IBT Staff Reporter

Japanese ruling party powerbroker Ichiro Ozawa, challenging Prime Minister Naoto Kan in a party leadership vote, said on Thursday that action was needed to stem rapid rises in the yen that are threatening the economy.

Asian stocks hit a two-week high, with Japan's Nikkei briefly rising more than 2 percent, as strong U.S. manufacturing data further soothed worries about the global economy.

Bankruptcies filings by consumers fell 8 percent in August but still remained on track to top 1.6 million filings in 2010, according to a report by the American Bankruptcy Institute .

The dollar was on the defensive on Thursday, retaining most of the losses sustained the previous day when upbeat data helped lure investors away from safe-haven currencies and assets. Figures released on Wednesday showed the U.S. manufacturing sector grew faster than expected and China's factory output regained momentum in August, while Australia's economy expanded at its fastest pace in three years in the second quarter.

Gold prices advanced marginally in Asian trade Thursday ahead of a key US jobs data. Gold for immediate delivery was seen trading at $1246.01 an ounce at 12.00 noon Singapore time while U.S. gold futures for December delivery were little changed at $1,248.03 an ounce on the comex division of Nymex.

U.S. securities regulator is looking into a Wall Street trading practice in which unusually large numbers of orders to buy or sell stocks are placed in a fraction of a second, only to be canceled almost immediately, the Wall Street Journal reported on Thursday.

Asian stocks rose to a two-week high, with Japan's Nikkei briefly rising more than 2 percent, as strong U.S. manufacturing data further soothed worries about the global economy.

Pakistan test captain Salman Butt and pace bowlers Mohammad Amir and Mohammad Asif will meet their country's High Commissioner later Thursday to discuss corruption allegations levelled against the team.

Heading into the Labor Day holiday weekend, U.S. retail gasoline prices have fallen for three weeks in a row, currently averaging $2.68 per gallon, the lowest level of the 2010 peak summer driving season, and the second lowest price at this point in the past five summers (Figure 1). This year, prices peaked on May 10 at $2.91 per gallon. Compared to price variation experienced over recent summers, gasoline prices have moved in a narrow range during this summer's driving season (Figure 2).

Asian stocks rose to a two-week high, with Japan's Nikkei briefly rising more than 2 percent, as strong U.S. manufacturing data further soothed worries about the global economy.

Burger King Holdings Inc , the second biggest U.S. hamburger chain, is in talks to sell itself to investment firm 3G Capital, a source briefed on the situation said on Wednesday.

President Barack Obama urged Israeli and Palestinian leaders on Wednesday not to let the chance for peace slip away, bringing them together for ceremonial handshakes at the White House on the eve of relaunching direct talks.

Apple Inc unveiled a smaller, cheaper version of its Web-to-TV device on Wednesday, stepping up a battle with Google Inc and Microsoft Corp for control of the digital living room.

President Barack Obama urged Israeli and Palestinian leaders on Wednesday not to let the chance for peace slip away as he opened a U.S.-sponsored summit to relaunch direct talks shadowed by Middle East violence.

U.S. police shot and killed a man who took three people hostage, waving a gun and apparently fitted out with explosives, in the headquarters of the Discovery Channel near Washington on Wednesday.

U.S. President Barack Obama urged Israeli and Palestinian leaders on Wednesday not to let the chance for peace slip away as he opened a Washington summit shadowed by Middle East violence.

Automakers posted their weakest U.S. August sales in 27 years, underscoring uncertainty about the strength of the recovery in the world's largest economy.

Looming Hurricane Earl strengthened and churned up dangerous swells on Wednesday, forcing evacuations on some of North Carolina's barrier islands and prompting storm alerts along much of the U.S. east coast.

Burger King Holdings Inc , the second biggest U.S. hamburger chain, is in talks to sell itself to investment firm 3G Capital, a source briefed on the situation said on Wednesday.

Connecticut is probing First Niagara Financial Group Inc's proposed $1.5 billion takeover of NewAlliance Bancshares Inc and has asked the banks to justify the merger, throwing a potential roadblock to the largest U.S. bank deal in nearly two years.

U.S. biotech Genzyme Corp , which has rejected an $18.5 billion (11.9 billion pounds) offer from French drugmaker Sanofi-Aventis SA , appears to hold the upper hand in the takeover struggle, according to Geoffrey Porges, an analyst at Sanford Bernstein.

U.S. President Barack Obama vowed on Wednesday that extremists and rejectionists would not derail the relaunch of Israeli-Palestinian negotiations as he opened a peace summit shadowed by Middle East violence.

The mother of a 19-year-old female Syrian blogger who was arrested last year has appealed to President Bashar al-Assad for her release, saying her daughter does not understand anything about politics.

Looming Hurricane Earl forced vacationers and some residents off North Carolina's barrier islands on Wednesday, churning up dangerous swells and prompting storm alerts along the U.S. east coast.

The U.S. manufacturing sector grew faster than expected in August, but private employers unexpectedly cut jobs, showing the economic recovery still faces headwinds.

Staff at Britain's BBC voted on Wednesday to strike in protest against the state-funded broadcaster's plans to reduce a large pension deficit by capping the growth of pensionable pay, unions said.

Burger King Holdings Inc is in advanced talks to sell itself to investment firm 3G Capital, The New York Times reported on Wednesday, boosting shares 15 percent.

Three bombs exploded at a Shi'ite procession in the Pakistani city of Lahore on Wednesday, killing at least 20 people and wounding over 170, piling pressure on a government already overwhelmed by floods.

U.S. President Barack Obama vowed on Wednesday that a deadly Hamas attack in the West Bank is not going to stop us in the quest for Middle East peace as he opened a Washington summit to relaunch face-to-face Israeli-Palestinian negotiations.