IBT Staff Reporter

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Stock futures flat ahead of data

Stock index futures were flat on Wednesday ahead of private labor market data, even as BP Plc shares rose after it reported a giant oil discovery in the Gulf of Mexico.

Bailed-out bankers to get options windfall: study

As shares of bailed-out banks bottomed out earlier this year, stock options were awarded to their top executives, setting them up for millions of dollars in profit as prices rebounded, according to a report released on Wednesday.

Hedge funds bet big on BofA, other banks

At least 20 top hedge funds boosted their positions in financial institutions in the latest quarter in a sign that Wall Street is ready to bet on more risky sectors in the hope of longer-term rewards.

EU business sees partial reversal of China reforms

China is backsliding on reforms to open up its economy to foreign business, thereby hindering competition and imperiling its shift to a new model of sustainable growth, the European Union Chamber of Commerce in China said on Wednesday.

Investors fret 2009 stocks rally is over

World stocks fell close to 1 percent on Wednesday after an overnight sell off on Wall Street, with both Asia and Europe rattled by concerns over the sustainability of this year's equity rally.

Asia stocks hit by Wall St, Australia GDP upbeat

Asian shares pulled back on Wednesday after revived worries about the health of U.S. banks slammed Wall Street, even as upbeat Australian growth figures reassured investors on the economic recovery's staying power.

Music label video site Vevo in talks with CBS, NBC

Vevo, an online music video start-up backed by two major music labels and supported by YouTube's technology platform, is in talks with CBS Corp and NBC to license and develop shows for the Web, according to two people familiar with the talks.

BofA TARP payment splits analysts

Reports that Bank of America Corp (BAC.N) is in talks with the U.S. Treasury to repay $20 billion of its federal bailout was met by the market with joy -- and a little skepticism.

Internet providers seek low broadband bar

The biggest U.S. Internet service providers urged regulators to adopt a conservative definition of broadband, arguing for minimum speeds that were substantially below many other nations.

Aerobatics, fireworks as Gaddafi's Libya turns 40

Italian aerobatic jets, paragliders with fireworks, dancers and an equestrian fantasia electrified Tripoli on Tuesday night when Libya marked 40 years since a bloodless coup brought Muammar Gaddafi to power.

Misconduct by U.S. embassy guards in Kabul alleged

Private contractors hired by the U.S. government have jeopardized security at the American embassy in Kabul with lewd, drunken conduct and an understaffed guard force at a time of rising violence in the Afghan capital, a watchdog group said on Tuesday.

Gmail suffers widespread outrages

A majority of Google mail users were unable to access the service Tuesday afternoon, in a rare widespread outage of the popular Gmail service.

U.S. anti-drug aid to Mexico reaches $214 million

The United States has written checks for $214 million of the $1.4 billion promised to Mexico in 2007 to help fight the country's powerful drug cartels, Washington's top anti-drug diplomat said on Tuesday.

Saudi prince spoke to bomber on phone before attack

The Saudi interior ministry on Tuesday issued a recording of a telephone conversation between the prince who heads the kingdom's anti-terrorism campaign and an Al Qaeda militant who tried to assassinate him days later.

Canada Liberals vow to bring down government

Canada's main opposition Liberal Party on Tuesday vowed to bring down the minority Conservative government, leaving the fate of Prime Minister Stephen Harper in the hands of other parties.

Take-Two posts smaller-than-expected loss

Take-Two Interactive Software Inc reported a slightly smaller-than-expected quarterly loss and topped revenue forecasts, but tempered its outlook for the current quarter, and the video game publisher's shares dipped slightly in extended trading.

CellStories offers a handful of literature for free

A website launched on Tuesday will post a short story every weekday to any Web-enabled cellphone for free in what some see as an underground challenge to dominant digital reading devices such as Amazon's Kindle.

Toyota raising output to ease tight US inventories

Toyota Motor Corp plans to raise production of its Tacoma and Tundra pickups to meet expected demand for trucks, and increase production of fuel-efficient vehicles through the end of the year, executives said on Tuesday.

OzForex Daily Commentary

The Australian Dollar opens sharply lower on Wednesday at 0.8260 after the Reserve Bank of Australia left interest rates unchanged at 3 per cent.

Ecuador probes Chevron bribe charge against judge

Ecuadorean authorities said on Tuesday they were looking into accusations by Chevron Corp that the judge involved in a $27 billion environmental lawsuit against the U.S. oil company is guilty of misconduct and involvement in a bribery scheme.

Koenigsegg close to financing Saab deal-report

Luxury sportscar maker Koenigsegg is close to securing the financing needed to carry out its purchase of Saab Automobile from General Motors, a Swedish business daily reported on Tuesday.

Khosla raises $1 bln for renewables, clean tech

Khosla Ventures said on Tuesday it had raised more than $1 billion for renewable energy and clean technology funds, a sign that skittish investors are hot for climate-change-related projects.

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