(Reuters) - Japan's economy shrank much more than expected in the first quarter and slipped into recession after the triple blow of the March earthquake, tsunami and nuclear crisis hit business and consumer spending and tore apart supply chains. The Bank of Japan (BOJ) expects the economy to resume growing in the second half of the year, but some economists say the surprisingly grim gross domestic product figures in the first quarter increase the risk that the pace of recovery will be slower than anticipated. Manufacturers are moving to repair supply chains, but fears of power shortages in the summer and an ongoing nuclear crisis also pose risks, economists say.

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(Reuters) - U.S. stocks edged higher on Wednesday, boosted by energy shares as oil prices rebounded and before Federal Reserve released its assessment of the economy later on Wednesday. The Federal Open Market Committee, which sets interest-rate policy, will release minutes of its April 26-27 meeting at 2 p.m. (1800 GMT). Investors will look for hints about the Fed's "QE2" stimulus program, which is widely expected to end in June, and will scrutinize any disagreements among officials.

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(Reuters) - Target Corp (TGT.N) posted a bigger-than-expected rise in quarterly profit on Wednesday, as soaring profitability in its credit card business mitigated the impact of some sluggish sales at its stores. Shoppers visited the discount chain for food and other basics, but spent cautiously. Sales of discretionary goods like apparel have been under pressure as shoppers digest higher costs for food, gasoline and other essentials.

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(Reuters) - Hershey Co Chief Executive David West is leaving chocolate bars for Del Monte canned vegetables and cat food, the second unexpected CEO departure at Hershey in less than four years. West will take the top job at Del Monte Foods Inc, the maker of Meow Mix cat food and Del Monte canned vegetables that was taken private by a group led by private equity firm Kohlberg Kravis Roberts & Co earlier this year, Del Monte confirmed on Wednesday.

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(Reuters) - An initial public offering by social networking firm LinkedIn Corp to raise about $341 million seems poised to be a stunning success, but it carries a number of risks that may shake up investors in the future. The IPO is expected to price after the close of U.S. markets on Wednesday and start trading on Thursday. In the fervor surrounding the rush to the first major U.S. social networking company to become public, investors may overlook some risks that could sour LinkedIn in the future, analysts say.

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(Reuters) - Staples Inc reported lower-than-expected quarterly results on higher costs and weak demand for office supplies, prompting the top U.S. office supply chain to slash its full-year outlook. The news, which sent Staples shares down more than 15 percent on Wednesday, came less than a month after smaller rivals Office Depot Inc and OfficeMax Inc posted weak quarterly sales as corporate customers and shoppers spent less on office supplies.

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(Reuters) - Russian President Dmitry Medvedev rapped Premier Vladimir Putin's top deal maker on Wednesday for lapses that contributed to the collapse of a major oil deal between Rosneft and BP. The $16 billion share swap and Arctic exploration pact, masterminded by Putin's deputy Igor Sechin, fell apart on Monday when BP and Rosneft failed to agree on a $32 billion buyout of the partners in BP's Russian venture TNK-BP.

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(Reuters) - Brent crude futures extended gains to more than $2 on Wednesday, but in choppy trading, after a weekly government report showed crude stocks fell slightly in the United States last week as refinery utilization rose. U.S. crude stocks fell 15,000 barrels in the week to May 13, according to a report from the U.S. Energy Information Administration, against a forecast for supplies to be up 1.0 million barrels. Stocks at the key Cushing, Oklahoma, oil hub saw a bigger decline.

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(Reuters) - Credit-rating agencies will have to disclose more details about their ratings process and better manage conflicts of interest under rules unveiled on Wednesday that are expected to lightly touch industry practices. The 500-plus pages of proposals by the Securities and Exchange Commission aim to ensure credit-raters don't rubber-stamp complex financial products and would seek to manage conflicts that could arise if analysts leave their jobs to work for the firms issuing the products they rate.

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(Reuters) - Shoppers are spending cautiously because of higher food and gas prices, quarterly results from Target Corp (TGT.N) and BJ's Wholesale Club Inc (BJ.N) showed on Wednesday. The results suggest that discretionary spending, and therefore margins, may remain under pressure this year. At Target, more shoppers have signed up for the chain's credit and debit cards, which offer a 5 percent discount. While that leads people to come in more often, they are using those cards to buy basics such as food, which carry lower margins than clothing and other items.

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