IBT Staff Reporter

A severe U.S. recession will bottom out this year, but any recovery will be weak due to anemic markets and shrunken consumer wealth, the Organization for Economic Cooperation and Development said on Wednesday.

The dollar hit its lowest in nearly two weeks against a basket of currencies and global stocks edged up from five-week lows ahead of a Federal Reserve meeting expected to dampen expectations for higher rates.

Tens of thousands of mobile users in Bangladesh's flood and cyclone-prone areas will now receive advance warning of an impending natural disaster through an alert on their cell phones, a government official says.

Oil slid back below $69 a barrel on Wednesday, reversing a 2.6 percent gain the day before, after data showed a surge in U.S. gasoline stocks, signaling weaker-than-expected demand from the world's top energy user.

The outspoken head of a U.S. Congressional watchdog panel will strongly urge lawmakers on Wednesday to set up a new government agency to protect consumers from tricks and traps set by banks.

Asian stocks bounced up on Wednesday from a one-month low hit the previous day while the dollar drifted, with investors bracing for a Federal Reserve decision and any signs the central bank is worried about the jump in U.S. bond yields.

Democrats in the U.S. House of Representatives, urged on by President Barack Obama, announced progress on Tuesday toward quick passage of legislation to fight global warming by reducing industrial emissions of carbon dioxide.

One of China's best known dissidents, Liu Xiaobo, has been formally arrested on suspicion of inciting subversion, following his detention late last year for promoting a petition calling for an end to one-party rule.

North Korea's nuclear ambitions area serious concern for Beijing and should be addressed through further dialogue, a senior Chinese military officer said on Wednesday after talks with Pentagon officials.

The Pentagon will create a Cyber Command to oversee the U.S. military's efforts to protect its computer networks and operate in cyberspace, under an order signed by Defense Secretary Robert Gates on Tuesday.

A security crackdown appears to have quelled street rallies against Iran's disputed poll, but the leadership faced a new challenge on Wednesday from calls by reformist clerics for national mourning for dead protesters.

Apple Inc chief executive Steve Jobs underwent a liver transplant at a Tennessee hospital and has an excellent prognosis, the hospital that performed the operation confirmed on Tuesday.

Asian stocks inched up on Wednesday from a one-month low hit the previous day while the dollar drifted, with investors bracing for a Federal Reserve decision and any signs the central bank is worried about the jump in U.S. bond yields.

A major union this week called on Morgan Stanley to reverse recent salary hikes for senior executives and other top earners, the Wall Street Journal said citing a letter from the union.

(Billboard) - A new NPD Group study finds that active Twitter users buy 77 percent more digital music downloads on average than non-users. Additionally, 12 percent of those who have bought music in the last three months also report having used Twitter, versus 8 percent of overall Web users.

Four student unions said Tuesday they were planning to stage protests outside the British embassy in protest at London's alleged interference in Iranian affairs.

JPMorgan tops a list of the world's strongest banks, while Royal Bank of Scotland suffered the biggest loss of any lender last year, according to new industry rankings on Wednesday.

Chinese Government hasn’t back down on its mandate about inclusion of web filtration on all PC to be produce starting July 1.

Nokia signed agreement enabling Intel to license HSPA/3G Modem Technologies

David Fincher, the Oscar-nominated director of The Curious Case of Benjamin Button, is in early talks to log on to an untitled movie about the founders of the popular social networking site Facebook.

Adobe Inc said that its Flash Player 10 will open up a new experience in latest mobile Internet browsing.

Incredibly as thin as a credit card slim data is now available on a 4GB USB flash drive that enables user to carry important digital photos, videos, music, and documents in their wallets, according to toptech on Tuesday.

The United States and European Union took action against China on Tuesday for restricting exports of industrial raw materials, intensifying a trade struggle at a delicate time for the global economy.

The outspoken head of a U.S. Congressional watchdog panel will strongly urge lawmakers on Wednesday to set up a new government agency to protect consumers from tricks and traps set by banks.

Intel chips are now used in almost 80 percent of world's fastest supercomputers, while HP and IBM are used in 60 percent according to the 33rd Edition of TOP500 Supercomputer released on Tuesday.

General Motors Corp plans to complete a 20 percent cut in its white-collar work force by October, a spokesman said on Tuesday.

A U.S. bankruptcy judge has denied a request from a small group of General Motors Corp bondholders to become an official committee in the bankruptcy case.

New orders for Chinese shipyards fell 96% in the first five months of 2009, the Ministry of Industry and Information Technology (MIIT) released on Tuesday.

The family of an Iranian slain man killed in a demonstration was ordered to pay $3000 for the bullets that took his life in return for the dead body, according to The Wall Street Journal.