IBT Staff Reporter

U.S. President Barack Obama said on Wednesday he saw some return to normalcy in financial markets but there was still much long-term work ahead to right the shaky economy.

Some auto dealers that Chrysler LLC plans to close are beginning a challenge to the automaker's plans to quickly sell itself in bankruptcy.

The United States launched an appeal Wednesday in a dispute with Japan at the World Trade Organization over its treatment of unfairly-priced imports.

A roadside bomb killed two Americans, including a soldier, in an attack on a U.S. military convoy on the outskirts of the Afghan capital on Wednesday, officials said.

Army-ruled Myanmar opened the trial of opposition leader Aung San Suu Kyi on Wednesday in an apparent bid to calm growing international outrage at the regime and its latest crackdown on the Nobel Peace laureate.

Italy's Fiat , car parts group Magna and investment firm RHJ were all expected to submit offers for Opel, the German unit of U.S. carmaker General Motors , by a Wednesday deadline.

Indian prime minister-elect Manmohan Singh said Wednesday his coalition had support for a clear majority in parliament after he formally sought approval from the president to form the next government.

An Indonesian military transport plane carrying 110 passengers and crew crashed and burst into flames in East Java on Wednesday, killing at least 98 people on board and on the ground, officials said.

Reformists called for a fundamental shakeup of Britain's political system on Wednesday, saying the first ousting of a parliamentary speaker in 300 years was not enough to still public anger over an expenses scandal.

Iran launched a missile with a range of close to 2,000 km (1,200 miles) on Wednesday and President Mahmoud Ahmadinejad said the Islamic state could send any attacker to hell, official media reported.

The tough U.S. fuel economy standards announced by President Barack Obama on Tuesday represents a bonanza for companies that supply hybrid technology and other gas-conserving components needed to meet the new benchmarks.

Bank of America Corp Chief Executive Kenneth Lewis said the worst of the economic downturn has likely passed and conditions will not worsen as much as feared, a day after his bank raised $13.47 billion in a common stock offering, .

An Italian judge ruled on Wednesday to proceed with the trial of U.S. and Italian spies accused of kidnapping an Egyptian imam in 2003; Europe's highest-profile case over the secret transfers of terrorism suspects.

Pakistani forces say they are making progress in their offensive against the Taliban in their Swat valley bastion following U.S. warnings that the militants posed an existential threat.

India said on Wednesday it has given Pakistan new information relating to the November attack on Mumbai, seeking to push investigation into an assault that New Delhi says was carried out by Pakistan-based militants.

The Obama administration is studying a long-discussed proposal to create a U.S. agency that would protect consumers who buy financial products, possibly as part of a major package of reforms, congressional aides said on Tuesday.

A panel of experts tapped by President Barack Obama to help shape his response to the economic crisis is led by former Federal Reserve Chairman Paul Volcker.

The U.S. Army paid tens of millions of dollars in bonuses to KBR Inc, its biggest contractor in Iraq, even after it concluded the firm's electrical work had put U.S. soldiers at risk, according to a source close to a U.S. congressional investigation.

Target Corp reported a better-than-expected quarterly profit on Wednesday, as the No 2 U.S. discount retailer offset sluggish sales by keeping a tight control on inventory and expenses, while its credit card business was profitable.

Oil prices pushed above $61 a barrel on Wednesday to touch a new six-month high on bullish inventory data and a spate of refinery accidents in the United States, in spite of weak market fundamentals.

Italy's Fiat , car parts group Magna and investment firm RHJ were all expected to submit offers for Opel, the German unit of U.S. carmaker General Motors , by a Wednesday deadline.

Toll Brothers Inc said on Wednesday that it expected to report a 51 percent drop in quarterly homebuilding revenue, but said new orders had improved from the prior period, reflecting a seasonal upturn.

A high-level panel of experts that has been helping to shape President Barack Obama's response to the economic crisis will step into the public view on Wednesday at a meeting to discuss energy issues and job creation.

Deere & Co , the world's largest maker of agricultural machinery, reported sharply lower quarterly earnings on Wednesday as lower crop prices and farmers' concerns about the global recession weighed on demand for tractors and harvesters.

Target Corp reported a lower quarterly profit on Wednesday, but the results beat Wall Street expectations as the No 2 U.S. discount retailer kept a tight control on inventory and expenses, and said its credit card business was profitable.

The renewable energy sector will start recovering from the economic slowdown when companies can push through initial public offerings (IPOs) for startups, a survey seen by Reuters of investors shows.

LOS ANGELES - Imax executives sought Tuesday to wow the media at a company presentation while also performing a bit of damage-control amid a controversy over the size of the specialty exhibitor's new digital screens.

Wall Street looked set for a higher open on Wednesday as investors remained optimistic that the worst of the economic slowdown was abating.

Cash-strapped General Motors said it expects at least three offers for German unit Opel by Wednesday's deadline, with Italy's Fiat eyeing plans to form Europe's biggest automaker.