IBT Staff Reporter

Oil climbed back above $70 a barrel on Wednesday as an industry inventory report showing a larger-than-expected fall in U.S. crude stocks buoyed hopes of a demand recovery and encouraged buying.

Asian stock markets put in a mixed performance on Wednesday, with Seoul gaining but Tokyo and Sydney weak as data showed the process of swinging the global economy around to a recovery would be a slow grind.

A monthly gauge of online labor demand in the United States fell a touch in June and its decline slowed on a year-over-year basis, suggesting stabilization in the jobs market, a private research group said on Wednesday.

Chinese web users flooded to a trendy art zone cafe Wednesday to celebrate a last-minute halt to a rollout of government-sponsored filtering software, and make a stand for freedom of expression in the Communist-run state.

A monthly gauge of online labor demand in the United States fell a touch in June and its decline slowed on a year-over-year basis, suggesting stabilization in the jobs market, a private research group said on Wednesday.

A U.S. patent research group says it has uncovered evidence that could be used to declare AstraZeneca Plc's patent for its cholesterol fighter Crestor invalid.

LOS ANGELES - A viral video billed as Breckin Meyer Responds to Perez Hilton plays like a parody of Hilton's video statement about his recent run-in with the Black Eyed Peas in Toronto. But in fact it's a stealth promo for an upcoming Robot Chicken DVD release.

Citigroup Inc has increased interest rates on up to 15 million U.S. credit card accounts just months before curbs on such rises come into effect, the Financial Times reported citing people close to the situation.

The Red Sox may seek redeem themselves today as they encounter the Baltimore Orioles again on Wednesday afternoon after a disaster game yesterday when they lost a nine-run lead to lose by a score of 11-10.

Asian stock markets struggled to gain ground on Wednesday as economic data showed the process of turnaround to recovery was likely to be a slow grind, and the dollar capitalized on that more cautious sentiment.

Bank of America Corp's primary investment management unit is drawing lower than expected bids after its likeliest suitor, BlackRock Inc , inked a blockbuster deal to buy Barclays Global Investor , the Financial Times reported, citing people close to the matter.

China's ambitions to strengthen control of the Internet with filtering software became a show of the limits of its power on Wednesday, as activists and industry groups welcomed AN abrupt delay of the contentious plan.

China's ambitions to strengthen control of the Internet with filtering software became a show of the limits of its power on Wednesday, as Internet activists and businesses welcomed the abrupt delay of the controversial plan.

U.S. benchmark lending rates could stay near zero for a couple of years based on the amount of slack now in the economy, San Francisco Federal Reserve Bank President Janet Yellen said on Tuesday.

Putnam Investments said Charles Ed Haldeman Jr. will step down on Tuesday as chairman of the Boston investment company, ending a turbulent seven-year run at the firm.

The recession is likely to end later in 2009, ushering in a frustratingly slow recovery marked by continued high unemployment, a top Federal Reserve official said on Tuesday.

Bizarre in life, Michael Jackson's complex personal affairs are taking even stranger twists in death, with sketchy reports on Tuesday of plans for an elaborate public memorial and questions over the parentage of his children.

Gannett Co. Inc Co, which owns top-selling newspaper USA Today, is laying off more than 1,000 staff to try and combat persistent declines in revenue, the Wall Street Journal reported on Tuesday.

An entire apartment building in Shanghai collapsed spontaneously and fell over in one piece this past Saturday, with an amazing minor miracle of one fatality. However, the reason reported on Tuesday is not so convincing that poor construction led to the collapse.

The Alberta government said on Tuesday it will support three carbon capture and storage projects from a C$2 billion ($1.7 billion) fund set aside last year as the Western Canadian province looks to cut emissions from coal-fired power plants and oil sands projects.

St. Louis Federal Reserve Bank President James Bullard said on Tuesday that public anger over the U.S. financial crisis and subsequent bailouts could cause big problems if this escalated into a political challenge to the independence of the U.S. central bank.

American International Group Inc got a new slate of government-backed directors at a subdued annual meeting on Tuesday, effectively revamping its board after the insurer's $180 billion taxpayer bailout.

A keynote speech by Cisco Systems chief executive John Chambers was interrupted by a group of demonstrators at the company's annual Cisco Live event in San Francisco.

General Motors Corp's chief executive told a U.S. bankruptcy court on Tuesday that the sale of GM's main assets to government-backed New GM must win court approval in order for the automaker to survive.

The New York Power Authority agreed on Tuesday to sell low-cost power to Yahoo Inc to build a data canter and to Sunworks Solar LLC to build a solar panel manufacturing plant.

Senator-elect Al Franken on Tuesday was declared by the Minnesota's highest court to be the winner of the state's senatorial race last November, accepting the office after former Sen. Norm Coleman conceded defeat.

U.S. securities regulators are considering changing how companies are required to disclose stock options awarded to executives, people familiar with the Securities and Exchange Commission's thinking told Reuters on Tuesday.

Devoted users and fans of popular free file-sharing website, The Pirate Bay, have vented out on its website, accusing the company of selling out.

U.S. securities regulators are considering changing how companies are required to disclose stock options awarded to executives, people familiar with the Securities and Exchange Commission's thinking told Reuters on Tuesday.