IBT Staff Reporter

The economy shrank 6.1 percent in the first quarter of 2009, a higher than expected decline mainly due to sharp cutbacks by businesses and the biggest drop in U.S. exports in 40 years.

Nine soldiers were killed in southeast Turkey in the worst attack in months and police detained two suspected suicide bombers in the capital on Wednesday in an escalation of tensions.

North Korea on Wednesday threatened a new nuclear test unless the U.N. Security Council apologizes for tightening sanctions, confirming some analysts' fears that Pyongyang was determined to build an atomic arsenal.

The Obama administration's plan to impose a cap-and-trade system to cut U.S. greenhouse gas emissions would result in 1.9 million job losses and cost the average household $1,400 a year by 2020, according to a new study released on Tuesday.

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

A baby in Texas has died of the H1N1 flu strain, the first confirmed death outside Mexico from the virus, which health officials fear could cause a pandemic as it spread to two more countries.

President Barack Obama said on Wednesday that the first U.S. death from a new strain of swine flu showed it was time to take utmost precautions against its possible spread.

Barack Obama on Wednesday will mark the 100th day of his presidency after a whirlwind start in which he has signaled a new approach on policies from the economy to climate change to U.S. relations with Iran.

Oil prices climbed above $50 per barrel on Wednesday, supported by rising stock markets and expectations that the U.S. economic slowdown may be less brutal than initially thought.

Health insurer Aetna Inc reported a slight rise in net income on Wednesday as membership increased, but it cited higher-than-projected medical costs in its commercial business that serves employers.

Time Warner Inc posted a flat quarterly profit but its revenue decline was smaller than expected, as a rise in cable networks revenue offset declines in advertising sales at AOL and Time Inc.

Stock futures were set to open about 1 percent higher on Wednesday as investors were hopeful a reading on gross domestic product would fuel more optimism that the recession is subsiding.

Bank of America Corp's embattled CEO, Kenneth Lewis, may have to give up the post of chairman as shareholders hold a referendum on his eight-year tenure as head of the largest U.S. bank.

Daniel Bouton, the chairman of Societe Generale whose reputation was hit by a trading scandal at the bank, resigned and blamed relentless verbal attacks on his performance for his decision to quit.

Media conglomerate Time Warner Inc , posted a flat first quarter profit on Wednesday, weighed down by a drop in advertising sales at its AOL Internet and Time Inc publishing units.

Daniel Bouton, the chairman of Societe Generale whose reputation was hit by a trading scandal at the bank, said on Wednesday he would resign in the wake of repeated criticism over his performance.

The head of the $700 billion rescue fund created to restore the U.S. financial system will likely make Friday his last day on the job, The Washington Post reported.

Stock futures pointed to a higher start for Wall Street on Wednesday, ahead of GDP data. At 4:02 a.m. EDT, futures for the Dow Jones, S&P 500 and Nasdaq were up between 0.6 and 0.7 percent. * The FTSEurofirst 300 index of top European shares was up 0.5 percent at 805.38 points, with Banco Santander and Siemens among shares to rise after company re...

Some investors are finding the stress tests to be mighty stressful, and wish the government would just disclose the final results.

Bank of America Corp Chief Executive Kenneth Lewis may be forced to give up his role as chairman but is set to win re-election to the bank's board by a wide margin, the Wall Street Journal said.

Stock index futures pointed to a higher start for Wall Street on Wednesday, ahead of GDP data.

World stocks rose on Wednesday and government bonds and the low-yielding yen fell as forecast-beating earnings from European companies spurred share buying ahead of key U.S. growth data.

Asia stocks and the Australian dollar bounced back on Wednesday from a two-day slide, with investors taking heart from data showing the U.S. economy slowly healing while keeping an eye on the spread of swine flu around the world.

Daniel Bouton, the chairman of Societe Generale whose reputation was hit by a trading scandal at the bank, said on Wednesday he would resign in the wake of repeated criticism over his performance.

Citigroup Inc may have to raise more capital after preliminary results of its stress test from U.S. regulators, people familiar with the matter said, and Bank of America Corp may need billions more, the Wall Street Journal reported.

With signs the deep U.S. economic swoon may be easing, Federal Reserve policy makers appear ready to hold off new measures to flood the economy with money while keeping interest rates steady near zero on the final day of a two-day meeting on Wednesday.

Citigroup Inc has asked the U.S. Treasury for permission to pay special bonuses and is looking for ways to free an energy-trading unit from government restrictions, the Wall Street Journal reported on its website on Tuesday.

Asian stocks dropped for a second day on Tuesday and Japanese shares hit a one-month low, with investors fretting about the potential economic fallout if the swine virus outbreak becomes a full-fledged pandemic and the results of U.S. bank stress tests.