IN BRIEF

NEW YORK

Service aims to stream games over Internet

A service unveiled this week aims to stream video games over the Internet, setting gamers on a collision course with cable and phone companies that are seeking to curb growing demands on their networks by charging for heavy use.

OnLive Inc., a startup from Palo Alto, Calif., revealed its service Tuesday night at the Game Developers Conference in San Francisco. Users would get a small, simple device to connect to their TVs, or they could run the application on a PC.

Their screens would receive the game video from OnLive's servers, which would do the data-crunching needed to render a richly detailed environment. No game console or high-end gaming PC would be necessary.

It's uncertain how well OnLive would work in homes -- there has been no widespread customer trial. It is clear, though, that it would consume large amounts of bandwidth, far more than that required for current online games.

RENO

Northern Nevada mine gets OK to run again

State regulators on Wednesday gave the go-ahead for a Northern Nevada gold mine to restart operations after shutting it down a year ago during an investigation into excessive mercury emissions.

The Nevada Division of Environmental Protection said Queenstake Resources has completed initial compliance requirements at the Jerritt Canyon Mine.

Queenstake is a wholly owned subsidiary of Yukon-Nevada Gold Corp., based in Vancouver, British Colombia.

NEW YORK

Debt ratings cut for Bank of America

Moody's Investors Service on Wednesday cut the debt ratings of Bank of America Corp. and sent its rating of the bank's preferred stock into junk territory, citing an increasing risk that government intervention may be needed to bolster the bank's capital position.

Also, Bank of America's chief executive Ken Lewis said in a Los Angeles Times interview Wednesday that the bank wants to begin repaying $45 billion in federal bailout funds next month.

Moody's lowered its senior debt rating on the Charlotte, N.C.-based bank down a notch to "A2" from "A1." Bank of America's senior subordinated debt rating was also cut one notch, to "A3" from "A2," and the junior subordinated debt rating fell four notches to "Baa3" from "A2."

The preferred stock rating fell to "B3" from "Baa1" -- a drop of eight notches, to a level six steps below investment grade.

SAN FRANCISCO

IBM will lay off about 5,000 U.S. workers

IBM Corp. plans to lay off about 5,000 U.S. employees in a new round of job cuts, The Associated Press has learned. The move reflects IBM's aggressiveness in shifting labor to lower-cost regions like India and keeping its profits aloft at a time when other technology companies' earnings are tumbling.

An IBM manager knowledgeable about the plans said the cuts will come from the services division and workers will be informed Thursday. The person spoke on condition of anonymity Wednesday because he was not authorized to discuss the plan publicly.

The cuts will affect about 4 percent of IBM's U.S.-based work force, which totaled 115,000 at the end of 2008.

WASHINGTON

Mortgage applications increase during week

Mortgage applications surged last week, coming mostly from borrowers looking to refinance at sharply lower rates after the Federal Reserve unveiled plans to buy Treasury bonds and mortgage-backed securities.

The Mortgage Bankers Association said Wednesday its weekly application index climbed 32.2 percent for the week ended March 20. The index came in at 1159.4, up from 876.9 a week earlier.

On an unadjusted basis, the index rose 31.4 percent compared with the previous week, the trade group said.

About 78.5 percent of applications came from borrowers seeking to refinance home loans at lower rates, rather than purchase homes. The refinance rate was up from 72.9 percent in the prior week, the association said.

Dish Network accused of 'Do Not Call' breach

The Federal Trade Commission accused Dish Network Corp., the second-largest U.S. satellite television provider, of violating "Do Not Call" rules by phoning potential customers without their permission.

The lawsuit, filed by the U.S. Justice Department on behalf of the FTC, also accused Dish of violating federal telemarketing sales rules by encouraging its authorized dealers to make automated "robocalls," or recorded sales pitches to consumers. The two dealers were sued separately.

Companies are barred from calling people who have placed their phone numbers on the government's Do Not Call registry. There are 168 million phone numbers on the list kept by the FTC since 2003 to help consumers avoid harassing sales calls.

COLUMBUS, Ohio

News on inventories sends oil prices down

Oil prices faded Wednesday as a government report showed U.S. crude inventories rising to levels last seen in 1993.

Benchmark crude for May delivery fell $1.21 to settle at $52.77 a barrel on the New York Mercantile Exchange, one day after closing at a high for the year.

Crude in storage last week rose 3.3 million barrels, according to the Energy Information Administration, much more than what was expected by analysts.

Blockbuster to deliver films through DVRs

Blockbuster Inc., the largest movie-rental chain, is teaming with TiVo Inc. to deliver films through digital video recorders, following a similar step last year by Netflix Inc.

Blockbuster also will sell TiVo's DVRs in stores and on its Web site, the companies said in a statement. Financial terms weren't disclosed. The Blockbuster On Demand service, offering film rentals and sales, will be available through TiVo devices in the second half of 2009, the companies said.

WASHINGTON

Debt exchange called crucial by senator

Bondholders of General Motors Corp. could end up with nothing if they fail to work out a debt exchange crucial to the automaker's revival, a Michigan senator said Wednesday.

Sen. Carl Levin, a Democrat, said if GM's bondholders "refuse to work out a deal, they will likely end up empty-handed."

GM is required to reduce its roughly $28 billion in unsecured debt by two-thirds under the terms set by the outgoing Bush administration in December.

NEW YORK

Treasurys decline after weak notes auction

Treasurys fell Wednesday after a weak auction of $34 billion in five-year notes -- a sign that the market might not be able to handle the onslaught of upcoming supply.

The 10-year Treasury note fell 0.66 points to 99.69. Its yield rose to 2.77 percent late Wednesday from 2.65 percent late Tuesday. Prices move opposite to yields.

The 30-year bond fell 1.75 points to 95.78, and its yield rose to 3.71 percent from 3.60 percent.