IBT Staff Reporter

Italy's parliament is expected to approve a much revised austerity plan on Wednesday as Rome struggles to stem a debt crisis threatening the entire euro zone.

Top French bank BNP Paribas plans to sell 70 billion euros ($96 billion) of risk-weighted assets to ease investor fears about French bank leverage and funding as its main rivals were hit by ratings downgrades.

Growth in retail sales stalled in August after a pitched battle over spending in Congress undermined faith Washington could steer the country clear of a double-dip recession, data showed on Wednesday.

It doesn't do email, the internet, have a camera, games or GPS navigation, but a new mobile phone from Denmark is literally solid gold.

Large U.S. corporations are pressuring Congress and the White House to exempt overseas corporate profits from taxes, a policy shift that critics say would hurt the economy and increase the federal deficit.

U.S. stocks were set for a higher open on Wednesday after the head of the European Commission said it will present options for joint euro zone bonds, a tool that investors view as a step forward to addressing the region's debt crisis.

Growth in retail sales stalled in August after a pitched battle over spending in Congress led consumer confidence to crumble, data showed on Wednesday.

Allergan Inc is not worried about over-reliance on sales of its flagship Botox drug, the company's chief said, citing extensive safety data and supply reserves of the injectable medicine.

S&P 500 index futures pared gains but remained headed for a higher open on Wednesday after August retail sales came in weaker than expected.

Google introduces new flight search engine, based on the ITA Software, a flight data provider to let users search for airline flights and fares.

Stock index futures rose on Wednesday after the head of the European Commission said it will present options for joint euro zone bonds, a tool that might help resolve the region's debt crisis.

Republican leaders have flatly rejected President Barack Obama's proposal to finance his jobs plan with a tax increase on job creators. But is it really? It depends how you define job creators.

A euro zone row over collateral to back loans to Greece has lost its explosive power under a plan that would let every member country decide for itself whether to make use of the facility, Austrian Finance Minister Maria Fekter told Reuters.

Stock index futures rose on Wednesday, recovering from earlier losses, after the head of the European Commission said it will present options for joint euro zone bonds, a tool that might help resolve the region's debt crisis.

The European Commission will soon present options on how the euro zone might issue bonds jointly, its President Jose Manuel Barroso said on Wednesday, but warned there was no simple solution to a debt crisis that threatens Europe's economic and political future.

Bank of New York Mellon Corp executed some currency transactions for two large public pension funds in a way that could trigger higher costs and boost its profit, the Wall Street Journal showed in an analysis.

Moody's cut the credit ratings of two French banks on Wednesday because of their exposure to Greece's debt, highlighting growing risks to Europe's financial sector from the deepening euro zone sovereign debt crisis.

European shares rose and the euro pared losses on Wednesday after the head of the European Commission said it would soon present options for the introduction of euro area bonds, offering a glimmer of hope for an easing of the sovereign debt crisis.

China's Foreign Ministry urged U.S. lawmakers on Wednesday not to resort to excuses for trade protectionism after U.S. Senate Democratic Leader Harry Reid pushed for legislation aimed at forcing China to loosen controls on its currency.

Brent crude fell slightly on Wednesday pressured by a gloomy demand outlook and expectations of increased supply from the North Sea and Libya.

After Microsoft's preview of its upcoming operating system, Windows 8, on a prototype Samsung tablet at a conference in Anaheim, Calif., on Tuesday, tech savvy people have reportedly come up with prophecies of the downfall of Apple's iPad.

France's top bank BNP Paribas announced a plan to sell 70 billion euros ($95.7 billion) of risk-weighted assets to help ease mounting investor fears about French bank leverage and funding as its main rivals were hit by ratings downgrades.

The United Auto Workers union has made much progress toward reaching a new contract with General Motors Co to replace a deal on wages and benefits that expires just before midnight on Wednesday, a senior union official said.

The European Commission will present options soon for the introduction of euro area bonds, Commission President Jose Manuel Barroso said on Wednesday, but warned it would not put an end to a debt crisis that threatens the economic and political future of Europe.

For the first time in nine decades voters in New York's 9th Congressional District chose a Republican to represent the district in a special House of Representatives election for the seat vacated by former Representative Anthony Weiner, who resigned after a Twitter sex scandal.

European shares turned positive and the euro pared losses on Wednesday after the head of the European Commission said it would soon present options for the introduction of euro area bonds.

The police on Tuesday killed one of the most wanted top Lashkar-e-Toiba commander Abdullah Ooni at an encounter at Batpora in Sopore (Kashmir).

A passenger train rammed into a stationary train near Arakkonam junction, 75 km from Chennai at 9.30 pm on Tuesday, killing 15 people in the accident. More than 50 passengers were injured and officials say the number may go up as many were still trapped inside the train.

Moody's Investors Service cut the credit ratings of France's Credit Agricole SA and Societe Generale on Wednesday, citing their exposure to Greece's debt, a fresh blow to euro area leaders struggling to restore confidence in the region.