IBT Staff Reporter

Moody's Corp cut the debt ratings of Bank of America Corp , Wells Fargo & Co and Citigroup Inc on Wednesday, saying the U.S. government is getting less comfortable with bailing out large troubled lenders.

Europe's debt crisis is the biggest threat to the global economy, the Treasury said on Wednesday, and it called on European policymakers to provide unequivocal support to banks and governments under stress.

After 31 years of churning out hits like Losing My Religion and The One I Love R.E.M. has finally bowed out. In a statement posted on their official web site on Wednesday, the rock band said that they had decided to call it a day.

Facebook is looking to hire a big-name executive to cultivate relationships and strike deals with the film and music industries to bolster its media offerings.

A new state law banning driving while texting has helped more than double the number of related traffic tickets, New York Governor Andrew Cuomo said on Wednesday.

Google Inc has not cooked its search results to favor its own products and listings, Executive Chairman Eric Schmidt told a U.S. Senate hearing looking into whether the search giant abuses its power.

Zvi Goffer, a former securities trader known as Octopussy because of his many sources of information, was sentenced to 10 years in prison on Wednesday for insider trading.

SABMiller's $10.1 billion bid for Australian brewer Foster's Group looked well placed to succeed on Thursday after some key shareholders come out in favor of the sweetened deal.

Zvi Goffer, a former securities trader known as Octopussy because of his many sources of information, was sentenced to 10 years in prison on Wednesday for insider trading.

With many analysts predicting that Sprint will be the next wireless to the iPhone 5, Sprint CEO Dan Hesse said Wednesday in a conference that full-year targets in 2011 did not include any potential iPhone sales.

The government is continuing an aggressive drive to hold accountable those responsible for the 2007-2009 financial crisis, but prosecutors may find it tough to prove criminal intent in some cases, a top Justice Department official said in an interview.

A lawyer for Full Tilt Poker rejected on Wednesday allegations made by federal prosecutors that the company and its board of directors operated the company as a global Ponzi scheme.

The Supreme Court caused an astonishing last-minute delay to Troy Davis' execution on Wednesday, saying it needed time to review his appeal, CNN is reporting.

In an interview with Newsmax, a conservative news magazine, former President Bill Clinton told founder and CEO Christopher Ruddy that Obama’s approach to tackling the deficit was “a little confusing,” and said that President Obama should not increase taxes in this economy.

Lehman Brothers Holdings Inc said it will drop its appeal of a bankruptcy court's ruling upholding Barclays Plc's purchase of Lehman's North American business in 2008 to avoid an unnecessary strain on its remaining assets.

A former securities trader known as Octopussy because of his many sources of information was sentenced to 10 years in prison on Wednesday after being found guilty of insider trading.

The sentencing of Raj Rajaratnam, the prominent hedge fund founder who was convicted in May in a sweeping insider trading prosecution, was postponed to October 13 from next Tuesday.

Developing countries can prepare for the threat of a global recession by improving policies to generate growth and jobs, diversifying economies, bolstering their banking sectors and readying social safety nets, the World Bank's top economists said on Wednesday.

Hulu, the popular online video service which has been put up for sale by its joint owners, now has more than 1 million paying subscribers, Chief Executive Jason Kilar said on Wednesday.

Electronic Arts Inc may never recover its Silicon Valley swagger. But maybe it doesn't have to, its top executive says.

General Motors Co's OnStar may be watching your moves later this year -- even if you no longer subscribe to the service.

Sprint Nextel Corp would need to change its full year guidance for 2011 if the company started selling the Apple Inc iPhone, Chief Executive Dan Hesse said on Wednesday at a conference.

Two police officers in Fullerton, Calif., have been charged in the death of a mentally ill homeless man in California. Manuel Ramos is charged with second-degree murder, and Cpl. Jay Cicinelli is charged with involuntary manslaughter and felony excessive force.

U.S.-based Wyse Technology has rolled out a new version of its PocketCloud application, enabling free sharing of music and videos between consumers' mobile devices.

Hewlett-Packard Co's board convened on Wednesday to consider ousting Chief Executive Officer Leo Apotheker after less than a year on the job and replacing him temporarily with former eBay CEO Meg Whitman, a source familiar with the matter said.

The Federal Reserve on Wednesday moved to counter what it said were significant risks to the U.S. economy with an effort to lower long-term borrowing costs and bolster housing.

R.E.M, once dubbed America's Best Rock & Roll Band, said on Wednesday they decided to call it a day after more than 30 years of generating hits and selling millions of records.

The Federal Reserve on Wednesday ramped up its aid to the beleaguered U.S. economy, launching an effort to put more downward pressure on long-term interest rates and increase its support for housing.

Former Dallas Stars forward Mike Modano, the all-time goals and points leader among U.S.-born players, announced his retirement from the National Hockey League (NHL) on Wednesday after a 21-season career.