearly a quarter of its workforce, to help save about 1 billion euros ($1.35 billion) a year.

U.S. online spending should increase 15 percent this holiday season, outpacing even last year's torrid growth, as shoppers are enticed by more retailers offering free or low-cost shipping, analytics firm comScore said.

Shares of Pandora Media fell more than 10 percent on Wednesday after the online streaming music service company gave a muted fourth-quarter outlook.

Deere & Co reported a 46 percent rise in quarterly earnings and projected substantial growth for 2012 amid strong global farming conditions and higher prices, sending its shares higher in an otherwise weak stock market.

The number of Americans filing new unemployment claims rose last week and consumer spending barely increased in October, according to data on Wednesday which could prompt economists to tamp down on expectations for solid growth in the current quarter.

Florida A&M's famous marching band has been suspended following the death of Drum Major Robert Champion. A probe is being conducted to see if hazing had anything to do with Champion's death last weekend.

Standard & Poor's warned on Wednesday that credit ratings in the euro zone could come under renewed pressure if large parts of the currency bloc slip back into recession, as expected, next year.

Shares are down more 14 percent at mid morning trading, as the company joins the ranks of this year's initial public offerings that are currently underwater.

The next chairman of India's venerable salt-to-software conglomerate Tata Group will be an insider and a family member by marriage.

In the busy Naples square where she works, 18-year-old Arianna is a familiar sight as she darts back and forth from a cafe bearing trays with espresso and pastries.