IBT Staff Reporter

Home loan rates set new lows in the latest week on more evidence of a soft U.S. economy and high unemployment, home funding company Freddie Mac said on Thursday.

Stocks fell on Thursday as an unexpected rise in jobless claims and a bleak outlook from technology bellwether Cisco underscored concerns about sluggish economic growth.

General Motors posted its biggest quarterly profit in six years on Thursday, a day ahead of an expected IPO filing that will clear the way for the U.S. government to relinquish its majority stake in the top U.S. automaker.

The number of people filing new claims for unemployment insurance unexpectedly rose in the latest week to its highest level in close to six months, a fresh signal of a weak jobs market.

Research In Motion's encrypted BlackBerry email and instant messaging services will be shut down if the Canadian maker does not address Indian national security concerns by August 31, the government said on Thursday.

More Americans fell into foreclosure in July as a sour job market kept them from making payments, and banks took over homes at a near record pace.

Kohl's Corp reported better-than-expected earnings as exclusive lines helped it win market share, but its outlook fell short of Wall Street forecasts, sending its shares were down 3.8 percent in premarket trading.

Shares of technology bellwether Cisco Systems Inc fell 8 percent in pre-market trade Thursday, a day after CEO John Chambers' comments about an uncertain economy spooked investors, prompting at least one brokerage to cut its rating on the stock.

Stocks fell at the open on Thursday after an unexpected rise in new claims for unemployment insurance added to concerns about a slowing economic recovery.

Kohl's Corp reported better-than-expected earnings as its strategy to ramp up exclusive lines helped it win market share but its outlook for the rest of the year, which includes the crucial holiday season, fell short of Wall Street forecasts.

Stocks were set to fall about 1 percent at the open on Thursday as an unexpected rise in jobless claims heightened fears of a double-dip recession and a bleak outlook from Cisco weighed on the technology sector.

The number of U.S. workers filing new claims for unemployment insurance unexpectedly rose to its highest level in close to six months, a fresh signal of a weak jobs market.

The Indian government put off a decision on Thursday on whether to ban BlackBerry services over national security fears in the world's fastest growing telecoms market.

Stock index futures fell on Thursday following a steep Wall Street sell-off that erased gains for the year.

Euro zone industrial production declined in June, with output in France and Germany falling sharply, but a strong showing over the second quarter as a whole suggests Friday's GDP data for the bloc will be robust.

The yen's surge to a 15-year peak against the dollar this week comes amid mounting worries that the U.S. economic recovery is losing steam and follows a broad, two-month slide in the dollar. A drop in U.S. Treasury yields, a perception among market players that the U.S. Federal Reserve may be more willing to conduct aggressive monetary easing than the Bank of Japan, and talk of seasonal fund repatriation by Japanese investors have all contributed recently to the yen's rise.

Oil slipped to around $77 a barrel on Thursday, heading for a third straight session of losses, on lingering doubts over the outlook for fuel demand in the world's biggest energy consumers. U.S. stockpile data on Wednesday showed a sharp rise in gasoline inventories, highlighting the weakness of demand in what is usually the peak summer driving season.

Have video games finally gone mainstream?

Stock index futures dipped on Thursday after a steep sell-off in the previous session that erased gains for the year.

American International Group Inc has started talks with potential investors to sell stakes in its Asian life insurance business AIA ahead of AIA's planned IPO, sources with direct knowledge of the matter said.

The European Commission called Slovakia's decision not to participate in a euro zone bailout of Greece unusual on Thursday, but said it would not speculate on any repercussions for the country at this stage. Commission spokesman Amadeu Altafaj said there were no indications any other members of the euro zone would follow Slovakia's move, which will not have an impact on Greece receiving funds from the 110 billion euro aid fund.

Insurer Prudential said it had reduced the cost of its failed bid for AIG's Asian unit and confirmed it has no further appetite for M&A as it reported forecast-beating half-year profit.

Finally, India will have its first ever jewellery week, the India International Jewellery Week (IIJW), from August 15 to 19 in Mumbai. It is a fabulous platform for jewellery designers to come together and showcase their talent. This is the first time the jewellery industry will witness something like this.

The euro fell on Thursday after weak Greek data reinforced concerns about weaker euro zone economies, while the yen pared losses versus the dollar as fears eased of immediate intervention by the Bank of Japan. The single currency had risen in earlier trade on early signs that euro zone peripheral spreads were stabilizing after widening over the course of the week on concerns over Ireland's economy in particular

Japan policymakers fired off a volley of comments Thursday to curb yen strength and the central bank checked rates with banks as officials stepped up efforts to prevent the currency from harming a fragile economic recovery.

Israeli Antiquities Authority (IAA) have discovered a rare gold coin dating back to 2,200 years. It weighs almost an ounce while most gold coins weiged 4.5 gms, CNN reported. The coin was minted in Alexandria, Egypt, by Ptolemy V and dates to 191 BCE. It is only the second gold Ptolemaic coin ever found in Israel.

Severstal , Russia's largest steelmaker, has put some of its loss-making U.S. mills for sale, several sources told American Metal Market in an article posted on its website.

Sales of mobile phones rose 13.8 percent to 326 million units in the second quarter but average selling prices fell by more than expected amid intense competition, IT research firm Gartner said on Thursday.

The euro bounced on Thursday, as heavy selling abated on early signs euro zone peripheral spreads were stabilizing, while speculation of intervention to weaken the yen drove down the Japanese currency. The dollar steadied versus a basket of currencies after posting its biggest one-day gain in two years the previous day when concerns about the U.S. and global economies triggered a wave of unwinding in short dollar positions.