IBT Staff Reporter

An advisory committee urged U.S. securities regulators on Wednesday to relax outdated rules that trigger public financial reporting for companies, but it stopped short of backing a new capital-raising strategy known as crowdfunding.

AMR Corp, the parent of bankrupt American Airlines, wants to slash 13,000 jobs and terminate employee pension plans as part of a cost-cutting strategy the carrier says is necessary to compete with rivals.

A major revamp at Nokia that includes a deal to use Microsoft Corp software in its smartphones will impact the earnings of the Finnish handset maker throughout most of this year, Chairman Jorma Ollila said on Wednesday.

Stocks extended January's rally on Wednesday after upbeat global manufacturing data boosted sentiment and as Greece neared a long-delayed deal with private creditors.

Qualcomm Inc reported an increase in quarterly profit and revenue, and raised its financial targets for full-year 2012 on strong demand for its wireless chips.

International Business Machines is sounding out plans to cut thousands of jobs in Germany and other countries to reduce costs and raise earnings, a German union official said.

Electronic Arts' revenue rose more than expected in its third quarter on strong sales of the military-themed game Battlefield 3 and the highly anticipated Star Wars game.

Shares of London-based Hochschild Mining closed Wednesday up 5.91 percent to £523.50 ($829.24), solidly outpacing the rise in the price of silver.

AMR Corp , the bankrupt parent of American Airlines, wants to slash costs by more than $2 billion annually, with more than half the savings coming from employees, the company said on Wednesday.

A proposed settlement to resolve mortgage abuses by top U.S. banks will give states broad authority to punish firms that mistreat borrowers in the future, according to documents seen by Reuters on Wednesday.

Sony Corp named Kazuo Hirai as chief executive, succeeding Howard Stringer at the helm of the iconic gadget maker as it struggles with persistent losses and stalled efforts to re-energize its once-dominant brand.

Preparing to join the ranks of publicly traded companies, Facebook Inc is also beefing up its presence in the U.S. capital with a first report of money pouring into its newly created political fundraising arm.

Tom Tancredo, a former Colorado congressman and 2008 presidential candidate, endorsed Rick Santorum for the Republican presidential nomination on Wednesday, giving a small boost to Santorum's long-shot campaign after he finished a distant third in the Florida primary.

Major automakers reported a nearly 12 percent gain in U.S. sales in January, a surprisingly strong showing driven by the growing need for American drivers to replace aging cars and trucks.

Vivendi SA has won the dismissal of much of what remained in a nearly decade-old U.S. lawsuit accusing the French media company of misleading shareholders about its finances in connection with a $46 billion merger.

AMR Corp, the bankrupt parent of American Airlines, may slash between 12,000 and 14,000 jobs as part of a bankruptcy cost-cutting strategy the carrier says is necessary to compete with rivals.

Stocks extended January's rally, climbing more than 1 percent on Wednesday after upbeat global manufacturing data and as Greece neared a long-delayed deal with private creditors.

AMR Corp, the bankrupt parent of American Airlines, may slash between 12,000 and 14,000 jobs as part of a bankruptcy cost-cutting strategy the carrier says is necessary to compete with rivals.

Millionaires would pay a minimum 30 percent effective tax rate under a law introduced on Wednesday in the Senate with the backing of President Barack Obama and named after billionaire investor Warren Buffett.

A police officer shot in the head outside a public-housing complex in Brooklyn on Tuesday is expected to make a full recovery, police officials said Wednesday.

Planned changes to Google Inc's privacy policies that have caught the attention of U.S. lawmakers would not take away the control its customers have over how data is collected and used, the company said in a blog post on Tuesday

A Senate antitrust panel is planning a hearing to discuss Verizon Wireless's multibillion dollar deals to buy wireless airwaves from cable operators and let them resell its mobile service, a spokeswoman said on Wednesday.

Millionaires would pay a minimum 30 percent effective tax rate under a law introduced on Wednesday in the Senate with the backing of President Barack Obama and named after billionaire investor Warren Buffett.

A proposed settlement to resolve mortgage abuses by top U.S. banks will give states broad authority to punish firms that mistreat borrowers in the future, according to documents seen by Reuters on Wednesday.

Mitt Romney will receive Secret Service protection starting Wednesday, the day after he won the Florida primary by a 14-point margin over Newt Gingrich.

Analysts attribute the fall of Amazon's stock price to high expectations that weren't met.

U.S. manufacturing growth accelerated in January to its highest level in seven months, though a measure of employment faded and private-sector employers added fewer jobs than expected, data showed on Wednesday.

Chrysler Group LLC posted a 44 percent rise in U.S. auto sales in January, led by gains for its Jeep brand, while its largest rival General Motors Co lost ground in a month marked by modest growth.

Stocks extended January's rally, climbing more than 1 percent, on Wednesday after upbeat global manufacturing data and as Greece neared a long-delayed deal on its debt.