IBT Staff Reporter

General Motors Co GM.UL Chief Financial Officer Ray Young is expected to leave the automaker as part of a shake-up of its finance operations, the Detroit News reported on Wednesday.

China has eliminated additional charges on imported auto parts, starting Sept 1 this year, the top planning body said on Wednesday, ending a two-year dispute with the World Trade Organization.

Revived luxury firm Faberge, whose namesake designed jewel-encrusted eggs for Russian Tsars, plans to sell its first collection of jewelry pieces worth up to $7 million each to the ultra rich on the Web.

The Obama administration should consider a trust for its stake in U.S. auto companies to ensure rigorous independent management and facilitate a way out for taxpayers, a government watchdog found on Wednesday.

Apple Inc Chief Executive Steve Jobs bounced back into the public spotlight for the first time in over half a year on Wednesday, triggering a standing ovation and helping the company's shares gain nearly 1 percent.

Only 12 percent of U.S. homeowners eligible for loan modifications under the Obama administration's housing rescue plan have had their mortgages reworked, and millions more foreclosures are coming, the Treasury Department said on Wednesday.

State-run Beijing Automotive Industry Holdings will take a minority stake in Koenigsegg as part of the Swedish luxury carmaker's purchase of General Motors' Saab unit, in the latest push by a Chinese auto firm to secure a global footprint.

Hyundai Motor Co (005380.KS), South Korea's top automaker, and its China partner will start building their third plant in China early next year as its sales in the fastest growing major auto market may soon outpace existing capacity, an company executive said on Wednesday.

Oil prices rose above $72 a barrel on Wednesday for the first time this month as a falling dollar spurred investors to hedge against inflation by buying commodities.

Hurricane Fred strengthened into a Category 3 storm on Wednesday over the eastern Atlantic, the U.S. National Hurricane Center said.

Apple Inc Chief Executive Steve Jobs returned to the public spotlight for the first time in half a year on Wednesday, helping the company's shares gain nearly 1 percent.

Stocks extended three straight days of gains on Wednesday as favorable comments from Goldman Sachs lifted the industrial sector while rising crude prices boosted energy stocks.

U.S. stocks extended three straight days of gains on Wednesday as favorable comments from Goldman Sachs lifted the industrial sector while rising crude prices boosted energy stocks.

Apple Inc Chief Executive Steve Jobs returned to the public spotlight for the first time in half a year on Wednesday, helping the company's shares gain nearly 1 percent.

Hollywood actress and wild child Lindsay Lohan is working with fashion house Emanuel Ungaro on a spring-summer collection, to be unveiled at the ready-to-wear shows in Paris in October.

George Clooney will be on the red carpet for the opening night of this year's London Film Festival at the world premiere of Wes Anderson's animated Fantastic Mr. Fox.

Apple will host an iPod and iTunes event in San Francisco on Wednesday which is slated to begin at 1 p.m. ET, or 10 a.m. PT, and there are some ways you may tune in though the company will not provide an official video stream during the event.

The New York City penthouse where imprisoned fraudster Bernard Madoff spent his last few days of freedom with his wife Ruth is set to go on sale later this week, according to the U.S. Marshals Service

The Kennedy family saga was already the Greek tragedy of modern American history, but a book alleging a love affair between Robert F. Kennedy and his brother's wife adds new pathos to the tale.

ew York's Fashion Week kicks off on Thursday with a very simple message for style-conscious consumers -- spend, spend, spend.

Actor Robert De Niro, musician Bruce Springsteen and funnyman Mel Brooks are among the entertainers whose careers will be celebrated at this year's Kennedy Center Honors Gala in December.

Just ahead of Apple's much anticipated 09/09/09 event later today, the company quietly dropped prices for its line of iPods.

China's Geely Automotive (0175.HK) said its parent company plans to bid for all of Ford Motor Co's (F.N) Volvo Car Corp, becoming the latest Chinese automaker to chase a foreign marque in a global industry shakeup.

Whitney Houston returned to the U.S. pop album chart in grand style on Wednesday as her first album in seven years debuted at No. 1.

The United States' and Britain's triple-A sovereign debt ratings are safe for now but both countries will need to severely adjust fiscal policies in the wake of the global financial crisis, Moody's Investors Service said in a statement released late on Tuesday.

Private equity firm Blackstone Group has hired JPMorgan media banker Peter Cohen as head of its global media advisory practice, it said on Wednesday.

Despite Aid, Home Pain Continues; Obama's Stake Tonight; Inside Madoff's Home

Ice Edge Holdings, a group of U.S. and Canadian businessmen, has dropped out of the auction set to start later this week for the National Hockey League's Phoenix Coyotes, leaving Canadian billionaire James Balsillie and the NHL as the only bidders for the bankrupt team.

MSC Software Corp, a simulation and software services company, said it received an offerfrom a private equity firm that topped an earlier offer from Symphony Technology Group, sending its shares up as much as 7 percent.