IBT Staff Reporter

Goldman Sachs Group reported higher-than-expected fourth-quarter profit of $978 million, or $1.84 per share, compared with a gain of $2.2 billion one year earlier. Analysts had forecast earnings of $1.24 a share.

Cellphone makers are set to struggle with slow sales growth this year as a weaker global economy discourages consumers from replacing older handsets.

Producer prices fell in December as companies paid less for gasoline and vegetables, although higher prices for light motor trucks pushed a measure of underlying inflation higher.

Industrial output rose in December as manufacturing rebounded at its strongest pace in a year, further evidence the economy ended 2011 on a firmer footing.

Divers searching the capsized Italian cruise liner Costa Concordia suspended work on Wednesday after the vast wreck shifted slightly, but officials said they are hoping to resume as soon as possible.

The House of Representatives will resume work next month on a controversial bill aimed at stopping online piracy of movies, music and other content, a leading lawmaker said on Tuesday.

Before Herman Cain suspended his presidential campaign, he told critics offended by his unscripted remarks to get a sense of humor. And on Tuesday, he showed that he can take a joke -- Stephen Colbert's -- even when he is its target.

A blackout scheduled for Wednesday to protest against proposed legislation on online piracy has failed to get the support of the biggest Internet players.

Stocks opened little changed on Wednesday as initial enthusiasm over the International Monetary Fund's plan to bolster lending to struggling euro zone nations flagged, but financial shares were boosted after Goldman Sachs quarterly profits topped views.

The FBI is in the process of arresting Anthony Chiasson, who co-founded the Level Global Investors hedge fund, and others as part of the government's sweeping probe into insider trading, a person familiar with the matter said on Wednesday.

The Canadian government is watching the housing market closely and is ready to intervene if necessary, but is not about to do so now, Finance Minister Jim Flaherty said on Tuesday, noting he saw indications of softening in the market.

Canada still enjoys the confidence of its allies despite the arrest of a Canadian naval intelligence officer charged with handing over secrets to an unnamed country, Defence Minister Peter MacKay said on Tuesday.

The producers of Broadway's version of Spider-Man filed a countersuit against the musical's ousted director Julie Taymor on Tuesday, accusing her of jeopardizing the production by not caring about ticket sales.

The Ottawa Senators fought back to beat bitter rivals the Toronto Maple Leafs 3-2 as sparks flew and the Battle of Ontario got a little nasty on Tuesday.

As some of the world's biggest grain traders fan out across Canada's Prairies to compete openly for farmers' wheat and barley for the first time since World War II, they're finding more farmers like Paul Balicki than Stephen Vandervalk.

Canada's Catalyst Paper Corp (CTL.TO: Quote) filed for Chapter 15 protection in a U.S. court on Tuesday as the specialty paper and newsprint producer grappled with rising costs of raw materials and lower demand.

A blackout scheduled for Wednesday to protest against proposed legislation on online piracy has failed to get the support of the biggest Internet players.

Applications for home mortgages surged more than 20 percent last week, fueled by a wave of refinancing demand as interest rates dropped, an industry group said on Wednesday.

Producer prices fell in December as companies paid less for gasoline and vegetables but a measure of underlying inflation climbed higher, sending mixed signals about inflation pressures in the economy.

Canada's main stock index looked set to open higher on Wednesday after reports that International Monetary Fund could boost its European lending facility by $1 trillion to help ease the euro zone debt crisis.

European regulators will decide around the end of March whether to file a formal complaint against Google for misuse of its market position, potentially bringing the internet company's squabble with competitors to a head much sooner than expected.

The International Monetary Fund is estimating it needs to raise up to $600 billion in new resources to lend to countries struggling with the fallout from the growing euro zone debt crisis, IMF sources said on Wednesday.

Stock index futures rose on Wednesday after sources said the International Monetary Fund wants to boost its lending facility as the euro zone battles a long-running debt crisis and after earnings from Goldman Sachs.

Stock index futures rose on Wednesday, putting the S&P 500 on track for a second straight advance after sources said the International Monetary Fund wants to boost its lending facility as the Eurozone battles a long-running debt crisis.

The International Monetary Fund is estimating it needs to raise up to $600 billion in new resources to lend to countries struggling with the fallout from the euro zone debt crisis, IMF sources said on Wednesday.

Bank of New York Mellon said on Wednesday that fourth-quarter earnings fell 26 percent after the world's No. 1 custody bank reported lower forex volume and took a restructuring charge as part of a large-scale plan to make its operations more efficient.

A German sale of 3.44 billion euros of two-year bonds saw strong demand on Wednesday as concerns over Greece led investors to stock up on safe-haven debt, while Portuguese treasury bills benefited from ample liquidity in the financial system.

Takeda Pharmaceutical Co <4502.T> said on Wednesday that it would cut about 10 percent of its workforce through job reductions outside Japan as it seeks to streamline its global operations after its acquisition of Swiss drugmaker Nycomed last year.

Yahoo Inc co-founder Jerry Yang has quit the company he started in 1995, appeasing shareholders who had blasted the Internet pioneer for pursuing an ineffective personal vision and impeding investment deals that could have transformed the struggling company.