IBT Staff Reporter

Automatic Data Processing Inc posted higher-than-expected quarterly earnings on Wednesday as the world's largest payroll processing company cut costs to offset lower sales.

Intel Corp was sued on Wednesday by New York Attorney General Andrew Cuomo, who accused the world's largest chipmaker of scheming to maintain worldwide monopoly power in the market for microprocessors.

Time Warner Inc posted a higher-than-expected quarterly profit and raised its full-year earnings forecast, in a sign that advertising sales at cable networks such as TNT are recovering and that cost-cutting at the Warner Bros film studio is paying off.

The abruptly scrapped sale of GM's Opel is not the first example of a deal born of the financial crisis being undone by the economic recovery, and probably won't be the last.

Finance chiefs from the Group of 20 will discuss eventually unwinding emergency economic stimulus packages introduced over the last year, U.S. Deputy Treasury Secretary Neal Wolin said on Wednesday.

The dollar slipped against most major currencies on Wednesday as a rally in stocks and commodities eroded the greenback's safe-haven appeal and investors awaited a policy decision from the Federal Reserve.

European Union competition regulators urged U.S. carmaker General Motors on Wednesday to draft a recovery plan for its European arm, Opel, that would ensure its long-term viability.

Pulte Homes Inc raised its forecast for efficiencies and savings from its acquisition of rival Centex Corp, overshadowing a quarterly loss and sending its shares up 7.5 percent.

U.S. food group Kraft will be willing to pay only 800 pence a share for Cadbury after Kraft's CEO cautioned on overpaying for the British confectionery group, Investec Securities said on Wednesday.

U.S. Secretary of State Hillary Clinton said on Wednesday that Washington does not accept Israeli settlement activity as legitimate but believes that resuming peace talks is the quickest way to achieve a freeze.

An Italian judge sentenced 23 former CIA agents to up to eight years in prison Wednesday for the abduction of a Muslim cleric in a symbolic ruling against rendition flights used by the former U.S. government.

Iranian security forces clashed with supporters of Iran's opposition leader Mirhossein Mousavi in Tehran on Wednesday when a rally marking the 30th anniversary of the storming of the U.S. embassy turned violent

German Chancellor Angela Merkel agreed with Opel labour leader Klaus Franz on Wednesday that General Motors must present a plan for the European carmaker which focuses on job security, a government spokeswoman said.

Colombia on Wednesday warned Venezuela not to brush aside last month's deaths of nine Colombians on the border as paramilitary gang violence, an incident that fueled tensions between the Andean neighbors.

The U.S. Senate was poised on Wednesday to extend aid for jobless workers and broaden tax breaks for homebuyers and businesses in a bill aimed at breathing life into the U.S. economy.

The White House turned aside questions on Wednesday about the reason that General Motors decided not to sell Opel, saying that the auto company makes its own business decisions.

Former Hewlett-Packard Co chief and Silicon Valley star Carly Fiorina said on Wednesday that she would run as a Republican candidate for the U.S. Senate from California, taking on liberal Democrat Barbara Boxer.

Stocks jumped on Wednesday, with the Dow and S&P 500 up more than 1 percent, on positive data about the services sector and employment as investors awaited the Fed's assessment of the economic recovery.

The U.S. job market will likely start to grow in early 2010, as signs of economic expansion should encourage companies to hire workers, said Macroeconomic Advisers LLC chairman Joel Prakken.

Time Warner Inc posted a higher-than-expected quarterly profit and raised its full-year earnings forecast in a sign that advertising sales at cable networks such as TNT are recovering and cost cutting at the Warner Bros film studio is paying off.

The U.S. services sector, which represents about 80 percent of U.S. economic activity, grew for the second consecutive month in October, while the labor market also showed signs of improvement in data published on Wednesday.

Daimler plans to cut 1,000 jobs at its Mercedes-Benz Cars premium division by offering a variety of buyout packages to staff, the German carmaker said on Wednesday.

Microsoft is offering a sneak peak at its new redesigned version of its MSN.com home page that incorporates social media giants: Facebook and Twitter.

Britain's Unite union on Wednesday welcomed the decision by General Motors not to sell its European Vauxhall unit, saying it was a far better deal and that it expected the government to offer financial support.

The Federal Reserve on Wednesday is expected to reaffirm its intention to keep U.S. interest rates at ultra-low levels for a long time to support the economy, even as signs of recovery accumulate.

Molson Coors Brewing Co reported a bigger-than-expected rise in quarterly profit on Wednesday, helped by higher prices and cost savings from its MillerCoors U.S. joint venture with SABMiller Plc .

Pulte Homes Inc on Wednesday posted a third-quarter loss that disappointed analysts, but affirmed the consensus that the home-building industry was slowly stabilizing, sending shares up slightly in premarket trading.

Adidas AG, the world's second-largest sports goods maker, is confident on consumer demand heading into the Christmas season and ahead of next year's soccer World Cup, after posting an in-line third quarter.

Sri Lankan conglomerate Aitken Spence on Wednesday said its second-quarter net profit rose 16 percent from a year ago on its leisure and shipping sectors.