UNITED STATES

Oil rose more than 10 percent to top $46 a barrel on Thursday, following better-than-expected U.S. February retail sales data and ahead of a weekend OPEC meeting.

Stocks rose for a third day on Thursday on relief that a ratings cut by S&P in General Electric was just one notch and that no further cuts loomed, while data showed some stabilization in consumer spending.

Sirius XM Radio Inc looks to expand the reach of its satellite radio service with the second-quarter launch of an iPhone application as it explores a potential marketing partnership with satellite TV provider DirecTV Group.

Bank of America Corp's chief executive said on Thursday it would be a nightmare for U.S. banks to be nationalized, wiping out shareholders and perhaps bondholders, and further damaging an economy that might begin to recover as soon as this year.

U.S. stocks climbed for a third day on Thursday, rising more than 2 percent to session highs after Standard & Poor's cut General Electric's ratings by just a single notch and signaled no further downgrades loomed, while data suggested some stabilization in consumer spending.

Oil rose nearly 7 percent to top $45 a barrel on Thursday encouraged by U.S. February retail sales data and ahead of a weekend OPEC meeting.

U.S. stocks gained for a third day on Thursday on relief that S&P cut General Electric's ratings by just a single notch and signaled no further downgrades loomed, while data suggested some stabilization in consumer spending.

It is buying up less than half of Genentech Inc for a whopping $46.8 billion, but Switzerland's Roche Holding AG may have clinched the best of this year's three big drug deals.

General Motors Corp has told U.S. officials that it can survive through March without the additional $2 billion in emergency aid that it first requested, the automaker said on Thursday.

Bernard Madoff pleaded guilty on Thursday to charges he orchestrated the biggest financial swindle in Wall Street history and was ordered to jail to await a sentence that could last the rest of his life.

Satellite radio provider Sirius XM Radio Inc said on Thursday it expects 2009 earnings before interest, taxes, depreciation and amortization to exceed $300 million despite a terrible auto sales outlook.

Saab Automobile, the Swedish unit of U.S. carmaker General Motors, announced 750 job cuts as it tries to stay afloat and said on Thursday investors in both Sweden and China were eyeing the company.

Fannie Mae, the largest provider of funding for U.S. residential mortgages, said on Thursday it sold $9 billion in new five-year benchmark notes, a record size for this maturity.

Bernard Madoff pleaded guilty on Thursday to the largest financial services fraud in U.S. history, admitting to 11 criminal charges.

North Korea has given global agencies notice of its plans to launch a satellite from April 4-8, an official said on Thursday in a move Washington has called provocative and views as a disguised long-range missile test.

The United States sought on Wednesday to play down a confrontation between Chinese and U.S. naval vessels as the two sides held high-level talks on reviving growth and reining in North Korea's nuclear program.

U.S. retail sales dipped only slightly in February, a hint spending could be stabilizing, but a record high number of workers drawing state jobless benefits indicated pressure was still mounting on consumers.

An Iraqi reporter who hurled his shoes at former President George W. Bush was convicted of attempting to assault a foreign leader on Thursday and jailed for three years, dismaying many Iraqis who regard him as a hero.

Hundreds of black-suited Pakistani lawyers and flag-waving opposition activists launched a cross-country protest on Thursday, as the year-old civilian coalition government scrambled for ways to avert a showdown.

Oil rose more than $1 above $43 a barrel on Thursday encouraged by strong loan data from China, which investors speculated could feed through into economic growth, and ahead of an OPEC meeting.

The number of U.S. workers drawing unemployment benefits hit a record in February as companies struggle with a 14-month recession, data showed on Thursday, but a slight easing in retail sales last month offered cautious optimism.