IBT Staff Reporter

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.

Microsoft Corp is likely to show a new version of its Internet search engine publicly for the first time next week, the Wall Street Journal said, citing people familiar with the matter.

Japanese electronics group Toshiba Corp plans to end production of mobile phones in Japan around October to cut costs as demand slumps, the Nikkei business daily said on Wednesday.

Microsoft Corp is likely to show a new version of its Internet search engine publicly for the first time next week, the Wall Street Journal said, citing people familiar with the matter.

HP and Microsoft Corp announced Tuesday a four-year strategic global initiative to deliver an end-to-end unified communications and collaboration solution at Interop Las Vegas 2009.

The World Bank President Robert Zoellick said Monday that the pace of decline in the global economy is set to slow and it could see resumed growth as early as late 2009.

Oil prices steadied above $60 a barrel on Wednesday after touching a six-month high a day earlier, as investors awaited more U.S. oil inventory data and kept a close watch on equities for direction.

The United States will provide $110 million in emergency aid to Pakistan, the Secretary of State Hillary Clinton said Tuesday.

ASEAN calls for humane treatment over Suu Kyi trial, rules out sanctions

Japan's economy shrank a record 4.0 percent in the first quarter as domestic demand and investment buckled, threatening to crush any export-led rebound later this year.

Japan's Nikkei stock index rose 0.4 percent on Wednesday with trading houses up after a brokerage upgraded Mitsubishi Corp, but gains were limited as a slightly firmer yen dragged on exporters such as Honda Motor Co.

The World Health Organization’s Director General Dr. Margaret Chan met Tuesday with over 30 vaccine manufacturers from developing and developed countries at Geneva to fight flu epidemic.

The Hong Kong government announced Tuesday that Joseph Yam, chief executive of the Hong Kong Monetary Authority (HKMA), will step down on Oct 1, after 16 years at the helm.

The Nikkei stock average rose 0.4 percent on Wednesday, shrugging off data showing Japan's biggest economic contraction on record, with high commodity prices buoying trading houses such as Mitsubishi Corp .

Bank of America Corp raised $13.47 billion through a share sale, marking a major step toward meeting the U.S. government's requirements for capital-raising following the recent stress testing of the bank.

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.

The Federal Reserve said Tuesday that on July 1 it will expand a program which boosts credit among companies that issue consumer and business asset-backed securities.

If General Motors Corp files for bankruptcy, as widely expected, its healthy assets will be quickly sold to a new company owned by the U.S. government, a source familiar with the situation said on Tuesday.

American International Group, Inc, under government pressure to revamp its board with a majority of new independent directors, announced on Tuesday six nominees who will be voted on by shareholders at the company’s annual meeting on June 30.

Fast food giant McDonalds said today its chains around the world are taking green measures to cut electricity consumption, supporting the development of biodiesel and cutting carbon dioxide emissions.

Global warming could be worse than expected this century, rising more than five degrees, if lawmakers don’t move to enact policies that will reduce greenhouse gas emissions, researchers at the Massachusetts Institute of Technology said today.