IBT Staff Reporter

Washington based Fannie Mae said Wednesday its refinancing volume of mortgage loans has increased to $41 billion in February, the largest refinancing ever from $13.7 billion in January.

Retailer Gap Inc said on Wednesday that it will reduce the size of its board to 10 from 13 and cut directors' pay as it focuses on cost management.

Nike Inc , the largest global athletic shoe and clothing maker, beat Wall Street expectations on Wednesday with third quarter earnings but warned of shrinking worldwide demand.

The names of 200 highest bonus earners at Merrill Lynch & Co last year are not a trade secret and can be made public in an investigation by New York's top legal officer, a judge ruled on Wednesday.

Shares of Bank of America Corp and Citigroup Inc powered to multiweek highs on Wednesday on optimism over government efforts to stimulate lending.

To spearhead its push into Internet services, Nokia put users in charge when it opened in 2007 the networking site Mosh, which lets people post anything they want.

Stocks leaped on Wednesday after the Federal Reserve surprised Wall Street when it said it will buy long-term Treasury bonds for the first time in four decades in an effort to revive the recession-hit economy.

Business software maker Oracle Corp reported stronger-than-expected quarterly results and said it would pay its first dividend to shareholders,

U.S. inflation rose in February on higher gasoline and apparel prices, government data showed on Wednesday, indicating some pricing power in the recession-hit economy and easing fears of deflation for now.

Bank of America Corp and Citigroup Inc shares have roughly tripled from the multi-decade lows of less than a month ago and powered higher on Wednesday on optimism government efforts to stimulate lending might boost stocks after punishing recent declines.

When NASA launched its shuttle Discovery on Sunday night, it didn't go alone into space.

Oil fell $1 a barrel on Wednesday after data showed U.S. crude inventories swelled to the highest level in nearly two years and the World Bank cut its 2009 forecast for China's economic growth.

Starbucks Corp is on track to hit its target of $500 million in cost savings this fiscal year as the world's biggest coffee chain closes stores and sheds staff, its chief executive said at the company's annual shareholder meeting.

Stocks shot higher on Wednesday in a brisk rally after the Federal Reserve said it will buy long-term U.S. Treasuries in its push to revive the recession-hit economy.

Bank of America Corp and Citigroup Inc shares have roughly tripled from multi-decade lows set less than a month ago, and powered higher on Wednesday on speculation their recent punishing declines might have been too severe.

Bank of America Corp and Citigroup Inc shares have roughly tripled from multi-decade lows set less than a month ago, and powered higher on Wednesday on speculation their recent punishing declines might have been too severe.

The U.S. Federal Reserve on Wednesday, in a surprise move, said it will buy up to $300 billion worth of longer-term U.S. government debt over the next six months and expand purchases of mortgage-related debt to help ease credit market conditions.

Bank of America Corp and Citigroup Inc shares have roughly tripled from multi-decade lows set less than a month ago, and powered higher on Wednesday on speculation their recent punishing declines might have been too severe.

The U.S. Federal Reserve on Wednesday, in a surprise move, said it will buy up to $300 billion worth of longer-term U.S. government debt over the next six months and expand purchases of mortgage-related debt to help ease credit market conditions.

The head of AIG said on Wednesday he was trying desperately to prevent the company from collapsing when he allowed the payment of $165 million in bonuses that have stoked widespread public outrage.

On March 18, London stocks lowered following the announcement that unemployment has risen above the two million mark for the first time in over 10 years.

Apple announced the availability a new iPhone OS yesterday at its headquarters to registered developers.

The Dow industrials slipped and the S&P 500 was up slightly on Wednesday as news that International Business Machines Corp was in talks to buy Sun Microsystems pulled IBM's stock lower, more than offsetting a rise in financials.

On March 18 Josef Fritzel, on trial for imprisoning his daughter for 24 years and fathering her seven children pleaded guilty on all the charges against him, his change in pleas came after his daughter unexpectedly appeared in the courtroom.

Stocks pared losses on Wednesday as oil prices trimmed earlier losses and bank stocks advanced following reassuring comments from Bank of America chief executive.

VeraSun Energy Co said Wednesday that Valero Energy emerged as the successful bidder to acquire seven plants from the bankrupt ethanol maker.

IBM is in talks to buy Sun Microsystems Inc, sources with knowledge of the matter said, a move that could bolster the technology giant against rivals in the high-end computer server and software markets.

The American International Group bonus payment debacle could not have come at a worse time for a U.S. government that desperately needs to attract up to $2 trillion of private capital for its latest efforts to repair a crippled financial system.

On March 18, fierce confrontations near the Ethiopian Border between Somali government forces and Islamist rebels left at least fourteen people dead.