Swiss chipmaker STMicroelectronics NV reported a wider first-quarter loss Wednesday as sales sank across the board, and said it would lay off 1,200 people. The Geneva-based company said it lost $541 million, or 62 cents per share, in the quarter, compared…

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STMicro 1Q loss widens as sales drop off

SAN FRANCISCO (Reuters) – Apple Inc is hiring new employees from the semiconductor industry and is building the capability to design its own chips, the Wall Street Journal reported on Wednesday.

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Apple building chip design capability: report

President Barack Obama says he’s sobered by how slowly changes come in Washington. During a prime-time news conference Wednesday marking his first 100 days in office, the president said even as the country struggles through a crippling recession, he has…

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Obama: Change comes slowly in Washington

DETROIT/LOS ANGELES (Reuters) – The U.S. Treasury raised its offer by $250 million in debt restructuring talks with Chrysler LLC lenders on Wednesday as part of a final push to win over lenders holding out for better terms and avoid bankruptcy, two people person briefed on the closed-door talks said.

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Chrysler debt offer raised, holdouts targeted

A federal judge on Wednesday froze the assets of a Beverly Hills hedge fund manager accused by the Securities Exchange Commission of duping investors out of $38 million by misleading them about his funds’ performance, the commission said in a statement. U.S….

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SoCal fund manager has assets frozen in fraud case

President Barack Obama expressed optimism Wednesday night that Chrysler could remain a “going concern,” possibly without filing for bankruptcy, a generally upbeat assessment on one of numerous challenges he has confronted in a whirlwind first 100 days in…

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Obama ‘hopeful’ for resolution for Chrysler

A Michigan congressman says a group of Chrysler debtholders has made a counteroffer to the government as negotiations continue to slash the struggling automaker’s debt without bankruptcy protection. Rep. Gary Peters would not reveal the terms of the…

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Chrysler debtholders make counteroffer to gov’t

A federal judge on Wednesday temporarily halted several requirements of a plan to reduce pollution at the ports of Los Angeles and Long Beach, including a mandate for independent drivers to become employees of trucking companies. U.S. District Judge Christina…

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LA judge’s ruling halts some clean truck rules

A Boeing 777 has landed safely at Seattle-Tacoma International Airport after its crew reported flames shot out of one of the two engines. Airport spokesman Perry Cooper said Asiana Airlines Flight 271 turned around soon after takeoff Wednesday afternoon….

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Plane reports engine flames, lands safe in Seattle

President Barack Obama says he is “very hopeful” for a resolution that keeps Chrysler a viable auto company. Chrysler has borrowed $4 billion from the government since the beginning of the year and could soon be in danger of running out of cash without more…

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Obama hopeful for resolution in Chrysler case

LOS ANGELES (Reuters) – Starbucks Corp posted quarterly profit that just topped expectations on cost cuts and is planning a multimillion dollar advertising campaign challenging the view that its coffee is an expensive luxury.

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Starbucks profit tops view, focus on value

A federal magistrate has ruled that California-based financier Danny Pang can be released on $1 million bail following his arrest on a complaint alleging he evaded currency reporting laws. Pang was expected to be released from custody late Wednesday after…

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Calif financier Pang granted $1 million bail

BOSTON (Reuters) – Massachusetts’ top securities regulator has begun a probe into whether State Street Corp , one the world’s biggest institutional money managers, misled pension funds over the risk level of certain investments, according to a spokesman for his office.

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Mass. regulator probes State Street

NEW YORK (Reuters) – Visa Inc posted better-than-expected quarterly earnings on Wednesday as the world’s largest credit card network increased prices, slashed expenses and consumers used debit cards more.

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Visa Q2 earnings beat estimates; lowers costs

LOS ANGELES (Reuters) – MGM Mirage and Dubai World said on Wednesday they have reached an agreement with lenders on a plan to fully fund their $8.5 billion CityCenter joint venture on the Las Vegas Strip.

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MGM Mirage, Dubai World get CityCenter deal