IBT Staff Reporter

World stocks and commodities tumbled on Thursday as weak data from China crystallized investor fears about a global recession one day after a grim economic outlook from the U.S. Federal Reserve.

A $2.3 billion investment fund managed by bond giant Pacific Investment Management Co that is largely targeting distressed U.S. banks is trying to get regulatory approval for one of its first major transactions -- a deal involving a North Carolina community bank.

A grim outlook for the U.S. economy from the Federal Reserve and signs of a slowing in China and Germany sent world stocks tumbling on Thursday and drove investors into safer currencies and government bonds.

FOX tried to get its talent on board to promote The X Factor, but it apparently didn't work as well as the network would have liked.

Treasury Secretary Timothy Geithner said on Thursday that the European debt crisis and the political divisions in the United States were the biggest threats to the global economy.

James Cameron and Disney have partnered up to bring fans into world of “Avatar” at Walt Disney World.

Diversified manufacturer Honeywell International Inc said on Thursday its third-quarter earnings will likely be at the high end of its forecasted range of 96 cents per share to $1.01 per share.

Zambia's opposition leader Michael Sata held on to his lead over incumbent Rupiah Banda, the election commission said, as counting moved beyond a halfway point on Thursday in the race to become the next president of Africa's biggest copper producer.

A multi-state outbreak of food-borne bacteria, listeria, that arose in early September took another life in Maryland after a person died from eating contaminated produce, leaving the death toll at eight.

Giant Interactive Group Inc said it will invest $50 million in China's e-commerce company Alibaba Group through an investment in Yunfeng e-Commerce Funds.

Jamey Rodemeyer, 14 years old from Buffalo, NY, committed suicide last weekend because of gay bullying. Rodemeyer was a big fan of Lady Gaga, as seen from the last Twitter message of his life.

Oil prices fell by more than $4 a barrel on Thursday, with U.S. futures touching $81.86 barrel as a combination of signals heightened worries about global economic growth and a rallying U.S. dollar added to downward momentum.

If the board of Hewlett-Packard Co is not already ranked as one of the worst in corporate America, there are some who think it could be a contender.

It was always going to be a thriller at Mestalla when Barcelona arrived, and so it proved as the Catalans were made to equalize on two occasions to claim a draw against league leaders Valencia.

Youths went on the rampage on Thursday in northern Zambia's Copper Belt, a stronghold of opposition leader Michael Sata who is leading the race to become the next president of Africa's biggest copper producer.

UBS trader Kweku Adoboli faced a new fraud charge when he made a brief court appearance in London on Thursday for a hearing over alleged unauthorized trading which the Swiss bank has said cost it $2.3 billion.

Hewlett-Packard Co's board convened on Wednesday to consider ousting Chief Executive Officer Leo Apotheker after less than a year on the job and replacing him temporarily with former eBay CEO Meg Whitman, a source familiar with the matter said.

AT&T Inc Chief Executive Officer Randall Stephenson said that his 2012 outlook for the U.S. economy looks similar to 2011 as he does not see a big recovery any time soon.

Wall Street was set for a sharply lower open and its third straight down day on Thursday as a grim outlook from the Federal Reserve and downbeat data in Europe and China heightened fears about a global recession.

Shares of United Technologies Corp fell 4.5 percent in premarket trading on Thursday after the diversified U.S. manufacturer said it would pay $16.5 billion in cash for aircraft components maker Goodrich Corp .

Apple's upcoming operating system iOS 5, which is expected to be released this fall and is going to power iPhone 5, iPad, iPad 2, iPhone 4 and iPhone 3 GS, has copied certain features from the Android platform.

China's manufacturing sector contracted for a third consecutive month in September while a measure of inflation picked up, suggesting the world's No.2 economy may not be able to provide much of a counterweight to flagging U.S. and European growth.

FedEx Corp , the world's No. 2 package delivery company, reported a higher quarterly profit that slightly beat forecasts but pared its outlook for the full year, citing fuel prices and moderate global economic growth.

The New York Yankees clinched the American League East to enter Major League Baseball's postseason for the 16th time in the last 17 years with a doubleheader sweep of the Tampa Bay Rays on Wednesday.

New York Giants Pro Bowl defensive end Justin Tuck said he was haunted by a nightmarish loss last year to the Philadelphia Eagles and yearns to make amends in their National Football League rematch this Sunday.

Bank of America Corp's top Merrill Lynch brokerage boss, John Thiel, shook up the leadership ranks in a move that eliminated more than a half of the firm's regional manager jobs.

Bob King, the president of the United Auto Workers, has a problem: the labor union that credits itself with creating the American middle class has glimpsed the end of the line.

UBS CEO Oswald Gruebel is fighting to keep the Swiss bank's investment arm -- the scene of a $2.3 billion rogue trading scandal -- despite pressure to scale it back or split it off, as he seeks to save his own position.

Stock index futures tumbled on Thursday as a grim outlook from the Federal Reserve and downbeat data on private sector business activity in Europe and China stoked fears the global economy could sink back into recession.