IBT Staff Reporter

Stock indexes turned higher on Wednesday, erasing earlier losses on strength in crude oil prices after a surprising drawdown in oil stocks.

When it comes to Apple's tablet rumor, the plot thickened today.

Germany could provide 4.5 billion euros ($6.35 billion) in upfront state aid for carmaker Opel if General Motors picks Canada's Magna, Berlin's favored suitor, as the buyer, a top official said.

U.S. electric car start-up Tesla Motors Inc said on Tuesday that it is opening a new manufacturing facility that will produce powertrain components for its vehicles.

Record label SyCo and music trade body IFPI have called in the police to help them hunt down computer hackers who leaked a track by Leona Lewis and Justin Timberlake on the Internet.

BJ's Wholesale Club reported a higher-than-expected quarterly profit on Wednesday on improved margins, and the warehouse club operator raised its profit outlook for the year.

Stocks shifted gears and headed higher on Wednesday as energy shares jumped after a government oil inventory report showed a huge drop in crude oil supply last week, boosting oil futures almost 4 percent.

Dr Conrad Murray, the personal doctor of Michael Jackson, will within 14 days be charged with manslaughter according to reports from FOXNews.

Brad Pitt arrives at the premiere of

Switzerland will hand over details of about 4,450 UBS AG bank accounts to U.S. authorities, settling a tax dispute that has threatened Swiss banking secrecy, the two governments said on Wednesday.

Oil reversed early losses on Wednesday to leap back toward $71 a barrel, as data showing oil demand could be recovering in the United States outweighed doubts about the strength of the global economy.

General Motors Co said on Tuesday it is increasing production in North America for the second half of 2009 after a surge in sales ignited by the U.S. government's

Netbook PC pioneer Asustek on Wednesday set a modest 2010 shipment target of 1 million units for its newly launched smartphone, underscoring its vulnerability as a new player in the sector.

A pitcher plant with the shape of a banana and eats rats was discovered by a group of botanists on a remote mountain in the Philippines.

The credit crunch may have dented some motorists' dreams of owning a Ferrari but the rental market for luxury cars in many countries, including Australia, is gathering speed as the rest of the auto industry splutters.

German carmaker Volkswagen and Dutch investment company Fleet Investments BV won approval from European Union regulators on Wednesday to take joint control of Dutch car leasing firm LeasePlan Corporation NV.

Industrial manufacturer Raven Industries Inc reported better-than-expected quarterly results, helped by strength in its electronic systems segment.

General Motors GM.UL board of directors will discuss on Friday the sale of its European business Opel, for which both Magna (MGa.TO) and RHJ (RHJI.BR) are in the hunt, several sources close to the deal said.

Semiconductor gear maker Photronics Inc forecast a wider-than-expected loss for the fourth quarter, hurt by higher interest costs, sending its shares down 8 percent.

Toyota Motor Corp will buy hybrid-car batteries from Sanyo Electric Co, a source familiar with the matter said, as the automaker struggles to meet growing demand for the fuel-sipping vehicles due to a shortage of battery supply.

KKR has hired Morgan Stanley as its financial advisor for the bid and Permira has appointed JPMorgan, said the sources with direct knowledge of the matter.

Switzerland will hand over details of about 4,450 UBS bank accounts to U.S. authorities, settling a tax dispute that has threatened Swiss banking secrecy, the two governments said on Wednesday.

Macquarie Group Ltd, Australia's top investment bank, agreed to buy U.S. asset manager Delaware Investments for $428 million in cash from Lincoln National Corp, continuing a trend of consolidation in the fund management business.

AIG'sTaiwan unit Nan Shan Life must settle a pay dispute with employees before a new owner can be allowed in, the island's financial regulator said on Wednesday, potentially disrupting its ongoing sale.

Canada is not likely to block Nortel Networks' planned $1.13 billion sale of wireless assets to Sweden's Ericsson, the Globe and Mail reported on its website.

Oil reversed early losses on Wednesday to rise back toward $70 a barrel, as data showing oil demand is recovering in the United States outweighed doubts about the strength of the global economy.

Stocks slipped on Wednesday, led by the industrial, materials and financial sectors, as a drop in Chinese shares prompted renewed selling in global equity markets on fears stock prices have outpaced the economic recovery.

Richard Hatch who won

Deere & Co said on Wednesday its earnings in the latest quarter fell 27 percent as ongoing weakness in its construction and forestry equipment business offset strength in demand for its tractors and harvesters, especially in North America.