IBT Staff Reporter

Prominent hedge fund firm Pequot Capital told investors on Wednesday it will shut down amid an ongoing government probe into possible insider trading.

Chrysler looks set to clear its last major hurdle in its sprint through bankruptcy court as soon as Thursday, when a judge is expected to overrule more than 340 objections and approve its sale to a group that includes Fiat.

The founder of Pequot Capital Management Inc says the fund firm will shut down due to an investigation into the firm’s activities, according to a letter to clients published in media reports Wednesday.

Microsoft has announced the new evolution of its Zune player called Zune HD to be available this fall serving high-definition video and high-definition radio.

The U.S. president promised Wednesday to defend South Korea and Japan from any attack by North Korean amid escalating threat from the reclusive state.

General Motors Corp moved closer to filing the largest bankruptcy ever for a U.S. industrial company after a crucial bond exchange proposal failed and as officials in Germany neared a decision on which company would take over GM's European brand Opel.

Airport operator, Fraport AG said on Wednesday its 1,479 shareholders will receive €1.15 per share and see a sustainable recovery trend by 2010 despite revenue decline and difficulties in the current worldwide economic crisis.

On Wednesday IBM Corp announced that it will make up to $3 billion to finance smart infrastructure projects in Europe and Asia The announcement follows the announcement made by the company last April 30 for the availability of up to $2 billion to help jump start US economic stimulus programs.

Nortel Networks Corp, which is fighting for survival under bankruptcy protection, confirmed on Wednesday it is looking for a buyer for its majority stake in a South Korean joint venture with LG Electronics.

OPEC ministers set their sights on oil prices above $70 a barrel as they gathered for talks in Vienna, but they were expected to hold output steady and rely instead on economic recovery to push the market up.

Sales of previously owned U.S. homes rose in April, a report showed on Wednesday, providing new evidence the housing market is stabilizing and backing views that the recession is nearing an end.

Freed U.S.-Iranian reporter Roxana Saberi thanked U.S. Secretary of State Hillary Clinton in person on Wednesday for pressing Iran to release her from a Tehran jail where she was held on charges of spying.

Barcelona beat Manchester United 2-0 in the final to win the UEFA Champions League trophy on Wednesday with goals from Samuel Eto'o and Lionel Messi.

by Lisa Lambert

The new gay and lesbian curriculum was adopted Tuesday evening by the Alameda Unified School District in California.

As the numbers of online university students continue to rise and more resources become available for free online, the idea of opening up a tuition-free university appears to have come at an appropriate time.

TiVo Inc posted its second straight quarterly loss but it was smaller than expected, as the digital video recorder maker reined in costs to offset sliding revenue and slowing user growth.

Apple updated its 13-inch white MacBook adding additional speed, bigger storage and faster RAM.

Treasury Secretary Tim Geithner named Wednesday in Boston 32 organizations that are expected to receive $1.5 billion in business tax using funds from the stimulus plan Congress passed earlier this year.

President Barack Obama announced Wednesday the availability of over $467 million from the stimulus package for two Recovery Act energy programs on the 100 days anniversary since the President signed the American Reinvestment and Recovery Act.

Samsung Electronics Co Ltd said on Wednesday it renewed its NAND flash memory chip license with SanDisk Corp for seven years, at a lower royalty, while guaranteeing a portion of its chips output to SanDisk.

Yahoo Inc CEO Carol Bartz said any deal to spin off or combine its Internet search assets will require a partner with boatloads of money, and her company is talking a little bit with Microsoft Corp about a potential partnership.

Tie on your bibs: T+L cracks down on the juiciest claws, the tenderest tails, and the most overstuffed lobster rolls Maine has to offer.

AT&T Inc said on Wednesday it would double its wireless data network speeds as part of an upgrade that it aims to kick off later this year and complete in 2011.

Stocks dropped on Wednesday as rising yields on U.S. government debt fueled concern that businesses and consumers could face higher borrowing costs, which could hamper an economic recovery.

Namibia’s wilderness—a land of volcanic mountains and epic dunes—is also the backdrop for a growing number of stylish hideaways.

Boeing Co’s wholly-owned Insitu on Wednesday said it has reached its first $25 million contract for its ScanEagle SAUV vehicle for the Canadian government for Intelligence, Surveillance and Reconnaissance (ISR) operation in Afghanistan.

North Korea government announced Wednesday that it regards the 1953 armistice of the Korean War as void, meaning it could no longer guarantee the safety of U.S. and South Korean vessels in the Yellow sea.

Two lawyers who squared off in the legal case that determined the 2000 U.S. presidential election joined forces on Wednesday to ask a federal court to halt California's same-sex marriage ban, despite warnings from gay rights advocates not to mount a federal challenge.