IBT Staff Reporter

Many economists expect the U.S. recession to end in the second half of this year, but companies catering to consumers showed on Wednesday that the prolonged downturn and rising unemployment are taking a toll on business in the near term.

Roche Holding AG said Tuesday it has completed its Genentech acquisition, setting up Genentech CEO Arthur Levinson as the chair Genentech’s new board.

Thailand's government has revoked the passport of ousted Prime Minister Thaksin Shinawatra in connection with protests that put the country into deeper political crisis.

A former New York state political party leader was criminally charged in a probe of kickback fees paid to manage state pension investments, New York's top legal officer said on Wednesday.

A former New York state political party leader was criminally charged in a probe of kickback fees paid to manage state pension investments, New York's top legal officer said on Wednesday.

Abbott Laboratories Inc on Wednesday reported lower-than-expected quarterly sales, hurt by generic competition for its Depakote anti-seizure drug, but one-time gains and demand for stents drove profit higher.

Amid a brutal advertising downturn, the UK's main free to air commercial broadcaster ITV is seeking options to shore up its balance sheet before debt repayments come due in 2011.

The Dow and S&P 500 rose on Wednesday after better-than-expected regional factory data lifted hopes that the recession is moderating and prompted investors to buy some shares of manufacturers such as United Technologies and 3M Co .

Abbott Laboratories Inc said first-quarter profit rose, fueled by one-time gains and growing demand for its Xience stent and Humira arthritis drug, but overall sales were shy of expectations.

Oil edged higher on Wednesday as stock market rises outweighed a bearish weekly U.S. crude oil inventory report.

The Dow and S&P 500 rose on Wednesday after better-than-expected regional factory data lifted hopes that the recession is moderating and prompted investors to buy some shares of manufacturers such as United Technologies and 3M Co .

For years police have filmed protesters at demonstrations to identify potential troublemakers and collect evidence for prosecutions.

International Atomic Energy Agency inspectors turned off surveillance cameras and left the site of North Korea's nuclear bomb program on Pyongyang's demand on Wednesday, a diplomat close to the IAEA told Reuters.

A review of defense programs produced every four years could bring big changes in the Pentagon's fiscal 2011 budget, beyond the sweeping overhaul already unveiled for 2010, U.S. Defense Secretary Robert Gates said on Wednesday.

President Barack Obama promised Americans his administration would rewrite the monstrous U.S. tax code as millions faced an annual deadline on Wednesday for filing federal income tax returns.

AMR Corp , parent of American Airlines, on Wednesday reported a quarterly net loss on weaker travel demand, although -- excluding items -- the company beat expectations and its stock vaulted higher.

One in every eight U.S. households, a record share, ended 2008 behind on their mortgage payments or in the foreclosure process as job losses intensified a housing crisis spawned by lax lending practices, the Mortgage Bankers Association said on Thursday.

UBS AG said Wednesday it will cut 11 percent of its production, in an effort to save 4 billion Swiss francs, or $3.5 billion, after its first quarter losses on write-down’s and clients withdrawal.

UBS AG will cut its staff by 11 percent as it moves to stem losses and client withdrawals, its chief executive said on Wednesday, warning Switzerland's No.1 bank still faces an uncertain future.

The Thai government considered new measures to revive the economy on Wednesday, a day after the end of violent protests that further dented confidence in a country heading into recession.

Israel does not plan to cooperate with a U.N. agency's investigation into alleged war crimes by Israeli troops and Hamas militants during fighting in Gaza, an Israeli government official said Wednesday.

AMR Corp , parent of American Airlines, on Wednesday reported a quarterly net loss on weaker travel demand, although it was much smaller than expected.

Showing a commitment to reducing energy consumption and carbon emissions, the commercial real estate sector is partnering with the Department of Energy in a program launched Thursday called the Commercial Real Estate Energy Alliance.

On Wednesday the head of Wal-Mart Stores Inc said he did not see a quick end to the recession as there was still lot of stress present in the economy.

The S&P and Nasdaq indexes slipped on Wednesday in choppy trading as tech shares tumbled after Intel Corp said uncertainty ruled out a clear revenue forecast, underscoring worries about a lack of corporate visibility ahead.

North Korea has ordered U.N. inspectors to leave its Yongbyon complex, after saying it would quit international nuclear disarmament talks and restart the plant that makes bomb-grade plutonium.

Political unrest flared again in Thailand this week, after protesters loyal to former prime minister Thaksin Shinawatra forced the cancellation of an Asian summit, and two people were killed in violence in Bangkok.

China's muted response to North Korea's nuclear brinkmanship reflects the dilemmas dogging Beijing as it seeks to coax Pyongyang back to disarmament talks while fearing for the health of Kim Jong-il and his regime.

A meeting of Pakistan's allies and donors this week could give Iran a chance to show willingness to play a more active role in stabilizing the region, Japan's special envoy to Afghanistan and Pakistan said on Wednesday.