Reuters - Oil prices surged more than $3 to a record near $133 a barrel on Wednesday after a U.S. government report showed a surprise drop in crude stockpiles, reinvigorating fears of a worsening supply crunch.

Reuters - The Federal Reserve on Wednesday cut its forecast for economic growth in 2008 and warned of higher inflation and unemployment but also signaled it was unlikely to cut interest rates again soon.

AFP - A conference seeking investment in the Palestinian territories opened on Wednesday in the biblical city of Bethlehem with calls for international business leaders to pump money into the struggling economy.

Reuters - American Airlines will cut thousands of jobs, retire old aircraft and charge passengers to check bags in a move to counter record fuel prices and a weak U.S. economy, the company said on Wednesday.

Reuters - Time Warner Inc will completely split with Time Warner Cable Inc by the end of the year, and receive a $9.25 billion payout, to separate its media content and distribution businesses.

Reuters - The Dow Jones industrials fell on Wednesday as record crude oil prices fueled concerns about inflation and cutbacks in non-essential consumer spending, which could hurt corporate profits.

Reuters - More than 7,600 Bear Stearns Cos' employees, about 55 percent of its staff, are expected to lose their jobs as the troubled investment bank is absorbed into JPMorgan Chase & Co , JPMorgan Chief Executive James Dimon said Tuesday.

Reuters - Oil prices surged more than $3 to a record above $132 a barrel on Wednesday after a U.S. government report showed a surprise drop in crude stockpiles, reinvigorating fears of a worsening supply crunch.

Reuters - American Airlines will cut jobs, retire old planes and start charging passengers to check bags in a move to counter record fuel prices and a weak U.S. economy, the company said on Wednesday.

AFP - British clothes to food retailer Marks and Spencer on Tuesday posted annual profits totalling more than one billion pounds (1.2 billion euros, 1.9 billion dollars) for the first time in a decade.