IBT Staff Reporter

General Motors Co Vice Chairman Bob Lutz will retire from the automaker effective May 1, people briefed on the plans said on Wednesday.

Netbook PC pioneer Asustek is satisfied with its business so far this quarter and still aims to become the world's No.3 laptop vendor in 2011, the company's chairman told Reuters on Tuesday.

China's Lenovo, the world's No.4 personal computer maker, said it will develop more products this year for the mobile Internet, attempting to gain ground after a late start into the hot smartphone market.

Hybrid and electric cars are the stars of motor shows, but the expensive technologies could take a decade to really hit European roads as automakers improve petrol and diesel cars to meet short-term emissions targets.

Luxury carmakers say 2010 will not be the year of full recovery for their sector, which was hit by the crisis and did not benefit from government incentives.

U.S. stocks rose on Wednesday after data on U.S. private employment and the vast services sector reassured investors nervous about the pace of economic recovery.

Allied Capital Corp, which is selling itself to rival Ares Capital Corp, plans to declare a special dividend of 20 cents a share if shareholders approve the merger deal.

Investment fund Elliott Associates offered to buy business software maker Novell Inc for $2 billion, sending its shares up 28 percent as investors hoped for a better bid.

SouthWest Water Co said it agreed to be acquired by institutional investors led by J.P. Morgan Asset Management and Water Asset Management LLC.

A former Atheros Communications Inc executive pleaded guilty on Wednesday to conspiracy and fraud charges in the Galleon hedge fund insider trading case.

The Israeli military called off a raid in Palestinian territory after a soldier posted details, including the time and place, on social networking website Facebook, Israel's Army Radio reported on Wednesday.

A revival of consumer cost concerns did not boost results enough for the biggest U.S. warehouse clubs, as margin constraints weighed on Costco Wholesale Corp , while BJ's Wholesale Club Inc faced pricing pressure from rival supermarket chains.

Microsoft is still seeing a lot of interest in its Windows 7 computer software launched last year and a new budget cycle will help a gradual recovery in business spending, its chief operating officer said.

U.S. private employers eliminated fewer jobs last month, suggesting the job market may be on the mend, while the U.S. services sector grew at its fastest pace since the recession began.

Spanish criminals who stole bank details from computers around the world did not realize the power of the illegal network they had created which could have paralyzed an entire country's computer systems, police said.

U.S. private employers eliminated fewer jobs last month, suggesting the job market may be on the mend, while the U.S. services sector grew at its fastest pace in more than two years.

A new consumer protection agency is an urgent need as the United States seeks better financial regulation but putting it in the Federal Reserve is unacceptable, George Soros, chairman of Soros Fund Management, said on Wednesday.

Greece targeted civil servants, the rich and the church on Wednesday in a sweeping new 4.8 billion euro ($6.5 billion) austerity program designed to secure European help to tackle its crippling debt burden.

The U.S. stock market rose on Wednesday after positive developments from Greece and encouraging U.S. economic data.

Global carmakers exporting from the euro zone ought to benefit from newfound weakness in the currency but auto executives at the Geneva Autoshow agree the 10-percent drop over the last three months is hard to handle.

Japan's Mitsubishi Motors Corp and France's PSA Peugeot Citroen failed to agree terms for a capital alliance.

Stocks rose on Wednesday after data on the labor market and the U.S. services sector encouraged investors who had been uncertain about the pace of economic recovery.

U.S. employers shed 20,000 private-sector jobs in February according to a report by ADP on Wednesday, fewer than the 60,000 jobs lost in January and inline with analysts' expectations.

General Motors Co is giving responsibility for U.S. sales to North America President Mark Reuss.

Low U.S. interest rates were not the sole cause of the housing bubble, a top Federal Reserve official said on Wednesday, adding that ultra-low interest rates are appropriate now.

U.S. private employers shed 20,000 jobs in February, fewer than the 60,000 jobs lost in January, a report by a private employment service said on Wednesday.

The U.S. services sector grew in February at its fastest pace in more than two years, according to an industry report released on Wednesday.

Jobs shed by U.S. private employers in February dropped from the prior month, while U.S. firms' planned layoffs fell to the lowest since 2006, suggesting the job market may be starting to recover.

Warehouse club operators Costco Wholesale Corp and BJ's Wholesale Club Inc posted quarterly earnings below Wall Street estimates, hurt by falling food prices.