IBT Staff Reporter

Actor Corbin Bernsen has purchased a 75-year-old tudor-style house in Valley Village with his wife, actress and interior designer Amanda Pays.

The U.S. Treasury said Wednesday it is close to turning a profit on direct bailout investments in the nation's banks, but still expects to post an overall loss in its financial bailout fund due to foreclosure prevention costs for homeowners.

Gap Inc will make New York City the creative hub for its namesake stores as part of widespread changes to revive growth and make its clothing popular again.

Rupert Murdoch, among the most ardent defenders of the traditional press, has staked his reputation on a risky bet that for just 14 cents a day he can save the news business with tablet devices like Apple's iPad.

Billionaire bond maven Bill Gross in a February report says America needs new priorities and blasts a culture that worships money and greed.

Spotted at Rupert Murdoch's splashy digital newspaper launch on Wednesday: a prototype of Apple's newest iPad.

AOL Inc suffered sharp declines in quarterly advertising sales and dial-up subscriptions, driving overall revenue down 26 percent and showing the struggling Internet company has yet to turn the corner.

Iranian Nobel Laureate Shirin Ebadi said on Wednesday the rise of communication technology in organizing political protest meant dictators would no longer be able to sleep soundly at night.

Citigroup on Tuesday swooped in to take control of EMI, a blow to the music company's private equity owner which had fought a long battle to keep hold of the debt-ridden label.

The Oregon Trail and Where in the World is Carmen Sandiego? are coming back on Facebook with a new social twist.

Major automakers shut down plants in six Midwest states and Ontario on Wednesday after a winter storm that swept through the region a day before cut off shipments of parts and raw materials.

Visa Inc said on Wednesday quarterly profit rose 16 percent to $884 million, slightly beating expectations, as consumer spending ramped up and the company processed more transactions abroad.

Google Inc has fixed some shortcomings in its tablet computer strategy, as the Internet search giant steps up efforts to break into a nascent market dominated by Apple.

Stocks stalled on Wednesday as technical measures suggested a five-month rally was growing long in the tooth.

French telecommunications rivals Orange, SFR and Bouygues Telecom have banded together to create an Internet payment company along the lines of eBay Inc's PayPal, French newspaper Les Echos reported on its front page.

President Barack Obama is tracking the monster storm which swept through the central U.S. yesterday and today and is making in impact on the northeast.

Asian exporters of computer and communications equipment in 2009 boosted their grip on the sector during the global financial crisis and now hold two-thirds of the trade, figures issued on Wednesday showed.

Microsoft, not Yahoo! is to blame for the issue, the statement says.

With the Super Bowl just four days away, U.S. prosecutors said they have seized 10 popular websites that illegally streamed live sports and pay-per-view events on the Internet.

The United States will hit a $14.3 trillion statutory limit on its debt slightly later than previously estimated, the Treasury said on Wednesday as it unveiled a still-hefty debt auction schedule.

Ericsson will launch mobile phone banking services, it said on Wednesday, hoping to capture a big chunk of a market it estimates will be worth an annual 20 billion euros ($27.7 billion) by 2015.

A U.S. appeals court has rejected Verizon Communications's request for a specific panel of judges to hear its challenge to the Federal Communications Commission's new Internet traffic rules.

Top appliance makers Whirlpool and Electrolux are raising prices to pass soaring raw material costs on to customers, but their attempts may not pass muster with bargain-hungry shoppers.

Anti-secrecy website WikiLeaks has been nominated for the 2011 Nobel Peace Prize, the Norwegian politician behind the proposal said on Wednesday, a day after the deadline for nominations expired.

Time Warner Inc forecast better-than-expected 2011 earnings, pointing to the same surge in advertising sales for cable TV programs that powered fourth quarter results.

The S&P 500 index ended lower on Wednesday, with charts suggesting the index's five-month rally was growing long in the tooth.

Hewlett-Packard Co will offer a refund to customers who bought personal computers that use Intel Corp's flawed chips, though the company said only a small fraction of its PCs were affected.

Top appliance makers Whirlpool and Electrolux are raising prices to pass soaring raw material costs on to customers, but their attempts may not pass muster with bargain-hungry shoppers.

The search company unveils a new tablet focused operating system and a browser-based version of the Android market place.