IBT Staff Reporter

The Westin St. Francis Hotel in San Francisco has kicked off the holiday season in style – by unveiling a 12-ft tall Holiday Sugar Castle made of sumptuous ingredients.

Weak demand at a German debt auction suggests investors are starting to shun even the euro zone's strongest economy, which could trigger more losses in the shared currency as many shift from euro-denominated assets to safe havens outside the region.

A Canadian consortium aiming to buy the operator of the country's largest exchanges said the C$3.8 billion deal would likely win regulatory approval, its hopes boosted by a first day of hearings on Thursday.

Banks are redoubling efforts to sell the 465 million euro ($619.50 million) leveraged loan backing private equity firm Kohlberg Kravis Roberts & Co.'s buyout of German telecoms company Versatel before year-end, sources said on Thursday.

Accounting and consulting firm Ernst & Young said chairman and chief executive James Turley will retire in June 2013.

European shares fell for the sixth consecutive session in low volume on Thursday after German Chancellor Angela Merkel restated her position against changing the role of the European Central Bank to ease the euro zone debt crisis.

Internet service providers cannot be forced to block their users from downloading songs illegally, as such an order would breach EU rules, Europe's highest court said on Thursday in a ruling welcomed by a consumer group.

A Canadian consortium's proposed takeover of TMX Group , operator of the country's largest exchanges, will make capital markets more efficient and better able to compete on the world stage, supporters of the C$3.8 billion deal said on Thursday.

The Canadian government has the right to fine U.S. Steel (X.N: Quote) for breaking job-protection promises made when it bought Canadian steelmaker Stelco, the Supreme Court of Canada ruled on Thursday.

Toronto's main stock index hit a seven-week low on Thursday morning, as materials and financial issues retreated in response to euro zone debt fears, sparked by rising German government bond yields.

Pittsburgh's Sidney Crosby failed to find the same explosive form that marked his return to NHL action earlier this week and was held without a point as the Penguins lost 3-2 in overtime to St Louis on Wednesday.

India will open the country's retail industry to foreign supermarkets, a much delayed reform expected to help unclog supply bottlenecks and ease inflation over time.

British telecoms regulator Ofcom said on Thursday broadband suppliers should be clearer about how they manage traffic on their networks and the speeds users can expect to achieve.

Canadian singer Drake jumped straight to No. 1 on Wednesday on the Billboard Top 200 album chart with his latest offering Take Care, while Rihanna dominated the singles chart with three songs in the top 10.

Three executives of Japan's Olympus Corp resigned on Thursday ahead of a boardroom showdown with ousted CEO Michael Woodford, as the British whistleblower said he would not be surprised if some criminality were involved in the scandal engulfing the once-venerable firm.

Protesting oil workers have yet to buy into Colombia's grand vision for its oil industry, staging strikes that have shut the country's largest oil field and threatening further unrest.

Canadian farmers earned nearly 11 percent more during the first nine months of 2011 than they did in the year-before period, Statistics Canada reported on Thursday.

Fitch downgraded Portugal's credit rating to junk status on Thursday, citing large fiscal imbalances, high debts and the risks to its EU-mandated austerity program from a worsening economic outlook.

City workers dismantled tents and cleared debris from a downtown park on Wednesday as part of a restrained, daylong operation by police to peacefully end a five-week encampment by Occupy Toronto protesters.

As winter chills set in, it's time to dust off the skis and head to the hill! But before you do, check out this guide to the best of the West. This ski season preview has you covered for season dates, best runs, and directions to the top resorts.

A Canadian provincial court on Wednesday upheld the country's ban on polygamy, saying the harm that plural marriage causes to women and children outweighed any infringement of religious freedoms.

JP Morgan has dramatically boosted its influence in the battle to acquire the London Metal Exchange by increasing its stake this week to become the biggest shareholder.

India threw open its $450 billion retail market to global supermarket giants on Thursday, approving its biggest reform in years that may boost sorely needed investment in Asia's third-largest economy.

The Ontario government cut its growth, revenue and reserve targets on Wednesday, but said it was still on track to balance the budget in six years, without lowering total program spending or raising taxes.

On Thanksgiving Thursday, people working in Europe's financial sector are struggling to find much to be thankful for.

Nearly three-quarters of Britons think it is inappropriate for children under 12 to own a mobile phone, despite the fact that most kids already have them, according to a poll on Thursday.

German government bond yields hit their highest in nearly a month and world stocks held near 7-week lows Thursday, a day after a weak debt sale in Berlin fanned fears the euro zone debt crisis is starting to threaten its biggest > falling 115 ticks on the day to 134.66, the lowest since October 31.

Alibaba.com, China's largest e-commerce firm, posted an 11.9 percent rise in quarterly net profit, its slowest growth in nearly two years, with the company raising concerns due to a weak trade outlook stemming from debt woes in Europe and the United States.

Franco-Belgian bank Dexia is accessing emergency liquidity facilities in Belgium, France, Spain and Italy, a banking source said on Thursday, as analysts described its liquidity situation as very dramatic.