IBT Staff Reporter

Oil prices climbed toward $51 per barrel on Wednesday as optimism that the U.S. recession was easing boosted markets and raised expectations of a rebound in energy demand from the world's largest consumer.

Morgan Stanley is not likely to pursue a retail bank acquisition while it scrambles to complete its joint venture with Citigroup Inc brokerage unit Smith Barney, Morgan Chief Executive John Mack said.

Actress Kirstie Alley will be making an appearance on Oprah this Thursday to talk about her recent weight gain.

U.S. airline shares rallied on Wednesday, partially erasing two days of steep losses, as markets decided that the swine flu outbreak might not significantly crimp travel demand.

Warren Buffett's Berkshire Hathaway will not report first-quarter earnings on Friday as expected, a spokeswoman said on Wednesday.

Oil prices climbed toward $51 per barrel on Wednesday as optimism that the U.S. recession was easing boosted markets and raised expectations of a rebound in energy demand from the world's largest consumer.

Officials at the Federal Reserve Bank said Tuesday that the economy’s outlook has improved since March but still expect weakness for some time.

U.S. financial markets are stabilizing as data suggest the recession's worst may be over, but a surprise event like a flu outbreak or fresh bank troubles could send them tumbling anew, bankers and analysts said on Wednesday.

Stocks extended gains on Wednesday after the Federal Reserve kept interest rates unchanged at historic lows and said the pace of economic contraction appears somewhat slower.

Bank of America Corp CEO Kenneth Lewis, facing a vote that could strip him of the chairmanship of the largest U.S. bank, defended his management decisions before thousands of shareholders at the bank's annual meeting on Wednesday.

Living along coastal South Carolina; I’ve enjoyed several opportunities to go crabbing at the beach. A good place to capture crab is along the jetties since they like to hide among the rocks.

Wells Fargo shareholders on Tuesday voted against a proposal that would effectively bar Chairman and Chief Executive Officer John Stumpf from being on the board of directors.

European Union states gave the green light on Wednesday to a sweeping reform of the telecoms sector after accepting a last-minute deal to resolve a spat over Internet access, the Czech EU presidency said.

Time Warner Inc posted a stronger-than-expected quarterly profit, as a rise in cable network revenue helped offset declines in advertising sales at its AOL Internet and Time Inc publishing units.

U.S. Rep. Barney Frank, chairman of the House of Representatives Financial Services Committee, said on Tuesday he would introduce a bill next week to overturn a three-year-old U.S. ban on Internet gambling.

Kazakhstan's parliament on Wednesday made a first step toward tightening state controls over the Internet and the media, in a move criticized by human rights watchdogs.

A Mexican toddler in Texas has died of the new swine flu virus, the first confirmed death outside Mexico, as the World Health Organization said the outbreak showed clear signs of spreading around the world.

(Corrects last paragraph of April 28 story to reflect non-prosecution agreement announced April 7 between PartyGaming

Oil prices climbed toward $51 per barrel on Wednesday, supported by rising stock markets and a bigger-than-expected decline in U.S. gasoline inventories.

U.S. drugmaker Wyeth reported higher-than-expected first-quarter earnings, boosted by cost-cutting, but revenue fell short of forecasts as the stronger dollar hurt overseas sales.

America’s largest tire maker, Goodyear Tire & Rubber Co, said Wednesday it remains the most respected automotive company based on Reputation Institute surveys despite its quarterly losses in the ongoing recessions.

U.S. stocks rose on Wednesday as government data showed a rise in consumer spending and suggested that companies may start to rebuild inventories, even as the economy contracted more than expected in the first quarter.

Oil refiner Royal Dutch Shell said Wednesday its first quarter profit fell 62 percent due to weak demand and fluctuation in oil prices.

President Barack Obama will sign wide-ranging, pro-consumer credit card reforms into law by late May, senior U.S. House Democrat Carolyn Maloney predicted on Wednesday.

Diversified U.S. manufacturers Textron Inc and Rockwell Automation Inc slashed their 2009 profit targets, saying they saw no sign of the global recession ending any time soon.

Time Warner Inc posted a stronger-than-expected quarterly profit, as a rise in cable networks revenue helped offset declines in advertising sales at its AOL Internet and Time Inc publishing units.

Oil prices climbed toward $51 per barrel on Wednesday, supported by rising stock markets and a bigger-than-expected decline in U.S. gasoline inventories.

Australian actor Hugh Jackman said that his wife likes him to come home in costume, according to reports.

This first swine flu death in the U.S. has been confirmed in Texas with the death of a 23 month old toddler, this is first death of its kind to take place outside of Mexico.