IBT Staff Reporter

Ford Motor Co is set to announce on Wednesday plans to eliminate its Mercury brand, whose sales and investment have plunged in recent years, a source briefed on the matter said.

Target Corp affirmed on Wednesday it would begin selling Amazon.com Inc's Kindle e-reader in all its stores starting on Sunday, making it the first brick-and-mortar retailer to carry the top-selling reading device.

A key Swiss parliamentary committee recommended on Wednesday parliament back a Swiss-U.S. deal to end a tax row over bank UBS , increasing the chances the deal will get through.

Here are developments in the Gulf of Mexico oil spill, the largest in U.S. history:

Brazilian steelmaker Gerdau offered to pay up to $1.7 billion to take full ownership of its North American unit, looking to reduce borrowing costs and increase efficiency.

Bank of America Merrill Lynch and JPMorgan are the lead candidates for senior manager underwriting roles on the General Motors initial public offering, according to Fox Business Network's Charlie Gasparino.

Saab will decide within the next few months whether to build a small car to compete with similarly sized premium models from Audi and BMW, said the chief of Dutch carmaker Spyker, which bought the Swedish company this year.

It's all about the bucks, kid. The rest is conversation. That's how I imagine Gordon Gekko- the infamous character who delivered the trademark line Greed is good. in Oliver Stone's 1987 blockbuster Wall Street-would teach business strategy.

BP Plc hit a snag in its latest effort to curb the Gulf of Mexico oil spill as the British energy giant's shares stabilized on Wednesday and parts of the huge oil slick threatened Florida.

Some former officials at Moody's said they felt intimidation from bosses to assign rosy ratings to risky debt products, according to testimony to a government panel probing the causes of the financial crisis.

Faithful followers of Venezuelan President Hugo Chavez commonly defend any failures of his more than a decade in power by saying he must have been unknowingly misled by ministers and sycophants.

U.S. stocks rose on Wednesday as investors grabbed shares beaten down in Tuesday's sell-off and data showed pending home sales rose more than expected.

Jan Ake Jonsson, chief executive officer of loss-making Saab Automobile, is one of the main candidates for the top job at Volvo Cars.

French carmaker Renault and its Japanese Partner Nissan should together become the world's third-biggest car manufacturer this year, Renault Chief Executive Carlos Ghosn told the Financial Times.

Ford Motor Co said on Wednesday its U.S. sales rose 22 percent in May for all of its brands from a year earlier and increased its second-quarter North American production plan by 15,000 vehicles.

Germany's new car market shrank for a sixth consecutive month as demand slumps following the end of government incentives.

Pending sales of previously owned U.S. homes hit a six-month high in April, as prospective home owners took advantage of a popular homebuyer tax credit, a survey showed on Wednesday.

Billionaire investor Warren Buffett distanced himself from embattled credit rating agencies, saying they have lost some of their appeal as an investment amid criticism over their role in propelling the financial crisis.

Some former Moody's analysts said they felt intimidated by bosses to assign rosy ratings to risky debt products, according to testimony to a government panel probing the causes of the financial crisis.

Brazilian steelmaker Gerdau SA said on Wednesday it plans to take full ownership of its North American unit in a deal valued at up to $1.7 billion as it seeks to cut debt servicing costs.

Wal-Mart Stores Co international employees have been given their marching orders from the company's chief executive: Grow, grow, grow!

BP Plc hit a snag in its latest effort to curb the Gulf of Mexico oil spill as the British energy giant's shares stabilized on Wednesday and parts of the huge oil slick reached neighboring states.

In a reversal of the classic picket-line clash, Chinese workers at a Honda auto parts plant held out for higher wages this week while men in yellow caps from the government-backed union tried to end their strike.

Pending home sales hit a six-month high in April but falling demand for home loans pointed to ebbing activity in the vital housing market with the expiration of a popular tax credit for buyers.

Stocks rose on Wednesday after data showed pending home sales rose to a six-month high in a boost to the fragile economic recovery.

Former Moody's analysts say they felt pressure from bosses obsessed with market share to assign rosy ratings to risky debt products, while the company's current chief executive defended the rating agency's business model, according to testimony released on Wednesday.

Pending sales of previously owned homes rose more than expected in April, scaling a six-month high as prospective home owners took advantage of a popular homebuyer tax credit, a survey showed on Wednesday.

Dear Sam: Three years ago I resigned from a job because it was an extremely hostile and dysfunctional environment. Hostile to the point that the HR Director told me that she would testify on my behalf if I chose to pursue legal action.

Global cotton ending stocks are falling by an estimated 18% this season (2009/10), to 10.5 million tons, the smallest level in six years: cotton production is declining while mill use is rebounding. In 2010/11, global cotton production is projected to rise to 24.9 million tons, but mill use is expected to continue its recovery, so ending stocks will increase only slightly to 10.6 million tons, according to an assessment by International Cotton Advisory Committee.