IBT Staff Reporter

The FBI is bracing for a wave of fraud and corruption cases stemming from the government's multitrillion-dollar effort to get the economy moving again, the agency's chief told Congress on Wednesday.

The Treasury Department said on Wednesday it will send proposals to Congress this week that would let it seize troubled non-bank financial firms, one day after Treasury Secretary Timothy Geithner called for expanded powers in order to avoid possible future bailouts.

Nintendo has shipped more than 50 million units of its Wii game console since its launch three years ago, becoming the fastest-selling console ever, the company's president said on Wednesday.

Stocks retreated on Wednesday as technology shares fell after news IBM is planning layoffs and a disappointing Treasury note auction raised concerns of flagging foreign interest in U.S. government debt, which could bode poorly for the economy.

Four of the world's top hedge fund managers took home 10-figure paychecks last year even as the loosely regulated industry delivered its worst returns and hundreds of fund firms were forced out of business.

The United Nations is urging 20 of the world's most powerful economies to support a $1 trillion stimulus plan for developing countries when the 20 meet in London next month, U.N. officials said on Wednesday.

Congressional Democrats moved on Wednesday to slim down President Barack Obama's 2010 budget request amid bipartisan worries that the his plan could make the U.S. deficit balloon with new federal spending.

The housing bust has Starbucks Corp singing the blues about California's formerly fast-growing Inland Empire east of Los Angeles.

Bank of America Corp Chief Executive Kenneth Lewis said the largest U.S. bank wants to start repaying $45 billion of federal bailout money next month, after completing a government stress test, the Los Angeles Times reported on Wednesday.

Social network MySpace and British telecoms provider BT will be among the first companies to offer a new type of Web domain for their users to manage their contact details live online.

The Federal Reserve must continue to boldly use all available tools to fight a deepening recession, a top Federal Reserve policy-maker said on Wednesday, adding that expectations for the economy to begin to grow by the end of 2009 are far from assured.

Germany's cabinet agreed on Wednesday on a law authorizing the blocking of Internet pages containing child pornography to make it harder for criminals to profit from distributing the material.

Stocks rose on Wednesday as unexpected increases in home sales and orders for durable goods fueled hopes the economic downturn may have found a bottom, lifting shares of big manufacturers, banks and home builders.

Australia's competition watchdog cleared Rio Tinto Ltd's $19.5 billion tie-up with China's state-owned Chinalco, clearing one obstacle to a deal that still needs the approval of the finance minister.

Sales of newly built U.S. single-family homes unexpectedly rose at their fastest pace in 10 months in February, while prices fell by a record margin from a year ago, a government report showed on Wednesday.

President Barack Obama's fellow Democrats in the U.S. House of Representatives on Wednesday proposed slimming down his fiscal 2010 budget to $3.45 trillion from $3.55 trillion amid bipartisan concerns about it exploding the deficit.

Wal-Mart Stores Inc , said on Wednesday that it is launching Your Zone, a new line of home furnishings aimed at teenagers.

Sudanese President Omar Hassan al-Bashir held talks in Cairo on Wednesday with Egypt's president, defying an arrest warrant issued by the International Criminal Court on charges of war crimes in Darfur.

For decades, he was the embodiment of a Turkish pasha general, one of those stern custodians of the republic's secular principles, always ready to step in to salvage the motherland from chaos with a coup.

Russia backs the idea of talks between Afghanistan's government and moderate elements of the Taliban, a senior Russian diplomat told Interfax news agency on Wednesday.

The Czech government was left shorn of authority on Wednesday after a no-confidence vote, its currency weakened and doubts rising over its ability to cope with economic storms and the demands of the EU Presidency.

Ford has moved a step closer to a sale of its loss-making Swedish brand, Volvo Car Corp, opening detailed discussions with potential buyers, it said in a message to Volvo employees on Wednesday.

Zimbabwe should clear arrears and implement sound policies if it is to get badly needed IMF financial and technical help to revive the country's devastated economy, the fund said Wednesday.

Armed raiders set fire to a refugee camp in Sudan's Darfur region, killing at least two people, peacekeepers said on Wednesday.

JPMorgan Chase & Co has sued the Washington Mutual Inc holding company and urged a federal bankruptcy court not to interfere with its September purchase of the thrift's banking operations.

Mexicans desperate for an end to drug gang murders, abductions and extortion saw a glimmer of hope on Tuesday as the United States vowed to tighten security on the increasingly violent border.

American International Group's aircraft leasing unit may need additional financing from its cash-strapped parent or a third party to meet its obligations.

Less than a year after rolling out what it called a free global jukebox, Last.fm is now doing away with free radio listening, except in the U.S, UK and Germany.

Israeli Prime Minister-designate Benjamin Netanyahu said on Wednesday his government would be a partner for peace with the Palestinians, but made no mention of their U.S.-backed quest for statehood.