IBT Staff Reporter

Chinese iron ore stockpiles are receding to more normal levels, global miner BHP Billiton Ltd said on Wednesday, adding a cautious note to its outlook for one of the world's hottest commodities.

Cisco Systems Inc reported an 18 percent fall in quarterly revenue as customers held back spending on network equipment, but the decline was mostly in line with Wall Street forecasts and its profit was better than expected.

James Lockhart, the U.S. regulator who nationalized Fannie Mae and Freddie Mac, will soon resign after more than three years as overseer for the mortgage finance companies, an administration official said on Wednesday.

A new U.S. government study on Tuesday adds to a growing list of experts concluding that climate legislation moving through Congress would have only a modest impact on consumers, adding around $100 to household costs in 2020.

Apple passed an important milestone last quarter that nobody on Wall Street seems to have noticed: the iPod, once Apple's No. 1 source of revenue, fell into third place after the Mac (No. 1) and the iPhone (No. 2), Fortune's Philip Elmer-DeWitt said on Wednesday.

SL Green Realty Corp on Tuesday announced it has refinanced its headquarters building in New York for $145 million.

An attorney for the executors of Michael Jackson's estate said Monday that deals worked out in partnership with the King of Pop's concert promoter could provide millions of dollars to his estate.

Columbia Pictures and concert promoter AEG Live have struck a deal to make a Michael Jackson movie using video of his This Is It concert rehearsals taken days before the King of Pop died in June, according to court documents.

President Barack Obama urged the economically battered U.S. heartland on Wednesday to resist hard times and pledged $2.4 billion to help create green jobs and ease the pain of rising unemployment.

Cisco Systems Inc reported an 18 percent fall in quarterly revenue as customers held back spending on network equipment, but the decline was mostly in line with Wall Street forecasts and its profit was better than expected.

U.S. stocks slipped on Wednesday after weak data on the services sector and private payrolls cooled recent optimism the recession was retreating, but the market finished off its lows as investors ventured into riskier financial shares.

The scandal over Silvio Berlusconi's private life took a new twist Wednesday when Italy's president was forced to deny he had told newspaper directors not to publish salacious transcripts in their possession.

A federal appeals court has upheld a previous ruling that pharmaceutical giant Bayer Schering's U.S. patent for its Yasmin oral contraceptive is invalid, opening the way for Barr Laboratories Inc to sell a generic version.

U.S. President Barack Obama has sent video message on Wednesday to the eighth African Growth and Opportunity Act Forum (AGOA).

Driving south through the Navajo reservation on Highway U.S. 89, our anticipation heightens as the San Francisco Peaks come into view. While my wife and I have made this journey many times, we still marvel at the magnetic pull that draws us to northern Arizona each year.

President Barack Obama announced at a Navistar International Corporation factory in Elkhart, Indiana, on Wednesday, a $2.4 billion investment from the Department of Energy, for advanced battery technology for hybrid and electric-drive vehicles, the single largest investment ever made for this purpose, according to the department.

A gunman allegedly opened fire in a Latin dance class at a Pennsylvania health club Tuesday night, killing three women before turning a gun on himself.

Shares of battered financial companies including insurer American International Group Inc and lender CIT Group soared on Wednesday, as investors apparently rushed to buy shares to cover short positions in the companies.

-- Linda Stern is a freelance writer. Any opinions in the column are hers. You can follow Linda Stern's financial notes on Twitter at http://www.twitter.com/lindastern --

Google Inc said it would acquire video compression software maker On2 Technologies Inc for $106.5 million, stepping up efforts to foster the spread of Internet video.

The head of the federal agency, James B. Lockhart III, that controls Fannie Mae and Freddie Mac is stepping down.

Oil rose on Wednesday, bolstered by a drop in U.S. distillate inventories and optimism that a slowdown in U.S. private job losses in July could signal a gradual turnaround in the economy.

A U.S. Senate vote to extend the popular cash for clunkers auto sales incentive could be pushed to Saturday if lawmakers cannot agree on the measure, Senate Majority Leader Harry Reid said.

Imagine waving your cell phone and being admitted through the turnstile of a subway station, or ordering and paying for a gift without once having to open your wallet or enter a credit-card number.

The shares of battered insurer American International Group Inc rose strongly on Wednesday ahead of the release of second-quarter earnings, which are expected to stabilize for the first time in five quarters.

The big three of Detroit, General Motors Co., Ford Motor Co., and Chrysler LLC were awarded today with millions in funding from the government's stimulus package to manufacture and deploy electric vehicles, batteries and components in the United States, the Department of Energy said.

Economy worries, Loan demand up, Ratings rejection

Electronic Arts Inc shares slid nearly 7 percent on Wednesday after the game publisher's strong quarterly results failed to quell concerns about the industry's health and the company's game slate.

Is it time to move your financial life online? A crowded field of new and established websites promises to give you all the record-keeping and budgeting advice you'll ever need -- for free.