Obama won't yield on tax hike for wealthiest (AP)

AP - Politically weakened but refusing to bend, President Barack Obama insisted Wednesday that Bush-era tax cuts be cut off for the wealthiest Americans, joining battle with Republicans - and some fellow Democrats - just two months before bruising midterm elections.

At a Glance: Smithfield Foods 1Q results (AP)

AP - Stronger demand is helping Smithfield Foods emerge from a long period of weak prices with historically high ingredient costs. The company said stronger demand, coupled with $125 million in annual cost savings from a restructuring plan, should make 2011 profitable.

More stimulus needed for "savage" recession: Geithner (Reuters)

Reuters - Treasury Secretary Timothy Geithner said on Wednesday the United States needed more incentives to stimulate job growth and bolster a slow recovery from a "savage" recession.

Wall Street climbs in low-volume session (Reuters)

Reuters - Stocks rose on Wednesday as investors latched onto positive news out of Europe in the latest in a string of low-volume sessions suggesting little confidence in market direction.

Coffee hits 13-year high; retail prices also up (AP)

AP - Coffee prices hit a 13-year high Wednesday, extending a rally that has sent prices up about 43 percent in the past three months.

Obama: U.S. can't afford to extend tax cuts for rich (Reuters)

Reuters - President Barack Obama, fighting to keep Democrats in charge of Congress, said on Wednesday the United States could not afford to extend Bush-era tax cuts for the rich and accused Republicans of being fiscally irresponsible.

AP Source: New GM CEO wants automaker to beat BMW (AP)

AP - General Motors' new CEO told employees that the automaker needs to make cars and trucks that are better than those of competitors such as BMW.

Crisis CEOs Sullivan and Peek find new jobs (Reuters)

Reuters - Two former chief executives who were criticized during the financial crisis for driving their firms to the brink have found new homes.

Governor Rendell: Natural Gas Severance Tax Needed to Continue Protecting Environment, Aid Impacted Communities (PR Newswire)

PR Newswire - CHESTER COUNTY, Pa., Sept. 8 /PRNewswire-USNewswire/ -- A proposed severance tax on the natural gas industry could help to continue Pennsylvania's investments in important environmental projects well into the future and help affected communities deal with the impacts of drilling, Governor Edward G. Rendell said today while addressing a coalition of organizations dedicated to protecting the state's natural resources.

Bankers urge government to pull plug on Fannie, Freddie (Reuters)

Reuters - The federal government should take mortgage finance giants Fannie Mae and Freddie Mac off life support sooner rather than later, the Mortgage Bankers Association urged on Wednesday.

Obama tells Ohio audience of own family struggles (AP)

AP - President Barack Obama is getting a little personal about the sluggish economy, telling a Cleveland audience about his own family's struggles and hardships.

BP and partners trade blame for oil spill (Reuters)

Reuters - A BP Plc investigation of the Gulf of Mexico disaster played down its own role in the world's worst offshore oil spill and pointed the finger at what it said were failures by contractors.

Google seeks to speed up Web searches (Reuters)

Reuters - Google Inc unveiled a set of enhancements to its Internet search engine on Wednesday that predict search queries as users type, promising to speed up the time it takes to find information online and to generate more searches on the website.

Summary Box: Ireland to split Anglo Irish Bank (AP)

AP - SPLIT: Ireland plans to split its most troubled financial institution, Anglo Irish Bank, into a "good" deposit bank and a "bad" toxic-debt bank. The move comes as the nation seeks to reassure international lenders that it is dealing with the Irish debt crisis.

Freddie Mac to issue new 5-year note due 2015 (AP)

AP - Government sponsored mortgage buyer Freddie Mac said Wednesday it plans to issue new five-year notes due on Sept. 10, 2015.

Europe bank fears hit shares (Reuters)

Reuters - Asian stocks fell on Wednesday, led by shares in Japan's big exporters as a rise in the yen to a new 15-year high threatened to erode their overseas earnings.

The Treasury's New Research Office (BusinessWeek)

BusinessWeek - Don't expect an Elizabeth Warren-style campaign for the first director of the Office of Financial Research, yet another agency set up under the financial system overhaul. Unlike the pending decision over who will lead the Consumer Financial Protection Bureau, which has prompted online petitions and a viral rap video in support of the Harvard law professor, the competition over who will be the head of the research office is a wonks-only affair. ...