UNITED STATES

Credit Suisse said third-quarter profit at its investment bank was all but wiped out by writedowns, leading to a 31 percent fall in group net earnings to 1.3 billion Swiss francs ($1.12 billion).

World stocks dropped from earlier all-time highs on Thursday while the dollar rebounded from a record low after the Federal Reserve made a widely-expected U.S. interest rate cut and moderated expectations of further easing.

Oil on Thursday above $96 for the first time, extending the previous day's 5 percent jump after an unexpected sharp fall in U.S. crude stocks and data showing strong economic growth. Crude oil's inflation adjusted prices is approaching an all-time of $101.70 seen in 1980. The price also includes reaction to a weak U.S. dollar, a Federal Reserve interest rate cut, and andOPEC statement saying prices were out of its control.

Japan ordered its naval ships on Thursday to withdraw from a refueling mission in support of U.S.-led operations in Afghanistan as a political deadlock kept the government from meeting a deadline to extend the activities.

Prime Minister Tayyip Erdogan said on Thursday that economic sanctions agreed against groups backing Kurdish rebels were not yet in force, denying a report that Turkey had closed its airspace to flights to northern Iraq.

A senior U.S. official said on Thursday Russia and China had been blocking tough U.N. sanctions against Iran for months but there would be a push to impose them if Tehran had not suspended nuclear activity within two weeks.

The Bank of Japan today lowered its forecasts for growth and inflation this year, and held interest rates steady, but maintained its view that the country's economy was likely to continue its sustained expansion.

U.S. stocks rose on Wednesday after signs that the economy is showing strong growth and expectations that today’s Federal Reserve quarter-point cut for its benchmark interest rate will promote growth.

U.S. oil hit a record over $95 a barrel on Wednesday, posting the biggest gain in 10 months after a steep drop in U.S. inventories fueled winter supply concerns and the U.S. Federal Reserve cut interest rates.

Wall Street bankers are flocking to the Middle East, and it's not for oil or the balmy weather.

U.S. auto sales are expected to have dipped slightly in October, as stepped-up incentive spending by automakers could not totally offset the drag from continued turmoil in the U.S. housing market, analysts said.

Sprint Nextel Corp, the No. 3 U.S. mobile service, is in talks to put applications from Web search leader Google Inc on its cell phones, a person familiar with the matter said on Wednesday. Google is in talks with some of the largest U.S. wireless carriers to make a deeper move into the mobile industry, an area it views as key to future growth.

The Federal Reserve cut its benchmark interest rate by a quarter point on Wednesday, hoping to forestall what policy makers see as further slowing of the economy in the near term due in part to the U.S. housing downturn. The Federal Open Market Committee cut the key federal funds rate to 4.5 percent on Tuesday in a bid to forestall damage to the broader economy from turmoil in financial markets.

Oil rallied to a record $94 a barrel on Wednesday after weekly data showed U.S. crude inventories unexpectedly slumped by 3.9 million barrels, countering expectations for an increase.

Iraq said on Wednesday it had set up more checkpoints to restrict the movement of Kurdish guerrillas and cut supply lines to their mountain hideouts following Turkey's demands for firm action against the rebels.

Canadian lobster and tuna fisherman Everett Condon had never traveled further south than the United States until this year, when he spent his off-season going to tango shows and getting plastic surgery in Argentina.

Wal-Mart Stores Inc said on Wednesday it will begin offering this week the type of holiday discounts it typically reserves for Black Friday -- the day after Thanksgiving that typically marks the start of the ultra-competitive holiday shopping season. Wal-Mart has said it intends to be aggressive this holiday season to boost sales at its U.S. stores.

Oil rallied to $93 after U.S. weekly data showed that crude inventories fell by 3.9 million barrels, countering expectations for an increase.

Financial markets will take a few more months to recover from the credit crisis but the global economy was likely to withstand the shock, Standard Chartered Bank's Mervyn Davies said on Wednesday.

India's Ranbaxy Laboratories may get a strategic partner for its research unit that will be listed next year, and expects deals to sell products of global firms in emerging markets, its chief executive said.

The impact of the U.S. subprime mortgage crisis has been limited in Asia and will be limited because of ample cash in the region's banking systems, a top Citigroup official said on Wednesday.