IBT Staff Reporter

Correcting number for new jobless claims in second paragraph

The euro rebounded on Thursday after China reaffirmed its long-term strategy of diversifying currency holdings away from the dollar and denied it was reviewing its holdings of euro sovereign bonds.

The economy grew at a slower pace than previously estimated in the first quarter as businesses investment slackened, while hard-hit state and local governments curbed spending at the steepest rate since 1981, a government report showed on Thursday.

Collateralized debt obligations are as hard to love as they are to fathom. The scourge of the financial world, these complex subprime mortgage-linked securities caused hundreds of billions of dollars in losses for banks, hedge funds and insurers.

Stock index futures pointed to a rise of about 2 percent at the open on Thursday after China denied a report it was reviewing its holdings in euro-zone sovereign bonds due to the region's debt crisis.

Indians gave the biggest boost to gold this week with the demand rising in the country following the onset of wedding season across the country. Breaking all previous records, gold prices zoomed past Rs 18,800 per 10 gm level on Thursday in New Delhi while Mumbai witnessed Rs 18,600 level. This jump in India, which is the biggest consumer of the metal in the world, and the rise in demand have delivered the much needed push to the gold market globally.

Microsoft Chief Executive Steve Ballmer was unperturbed a day after rival Apple Inc shot past his firm as the world's biggest tech company by market value and said his aim was on developing a good product line and making more products.

Prudential Plc is pushing ahead with its bid for U.S. rival AIG's Asian unit, two sources close to the deal said, rebutting market talk of a derailment which boosted Pru's shares as well as the pound.

Sony Corp said on Thursday it would launch an e-reader and online content distribution service in Japan by year-end, taking on rival Apple Inc whose iPad hits shelves in the country on Friday.

U.S. stock index futures pointed to a rise of about 2 percent at the open on Thursday after China denied a report it was reviewing its holdings of euro-zone sovereign bonds due to the region's debt crisis.

The Federal Reserve's James Bullard said on Thursday he did not expect the fiscal crisis in Europe to create problems for the U.S. economy, but said the Fed's vow to keep rates low for a long time could, if misread, create risks.

Europe remains a key investment market for China's foreign exchange reserves, the Chinese central bank said on Thursday, helping to soothe markets unnerved by a report that it was reviewing its euro-zone bond holdings.

A tenth employee of iPhone-maker Foxconn jumped to his death late on Wednesday, just hours after the company's chairman promised to make life better for employees at the sprawling production site in southern China.

Sony Corp said on Thursday it would launch an e-reader in Japan by year-end, taking on rival Apple Inc just a day before its iPad hits shelves in the country.

Stock index futures pointed to a strong rebound on Wall Street on Thursday, with futures for the S&P 500 up 2.5 percent, Dow Jones futures up 2 percent and Nasdaq 100 futures up 1.9 percent at 0930 GMT (5:30 a.m. ET).

A Federal Reserve policymaker warned that the central bank's vow to keep rates unusually low for a long time could, if misread, perpetuate the boom and bust cycle that plunged the United States and the world into recession.

The euro rebounded from near four-year lows against the dollar and European shares rose on Thursday after China denied a report it was reviewing its investments in euro zone debt.

The euro rebounded on Thursday after China reaffirmed its long-term aim of diversifying currency holdings away from the dollar and denied it was reviewing its holdings of euro sovereign bonds.

China remains committed to its long-standing goal of diversifying its foreign exchange reserves, a government official said on Thursday, helping to soothe markets unnerved by a report that the country was reviewing its euro-zone bond holdings.

Pakistan has partially unblocked the popular video sharing website YouTube, but links to sacrilegious or profane material will remain restricted, a top government official said on Thursday.

An employee of iPhone-maker Foxconn jumped to his death late on Wednesday, Chinese state media reported, the tenth suspected suicide this year at the high-tech company's huge production base in southern China.

The euro approached a four-year low against the dollar on Thursday on a newspaper report that China was examining its investments in euro zone debt, while bargain-hunting gave some support to Asian stocks.

Treasury Secretary Timothy Geithner takes his appeal for swift European action to calm markets to Germany on Thursday, the key player that stunned markets last week with its ban on some speculative trades.

A Walt Disney Co employee and her boyfriend have been charged with a brazen insider trading scheme in which they said the media conglomerate was in advanced talks to sell its ABC TV network.

Yahoo Inc said it could return to double-digit revenue growth in the next few years, as the Internet pioneer revamps its network of websites to attract users and advertisers in a shifting Internet industry.

A judge has ordered the pretrial merger of at least 40 California state court lawsuits filed against Toyota over cars that have raced out of control, including a case stemming from the fatal crash that sparked the automaker's recall crisis.

Three U.S. lawmakers, concerned that Google Inc may have violated U.S. privacy laws, want to know how much personal data the company has gathered through its project to photograph streets across the country and how it plans to use that information.

Lehman Brothers Holdings Inc on Wednesday sued JPMorgan Chase & Co , accusing the second-largest U.S. bank of illegally siphoning billions of dollars of desperately-needed assets in the days leading up to its record bankruptcy.

An Ombudsman's report, released yesterday, has rocked the Brumby government just six months out from the election. The report released indicated that the state has failed to protect some of the foster children in its care