IBT Staff Reporter

The Obama administration on Wednesday launched a legal battle against BP Plc and its partners by suing them for the worst offshore oil spill in U.S. history, which could cost the companies billions of dollars.

The value and number of U.S. bankruptcy claims traded in November both rose to the highest level in months with active interest in the Tronox Inc and Tribune Co bankruptcies, according to data released on Wednesday.

The Vietnam Veterans of America today filed a Freedom of Information Act lawsuit in U.S. District Court in New Haven, CT, claiming that the Department of Defense has failed to comply with the law by not releasing records on Personality Disorder discharges.

Despite the weak national economy, this year could be the second most profitable year for New York City's securities industry and the average bonus may top last year's because so many bankers and brokers have been laid off, the state comptroller said in a report on Wednesday.

U.S. stocks suffered a third straight late-day sell-off on Wednesday, suggesting it may be difficult to chalk further gains as the year comes to a close.

Facebook CEO Mark Zuckerberg won the TIME Man Of The Year, the first tech executive to win it since Jeff Bezos in 1999.

U.S. industrial production rose at its fastest pace in four months in November, implying a self-sustaining recovery is now entrenched, but a mild gain in consumer prices indicated still abundant slack in the economy.

Engine checks on the world's largest airliner following last month's Qantas emergency have scuppered Airbus's hopes of meeting a target of delivering 20 A380 superjumbos this year.

Facebook founder Mark Zuckerberg becomes the youngest member of the California Hall of Fame on Tuesday when the state museum in Sacramento also honors singer Barbra Streisand, Titanic filmmaker James Cameron and others.

Credit card delinquency rates fell at major U.S. lenders in November as fewer consumers fell behind on their bill payments, signaling they are recovering from the stress of the financial crisis.

Stocks fell on Wednesday as the dollar rallied after Moody's warned Spain its debt rating could be downgraded, bringing concerns about the euro-zone debt crisis back to the forefront.

Mark Zuckerberg, founder and chief executive of The Facebook social networking site that has more than half a billion users, was named Time magazine's 2010 Person of the Year on Wednesday.

Scientists have found a Europe-sized cyclone lasting more than five years on Saturn, making it the longest-lasting cyclone detected to date on any of the giant planets of the Solar System.

German researchers say they have cured a man of HIV infection that could prove to be a scientific advance but researchers familiar with the work feel it is not necessarily a treatment advance.

The Marylebone Cricket Club's World Cricket Committee (MCC) recommended suggestions which included use of lie-detectors to fight corruption in the Sport.

Hugh Jackman's stunt on Oprah Winfrey's show went slightly wrong

Australia host England at the WACA, Perth in the third and crucial Ashes test which starts on 16th December.

Top U.S. and Chinese officials on Wednesday sounded optimistic about making progress on a raft of bilateral trade concerns as the world's two largest economies began a second day of high-level talks.

Cold plasmas could be a safe and better alternative to antibiotics to treat chronic wound infections where other approaches fail, researchers say.

Industrial production showed signs of recovery as it rose more-than-expected in November, a report by the U.S. Commerce Department showed. Total capacity utilization for the industry rose to 75.2 percent during the month.

LightSquared, the combined satellite and terrestrial mobile broadband service provider, avoided an embarrassing - and potentially disastrous- mishap yesterday as its satellite deployed its antenna.

Wall Street was set for a lower open on Wednesday after a warning for Spain about its credit rating rekindled fears about the euro-zone debt crisis.

Facebook is the best large U.S. company to work for, according to a survey by a career website published on Wednesday.

A bomb explosion in the southeastern Iranian city of Chabahar has killed at least 39 mourners commemorating the martyrdom of the third Shia Imam on Wednesday. The victims also included women and children while over 50 people have suffered severe injuries.

Inflation in the U.S. continued to remain weak during November, in line with analysts' expectations, according to a report by the U.S. Labor Department.

Gold Prices slipped to a two-day low in London dealing on Wednesday, dropping 1.5% from yesterday's Dollar high at $1408 per ounce as Asian stock markets closed up to 2% lower and European stocks lost 0.7% on average.

Mark Zuckerberg, the co-founder of social networking site Facebook, became the second-youngest person ever to be named the TIME magazine's 'Person of the Year.'

Ratings agency Moody's warned Spain on Wednesday that its debt could be downgraded and Portugal took steps to revive its economy amid concerns about euro zone debt contagion on the eve of a European Union summit.

Stocks were little changed on Wednesday, trimming earlier gains as the dollar advanced, while investors tried to gauge how much further markets could run to year-end.