IBT Staff Reporter

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Obama announces $5 billion for new medical research

President Barack Obama announced a plan on Wednesday to spend $5 billion on medical and scientific research, medical supplies and upgrading laboratory capacity, which he said would create tens of thousands of new jobs.

Pay or be blamed for son's death, Travolta told

Actor John Travolta testified in a Bahamian extortion trial on Wednesday that he was told that unless he paid $25 million, stories would be sold to the news media implying his son's death was intentional and he was to blame.

Daily Wrap Up - Sept. 30 Tech

Video gaming will hit the big screen next month when Sony Corp unveils a new game title for its Playstation3 game console at movie theaters.

Hugh Craig, Daniel Jackman sell out on Broadway

Hugh Jackman and Daniel Craig, best known for playing big screen action heroes Wolverine and James Bond, have drawn record ticket sales for their play A Steady Rain, but it drew mixed reviews on Wednesday after opening night.

BofA CEO Lewis to step down by year's end

Beleaguered Bank of America Corp said Chief Executive Ken Lewis will retire by year's end and his successor is yet to be determined, the bank announced late Wednesday.

France targets 2 mln electric cars in 2020

France hopes to have 2 million electric cars on the road by 2020, and its energy minister Jean-Louis Borloo will on Thursday launch a plan designed to ensure the necessary infrastructure is in place in time.

Japan transport minister says govt to back JAL

Japan's prime minister and transport minister said on Wednesday the government was ready to support Japan Airlines Corp, aiming to dispel worries over the viability of the loss-making carrier.

Mongolia may add buyers to $2 bln coal mine

Mongolia's government, trying to sell a stake in a coal mine said to be worth around $2 billion, may allow multiple companies to buy into the deal rather than hand it to a single bidder, sources said.

Pay czar Feinberg expecting heat for rulings

The Obama administration's pay czar joked Wednesday that he might have to move to Pluto to escape the fallout from his first batch of compensation decisions, which are expected in October.

Vale says to partially restart Sudbury ops

Vale will begin a partial restart of its Sudbury, Ontario, operations this week, a company spokesman said on Wednesday, as signs emerged that workers were becoming frustrated with the 2-1/2 month strike at the site.

Coca-Cola to put calorie counts on front labels

Coca-Cola Co said on Wednesday it will include calorie information on the front of nearly all its packages, as the world's largest soft drink maker seeks to raise consumer awareness about nutrition.

Agco to pay $20 mln to settle kickback charges

Farm equipment maker Agco Corp has agreed to pay $20 million to settle charges it made inappropriate payments to the former Iraqi government under the United Nation's Oil-for-Food Program, U.S. officials said on Wednesday.

BofA to sell asset management unit for $1 billion

Bank of America Corp's deal to sell part of its Columbia Management business for about $1 billion is a boost for its effort to unload unwanted assets and raise capital, but the low price suggests it is still facing a buyers' market.

Wall Street slips on PMI data, but Q3 ends strong

Stocks fell on Wednesday after a surprising contraction in an index of Midwest business activity, but buying of technology bellwethers like Cisco Systems Inc at the end of a strong quarter limited losses.

UCB raises 450 mln euros from convertible bonds

Belgian pharmaceutical group UCB raised 450 million euros ($659.9 million) from a six-year convertible bond offer on Wednesday to refinance debt, a figure that could rise to 500 million euros.

Verizon discontinues Internet Hub phone

Verizon Wireless, the No. 1 U.S. mobile service, quietly stopped selling the Verizon Hub on Tuesday, just eight months after it launched the experimental device which combined a home telephone and Web applications.

Stocks fall, but Dow's best quarter since 1998

Stocks fell on Wednesday after a surprising contraction in an index of Midwest business activity, but buying of technology bellwethers like Cisco Systems Inc at the end of a strong quarter limited losses.

EIA Report 30/09/2009

One of the critical factors energy analysts focus on each fall, ahead of the rise in demand for heating fuels, is the pre-winter build-up of fuel inventories. This year, inventories are unusually high for all winter fuels, including distillates (which includes heating oil), natural gas, propane, and coal used for electricity generation.

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