IBT Staff Reporter

U.S. President Barack Obama will turn up the pressure for an overhaul of Wall Street regulations when he meets on Wednesday with top Democratic and Republican lawmakers to discuss a sweeping package of reforms.

A moderate U.S. economic recovery is likely to warrant very low interest rates for a long time, Federal Reserve Chairman Ben Bernanke testified on Wednesday.

U.S. mortgage applications fell for a second straight week, with a slump in demand for government loans driving activity to its lowest level in three months, data from an industry group showed on Wednesday.

U.S. mortgage bonds backed by government agencies Fannie Mae, Freddie Mac and Ginnie Mae have so far handily navigated the waters without the recent support of the Federal Reserve, but it may not be smooth sailing for long.

The U.S. economy is still being weighed down by weakness in the construction sector and battered state and city budgets, Federal Reserve Chairman Ben Bernanke said on Wednesday.

U.S. stocks advanced for a fifth straight day on Wednesday and the S&P 500 topped 1,200 as stronger-than-expected company results and retail sales boosted the outlook for the economy and profits.

Lehman Brothers Holdings Inc has sued the U.S. government, asking for the return of some $110 million that the bankrupt investment firm said it overpaid in taxes and penalties in 1999 and 2000.

The U.S. Federal Reserve is the only regulator that has the expertise to effectively supervise financial firms of all sizes, a senior central bank official said on Wednesday.

U.S. securities regulators are considering requiring that high-frequency traders reveal their identities and disclose their trades -- the regulator's latest attempt to get a grip on how the lightening-fast trades are shaking up equity markets.

U.S. stocks extended gains on Wednesday, with the Nasdaq up more than 1 percent, on stronger-than-expected quarterly results from bellwethers, including chipmaker Intel Corp .

A moderate U.S. economic recovery is likely to warrant very low interest rates for a long time, Federal Reserve Chairman Ben Bernanke said on Wednesday.

China's economy grew about 11.9 percent in the first quarter from a year earlier, topping expectations and the fastest annual pace in nearly three years, according to two market sources.

World number two truck maker Volvo said on Wednesday it expected its key European truck market to revive only gradually this year from its worst downturn in decades.

A German economist plans to launch a Constitutional Court challenge to the 30 billion euro aid package for Greece agreed by euro zone finance ministers, a German newspaper reported on Wednesday.

Crude oil imports by world's second largest oil consumer, China registered a 29.2 percent growth year on year in March. According to country's General Administration of Customs, China's crude oil imports were 21.06 million tons or 4.98 million barrels per day in March, up 29.2% year on year or 2.7% month on month. In the first three months, the country's crude oil imports surged 39% year on year to 56.68 million tons.

Gold consumption in India, the largest yellow metal consumer in the world, is steadily going up. Despite high prices, gold imports by India is steadily going up in 2010. According to the Bombay Bullion Association (BBA) figures on Wednesday, India's gold imports rose to 27.7 tonnes in March, compared to the paltry 4.8 tonnes of that the country had imported in March 2009. The apex trade body said gold demand in India is going up, despite rising stock and commodity market volumes.

Pakistan will export wheat this year despite an expected slight fall in production as the forecasted output will outpace the country's annual demand, said Minister for Agriculture Nazar Mohammad Gondal. The country is expected to produce 23.87 million metric tons of wheat against the annual demand of 22 million tons. Besides, it maintains a carryover stock of 3.5 million tons of wheat to meet emergencies.

Apple Inc said on Wednesday it would delay for one month the international launch of its popular iPad tablet computer, due to stronger-than-expected first-week sales in the United States.

An Australian study has found the previously unsuspected cause of heart disease in women, connected to the hormonal disorder polycystic ovary syndrome (PCOS).

Online retailer Amazon.com Inc is reducing the size of its board to seven directors from eight, opting not to replace a departing long-time member, according to a proxy statement filed on Wednesday.

A Victorian cheese company has recalled some of its products due to fears over possible salmonella contamination.

Bank of America Corp named outsider Charles Noski its next chief financial officer, filling a key position that has been vacant for months, the largest U.S. bank by assets said on Wednesday.

New statistics show one in five people in Guam have diabetes and up to 50 per cent of Pacific islanders have the disease.

An updated Guide to Staying Alive that outlines a plan to aid troubled people in surviving a suicidal episode has just been released by a mental health support group in Australia

China's economy grew about 11.9 percent in the first quarter from a year earlier, topping expectations and expanding at the fastest annual pace in nearly three years, according to two market sources.

U.S. consumer prices rose 0.1 percent in March, a government report showed on Wednesday, matching economists' expectations for a tame reading and giving the Federal Reserve leeway to maintain ultra-low interest rates.

Sales at U.S. retailers rose more strongly than expected in March as consumer stepped up purchases of vehicles and wide range of goods, government data showed on Wednesday, suggesting a broadening of the manufacturing-led economic recovery.

BY Chuck MikolajczakWall Street rose on Wednesday and the S&P topped the key 1,200 level, lifted by solid results from Intel and JPMorgan Chase, while retail sales data gave fresh evidence the economic recovery was broadening.

(Reuters) - Widely used anticonvulsant drugs, including Pfizer's Neurontin and Novartis' Trileptal, may increase the risk of suicide, attempted suicide and violent death in patients taking them for the first time, U.S. researchers said on Tuesday.