IBT Staff Reporter

China announced plans Wednesday to inject 850 billion yuan ($124 billion) into reforming its health care system over the next three years, according to a report.

F5 Networks Inc, the global leader in Application Delivery Networking, announced preliminary results on Tuesday, reporting 23 percent sequential growth for the first quarter of fiscal 2009 and exceeded the company's own expectation of earnings per share.

Shares of Western digital rose nearly 5 percent on Wednesday after an analyst raised his rating for the stock to neutral from underweight.

Limbo and Brightkite announced on Wednesday that the two companies have agreed to merge to create the world's largest location-based social network discovery service.

Iran’s judiciary has charged detained an American journalist with espionage, Iran’s Press TV reported Wednesday.

General Dynamics Corp and Northrop Grumman Corp have agreed to a Pentagon deal that will allow all three of the Navy's stealth destroyers to be built at General Dynamics' Maine shipyard, The New York Times reported, citing Pentagon and industry officials.

Biotech firm Genentech Inc, recently acquired by Roche Holdings AG for $47 billion, said Wednesday that it has pulled its psoriasis drug Raptiva from the U.S. market because of its association with rare, but often fatal brain infection.

Part-nationalized British lender Royal Bank of Scotland said it could shed up to 9,000 jobs over the next two years, including 4,500 in the UK, in an effort to cut costs.

Three bidders remain for General Motors Corp's Hummer brand, two sources with knowledge of the matter said on Wednesday, adding that current offers range from $100 million to $200 million in cash, in addition to other commitments.

General Motors Corp and Chrysler launched government-backed assistance programs for parts suppliers on Wednesday, and the task force overseeing the carmakers' restructuring was expected to meet with GM this week to speed up the process.

LyondellBasell, the world's third-largest petrochemical company whose U.S. operations are under bankruptcy protection, said on Wednesday it would cut 3,000 jobs, or 17 percent of its workers, and reduce expenses by an additional $500 million by 2010.

Moody's Investors Service cut its credit ratings on Berkshire Hathaway Inc from Aaa, the top rating, saying the recession and investment losses at insurance operations of investor Warren Buffett's holding company reduced its ability to support funding needs.

British Foreign Secretary David Miliband called Wednesday for a united front between Gulf Arab countries and global powers to deal with Iran.

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Business networking is much more than showing up at networking functions, shaking a lot of hands, and collecting a bunch of cards?networking is about being proactive.

A portion of the revenue from any U.S. system capping carbon emissions must go toward softening the impact of higher energy prices on consumers, a White House official said on Wednesday.

You may be thinking: Hey, I’m not asking anybody to refer me, so word-of-mouth marketing is not something I need to concern myself with. I mean, if I provide good products or services, and if my customer service is up to par, I’ll natural

Microsoft Corp was ordered to pay $388 million in damages for infringing a patent held by anti-piracy software maker Uniloc Inc on Wednesday.

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An Iranian-American journalist detained in Iran, Roxana Saberi, has been charged with espionage on behalf of the United States and her trial will start next week, Iranian media reported on Wednesday.

As people cut back on travel and going out, they are turning more to home entertainment, providing a boost to the videogame industry that is under pressure to keep gamers amused and beat the recession.

General Motors Corp and Chrysler launched government-backed assistance programs for parts suppliers on Wednesday, and the task force overseeing the carmakers' restructuring was expected to meet with GM this week to speed up the process.

Australian Dollar: In what has become somewhat of an anticlimax to Tuesday’s rate announcement the Aussie dollar appears to have found a solid short term trading range over the last 24 hours

French people are feeling more confident about the economy than two months ago, partly in response to stimulus measures agreed at last week's G20 summit of world leaders, a survey showed on Wednesday.

U.S. securities regulators floated five new proposals to curb short selling, drawing fire from short sellers who feel they are being made scapegoats for the financial crisis and stock market plunge.

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U.S. Energy Secretary Steven Chu said yesterday that he supports investments to develop technology that captures and stores carbon emissions originated from burning coal, but added that it would take a minimum of eight years to develop a cost-effective technology.

Stocks snapped a two- day slide on Wednesday on news the government is shoring up life insurers and optimism about consumer spending after Bed Bath & Beyond Inc reported a better-than-expected profit.

U.S. stock gains eased on Wednesday and risk aversion rose, driving bond prices higher, after minutes from the Federal Reserve's last meeting showed policy-makers worried about a steep drop in economic activity.