IBT Staff Reporter

The European Central Bank's policymakers will act in a firm and timely manner to ensure that knock-on effects from higher oil prices do not appear, the ECB said in the editorial of its December bulletin.

Switzerland's Novartis AG will slash 2.5 percent of its global workforce, aiming for annual savings of $1.6 billion in 2010, becoming the latest major drugmaker to undertake a deep restructuring. Novartis said on Thursday it would take a charge of $450 million in the fourth quarter for the measures, which aim to combat price pressures on drugs, higher research costs, tighter regulations and more generic competition.

The major currency pairs moved sharply in early Wednesday trading following the announcement of a concerted central bank move, consisting of the Fed, BoE, ECB, SNB and BoC, to alleviate global liquidity concerns and inject much-needed cash into the credit-tight financial markets.

Crude oil futures on Wednesday hit the highest gain in about 11 months pushing oil prices high.

The word w00t, an expression of joy coined by online gamers, was crowned word of the year on Tuesday by the publisher of a leading U.S. dictionary.

Oil rose more than $3 on Wednesday on speculation that a decision by central banks to provide cash to financial institutions will generate economic growth.

U.S. stocks lowered sharply in late afternoon trading, ending lower than at the start of Wednesday trading, erasing a 272-point rally in the Dow Jones Industrial average.

Google asked U.S. lawmakers on Tuesday make more government websites search engine friendly.

Microsoft Corp said Wednesday it has acquired Multimap, one of Britain's top online mapping companies, for an undisclosed sum in attempt to offer better targeted advertising.

Reliance Industries (RIL), India's most valuable firm in terms of market capitalisation and owner of world's third largest refinery, will be setting aside up to $15 billion for making world-scale acquisitions in the energy sector besides investing more than $12 billion for development of gas exploration off the country's east coast.

Corp. on Wednesday completed the acquisition of Multimap, one of U.K.'s top online mapping companies at undisclosed amount, in a move to boost its advertising business.

Oil jumped $3 to $93 a barrel on Wednesday as the U.S. Federal Reserve and several other major central banks moved to ease credit tensions and U.S. crude stocks fell to the lowest point since early 2005.

Coca-Cola Enterprises Inc raised its 2007 earnings estimate on Wednesday due in part to cost savings and strength in Europe, sending the bottler's shares up 4 percent in morning trade.

Bank of America Corp expects its fourth-quarter results to be disappointing due to write-downs and lower trading revenue, Chief Executive Ken Lewis said on Wednesday.

Fraudsters are targeting troubled borrowers facing foreclosure in a scheme that could leave homeowners with even more debt than they otherwise would face, a new online video warns.

Helio, South Korean mobile communications firm, launched on Wednesday the first interactive YouTube application for cell phones on its Helio Ocean phone in spite of low volume of mobile video viewers.

The Bombay Stock Exchange (BSE) benchmark 30-share sensitivity index, the Sensex crossed the psychological 20,000-mark for the second time on Tuesday, Dec. 11 and closed at a record high, riding on a flurry of buying by investors who were expecting a rate cut by the US Federal Reserve.

Retail shares on Wednesday rose after the Federal Reserve revealed new plans to inject cash into money markets as a way to reduce stress in financial markets.

Asian resources firms are ready to take a record share of deals but reasonable prices are hard to come by.

Several top central banks including the Federal Reserve and European Central bank announced the launch of a temporary auction facility to relieve pressures in short-term funding markets.

U.S. television viewers looking to settle back into such favorite series as Desperate Housewives, CSI and The Office will be in for a rude awakening after the Christmas and New Year's holidays.

Close to one billion people will never receive a formal education because governments around the world are not living up to pledges to provide free primary schooling for all by 2015, aid groups said on Wednesday.

Rescuers scoured masonry and debris on Wednesday for survivors from a twin bombing in the Algerian capital that killed dozens and showed al Qaeda retains the ability to strike despite recent reversals.

Forty people were killed and more than 125 wounded when three car bombs exploded in quick succession in the Shi'ite city of Amara in southern Iraq on Wednesday, police said.

U.N. Secretary-General Ban Ki-moon urged the world on Wednesday to agree to work out a new climate treaty by 2009 but said it might be too ambitious to set goals for greenhouse gas cuts in Bali.

Oil steadied near $90 on Wednesday after Goldman Sachs sharply raised its outlook for crude prices next year, offsetting concerns over a flagging U.S. economy.

The dollar fell versus the euro on Wednesday after the previous day's quarter-point rate cut from the Federal Reserve disappointed investors hoping for more aggressive action to help the economy and credit markets.

Asian and European stocks tracked Wall Street lower and the dollar slipped on Wednesday after the Federal Reserve's interest rate cut disappointed investors hoping for more aggressive action.

The Federal Reserve is actively considering all of the tools it has available to address liquidity issues, according to a Fed source, while newspapers reported action could come as early as Wednesday.