IBT Staff Reporter

Citigroup agreed to sell its Japanese trust bank to a unit of Nomura Holdings for 19 billion yen ($196 million), as it looks to raise cash by exiting businesses in the world's second-largest economy.

California's lawmakers failed to agree on a balanced budget by the start of its new fiscal year on Wednesday morning, clearing the way to suspend payments owed to the state's vendors and local agencies, who instead will get IOU notes promising payment.

Oil rose above $71 a barrel on Wednesday following a large drop in crude inventories in the United States, the world's top energy consumer, and output disruptions from militant attacks in Nigeria.

Daily outlook for July 1 - finance

Ford Motor Corp. will announce results for its sales in June on Wednesday, with the company's chief U.S. sales analyst saying the industry as a whole is improving and the annualized sales rate could hit 10 million in June sales this year.

Auto sales results for June, Windows 7 rebooting, Energy Sec. likely to announce more funds allocations, General Mills releases earnings, B of A completes Countrywide purchase, NASA launches Endeavour, Weekly Petrolum status, Africa Energy Forum, Nevada sales tax hike, Federal student loans rate change

Chinese web users flooded to a trendy art zone cafe on 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.

World stocks began the third quarter on an upbeat note on Wednesday with European and emerging market shares rising around 1 percent and oil climbing on hopes for a recovery in demand.

U.S. automaker Chrysler Group LLC has stemmed the pace at which it uses cash after emerging from bankruptcy last month as a slimmer company, Chief Executive Sergio Marchionne said in an interview with Bloomberg published on Wednesday.

Major automakers are expected to report the highest sales rate of 2009 when they post results for June, as deep discounts limit industry-wide results to a 30-percent decline.

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.