IBT Staff Reporter

H1N1 swine flu has not peaked yet but seems to be waning in Canada and the United States, signalling that the end of the pandemic may be on the horizon, the World Health Organisation (WHO) said on Thursday.

Prime Minister Vladimir Putin said on Thursday he would not leave Russian politics any time soon, telling a questioner asking about his departure: Do not hold your breath.

AstraZeneca has bought rights to an experimental antidepressant from Targacept in a deal worth up to $1.24 billion, boosting its pipeline and slapping a big endorsement on its U.S. biotech partner's drug.

Treasury Secretary Timothy Geithner on Thursday said the Federal Reserve must play a central supervisory function in ensuring the stability of the U.S. financial system.

U.S. stocks lost ground on Thursday after data showing the U.S. services sector shrank unexpectedly in November offset Bank of America's plans to repay $45 billion in taxpayer bailout funds.

Vivendi said on Thursday it had agreed to sell its 20 percent stake in U.S. media group NBC Universal to majority-owner General Electric for $5.8 billion, clearing the way for a separate deal under which GE would give Comcast Corp control over NBCU.

A group led by former Ford Motor Co executives has submitted a revised bid this week for Ford's Volvo unit and hopes to beat the offer by Chinese carmaker Zhejiang Geely Holding Group, the Wall Street Journal reported citing people familiar with the situation.

Volkswagen will likely complete the first stage of its planned integration with indebted Porsche SE when VW buys a 49.9 percent stake in Porsche's profitable sports car business next week.

The European Central Bank will start to unwind its crisis support for the euro zone economy this month but made clear on Thursday these moves are not meant to signal a coming rise in benchmark interest rates.

Any quick return to record Dutch chemical production volumes and sales is unlikely given the uncertain outlook, a sector association said on Thursday.

Singapore budget carrier Tiger Airways, 49 percent owned by Singapore Airlines, has tapped three banks for an initial public offering expected in January, sources said on Thursday.

Japan's Sony Corp said it is enjoying robust demand for its PlayStation 3 game console and other electronic products so far in this holiday shopping season in the key U.S. market.

Federal Reserve Chairman Ben Bernanke, making a case for a second term on Thursday, offered a forceful defense of the U.S. central bank's crisis-battling efforts, which he said prevented an even greater calamity.

Google Inc is not to blame for the news industry's problems but is committed to playing a role in helping struggling publishers survive the transition to the online age, CEO Eric Schmidt said.

U.S. stocks pared gains in early trading on Thursday, with the Dow industrials turning negative, after data showed the services sector unexpectedly contracted in November after two months of expansion.

Treasury Secretary Timothy Geithner on Thursday said it was vital to get U.S. budget deficits down in order to spur private-sector growth that creates jobs and predicted it will begin happening in 2011.

Federal Reserve Chairman Ben Bernanke, making a case for a second term, told Congress on Thursday the U.S. central bank's forceful actions prevented a devastating financial crisis from being even worse.

Google Inc is not to blame for the news industry's problems but is committed to playing a role in helping struggling publishers survive the transition to the online age, CEO Eric Schmidt said.

The European Central Bank kept rates at a record low of 1 percent as expected on Thursday, leaving markets firmly focused on how it plans to handle the delicate process of phasing out its financial crisis support.

Chinese solar-cell maker Canadian Solar Inc said it intends to build a 200 megawatt module manufacturing facility in Ontario at an estimated cost of C$24 million ($22.9 million), sending its shares up 9 percent.

The European Central Bank kept its main interest rate on hold at a record low of 1 percent for the seventh month running on Thursday, as expected by economists. Markets are now turning their attention to President Jean-Claude Trichet's news conference at 1330 GMT, when he will release new staff economic forecasts and is widely expected to give further details on how the ECB will start phasing out...

The benchmark price for European Union carbon emissions futures rose almost 3 percent toward a three-week high on Thursday as banks increased buying ahead of a U.N. climate summit next week, traders said.

Some 10 million people across the European Union have now been vaccinated against H1N1 swine flu and so far no unexpected serious safety issues have been identified, the region's drugs watchdog said on Thursday.

Congressional efforts to revamp the U.S. healthcare system are not enough to stem soaring health costs or close the nation's budget gap, a top Obama administration official said on Wednesday, adding that current bills must be strengthened to help rein in spending.

German industrial conglomerate Siemens took a big fourth quarter writedown on its struggling network joint venture with Nokia and warned of lower operating profits and possible restructuring in 2010.

Corporate executives expect a value-added tax to be considered by the U.S. Congress in the next five years, according to a survey by tax and accounting firm KPMG released on Thursday.

Australian Prime Minister Kevin Rudd will reintroduce legislation for a cap and trade scheme to cut the country's carbon emissions, he told reporters on Thursday, in the hope of pushing the stymied laws through a hostile senate.

Small or slow-growing nodules discovered on a lung scan are unlikely to develop into tumors over the next two years, researchers reported on Wednesday.

Republicans argued on Wednesday that recommendations advising against routine mammograms for women in their 40s could be used to ration healthcare under reform legislation before Congress, a charge Democrats denied.