IBT Staff Reporter

Oil edged up toward $42 on Wednesday, after surging nearly 4 percent overnight, on a brightening outlook for China's economy and in anticipation that producer group OPEC would cut supply further at its next meeting.

U.S. electronics retailer Best Buy and joint venture partner Carphone Warehouse have postponed the launch of their first UK store until the first quarter of 2010, the Financial Times reported.

Asian stocks rallied on Wednesday on hopes Beijing will step up efforts to support the Chinese economy, helping the entire region, while the U.S. dollar rose to a three-year high as investors scrambled to limit risk.

The sanctity of the secret Swiss bank account -- an icon of global finance -- is under growing pressure in a tax investigation due to come into public view on Wednesday at a U.S. congressional hearing.

Global coordinated action to combat the worldwide financial crisis was not going to happen overnight but would proceed in fits and starts that would eventually result in a more prosperous economy President Barack Obama said on Tuesday ahead of a summit of leaders from the top 20 industrialized nations gathering in London in April.

President Obama said on Tuesday he was absolutely confident that his plans to fix the banking sector would work, saying he expected renewed credit flows, business opportunities, and hiring.

UK Prime Minister Gordon Brown in his first state visit to Washington since the start of the Obama administration met with the President to push a global new deal which would coordinate a worldwide response to the global economic crisis.

Oil edged down toward $41 on Wednesday, after surging nearly 4 percent overnight in anticipation that producer group OPEC would cut supply further at its next meeting.

The Bank of America's chief, Ken Lewis, has for the first time today, admitted he made a 'tactical' mistake in acquiring Merrill Lynch.

Asian stocks edged lower for a fifth day while the U.S. dollar rose to a three-year high against a basket of currencies on Wednesday, after Federal Reserve Chairman Ben Bernanke gave a grim view on the financial sector.

Prudential and Manulife Financial made preliminary offers for American International Group's Asian unit, but Prudential's offer fell short for what AIG wants for the business, sources familiar with the matter said.

On March 3 the Gymboree Corporation announced a change in the timing of its preliminary fourth quarter and fiscal year 2008 earnings conference call.

The Bank of New York Mellon said on Tuesday it will meet with the Russian government to discuss settlement of a $22.5 billion lawsuit Russia has leveled against it.

U.S. auto sales dropped by more than 41 percent in February to the lowest level in almost three decades as deepening economic uncertainty drove Americans away from big purchases and new debt despite aggressive discounts from major automakers.

The annual Geneva Motor Show got underway on Tuesday against a backdrop of a global automobile sector crisis as the financial crisis saps consumer confidence and demand for new cars plunges.

Skype, the VoIP service company is using SpinVox to transcribe voice mails and convert send them to text messages that can be sent to cell phones.

Hollywood character, Matt Damon was moved as he listened to a pregnant Zimbabwean woman describe how she was raped and the hardships she faced crossing into South Africa.

Top U.S. movie rental chain Blockbuster has enlisted lawyers to help it raise capital and refinance debt, but stressed on Tuesday it has no plans to file for bankruptcy.

The face of Winston cigarette ads for two decades, Alan Landers, died at 68 after battling throat cancer.

Volkswagen of America Inc., one of the world's largest producers of passenger cars and Europe's largest automaker, said its February sales dropped 17.5 percent.

Volkswagen of America Inc., one of the world's largest producers of passenger cars and Europe's largest automaker, said its February sales dropped 17.5 percent.

In spite of status updates on Facebook, sharing personal videos on Youtube, tweeting to your friends on Twitter, why are users today still so lonely?

NSSF, the trade association for the firearms, ammunition and recreational shooting sports industry, said its firearms sales rose 23.3 percent or 1,259,078 in February, up from 1,021,130 in February 2008.

Apple Inc refreshed its line of Mac desktop computers, adding stronger capabilities and nudging some prices lower as consumer spending feels the pinch of the recession.

Stocks fell in volatile trading on Tuesday, with the S&P ending below 700 for the first time since October 1996 as persistent uncertainty about the amount of money needed to shore up the financial system overshadowed a hunt for bargains.

Sales of previously owned U.S. homes tumbled 7.7 percent in January and auto sales plunged to an almost 30-year low last month, according to reports on Tuesday that indicated the economy's downward spiral was gathering speed.

Top U.S. movie rental chain Blockbuster said on Tuesday it has enlisted lawyers to help it raise capital and refinance debt, but stressed it has no plans to file for bankruptcy.

Stocks fell in volatile trading on Tuesday, with the S&P ending below 700 for the first time since October 1996 as persistent uncertainty about the amount of money needed to shore up the financial system overshadowed a hunt for bargains.

Yahoo Inc Chief Executive Carol Bartz said social network sites are a key area of interest for the Internet media company, even as it tries to figure out how to boost its Web search business.