IBT Staff Reporter

Warren Buffett said on Wednesday that the U.S. economy has

U.S. securities regulators proposed tough new rules for money market funds to help avoid a repeat of what happened when the collapse of the Reserve Primary Fund triggered a wave of redemptions in the $3.67 trillion market.

Time Warner Inc and Comcast Corp have banded together to test ways to make it tougher for audiences to watch premium TV shows over the Web without paying for a cable or satellite service.

South Carolina governor Mark Sanford confessed to having been in an extramarital affair with an anonymous Argentinean woman today during a press conference with reporters and offered his resignation as chairman of the Republican Governors Association.

The head of the Department of Education outlined on Wednesday a proposal to simplify the application for college financial aid making it faster, shorter and more user friendly.

The Dow industrials turned negative and the broader market pared gains on Wednesday as the Federal Reserve said the economy would remain weak for a time, denting optimism about the strength of a rebound.

Stocks cut gains further and the Dow turned negative on Wednesday after the Federal Reserve said the economy was likely to remain weak for a time and investors remained nervous over the threat of inflation.

Facing concerns about the amount of financial stimulus needed to keep the economy from speeding up too quickly, the Federal Reserve on Wednesday said inflation will remain subdued for some time, keeping its key interest rate unchanged and said it would modify its program to buy mortgage-backed securities “as warranted.”

An unexpected jump in U.S. durable goods orders last month backed hopes that the economy was healing, but news from the hard-hit housing market remained mixed.

Iraq's health minister confirmed on Wednesday the country's first cases of the H1N1 flu virus, saying seven members of the women's national basketball team were being treated in hospital.

Decisions over restitution for the thousands of investors defrauded by Bernard Madoff have been deferred for three months, the U.S. judge who will sentence the confessed swindler on June 29 ruled on Wednesday.

North Korea's leader Kim Jong II appointed his youngest son Kim Jong Un as head of spy agency in March in preparations for handing him control of the regime, according to a news report.

The global population of high net worth individuals fell 14.5 last year along with the economy, according to a new report.

Being able to use a mobile phone for money transfers, bill payments and even savings would give some of the world's poorest people the chance to become part of the financial system, telecom providers and bankers have said.

Monsanto Co posted a smaller-than-expected slide in quarterly profit on Wednesday and said it would cut jobs and realign its Roundup herbicide business as surprisingly strong competition hammered sales.

Ford Motor Co aims to cut the number of its parts suppliers by almost half by the end of 2009 as the only U.S. automaker to avoid bankruptcy attempts to shore up its supply base at a time of deep financial stress for the industry.

Stocks gained on Wednesday after software maker Oracle's results beat expectations and durable goods orders jumped unexpectedly, giving more hope that the economy is rebounding.

Iran's foreign minister said on Wednesday Tehran was reviewing whether to downgrade ties with Britain, which Iran has accused of interference in its disputed presidential election, the ISNA news agency reported.

When a Starbucks (SBUX) opened across the street from our offices in downtown Missoula, Mont., a few years ago, a lot of people in this liberal college town were not too pleased. The national behemoth would squeeze the local coffee shops, critics said, and contribute to the homogenization of Missoula

A 400-billion euro ($554 billion) project linking solar power produced in the Sahara to energy users in Europe and North Africa is a win-win for both continents and could also promote integration around the Mediterranean, a German minister said.

An environmental group on Wednesday asked U.S. Secretary of State Hillary Clinton to deny permits for pipelines that would bring oil from Canada's tar sands to the United States.

Federal investigators are looking into the deadly crash of two Metro transit trains to see why the computerized system failed to work even though the emergency brake was pushed down.

U.S. stocks rose broadly on Wednesday as durable goods orders jumped unexpectedly, reinforcing the belief the economy was healing, while quarterly results from software maker Oracle boosted technology shares.

Cablevision Systems Corp, Major League Baseball and the New York Yankees cable network said on Wednesday they reached a multiyear deal for live streaming online Yankees games in the team's home market.

David Fincher, director of Seven, Fight Club and The Curious Case of Benjamin Button, is in early talks to sign on to direct the upcoming Facebook movie, according to Variety.

U.S. securities regulators are considering tough new rules for money market funds to help avoid a repeat of what happened when the collapse of the Reserve Primary Fund wreaked havoc on the $3.67 trillion market.

Monsanto Co, the world's biggest seed company, posted a smaller-than-expected slide in quarterly profit on Wednesday and said it would cut about 900 employees and realign its declining herbicide business, news that sent its shares higher.

The world's rich lost nearly 20 percent of their total wealth in 2008 as volatile markets wiped out two years of growth, a Merrill Lynch study showed on Wednesday.

Sales of newly built U.S. single-family homes slipped slightly in May, according to Commerce Department data on Wednesday that underscored that conditions in the hard-hit housing market remain fragile.