IBT Staff Reporter

General Motors Corp would give new union members 401(k)-style retirement plans instead of traditional pensions for the first time under a proposed United Auto Workers contract, Bloomberg News said on its Web site, citing people with knowledge of the talks.

Banks have always lent out more than their clients have on deposit but just once in a while savers lose trust and demand all their money back, exposing one of the optical illusions at the heart of finance.

Stock futures pointed to a higher opening on Wall Street on Wednesday, as shares continue to rally following the Federal Reserve's aggressive interest rate cut that eased fears over the outlook for the economy.

Oil rose above $82 a barrel on Wednesday, closing in on a record hit the previous day after the U.S. Federal Reserve's interest rate cut raised expectations of still robust energy demand in the world's top consumer.

The Federal Reserve's move to slash interest rates by a half-percentage point signals that Chairman Ben Bernanke, fearing broad damage from recent market turmoil, preferred to risk doing too much rather than too little, the Wall Street Journal reported in its online edition.

It was decided on Tuesday that a new Premier of Japan will be nominated and a new cabinet to be formed next Tuesday, according to statements released by the government today.

China can evade related consequences from the subprime mortgage crisis in the United States, according to two renowned Chinese economists, the Shanghai Securities News reported today.

In view of its huge development potential, more and more foreign companies have been showing a keen interest in entering China’s coal industry.

Here is a brief roundup of Tuesday movement in the energy sector, with a look at crude oil and natural gas futures and oil stocks.

Apple Inc. will start selling its popular iPhone smart-phone in the U.K with the Spanish-owned service provider O2, bringing the firm's highly-coveted device to Europe for the first time.

Two-year treasury notes rose as and ten-year securities fell on Tuesday following the U.S. Federal Reserve's announcement that it would cut it's benchmark interest rates to prevent the U.S. economy from slowing too much even as some signs of inflation remain.

The ABC News/Washington Post Consumer Comfort Index rose to -15 in the latest week from -17 in the previous period on Tuesday, edging up consumer confidence, though still deep in the negative.

Stocks rallied the most in four years and gold jumped to a 27-year high as the Fed slashed interest rates and raised hopes amid a protracted housing slump and credit turmoil.

Gold reached a 27-year peak on Tuesday after the U.S. Federal reserve slashed its benchmark interest rate a larger-than-expected half a percentage point on credit worries in U.S. Financial markets.

International investors bought $19.2 billion in long-term U.S. securities in July, the lowest inflow in seven months, the Treasury Department said on today.

Prices paid to U.S producers fell sharply in August according to data released on Tuesday, painting a gloomy picture for U.S growth.

Oil jumped to a peak over $82 a barrel after the U.S Federal Reserve slashed interest rates and elevated concerns of a low winter supply.

The dollar dropped to a record low versus the euro on Tuesday after the Federal Reserve cut its benchmark rate by half a percentage point, its first cut in four years.

For the first time in four years, amid concern that the economy could be constrained by tightening credit conditions, members of the U.S. Federal Reserve meeting on Monday decided to cut the Fed funds rate by 50 basis points to 4.75 percent, giving stocks a strong boost.

A new Bollywood film is aiming to lash out at the attitude of sensationalizing news by the Indian media and present the negative impact it can have on the lives of people.

Alisher Usmanov's $40 million donation to keep an art collection in Russia is an irreversible decision, he says.

The mortgage lending crisis deepened on Tuesday, as Impac Mortgage Holdings Inc said it will quit most lending and cancel its dividend, while Accredited Home Lenders Holding Co posted a big quarterly loss and said its survival remained in doubt.

Intel Corp, the world's largest chipmaker, will be able to make microprocessors with features as small as 32 nanometers within two years, its chief executive said on Tuesday.

Microsoft Corp wants video gamers to finish the fight when the last chapter of its Halo trilogy comes out next week, but a carefully crafted merchandising strategy will make sure Master Chief lives on for years to come.

The world's top cellphone maker, Nokia, unveiled on Tuesday a new phone model, the Nokia E51, for corporate users and said it still expects to fast growth in the mobile e-mail market.

Everything is being done to maintain the stability of the British economy after a bank crisis, Prime Minister Gordon Brown said on Tuesday.

Boeing Co said on Tuesday that China will require 3,400 new airplanes worth about $340 billion over the next 20 years, raising its forecast for the country's booming aviation arena.

Wal-Mart Stores Inc's Japanese unit, Seiyu Ltd, boosted its annual loss forecast by 76 percent due to a charge to cut about 7 percent of its work force as it battles sluggish sales.

India's top drug makers are in the race to acquire U.S.-based generic drug maker, Par Pharmaceutical Co Inc, two Indian newspapers reported on Tuesday.