Today in business: 5 things you need to know

RIM changes its name to BlackBerry, oil hits a 14-month high, and more

RIM CEO Thorsten Heins.
(Image credit: Justin Sullivan/Getty Images)

1. RIM CHANGES ITS NAME TO BLACKBERRY

Following its annual shareholder meeting Tuesday, Canada's Research in Motion, the struggling telecommunications and wireless company, officially changed its name to BlackBerry Ltd., after its most well-known product. Following a weaker-than-expected quarterly report, CEO Thorsten Heins tried to settle shareholders' concerns. "We obviously did not deliver what many analysts and investors expected in the short term," he said. "We're driving night and day to deliver improvements." BlackBerry also announced plans to cut more jobs in middle management, on top of last year's 5,000 layoffs. [The Wall Street Journal]

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Carmel Lobello is the business editor at TheWeek.com. Previously, she was an editor at DeathandTaxesMag.com.