IBT Staff Reporter

Chrysler is working around the clock to complete an alliance with Italy's Fiat SpA that would also result in a new board for the U.S. automaker, Vice Chairman Jim Press said on Wednesday.

The trial in Oman of a Web moderator over criticism of the government in a popular Internet forum has led to calls for the Gulf Arab state to ease its grip on the media and improve business transparency.

U.S. securities regulators were considering proposed curbs on short selling at a meeting on Wednesday, weighing steps that could restrict a type of investing blamed by some lawmakers and executives for worsening the financial crisis and driving down share prices.

The staff of the U.S. Securities and Exchange Commission on Wednesday issued recommendations to restrict short selling. The full commission is expected to debate the issue shortly and vote on whether to propose the recommendations later today.

Cyberspies have penetrated the U.S. electrical grid and left behind software programs that could be used to disrupt the system, the Wall Street Journal reported on Wednesday.

Early ratings from beta testers of Windows 7 showed that users were four times more satisfied with Microsoft's new OS compared to Vista's early users, according to a poll of corporate IT professionals. The software firm has also agreed to allow Windows 7 customers to downgrade not just to Vista but also to XP.

U.S. mortgage applications rose last week, as demand for home purchase loans jumped even as interest rates edged up from recent record lows, data from an industry group showed on Wednesday.

Chrysler is working around the clock to complete an alliance with Italy's Fiat SpA that would also result in a new board for the U.S. automaker, Vice Chairman Jim Press said on Wednesday.

Dozens of Israelis from a Jewish settlement where a Palestinian killed a youth last week rampaged on Wednesday through a West Bank Arab village, smashing car windows and damaging homes, residents and medics said.

The European Commission on Wednesday unveiled plans to accelerate aid to developing countries hit hard by the economic crisis, warning that failure to act could pose a threat to global stability.

Constellation Brands Inc reported a quarterly profit that just missed Wall Street estimates, hurt by disappointing demand for alcohol in Europe and Australia during Christmas and New Year's, and gave a cautious forecast for the current year.

Somali pirates hijacked a U.S.-flagged, Danish-owned container ship on Wednesday with 20 American crew on board in a major escalation in attacks off the lawless Horn of Africa nation, officials said.

The trial in Oman of a Web moderator over criticism of the government in a popular Internet forum has led to calls for the Gulf Arab state to ease its grip on the media and improve business transparency.

Italy prepared on Wednesday to begin burying some of the 250 people killed in medieval towns flattened by a quake, while rescuers hampered by aftershocks hunted for people buried alive in the rubble.

U.S. President Barack Obama pushed Iraq's feuding factions to compromise on Tuesday, sounding a note of impatience as he said Iraqis should take responsibility for their country so U.S. troops could leave.

Shouting soldiers at a mass rally on Wednesday celebrated North Korea's defiant launch of a rocket, while Russia's foreign minister said any new punishment for Pyongyang could be counter-productive.

The Dow and the S&P 500 briefly turned negative on Wednesday after the U.S. Treasury Department outlined the status of its plans to aid insurers. The Nasdaq pared gains after rising more than 1 percent earlier.

Volkswagen AG could launch the Up! mini-car in the United States, the German automaker's U.S. Chief Executive Stefan Jacoby said on Wednesday.

Stocks stayed in positive territory on Wednesday after securities regulators recommended an updated uptick rule proposal which would apply to all stocks.

Alcoholic drink maker Constellation Brands Inc reported adjusted quarterly profit that missed Wall Street estimates by a penny on Wednesday, hurt by disappointing demand in Europe and Australia during Christmas and New Year's.

Pulte Homes , the fourth-largest U.S. homebuilder, said it would buy the third largest, Centex Corp , for $1.3 billion in stock as it looks to save costs and get through the housing downturn.

Oil fell to around $48 a barrel on Wednesday after U.S. data showing swollen crude stocks, and analysts said there was little sign global demand would soon rise to soak up the excess.

Stock index futures pointed to a higher open on Wednesday after news of government aid for life insurers and a merger among homebuilders spurred optimism and offset a quarterly loss from Alcoa .

U.S. President Barack Obama needs to convince Americans to spend now and save later in order to get the U.S. economy back on solid footing.

Signs are beginning to emerge that suggest sales of new and existing homes are moving toward a bottom. Actual sales figures took a positive turn in February and mortgage applications for the purchase of a home have increased in recent weeks as mortgage rates have tumbled.

Pulte Homes said it would buy Texas-based builder Centex for $1.3 billion in stock, against the backdrop of a troubled industry.

United Nations climate talks threaten Saudi Arabia's economic survival and the kingdom wants support for any shift from fossil fuels to other energy sources such as solar power, its lead climate negotiator said.

Global warming is likely to overshoot a 2 degrees Celsius (3.6 F) rise seen by the European Union and many developing nations as a trigger for dangerous change, a Reuters poll of scientists showed on Tuesday.

Kimberly-Clark Corp is going green in toilet paper, napkins and paper towels, launching a line of consumer paper products that uses recycled material.