IBT Staff Reporter

Drugmaker ImmunoGen Inc said it licensed its technology to develop anticancer drugs to Amgen Inc.

Unemployment in the United States will peak only in early 2011 because of a slow and painful recovery from the global economic crisis, Nobel Prize-winning economist Paul Krugman said on Wednesday.

Stocks rose for a third day on Wednesday, hitting fresh 2009 highs in a broad-based rally following economic data that suggested a stronger-than-anticipated global recovery.

General Electric Co shares crossed into positive territory for 2009 on Wednesday, in their third day of steady gains, helped by recent brokerage upgrades and easing investor concern about its finance arm.

Oracle Corp , the world's No. 3 software maker, posted lower-than-expected quarterly revenue that missed Wall Street projections, sending its shares down 2.4 percent.

EU antitrust regulators are in touch with Microsoft Corp and Yahoo Inc about their search engine deal, a source familiar with the situation said, with the talks seen more as exploratory than indicating any competition concerns.

Jennifer Aniston showed some of her singing skills on the Ellen DeGeneres show Wednesday and admitted she was mortified for being asked to do it.

Financial crises and war have long fostered dramatic innovations in fashion, and today's times are no different, according to Nina Garcia, author of the new book The Style Strategy.

U.S. motor giant Ford (F.N) will definitely sell its Swedish car brand Volvo, its finance chief told Swedish news agency TT on Tuesday.

Leading U.S. cable operator Comcast Corp said on Wednesday it plans to offer subscribers the option to watch their favorite TV shows on mobile devices through its new wireless Internet service.

Oracle Corp, the world's No. 3 software maker, posted lower-than-expected quarterly revenue that missed Wall Street projections, sending its shares down 2.4 percent.

U.S. and Canadian judges said on Wednesday approved Nortel Networks Corp's sale of its enterprise business to Avaya Inc for about $900 million, part of the liquidation of the bankrupt telecoms company.

The U.S. Treasury Department, facing the prospect of piercing the legal limit on U.S. debt within weeks, said on Wednesday it was scaling back a borrowing program it runs on behalf of the Federal Reserve.

U.S. grocery store chain Kroger Co says shoppers are starting to buy national brands again instead of lower-priced store-label versions.

French media and telecoms giant Vivendi said on Wednesday it hasn't made a decision whether to exercise its right to sell a 20 percent stake in broadcaster NBC Universal.

The founders of Internet telephone service Skype are suing its current owner eBay Inc and an investor group, according to a report on the Wall Street Journal's website.

United Technologies Corp is seeing signs of stabilization in its key businesses, though the diversified U.S. manufacturer still faces difficult end markets, a top executive said on Wednesday.

Cuomo pressures BofA; Cit's Wait and See; Fed Divided on Rate Hikes

Crexus Investment Corp lowered the number of shares it will sell in its initial public offering by 60 percent, but increased the shares it plans to sell privately to its manager.

California's governor on Tuesday ordered that a third of the state's electricity come from renewable resources by 2020, the same amount as a legislature plan but with promises to let power companies get more electricity from outside the state.

IAC/InterActiveCorp Chief Executive Barry Diller said on Wednesday he has no interest in buying Time Warner Inc Internet unit AOL, ending long-standing speculation he might consider a bid.

A U.S. bankruptcy judge rejected on Wednesday Verizon Communications Inc's objections to a plan by Nortel Networks Corp to sell its enterprise business to Avaya Inc for $900 million.

Brazil's JBS SA said on Wednesday that it would take over bankrupt U.S. chicken company Pilgrim's Pride Corp and Brazilian rival Bertin, in deals that will propel it to the top of the world meat industry with $30 billion in annual revenue.

Google announced Wednesday that it is acquiring ReCAPTCHA, a company that protects more than 100,000 Web sites from spam and fraud.

Apple Inc is to welcome its latest 52-week high on the iPhone and the iTunes App Store growth, analyst says this week, lifting price target on Apple from $200m to $235.

The European Union will support maintaining policies that poured trillions of dollars into economies and call on a G20 meeting for progress on trade talks to help boost a recovery, a draft policy document said.

Citigroup Inc plans to pay back $20 billion it owes the government when the bank sees more concrete signs of recovery, Chief Executive Vikram Pandit said on Wednesday.

Influential hedge fund adviser Medley Global Advisors issued a report on Wednesday saying there is a growing divide among Federal Reserve policy makers on how quickly they should begin raising interest rates, causing U.S. government bonds to briefly sell off.

A weak U.S. labor market led to bigger bank writedowns of credit card debt in August as a record-high jobless rate left consumers struggling to pay their bills.