IBT Staff Reporter

Concerns over Europe's fiscal problems hit the euro and sterling on Wednesday, while world stocks hovered near their recent six-week highs, though they were still up 66 percent from a low hit one year ago.

The euro and sterling were under pressure on Wednesday after renewed concerns about Europe's fiscal problems but oil, copper and the Australian dollar were supported by China's strong export and import data.

Oil fell toward $81 a barrel on Wednesday in volatile trade as expectations for a gain in U.S. crude stockpiles offset surging Chinese imports.

American International Group Inc has formulated a new forced ranking system to determine bonuses and rate employee performance, Wall Street Journal said, citing people familiar with the matter.

The directors behind the Oscar-winning animated short Logorama, are moving into the live-action world -- but they aren't going Hollywood just yet.

U.S. economists raised their forecast for economic growth in 2010 in March, the third straight monthly rise, while trimming their growth forecast for 2011, according to a survey released on Wednesday.

More than 100 Chinese consumers have filed an official complaint against Hewlett-Packard Co over faulty laptop computers, leaving the door open for a lawsuit against the U.S. technology company, a lawyer for the group said on Wednesday.

Oil reversed earlier losses to gain a few cents toward $82 on Wednesday after China said imports jumped in February, boosting evidence that emerging Asian economies will lead global demand back into growth this year.

Asian stocks hovered near six-week highs on Wednesday as Chinese data showed exports and imports in February were better than expected, while the euro and the pound suffered on renewed concerns about Europe's fiscal problems.

With shrinking audiences, deep layoffs and two management shake-ups, MySpace, the one-time leader in Internet social networking, has had a rocky year.

Bank of America said on Tuesday it will no longer charge overdraft fees on debit card purchases as of this summer, a move that may cost millions in fee income.

LG Electronics Inc, the world's No. 3 mobile phone maker, on Wednesday launched a smartphone based on Google's Android operating system in South Korea, as it seeks to boost its relatively weak smartphone line-ups.

U.S. Treasuries and other national government debt are the most dangerous market there is and investors should avoid the securities because of governments' excessive borrowing, Dan Fuss, vice chairman of investment manager Loomis Sayles, told Reuters on Tuesday.

The $120 billion that New York state owes in debt, health and pension benefits for public workers puts it in the danger zone, and getting down to the safety zone requires a $20 billion cut, a study said Tuesday.

New York Governor David Paterson on Tuesday said the multi-year deficit-closing plan his lieutenant governor is devising might seek to give governors extra authority to cut over-spending.

Greece, pressing for curbs on financial speculation that it blames for worsening the country's debt crisis, said on Tuesday the idea would be examined by the Group of 20 leading powers at their next summit.

U.S. consumer, financial and technology companies slashed bonuses for their chief executives by more than half in 2009, a leading firm that tracks pay data said on Tuesday, as companies moved to more closely tie executive pay to performance.

A former stock loan trader at Morgan Stanley and Bank of America Corp in New York received well over $100,000 of cash kickbacks by steering orders to other brokerage firms, the U.S. Securities and Exchange Commission said in a lawsuit filed on Tuesday.

The United States on Tuesday criticized Israeli plans to build new housing beyond a disputed line in Jerusalem as it prepares to broker indirect talks between Israeli and Palestinian leaders meant to lead to a two-state solution in the region.

Microsoft fixed eight flaws in Windows and Office on Tuesday, bringing the total number of security bulletins for 2010 up to 17.

Toyota said on Tuesday it would fix all Tundra pickups sold in the United States for the 2000 to 2003 model years to address a risk that part of the truck's frame could corrode, causing spare tires or even the gas tank to drop to the road.

The S&P 500 Index has rallied about 70 percent in the last 12 months. It experienced a correction that started late January, set off by Greece woes and Chinese monetary tightening.

The United States is studying whether it can legally challenge Chinese Internet restrictions that hurt Google and other U.S. companies operating in China, but direct talks with Beijing might yield faster results, the top U.S. trade official said on Tuesday.

The U.S. Securities and Exchange Commission's chief economist, James Overdahl, will be leaving at the end of the month, he said on Tuesday.

A coalition of cable and satellite companies will this week call on the U.S. Federal Communications Commission to create a new process to resolve increasingly bitter disputes over carriage fees paid to broadcasters.

Positive Australian economic data keeps on rolling in with yesterdays better than expected NAB Business Confidence and the ANZ Job advertisements surveys adding some support to the Aussie dollar.

One year to the day after stocks fell to their worst close in more than 12 years, the U.S. market spent most of Tuesday spinning its wheels.

The U.S. State Department said on Tuesday it would delay action on any new export license requests by BAE Systems Plc after the British military contractor pleaded guilty to violating several U.S. laws.

Greece, pressing for curbs on financial speculation it blames for worsening the country's debt crisis, said on Tuesday the idea would be examined by the G20 leading powers at their next meeting.