IBT Staff Reporter

Stocks tumbled on Wednesday, halting a four-day winning streak, as falling oil prices hit energy shares, while less upbeat economic reports rekindled worries about recovery prospects.

Rupert Murdoch's News Corp named DirecTV Chief Executive Chase Carey as his top lieutenant on Wednesday, marking the return of one of the media conglomerate's most trusted veterans.

Automaker Coda Automotive announced today it has an all-electric sedan ready to enter the U.S. market by 2010.

Industrial-scale production of bioenergy from algae, or seaweeds, can be expected in 10 to 15 years, helping Europe to reach its green energy targets, the top official at a newly created bioenergy body said on Wednesday.

Wind farm costs have fallen significantly for companies big enough to finance their own projects as the economic crisis cripples competitors for turbines, an executive from RWE Innogy said on Wednesday.

Most global industrial companies that emit a lot of greenhouse gases are not adequately detailing their climate strategies in U.S. financial filings, two studies by environmental and investment groups showed on Wednesday.

Renewable stocks are likely to give up gains again after having recovered since March, but financially strong companies such as SMA Solar and SolarWorld will be hit less harder than others, according to fund firm Swisscanto.

Morgan Stanley is likely to be part of the first wave of major banks to exit the U.S. government's bank bailout program after recently selling more than $2 billion of shares, research analysts said on Wednesday.

Stocks tumbled on Wednesday, halting a four-day winning streak, as falling oil prices hit energy shares, while less upbeat economic reports rekindled worries about recovery prospects.

Federal Reserve Chairman Ben S. Bernanke said on Wednesday unemployment is likely to increase following the release of the recent unemployment claims data from the labor market in May.

A professor from a British university has created a new way to help students to learn math by teaching them magic tricks.

The Obama administration plans to unveil on June 17 its sweeping plan to overhaul financial regulation, according to a source familiar with thinking at the U.S. Treasury Department.

The weak labor market is hurting U.S. cities -- centers of many industries and large housing markets -- with 93 metropolitan areas registering an unemployment rate of at least 10 percent in April, according to Labor Department data released on Wednesday.

American Express Co said on Wednesday that it would suffer less than its rivals from a new U.S. law curbing certain practices by credit card companies because it depends less on interest paid by customers.

Biogen Idec Inc officials told shareholders on Wednesday they did not yet know if Carl Icahn -- who has called for the biotechnology company to be split in two -- had won seats on the board.

Yahoo Inc CEO Carol Bartz elaborated on her views on a potential Internet search partnership with Microsoft Corp, even as she stressed that Yahoo was not under any pressure to do a deal and downplayed Microsoft's newly-released search engine.

Top executives of bankrupt General Motors Corp and Chrysler LLC defended slashing their dealer networks, telling Congress on Wednesday that eliminating more than 2,300 dealerships was crucial to saving the companies.

Two more people have died from the H1N1 flu in New York City, bringing the city's toll to seven from the new virus that has infected thousands of people worldwide, health department officials said on Wednesday.

The chief executives of General Motors Corp and Chrysler LLC told Congress on Wednesday that slashing dealer networks were crucial for saving their companies.

Global airlines, still reeling from the recent flu-virus scare, have stepped up efforts to protect passengers from health risks on international flights.

Executives of Biogen Idec Inc said on Wednesday they did not yet have the results of a shareholder vote on a slate of four dissident directors nominated by Carl Icahn.

Federal Reserve Chairman Ben Bernanke sounded a cautiously upbeat note on the U.S. economy on Wednesday but warned that corralling government debt was vital to ensuring the nation's long-term health.

Former U.S. Federal Reserve Chairman Alan Greenspan on Wednesday questioned the ability of a potential new systemic risk regulator to forecast future financial crises.

An Internet search deal between Yahoo Inc and Microsoft Corp could provide important benefits in scale and yield up to $700 million in cost savings, Yahoo CEO Carol Bartz said.

Nokia's popularity among teenagers is fading, as the world's top handset maker has failed to introduce attractive mass-market models, according to a survey by networking site Habbo Hotel.

Executives of Biogen Idec Inc said on Wednesday they did not yet have the results of a shareholder vote on a slate of four dissident directors nominated by Carl Icahn.

Targeted advertising firm Phorm is launching a service that promises to direct consumers who choose to participate to the most relevant parts of Websites they visit, based on their browsing history.

The European Union announced Wednesday that it will initiate a new strategy ‘shared commitment for employment’ to help state members tackle the employment impact of the economic crisis.

French officials said on Wednesday it proves hopeless to find the Air France's black boxes on the ocean floor.