IBT Staff Reporter

Retail giant Wal-Mart's new social media arm, WalmartLabs, will open a software development center in the southern Indian city of Bangalore by the end of this year, a company executive said on Wednesday.

Africa could have its first commercial long-term evolution or 4G network as early as next year, as wireless phone operators gear up to meet growing data demand from smartphone users, an Ericsson executive said on Wednesday.

General Motors Co posted a third-quarter profit that fell 15 percent after a loss in Europe and forecast that operating profit in the current quarter would be flat from a weak fourth quarter in 2010.

Ericsson, the world's top mobile network gear maker, cautioned that new lower-margin business would hit profitability in the fourth quarter and the global slowdown could mean its customers spend less.

The New York Stock Exchange and NYSE Amex Cash Markets on Wednesday invoked a rule to smooth trading at the market open as futures tumbled following a spike in Italian bond yields.

Germany's wise men panel of economic advisers warned the European Central Bank it risks losing credibility by buying the bonds of heavily-indebted euro zone states, and that monetary and fiscal policy are becoming worryingly blurred.

Prime Minister Silvio Berlusconi's pledge to resign after implementing economic reforms did nothing on Wednesday to staunch a perilous collapse in market confidence in Italy.

Losses on securities investments at the core of a scandal rocking Japan's Olympus Corp may have once exceeded $1 billion, the Nikkei newspaper said on Wednesday, as the 92-year-old firm's share price plunged due to doubts about its future.

Toronto's main stock index looked set to open lower on Wednesday, hurt by weaker commodity prices as doubts about Italy's ability to tackle its debt problems persisted even after Prime Minister Silvio Berlusconi pledged to resign.

She was among the most photographed celebrities of her day, and he is among the top pop stars of his. But whose pictures are worth more -- Marilyn Monroe or Justin Bieber?

Activision Blizzard’s extremely popular fantasy MMO has lost another 800,000 subscribers as of Sept. 30. The player count is now down to 10.3 million players.

Teen sensation Justin Bieber is allegedly the father of 3-months old love child and the baby's mother, 20-year old Mariah Yeater claims her son was the result of a brief sexual encounter she had with Bieber at a Los Angeles performance last year. However, the singer has denied this allegation saying he has never met Yeater and has also agreed to take a DNA test to prove it.

The Florida Panthers mauled the Toronto Maple Leafs 5-1 on Tuesday to put an end to a string of frustrating shootout defeats.

Germany's wise men panel of economic advisers warned the European Central Bank it risks losing credibility by buying the bonds of heavily-indebted euro zone states, and that monetary and fiscal policy are becoming worryingly blurred.

Devices help researchers track spread of crop diseases.

Macy's Inc reported a higher third-quarter profit, helped by sales gains on its website and at its upscale Bloomingdale's chain, and the retailer raised its profit forecast for the fiscal year.

The euro zone debt crisis kicked into a new gear on Wednesday as Italian bond yields soared into levels widely deemed unsustainable, causing a sharp sell-off in stocks and the euro.

Canadian miner Timmins Gold Corp (TMM.TO: Quote) swung to a second-quarter profit as it sold more gold at higher prices.

Quebecor Inc's (QBRa.TO: Quote) third-quarter profit fell 69 percent, hurt mainly by a charge related to its move toward a new accounting method and higher costs.

Months of labor conflict have stalled Air Canada's plans for a low-cost carrier, but Canada's biggest airline says it has not given up the idea.

General Motors Co posted a stronger-than-expected quarterly profit as it gained market share in North American and Asian markets, but backed away from its full-year break-even target in Europe due to deteriorating conditions there.

Stock index futures tumbled on Wednesday as a spike in Italian bond yields fueled fears the country will need a bailout, ratcheting up the region's debt crisis to another level.

The State Department is considering rerouting TransCanada Corp.'s proposed $7 billion Keystone XL pipeline to avoid ecologically sensitive areas of Nebraska, a U.S. official said on Tuesday.

Tencent Holdings Ltd, China's biggest Internet company by revenue, reported its slowest profit growth in four years, missing analysts' estimates on softer growth in its casual games and lower margins due to increased investments.

The Volcker rule is too long and complicated and financial lobbyists are to blame, said the man who gave his name to the new regulation on bank trading.

Stock index futures tumbled on Wednesday as a spike in Italian bond yields sparked fears the country will need a bailout, ratcheting up the region's debt crisis to another level.

Applications for U.S. home mortgages surged last week, driven by increased refinancing demand as interest rates dropped, an industry group said on Wednesday.

Even though they are first in line to be paid back under broker liquidation rules, customers of bankrupt MF Global Holdings Ltd's brokerage may not get all their money back.

Private equity firm J.C. Flowers & Co will keep a lot of cash on hand to weather global market turmoil and to stay ready for potential buyout opportunities, founder J. Christopher Flowers said on Wednesday.