IBT Staff Reporter

U.S. drugmaker Wyeth reported higher-than-expected first-quarter earnings, boosted by cost-cutting, but revenue fell short of forecasts as the stronger dollar hurt overseas sales.

America’s largest tire maker, Goodyear Tire & Rubber Co, said Wednesday it remains the most respected automotive company based on Reputation Institute surveys despite its quarterly losses in the ongoing recessions.

U.S. stocks rose on Wednesday as government data showed a rise in consumer spending and suggested that companies may start to rebuild inventories, even as the economy contracted more than expected in the first quarter.

Oil refiner Royal Dutch Shell said Wednesday its first quarter profit fell 62 percent due to weak demand and fluctuation in oil prices.

President Barack Obama will sign wide-ranging, pro-consumer credit card reforms into law by late May, senior U.S. House Democrat Carolyn Maloney predicted on Wednesday.

Diversified U.S. manufacturers Textron Inc and Rockwell Automation Inc slashed their 2009 profit targets, saying they saw no sign of the global recession ending any time soon.

Time Warner Inc posted a stronger-than-expected quarterly profit, as a rise in cable networks revenue helped offset declines in advertising sales at its AOL Internet and Time Inc publishing units.

Oil prices climbed toward $51 per barrel on Wednesday, supported by rising stock markets and a bigger-than-expected decline in U.S. gasoline inventories.

Australian actor Hugh Jackman said that his wife likes him to come home in costume, according to reports.

This first swine flu death in the U.S. has been confirmed in Texas with the death of a 23 month old toddler, this is first death of its kind to take place outside of Mexico.

Ethiopia is like no other country in Africa. Almost five times bigger than the United Kingdom, and ranging from 120m below sea level to 4,500m above it, it’s a place of size and extremes.

Today's Twitters are often tomorrow's quitters, according to data that questions the long-term success of the latest social networking sensation used by celebrities from Oprah Winfrey to Britney Spears.

Bank of America Corp's embattled CEO, Kenneth Lewis, may have to give up the post of chairman as shareholders hold a referendum on his eight-year tenure as head of the largest U.S. bank.

Oil prices climbed toward $51 per barrel on Wednesday, supported by rising stock markets and after the Energy Information Administration reported a big draw in U.S. gasoline inventories.

Microsoft formally responded to the European Commission late Tuesday on concerns of bundling its web browser Internet Explorer with Windows operating systems.

Stocks extended gains on Wednesday on better-than-expected earnings and government data that suggested companies may start to rebuild inventories, even as the economy shrank more than expected in the first quarter.

UMC, the world's No.2 contract chip maker, said on Wednesday it would spend $285 million buying China-based chipmaker Hejian to tap robust demand on the mainland, which it expects to help return it to profit after three quarters in the red.

San Miguel Corp is in talks to buy a stake worth about $500 million in Adaro Energy, Indonesia's largest coal producer by market value, the Philippine conglomerate's president said on Wednesday.

The U.S. economy contracted at a steeper-than-expected pace in the first quarter, weighed down by sharp declines in exports and business inventories, according government data on Wednesday that showed the economy was still deep in recession.

Today's Twitters are often tomorrow's quitters, according to data that questions the long-term success of the latest social networking sensation used by celebrities from Oprah Winfrey to Britney Spears.

The Canadian government plans new regulations that will effectively phase out traditional coal-fired power stations, Environment Minister Jim Prentice said in an interview published on Wednesday.

Chrysler continues to make progress in its efforts to complete a proposed alliance with Fiat SpA and qualify for additional government loans, Chrysler Chief Executive Bob Nardelli said on Wednesday.

Pepsi bottler PepsiAmericas Inc, which recently received a buyout offer from the beverage giant, posted a 12 percent fall in profit that still beat Wall Street estimates as strong pricing, cost cuts and growing sales in the United States offset volume declines.

Oil prices climbed above $50 per barrel on Wednesday, supported by rising stock markets and expectations the U.S. economic slowdown may be less brutal than initially thought.

Germany's Volkswagen and Continental made the best out of a terrible first quarter for the global auto industry, hoarding their cash as they hope for an improvement in the months ahead.

U.S. real-estate investment trusts (REITs) enjoy strong investor support, despite the slump in U.S. property markets, because they have moved aggressively to repair their balance sheets, ING Real Estate said on Wednesday.

Burger King Holdings reported a higher quarterly profit as a lower tax rate and cost controls helped offset March weakness at its company-operated restaurants.

Goodyear Tire & Rubber Co posted a narrower-than-expected quarterly loss on Wednesday as it accelerated cost cuts and reduced inventory in response to a deep economic downturn, sending its shares up nearly 12 percent.

With some hints the U.S. economy's deep swoon is easing, Federal Reserve policy-makers are expected to hold off on new measures to flood the economy with money when they conclude a two-day meeting on Wednesday.