IBT Staff Reporter

Treasury Secretary Timothy Geithner said on Wednesday the Obama administration was making headway in settling financial markets and said a program to cleanse so-called toxic assets from banks' balance sheets will start operating over the next six weeks.

President Barack Obama's tough fuel economy program for vehicles could put another damper on the struggling ethanol business, because the alternative fuel packs a lower energy content than gasoline.

Oil prices briefly pushed above $62 a barrel on Wednesday to touch a new six-month high on bullish inventory data and a spate of refinery accidents in the United States, in spite of weak market fundamentals.

The tough U.S. fuel economy standards announced by President Barack Obama on Tuesday represents a bonanza for companies that supply hybrid technology and other gas-conserving components needed to meet the new benchmarks.

Target Corp reported a better-than-expected quarterly profit on Wednesday, as the No 2 U.S. discount retailer offset sluggish sales by keeping a tight control on inventory and expenses, while its credit card business was profitable.

Target Corp reported a better-than-expected profit on Wednesday as the No. 2 U.S. discount retailer offset sluggish sales by keeping a tight control on inventory and expenses, while its credit card business was profitable.

Microsoft is set to unveils its long-awaited next-generation search technology, code-named Kumo, next week at the D: All Things Digital technology conference in California, according to reports.

Italy's Fiat , car parts group Magna and investment firm RHJ were all expected to submit offers for Opel, the German unit of U.S. carmaker General Motors , by a Wednesday deadline.

Novartis AG is buying the injectable generic cancer drugs business of Austria's EBEWE Pharma and may pursue other similar deals as it fleshes out a planned diversification away from brand-name treatments.

Verizon Communications Inc Chief Financial Officer John Killian said he is happy with growth trends so far in the second quarter and he expects 2009 to be a good year for revenue and cash flow growth.

Verizon Communications Inc Chief Financial Officer John Killian said he is happy with growth trends so far in the second quarter and he expects 2009 to be a good year for revenue and cash flow growth.

Washington Mutual Inc has asked a bankruptcy court to rule on its dispute with JPMorgan Chase & Co over more than $4 billion in deposits, according to court documents on Wednesday.

BEIJING, May 19 (Reuters) - China agreed to lend $10 billion to Brazil's Petrobras (PETR4.SA)(PBR.N) in return for guaranteed oil supply over the next decade, in a deal cemented on Tuesday as Brazilian President Luiz Inacio Lula da Silva ended a state visit.Lula and Chinese President Hu Jintao signed 13 agreements in all, covering science, space, law, ports and farm products, the official Xinhua news agency said. It did not provide details.The loan will come from China Development ...

Pfizer Inc has struck licensing agreements with two Indian-based companies, as the world's largest drugmaker seeks new avenues of growth in generics and emerging markets.

Staring at the locked gates of a Fiat car factory, Mimmo Vacchiano says many families in this poor corner of southern Italy face a stark choice unless its turnstiles reopen.

Verizon Communications Inc Chief Financial Officer John Killian said he is happy with growth trends so far in the second quarter and he expects 2009 to be a good year for revenue and cashflow growth.

The United States must allay Russian concerns over its planned anti-missile system in Europe if the two sides are to achieve a breakthrough on cutting nuclear weapons, Russia's foreign minister said on Wednesday.

Serbia's president told visiting U.S. Vice President Joe Biden on Wednesday he hoped to open a new page in relations with Washington, ten years after NATO bombed the Balkan country over its conduct in Kosovo.

Stocks rose on Wednesday after a successful share offering from Bank of America boosted optimism about the financial sector, and McDonald's and Procter & Gamble jumped after bullish analyst comments.

U.S. President Barack Obama said on Wednesday he saw some return to normalcy in financial markets but there was still much long-term work ahead to right the shaky economy.

Some auto dealers that Chrysler LLC plans to close are beginning a challenge to the automaker's plans to quickly sell itself in bankruptcy.

The United States launched an appeal Wednesday in a dispute with Japan at the World Trade Organization over its treatment of unfairly-priced imports.

A roadside bomb killed two Americans, including a soldier, in an attack on a U.S. military convoy on the outskirts of the Afghan capital on Wednesday, officials said.

Army-ruled Myanmar opened the trial of opposition leader Aung San Suu Kyi on Wednesday in an apparent bid to calm growing international outrage at the regime and its latest crackdown on the Nobel Peace laureate.

Italy's Fiat , car parts group Magna and investment firm RHJ were all expected to submit offers for Opel, the German unit of U.S. carmaker General Motors , by a Wednesday deadline.

Indian prime minister-elect Manmohan Singh said Wednesday his coalition had support for a clear majority in parliament after he formally sought approval from the president to form the next government.

An Indonesian military transport plane carrying 110 passengers and crew crashed and burst into flames in East Java on Wednesday, killing at least 98 people on board and on the ground, officials said.

Reformists called for a fundamental shakeup of Britain's political system on Wednesday, saying the first ousting of a parliamentary speaker in 300 years was not enough to still public anger over an expenses scandal.

Iran launched a missile with a range of close to 2,000 km (1,200 miles) on Wednesday and President Mahmoud Ahmadinejad said the Islamic state could send any attacker to hell, official media reported.