IBT Staff Reporter

Crude oil prices reached a record high to surpass $80 per barrel on Wednesday after a government report said oil inventories dropped sharply.

The euro surged to a lifetime high against the dollar on Wednesday, weighing on European shares as investors remained nervous over the health of the U.S. economy even with an expected interest rate cut there next week.

Crude oil prices vaulted to a record high $80 a barrel on Wednesday as dealers focused on tight inventories in top consumer the United States ahead of peak winter demand. The surge in oil prices came a day after OPEC agreed to a small production hike in an effort to soothe consumer nations' fears that soaring crude costs could slow economic growth.

Wal-Mart is getting rid of its well known tag line, and replacing it with a new one today as it moves ahead with new advertising after a tough year where the retailer's profit dipped.

Working in English and his age are giving the Indian movie icon new opportunities

A powerful earthquake measuring 8.2 struck Indonesia's Sumatra region on Wednesday, triggering tsunami warnings in the Indian Ocean and sparking panic in coastal areas across southeast Asia.

Stocks were little changed on Wednesday as investors awaited U.S. data on oil inventories, while oil prices extended a rise to record highs, potentially straining consumer spending and corporate profits.

It looks like a washing machine on wheels, but the bulky contraption vacuuming the hallways of a Tokyo high-rise is a robot.

NTP Inc, which last year won a $612.5 million settlement from the maker of Blackberry, has sued four of the top U.S. mobile service providers for infringing eight patents related to wireless e-mail.

Cellular phones do not pose short-term health risks, but it remains too soon to say whether they can cause brain cancer or whether children face greater risks than adults, British scientists said on Wednesday.

Nomura Holdings Inc, Japan's largest broker, said on Wednesday it would join hands with Norinchukin Bank in establishing a company which would gather pension money to invest in private equity funds.

Top South Korean retail bank Kookmin on Wednesday reaffirmed its intention to buy Korea Exchange Bank (KEB), even though its smaller domestic rival is subject to a bid from UK-based HSBC.

Japanese drug maker Astellas Pharma Inc said on Wednesday it would begin mid-stage trials of a new drug candidate to help prevent organ rejection in kidney transplants.

Mortgage applications rose for a second straight week, fueled by demand for home loans as interest rates sank to their lowest since May, an industry group's figures showed Wednesday. The Mortgage Bankers Association said its seasonally adjusted index of mortgage applications, which includes both purchase and refinance loans, rose 5.5 percent for the week ended September 7.

Nasdaq Chief Executive Robert Greifeld said on Wednesday the unvarying response from OMX shareholders has been that they prefer its bid to a rival higher cash bid from Borse Dubai.

Oil held above $78 a barrel on Wednesday, close to its record high, after OPEC's modest output increase failed to allay fears over stock levels during the coming winter.

The battle for supremacy in the optical disc technology between world's No.2 consumer electronics company, Sony Corp.'s Blu-ray and rival Toshiba's HD DVD, has intensified with Sony announcing that it will launch four models of new Blu-ray high-definition (HD) optical disc recorders in November in Japan.

The housing downturn in the United States - the worst the country has seen in the last 16 years - has made home equity lines of credit more difficult to obtain, forcing consumers back to relying more on their credit cards to finance purchases.

Japan's Prime Minister Shinzo Abe announced his resignation, Wednesday, over his failure to win backing from politicians for an extension to a Japanese naval mission providing refueling support to US-led operations in Afghanistan.

Many less creditworthy borrowers may lose their homes when interest rates on a flood of adjustable-rate subprime mortgages reset next month.

A powerful quake struck measuring 7.9 struck near Indonesia's Sumatra island on Wednesday triggering tsunami warnings in Indonesia, Malaysia and India, officials said.

Faced with a shrinking labor force, companies in the world's fastest-aging society are looking to older people as well as younger women, immigrants and even robots to fill the gaps.

China has suffered "massive" losses of state secrets through the Internet, a senior official said, as China faces reports that it has raided the computer networks of Western powers.

Army Gen. David Petraeus, the top U.S. commander in Iraq, faced criticism from a Democratic presidential contender on Tuesday over America's war strategy.

The U.S. Senate could vote on a number of trade bills in next few months, including one aimed at prodding China into revaluing its currency, a senior Democratic senator said on Tuesday.

U.S. investor Warren Buffett's Berkshire Hathaway Inc continued to shed its stake in top Chinese oil producer PetroChina Inc, selling about 92.66 million shares in late August for US$136 million, according to a regulatory filing in Hong Kong.

Corporate default rates could accelerate from next year as the recent turmoil in credit markets has erased the appetite for risky investments, ratings agency Standard & Poor's said in a report.

Gold stayed near a 16-month high on Wednesday as Tokyo futures hit their highest in nearly seven weeks on a falling yen, after media reports that Prime Minister Shinzo Abe would resign sparked fears of political uncertainty.

Stock index futures pointed to a weaker market open on Wednesday, with Texas Instruments in focus after the chipmaker left its outlook steady.