IBT Staff Reporter

Amazon.com said on Wednesday that it has reached a deal to buy online shoe and clothing retailer Zappos.com Inc for roughly $927.9 million, mostly in stock.

The Australian Dollar opens largely unchanged at 0.8160 after the domestic market's insipid reaction to yesterday's local inflation data which picked up in the June quarter by 0.5 per cent for a lower annualised reading of 1.5 per cent.

Microsoft Corp said on Wednesday it is releasing the code for Windows 7 to PC manufacturers, keeping the software company on track to have machines running its new operating system in the stores by late October.

Hackers will soon gain a powerful new tool for breaking into Oracle Corp's database, the top-selling business software used by companies to store electronic information.

Federal Reserve chairman, Ben Bernanke spoke Wednesday for a second day of testimony on the Fed's semiannual monetary policy report. Bernanke tried to assure members of congress that the economy was on the mend and that tackling the rising unemployment rate is one of the most difficult and challenging parts of our task at this point. The overall economic situation remains very poor, he said. The Fed expects the recovery to start off very slow and pick up speed over time, he said.

A Chinese firm has signed a $3.6 billion investment Promotion and Protection Agreement (IPPA) with Zambia in copper exploration and mining industry, a senior investment official said on Wednesday.

LG Electronics on Wednesday introduces its first ever THX certified 240Hz LH90 Series of LED-backlit LCDs, which was introduced at the International CES last January.

Authorities Wednesday morning searched Michael Jackson doctor's office for evidence of possible manslaughter.

Delta Air Lines Inc , the world's biggest carrier, said on Wednesday it no longer expects to make money this year and Southwest Airlines Co's debt fell to near junk, while AirTran Holdings turned a profit and saw its shares jump 10 percent.

China plans to implement a five year program advocating clean online games, starting next year, an official from the General Administration of Press and Publication told an industry conference Wednesday.

The twelve members of Porsche SE's supervisory board assembled on Wednesday, a day earlier than expected, to discuss the fate of the indebted sportscar maker.

Amazon.com said on Wednesday that it has reached a deal to buy online shoe and clothing retailer Zappos.com Inc for roughly $927.9 million, mostly in stock.

American International Group Inc , the insurer that has received billions of dollars in federal aid, withheld $2.4 million in bonuses due to be paid to dozens of senior managers on July 15.

The Nasdaq rose on Wednesday for the 11th straight day, buoyed by solid profits from Apple Inc and Starbucks Corp , while disappointing bank results and declining energy shares weighed on the broader market.

Michael Jackson's personal physician Dr. Conrad Murray should not targeted as criminal, attorney Edward Chernoff said late Tuesday on his law firm's website.

The live broadcast of the Century Solar Eclipse provided by Sina had attracted more than 30 million viewers in three hours, with the latest record breaking peak concurrent users of over 3.2 million, which is much more than the one million viewers of the 2008 Olympics, Broad net Beijing reported on Wednesday.

Wells Fargo & Co and other major U.S. banks said the troubled economy drove big increases in loan losses, reducing second-quarter earnings.

The Nasdaq rose on Wednesday for its 11th straight daily gain, buoyed by solid profits from Apple Inc and Starbucks Corp .

Starbucks Corp. shares were among the biggest gainers of the day, as the stock jumped more than 18 percent on Wednesday, a day after reporting a profit for the third fiscal quarter and a despite lower revenues.

Republican lawmakers in California have threatened to scuttle a budget deal secured by the governor and top lawmakers over a plan for prison spending cuts, but Democrats said on Wednesday a vote on the agreement will take place this week.

A U.S. man has been charged with giving al Qaeda details about the New York City transit system and the Long Island Railroad, as well as firing rockets on U.S. troops in Afghanistan, according to court papers unsealed on Wednesday.

The U.S. economy is no longer on the brink of disaster but recovery will be slow and the jobless rate will remain stubbornly high in coming quarters, White House Budget Director Peter Orszag said on Wednesday.

U.S. Banks confront losses, Morgan Stanley's Woes, Big Pharma Beats Expectations

The Nasdaq rose on Wednesday as solid profits from technology bellwether Apple Inc and coffee chain Starbucks Corp overshadowed disappointing bank results and a pullback in energy shares.

The annual crowning of a goat as king of Ireland at one of the country's oldest fairs is in doubt after organizers said the heir to the throne may be stopped from traveling to the festival.

Shares of Yahoo Inc rose 3 percent in late Wednesday afternoon trading, bouncing back from a sharp decline earlier in the day.

Japan hinted on Wednesday it might do more to ease credit and Britain awaits more data before doing the same, while disappointing earnings from Morgan Stanley and Wells Fargo tempered optimism Wall Street can extend its recent rally.

The worst is yet to come for debt-laden, cash-strapped and increasingly jobless U.S. consumers.

Goldman Sachs Group Inc announced on Wednesday it has redeemed the warrants under the TARP's Capital Purchase Program at $1.1 billion.