IBT Staff Reporter

Fed sees more jobs lost this year, higher rates in 2010, Paulson defends tactics, U.S. China partner for clean energy

The Obama administration on Wednesday sent Congress legislation that would pry open hedge funds to wider scrutiny, requiring those with more than $30 million under management to register with the government and greatly boost disclosure.

After six attempts, Space shuttle 'Endeavour' has finally blasts off safely for space station mission. The space shuttle Endeavour was successfully lifted up this evening at 6:03 P.M. EST on a mission to the International Space Station (ISS) from the Kennedy Space Center at Cape Canaveral in Florida.

The deadly July 5 riots in northwest China cost soft drink giant Coca-Cola's new joint venture bottling plant in Xinjiang about 8 million yuan ($1.17 million) in sales over the last week, the plant's general manager on Tuesday.

American International Group Inc said on Wednesday it was moving ahead with spinning off a large life insurance unit, even as a source said it continues to hold sales talks with MetLife Inc.

Citigroup Inc said on Wednesday it will outsource the core processing elements of a U.S. receivables management business to First Data Corp, saving money and reducing about 500 jobs.

Taking advantage of investor appetite for renewable energy projects, four geothermal firms said on Wednesday they plan to combine forces to form a single, larger company that will be able to raise funds more easily to develop green power projects.

Shareholders of four funds at Fidelity Investments, the world's largest mutual fund manager, rejected a proposal on Wednesday that would have blocked investments in companies linked to genocide.

A spokesman from Los Angeles Police Department (LAPD) said Wednesday the investigation of Michael Jackson's death is ongoing and currently not being treated as a homicide.

CNOOC, PTT PCL, ENI, and Osaka Gas are among companies that submitted indicative bids for a 20 to 35 percent stake in InterOil's liquefied natural gas project in Papua New Guinea, sources said.

Australian Dollar: After a quiet Asian session yesterday the Aussie dollar came to life overnight, rallying hard from 0.7950 to open this morning back above the 80 cent handle at 0.8035.

Facebook is now celebrating its new counts of active users around the world. Today, it announced that it has reach 250 million active users.

Hong Kong reported second critical H1N1 case besides 78 newly confirmed ones on Wednesday, but experts predict low impact on the economy despite people's worries.

Worldwide personal computer shipments in the second quarter took a major plunge of 3 percent, according to worldwide PC tracker on Wednesday.

Microsoft Corp will open stores close to those of Apple Inc this fall, according to its chief operating officer, as it looks to win back the initiative in the battle for Main Street PC and gadget buyers.

Space shuttle Endeavour and seven astronauts finally launched off into orbit on Wednesday on a flight to the international space station, making it its sixth attempt.

California Governor Arnold Schwarzenegger said on Wednesday he was hopeful a deal with lawmakers to resolve the state's budget crisis by closing a $26.3 billion shortfall was near, perhaps even by the end of the day.

After more than a month's delay, space shuttle Endeavour and seven astronauts thundered into orbit Wednesday on a flight to the international space station, hauling up a veranda for Japan's enormous lab and looking to set a crowd record.

U.S. Federal Reserve officials have modified their unemployment rate predictions as they expect the rate to top 10 percent above the previously forecast value of 9.6 percent.

CIT Group Inc , a major lender to small- and mid-sized U.S. businesses, said on Wednesday that talks with the government to bail out the company had ended, a development that could make bankruptcy likely.

Technology news website TechCrunch published on Wednesday sensitive internal documents belonging to Twitter, including financial projections, offering a rare glimpse into the wildly popular microblogging site.

Al-Qaeda's Algerian-based offshoot issued a threat Tuesday to target overseas Chinese in North Africa in retaliation for the deaths of Uygurs in Urumqi.

U.S. stocks jumped on Wednesday with the S&P 500 racking up its three best days since March, sparked by results from bellwether Intel Corp that lifted hopes for a rebound in technology spending and improved corporate profitability.

Two key components of the Obama administration's bold plan to reshape U.S. financial regulation came under attack on Wednesday, with lawmakers and lobbyists engaged in a reform debate of immense scope.

U.S. Federal Reserve officials have modified their unemployment rate predictions as they expect the rate to top 10 percent above the previously forecast value of 9.6 percent. In June the nation's unemployment rate climbed to 9.5 percent, a 26-year high. The latest projections have cast a new shadow of doubt on the timing the economy will take to recover.

The total death tally of swine flu has risen to 549 as the global number of the new flu infection cases surpassed 113,000 people, Russia's chief sanitary doctor said on Tuesday, according to the Russian leading newspaper RIA Novosti report.

Michael Jackson's memorial proved to be good for business, sparking another nostalgic frenzy for his music that continues to put the King of Pop atop music charts since his sudden death three weeks ago.

U.S. stocks racked up strong gains on Wednesday, sparked by results from bellwether Intel Corp that lifted hopes for a rebound in technology spending and improved corporate profitability.

California's attorney general said on Wednesday his office has run dozens of doctors' names, some of them thought to be aliases, through its prescription drug database to aid police investigating the death of Michael Jackson.