IBT Staff Reporter

Japan's economy shrank less than initially estimated in the fourth quarter as companies ramped up capital expenditure, but the current account swung to a record deficit in January as a shift away from nuclear power pushes up fossil fuel imports.

CalSTRS, the big teachers pension fund in California, said it will vote against Kinder Morgan Inc's roughly $23 billion takeover of El Paso Corp , criticizing the deal's lack of transparency and apparent conflicts of interest.

Leading software and technology companies on Wednesday pressed President Barack Obama's administration for quick action on a new Indian government policy that they said threatens exports to the fast-growing economy.

Mitt Romney's campaign told his Republican presidential rivals on Wednesday they could not catch him and pushed them to quit the race even though he failed to deliver a knockout blow in the biggest round of nominating contests.

Apple Inc's latest iPad sports a crisper display and an array of technology advances that, while less than revolutionary, may prove enough for now to keep rivals like Amazon.com Inc and Samsung Electronics Co Ltd at bay.

Japan's economy shrank less than initially estimated in the fourth quarter as companies ramped up capital expenditure to cope with an increase in demand due to reconstruction of the country's tsunami-battered northeast coast.

Apple Inc's latest iPad sports a crisper display and an array of technology advances that, while less than revolutionary, may prove enough for now to keep rivals like Amazon.com Inc and Samsung Electronics Co Ltd at bay.

Top U.S. officials are set to push for tougher cyber-security measures to protect the nation's water, electrical and telecommunications grid at a closed-door meeting with senators on Wednesday evening, congressional and White House staffers said.

PayPal, the online payments arm of eBay Inc, has sparked a furor in the publishing world by asking some e-book distributors to ban books that contain obscene themes including rape, bestiality or incest.

Consumer credit expanded sharply in January in a generally positive sign for the economy as people borrowed money to buy cars and go to school, Federal Reserve data showed on Wednesday.

Federal Reserve officials are considering a novel approach to bond buying aimed at countering some of the worry that another round of asset purchases by the central bank could fuel inflation, according to the Wall Street Journal.

The deadly start to the 2012 tornado season is forcing insurers to reconsider the risks of coverage in the most storm-prone parts of the United States and industry insiders say they may have to rethink how they handle the underwriting of the reoccurring natural disasters.

Companies increased their hiring in February, shoring up expectations that the labor market's recovery has moved into a higher gear.

Apple Inc took the wraps off a faster 4G-equipped iPad starting at $629, hoping the latest version of its tablet can safeguard its dominance over rivals ranging from Amazon.com Inc to Samsung Electronics Co Ltd.

Stocks broke a three-day losing streak on Wednesday, recovering some recent losses after a report showed the U.S. private sector added more jobs than expected last month.

AMR Corp, the bankrupt parent of American Airlines, on Wednesday proposed a plan to freeze pensions covering many of its workers, retreating from an earlier proposal to terminate them and leave them to government insurers, which could result in lower payouts.

Toyota Motor Corp <7203.T> said on Wednesday it is recalling more than 681,000 cars and trucks in the U.S. market to address potential problems.

Six world powers that are poised to restart stalled talks with Iran sought on Wednesday to agree a unified stance on the Islamic Republic's nuclear programme, diplomats at the United Nations' nuclear agency said.

The practice of banks forcing expensive homeowners insurance on borrowers could come to an end after Fannie Mae told lenders it would seek to oversee such policies itself.

Britain's banking trade body has no plans to cede oversight of Libor to regulators, saying it remains fully committed to the interbank lending rates being scrutinized by global enforcement agencies for signs of manipulation.

North American natural gas producers face one big problem as they pledge to cut production to bolster prices: skeptical traders.

Luxury watchmakers are hoping a stronger-than-expected recovery in the United States and global exposure will help them sail through a more challenging market in China, where the days of unstoppable growth are ticking by.

Some hedge funds are refusing to join Greece's bond swap, threatening legal action if the government does not come up with a better offer and complicating efforts to restructure the country's debt.

A senator attacked on Wednesday an industry-backed fund that covers claims for investors of failed brokerages, saying the fund was failing to help people who had been victimized by convicted financier Allen Stanford's $7 billion Ponzi scheme.

Today's coda for investing in the market calls for rapid-fire trading and an eye for the next hot sector. The investing heroes in this world are hedge funds such as Renaissance Technologies, which made founder James Simons a billionaire with its computer-driven, high turnover trading.

Brazil's state-controlled oil company Petrobras has not ruled out an increase in the price of gasoline if justified, Chief Executive Maria das Gracas Foster said on Wednesday.

Major holders of Greek bonds have pledged to sign up for the country's bond swap, making it increasingly likely that the deal will go through.

Spain is not ready to give up its seat on the Executive Board of the European Central Bank after its current representative leaves the institution in May, a spokeswoman for the Spanish economy ministry said on Wednesday.

Apple Inc took the wraps off a faster 4G-equipped iPad on Wednesday, hoping the latest version of its tablet can safeguard its dominance as rivals from Amazon to Samsung pile into the market.