IBT Staff Reporter

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.

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 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.

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.

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 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.

Apple's iPhone and iPod touch dominate most of the world in the mobile Web browsing battle, with a 40 percent global total that bests its rivals, according to a new study.

Bank of America chief executive officer Ken Lewis will soon inform or has already informed his board of directors that he will be stepping down by the end of the year, according to CNBC.

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'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.

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.

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.

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.

Penske Automotive Group said on Wednesday it has terminated discussions with General Motors Co to acquire the automaker's Saturn brand.

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.

The U.S. economy shrank less in the second quarter than first thought but negative news on jobs and on manufacturing in the country's Midwest in September pointed to a patchy recovery from recession.

Whoopi Goldberg thinks film director Roman Polanski, who was arrested in Switzerland and may be extradited to the U.S.- did not rape a 13-year old girl in the 1970's.

BEA release schedule: Oct - Dec 2009

Ford Motor Co has room for steady growth in its share of the North American and European auto markets, Chief Executive Alan Mulally said on Wednesday.

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.

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.

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.

Cyber criminals are increasingly focusing their attacks on the hundreds of millions of users of social networks and on loopholes in bank security systems, security software vendors said on Wednesday.

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 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 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.

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.

In another sign that the economy is stabilizing, a closely watched private report tracking employment found nonfarm private employment fell by 254,000 from August to September 2009.

Oil prices surged more than 5 percent to settle above $70 a barrel on Wednesday, buoyed by a drop in U.S. gasoline inventories last week that hinted at rising demand in the world's largest energy consumer.