IBT Staff Reporter

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Rajaratnam broke law to conquer market: prosecutor

Raj Rajaratnam took advantage of friends and employees to make millions of dollars of illegal profit from insider trading, a prosecutor said as the trial of the Galleon Group hedge fund founder neared its conclusion.

Obama Wants Debt Target Soon, How to Reach it May Be Years Away

Washington Democrats and Republicans have already generally agreed - though no official deal is in place - that the U.S. debt will grow by trillions of dollars over the next 10 years and that the pace of its growth must slow. How the government will cut deficits in the years to come is a matter of debate and Congress is undecided.

Children's Place says customer database hacked

Children's Place Retail Stores Inc said its customer database has been hacked, and clients were sent an unauthorized email directing them to a website where they were asked to enter their credit card numbers for a software upgrade.

Oil climbs above $123 on bullish stocks data

Brent and U.S. crude oil futures rallied more than $2 on Wednesday, with Brent over $123 a barrel, helped by a weekly draw in U.S. crude inventories that confounded expectations for a stock build, and by a weaker dollar.

Wall St jumps on earnings

U.S. stocks jumped on Wednesday as optimism about the economic recovery rose on a wave of strong earnings and profit outlooks.

Existing home sales rise, prices fall

Sales of previously owned U.S. homes rose more than expected in March, a trade group said on Wednesday, suggesting the housing market's downward trend may be close to hitting a bottom.

EBay to buy local ad provider Where

EBay Inc said it would buy Where, a company that delivers local advertising to mobile phones, in its latest push to allow more retailers to do business with customers through its services.

Amazon to allow library lending of Kindle books

Amazon.com Inc will start allowing users of the Kindle to borrow e-books from many U.S. public libraries later this year in its latest move to speed the adoption of its electronic reading device.

Gold powers to record high above $1,500

Gold hit record highs above $1,500 an ounce on Wednesday as fears over the U.S. economic outlook boosted its appeal as a haven from risk, while Asian buyers sought protection from rising inflation.

Putin says no plans to crack down on Internet

Russian Prime Minister Vladimir Putin on Wednesday said he had no plans to crack down on the Internet ahead of 2012 elections, seeking to play down concerns over recent hacker attacks on a blogging website.

Spain, Portugal to offer debt

Spain will sell up to 3.5 billion euros in bonds on Wednesday in an auction that should give clues on whether it can avoid the bailout contagion that has engulfed the much smaller economies of Greece, Ireland and Portugal.

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