IBT Staff Reporter

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.

Bank of America Corp Chief Executive Kenneth Lewis said the worst of the economic downturn has likely passed and conditions will not worsen as much as feared, a day after his bank raised $13.47 billion in a common stock offering, .

An Italian judge ruled on Wednesday to proceed with the trial of U.S. and Italian spies accused of kidnapping an Egyptian imam in 2003; Europe's highest-profile case over the secret transfers of terrorism suspects.

Pakistani forces say they are making progress in their offensive against the Taliban in their Swat valley bastion following U.S. warnings that the militants posed an existential threat.

India said on Wednesday it has given Pakistan new information relating to the November attack on Mumbai, seeking to push investigation into an assault that New Delhi says was carried out by Pakistan-based militants.

The Obama administration is studying a long-discussed proposal to create a U.S. agency that would protect consumers who buy financial products, possibly as part of a major package of reforms, congressional aides said on Tuesday.

A panel of experts tapped by President Barack Obama to help shape his response to the economic crisis is led by former Federal Reserve Chairman Paul Volcker.

The U.S. Army paid tens of millions of dollars in bonuses to KBR Inc, its biggest contractor in Iraq, even after it concluded the firm's electrical work had put U.S. soldiers at risk, according to a source close to a U.S. congressional investigation.

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.

Oil prices pushed above $61 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.

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.

Toll Brothers Inc said on Wednesday that it expected to report a 51 percent drop in quarterly homebuilding revenue, but said new orders had improved from the prior period, reflecting a seasonal upturn.

A high-level panel of experts that has been helping to shape President Barack Obama's response to the economic crisis will step into the public view on Wednesday at a meeting to discuss energy issues and job creation.

Deere & Co , the world's largest maker of agricultural machinery, reported sharply lower quarterly earnings on Wednesday as lower crop prices and farmers' concerns about the global recession weighed on demand for tractors and harvesters.

Target Corp reported a lower quarterly profit on Wednesday, but the results beat Wall Street expectations as the No 2 U.S. discount retailer kept a tight control on inventory and expenses, and said its credit card business was profitable.

The renewable energy sector will start recovering from the economic slowdown when companies can push through initial public offerings (IPOs) for startups, a survey seen by Reuters of investors shows.

LOS ANGELES - Imax executives sought Tuesday to wow the media at a company presentation while also performing a bit of damage-control amid a controversy over the size of the specialty exhibitor's new digital screens.

Wall Street looked set for a higher open on Wednesday as investors remained optimistic that the worst of the economic slowdown was abating.

Cash-strapped General Motors said it expects at least three offers for German unit Opel by Wednesday's deadline, with Italy's Fiat eyeing plans to form Europe's biggest automaker.

Deere & Co , the world's largest maker of agricultural machinery, said on Wednesday that quarterly earnings fell 38 percent as lower crop prices and farmers' concerns about the global recession weighed on demand for tractors and harvesters.

Oil prices firmed above $60 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.

Stock index futures pointed to a higher open on Wednesday as investors remained optimistic the worst of the economic slowdown was abating.

JPMorgan Chase & Co and several other banks eager to escape the restrictions and stigma linked to government bailout funds may get the chance to do so in the next few weeks.

Japan's economy shrank a record 4.0 percent in the first quarter as domestic demand and investment buckled, threatening to crush an anticipated export-led rebound in the second half.

A key deadline to submit takeover bids for German carmaker Opel that expires on Wednesday could resolve some of the uncertainty surrounding the future of the ailing General Motors brand.

World stocks rose for the fourth session in a row on Wednesday, despite overnight losses on Wall Street, lifting demand for higher-yielding currencies.

Global cellphone sales fell 9.4 percent in the first quarter of 2009 as consumers reined in spending amid the recession, research firm Gartner said on Wednesday.

The Australian dollar and emerging market currencies slid on Wednesday as investors began to question how much longer a near three-month rally in riskier assets can last without evidence of a sustained economic recovery.

Oil prices rose above $60 a barrel on Wednesday, hitting a new six-month high, as investors awaited more U.S. oil inventory data and kept a close watch on equities for direction.