IBT Staff Reporter

News Corp has sold Myspace for $35 million, a fraction of what it paid for the once-hot social media site even as a new generation of Web-based start-ups is enjoying sky-high valuations.

Apple is facing a lot of pressure this year with Android beating the technology giant in several categories, including the top smartphone spot. However, Apple isn't one to give up easily and expectations are high that with iPhone 5 release Apple will regain its top position in a highly competitive smartphone jungle.

Carver Bancorp Inc raised $55 million in new equity capital from institutional investors, including Goldman Sachs , Morgan Stanley , Citigroup Inc and American Express , helping boost the bank's capital levels to meet regulatory requirements.

Critics share their views on Google's latest social network. Some see a promising future, some are skeptical.

The man who brought sexy back is the man behind the latest attempt at a Myspace revival.

The London Stock Exchange's C$3.6 billion ($3.7 billion) plan to buy its Toronto counterpart collapsed on Wednesday in the face of a competing bid led by Canadian banks, leaving the UK exchange itself vulnerable to takeover.

Goldman Sachs Group Inc plans to lay off 230 employees in New York because of economic conditions, according to a state filing on Wednesday.

Wall Street closed its best three-day run in three months on Wednesday after the Greek parliament approved austerity measures to avoid defaulting on its debt.

A man who recruited and charged some 200 Chinese nationals to join a fake U.S. Army Special Forces unit pleaded guilty and has been sentenced to prison Wednesday.

Hitachi Ltd <6501.T> wants to join the ongoing talks between Toshiba Corp <6502.T> and Sony Corp <6758.T> to combine their units that make small and mid-size LCD panels, the Nikkei business daily reported.

A grief expert told jurors in the Casey Anthony trial on Wednesday that people suffer in different ways and that young people grieve reluctantly.

If he was able to bring “SexyBack” maybe he’s got a shot at bring MySpace back too.

Wall Street rose on Wednesday after the Greek parliament approved austerity measures to avoid defaulting on its debt, but stocks were off their highs on profit taking after hefty gains this week.

Fewer cars on dealer lots and higher prices -- factors that led to disappointing U.S. auto sales in May -- look to hold June results in check.

Seeking to gain some control over the imploding scandal scarred CityTime timekeeping project which has billowed into a $700 million problem for taxpayers, Mayor Michael Bloomberg fired off an angry letter to the prime contractor demanding a hefty refund.

News Corp has agreed to sell social media site Myspace for about $35 million to online advertising company Specific Media, according to a source familiar with the transaction.

Clothing retailer Gap Inc will enter Africa this year, as part of an ongoing international push, with plans to open stores in Egypt and Morocco.

Flight attendants at United Continental Holdings , formed from the merger of United and Continental airlines, have selected the Association of Flight Attendants to bargain for their labor contracts, the AFA union said on Wednesday.

Ryan Cleary was released on a bail, having been diagnosed with Asperger's syndrome while in custody.

Wall Street closed its best three-day run in the past three months on Wednesday after the Greek parliament approved austerity measures to avoid defaulting on its debt.

Observers trying to read the tea leaves in the secret negotiations between players and owners in both the National Basketball Association and the National Football League see signs of talks going in opposite directions today.

The authorities have intensified their efforts in pursuing the notorious hackers responsible for hacking SONY, the CIA, the US Senate, PBS, FOX, NATO and many more. LulzSec leader Sabu's identity has been suggested by numerous sources.

Wall Street closed its best three-day run in the past three months on Wednesday after the Greek parliament approved austerity measures to avoid defaulting on its debt.

JPMorgan Chase & Co promoted Jeff Urwin, a former Bear Stearns & Co banker who became co-head of its North American investment banking business, to a new role heading global investment banking industry groups, capital markets and mergers and acquisitions.

Raymond James Financial Inc agreed to buy back $300 million of auction-rate securities and pay a $1.75 million fine to settle federal and state probes accusing the brokerage, one of the nation's largest, of misleading customers about the debt's safety.

A Hewlett Packard lawsuit against Oracle is a publicity stunt designed to blame Oracle for disruption that will happen when HP's Itanium chip-based server business comes to an end, Oracle said in a court filing.

Police in Brooklyn have surrounded a Flatlands liquor store where at least two gunmen have barricaded themselves in the store with at least one hostage.

Google+ looks a lot like Facebook; however, dig deeper and you'll see there's more than meets the eye.

Burma has banned Michelle Yeoh, the Chinese-Malaysian actress of Crouching, Tiger Hidden Dragon fame.