IBT Staff Reporter

A handful of banks have told the Federal Reserve they could do more to support the central bank's exit from its emergency cash infusions if a key accounting rule was changed, according to a person familiar with the situation.

The Australian Dollar opens higher today at 0.9310 after a positive local session. Support held on Wednesday morning at US92 cents followed by a steady climb during Asian trade to an intraday peak of 0.9252.

Debtholders of bankrupt Tribune Co have asked a judge to deny the media company's request for more time to present a plan of reorganization so the lenders themselves can offer a plan, according to court filings.

Dubai will ask creditors of two of its flagship firms for a standstill on debt worth billions of dollars as a first step toward restructuring Dubai World, the conglomerate which spearheaded the emirate's breakneck growth.

The United States unveiled a plan to cut greenhouse gases by 2020 on Wednesday and said President Barack Obama will attend U.N. climate talks in Copenhagen next month -- before other world leaders show up.

Rich and poor states grouped in the Commonwealth and representing a quarter of the world's population hope to create critical momentum toward a global climate deal when they meet in the Caribbean this week.

U.S. regulators are increasingly looking beyond stocks in their insider trading investigations to examine derivatives and credit default swaps, a top Securities and Exchange Commission official said.

The Federal Reserve said on Wednesday it will no longer allow directors at regional Fed banks to own shares in financial firms, following controversy over a former Goldman Sachs CEO who bought that firm's stock while leading the New York Fed's Board.

A Luxembourg court launched a case on Wednesday to determine whether investors who lost money to Wall Street swindler Bernard Madoff can seek compensation from Swiss bank UBS, a spokesman for the court said.

Bank of America Corp has asked a Manhattan federal court to dismiss an investor class-action lawsuit over its Merrill Lynch & Co purchase, including disclosures about Merrill's losses and bonus payouts.

The head of the London Stock Exchange on Wednesday called for a harmonized, pan-European regulatory framework for central clearing houses to help bring down costs and increase trading volumes in the region.

U.S. stocks rose on Wednesday, supported by data that pointed to stabilization in the labor and housing markets, areas that have fed concerns about a double dip recession.

The initial site that posted an offensive image of Michelle Obama as a chimpanzee has removed it and posted an apology, while another site, FlyLifeStyle, still has it up. Google, meanwhile, has refused to remove the offensive image from its image search engine under the search term Michelle Obama, despite complaints that it is racist.

U.S. stocks rose up on Wednesday, supported by data that pointed to stabilization in the labor and housing markets, areas that have been stoking concerns of a double dip recession.

U.S. software company Oracle will present to European Union regulators on Dec. 10 its case for buying computer maker Sun Microsystems, two people with knowledge of the matter said on Wednesday.

Leading euro zone officials expect no immediate results from talks in China this weekend to push for an appreciation of the yuan, euro zone sources said. We are reasonable enough to understand that two months is not feasible, and we are determined enough to convey the message that two years is too long, one of the sources said of European views on when the yuan should be allowed to rise.

A car expert says he has tracked down Hitler's favorite Mercedes to a garage near the town that helped the Austrian-born Fuehrer become a German citizen.

Best Buy is offering this Black Friday what it calls, the first-ever, value priced HP laptop. In a very aggressive bid to lure more customers to its store, Best Buy announced low $197 price tag for a Hewlett-Packard laptop running Windows 7 Home Premium (64-bit). The HP comes with a 15.6-inch screen and an Intel Celeron 900 processor.

Porsche SE is headed for a second consecutive annual loss in the billions of euros as the hangover lingers from a failed takeover of Volkswagen AG.

U.S. mortgage rates sank to or near record lows in the past week, home funding company Freddie Mac said, improving affordability in a battered U.S. housing market that is starting to gather steam.

U.S. consumer spending and housing sales rose more than expected in October while new claims for jobless benefits fell sharply last week, suggesting the economic recovery was gaining traction.

General Motors targeted Germany on Wednesday for the bulk of 9,000 planned job cuts at European arm Opel, turning the tables on the country that lobbied hardest for an Opel sale to Canada's Magna.

Sales of newly built U.S. single-family homes in October rose more than expected to their highest level in a year, data showed on Wednesday, pointing to a stabilizing housing market after a three-year slump.

U.S. stocks edged up on Wednesday, supported by data that pointed to stabilization in the labor and housing markets -- two sectors largely considered responsible for slowing down a recovery.

The fight over a U.S. government-run public insurance plan may be getting louder and noisier, but for now the program's political symbolism far exceeds its practical impact on expanding health coverage.

Better home insulation and ventilation and using electricity instead of fossil fuels could reduce indoor pollution and save thousands of lives, especially in low-income countries like India, a study has found.

China will rate the success of the Copenhagen climate summit by the actual content of any deal reached, a top negotiator said on Wednesday, in Beijing's first hint it accepts there will not be a legally binding pact.

Buyers of offsets in the global voluntary carbon market are showing increased interest in so-called exotic and U.S. credits, market players said on Wednesday.

ING won shareholder approval for the breakup of the Dutch bank and insurance group and a 7.5 billion euro ($11.18 billion) rights issue on Wednesday, paving the way for it to pay back state support.