IBT Staff Reporter

Palestinian President Mahmoud Abbas said on Wednesday he plans to stay on in his post until the next election is held and that he would be ready to hold the vote as soon as consensus was reached with Islamist group Hamas.

An Australian freelance journalist kidnapped in Somalia in August last year feared he would be handed over to hardline rebels when he was bundled into a car Wednesday night.

Adam Lambert admitted that he got carried away on his performance at the American Music Awards last Sunday yet he did not issue an apology.

Israel announced on Wednesday it was limiting settlement construction for 10 months to try to revive peace negotiations with the Palestinians, but they said the step fell short of their terms for talks.

Black Friday is still a day away, but it's already getting bargain buyers excited. Best Buy is offering a Hewlett-Packard laptop for a super low $197. Best Buy says this is the first-ever, value priced HP laptop it's ever offered.

President Barack Obama is paying a price for a recession that began before he took office, and fellow Democrats have started to balk at his legislative agenda and demand greater efforts to create jobs.

AIG and former chief executive Maurice Hank Greenberg have reached an agreement to bury a long-standing, bitter legal battle and the insurer will turn over materials the former boss can use to write his memoir, as well as prized photographs and a Persian carpet.

Dubai said on Wednesday two of its flagship firms planned to delay repayment on billions of dollars of debt as a first step toward restructuring Dubai World, the conglomerate that spearheaded the emirate's breakneck growth.

The United States will not be in Afghanistan eight years from now, the White House said on Wednesday, as President Barack Obama prepared to explain to Americans next week why he is expanding the war effort.

New Zealand insurer and fund manager Tower Ltd on Thursday reported a 23 percent rise in full-year profit on growth in its core businesses.

Caisse de depot et placement du Quebec, one of Canada's biggest pension funds, said on Wednesday it had completed a $5 billion global debt offering as part of a refinancing program aimed at fortifying balance sheets decimated by the global financial crisis.

General Electric Co Chief Executive Officer Jeffrey Immelt was in Paris on Wednesday in an effort to speed up talks to buy Vivendi SA's stake in NBC Universal, the Wall Street Journal reported.

Chancellor Angela Merkel said on Wednesday she saw good prospects for Opel's German plants after the carmaker's parent, General Motors, presented a restructuring plan for its European unit.

A 13-year-old boy missing from his parents spent 11 days wandering in the subway system of New York City until a police officer found him, the New York Times reported.

General Motors targeted Germany on Wednesday for the bulk of 9,000 planned job cuts at European arm Opel, turning the tables on the country that lobbied hardest for an Opel sale to Canada's Magna.

The Federal Reserve is tightening its policies on director eligibility more than six months after then New York Fed Chairman Stephen Friedman resigned after questions were raised about his stockholdings in Goldman Sachs once it came under the Fed's direct supervision.

Taylor Lautner, New Moon's new heartthrob, posed for a set of striking pictures in Malibu, California for the December issue of Rolling Stone magazine which hits stands Thursday.

Retailers across the country have slashed prices on various goods in their stores.

U.S. consumer spending and home sales rose more than expected in October, while new claims for jobless benefits fell sharply last week, suggesting the economic recovery was gaining traction.

U.S. stocks rose on Wednesday, sending both the Dow and the S&P 500 to fresh 13-month closing highs, as economic data reinforced hopes of stabilization in the labor and housing markets, but traded volume was light ahead of the Thanksgiving Day holiday.

U.S. stocks rose in light trading volume on Wednesday, supported by data that pointed to stabilization in the labor and housing markets, areas that have fed concerns about a double dip recession.

A handful of banks have told the Federal Reserve they could do more to support the central bank's exit from its emergency cash infusions if a key accounting rule was changed, according to a person familiar with the situation.

The Australian Dollar opens higher today at 0.9310 after a positive local session. Support held on Wednesday morning at US92 cents followed by a steady climb during Asian trade to an intraday peak of 0.9252.

Debtholders of bankrupt Tribune Co have asked a judge to deny the media company's request for more time to present a plan of reorganization so the lenders themselves can offer a plan, according to court filings.

Dubai will ask creditors of two of its flagship firms for a standstill on debt worth billions of dollars as a first step toward restructuring Dubai World, the conglomerate which spearheaded the emirate's breakneck growth.

The United States unveiled a plan to cut greenhouse gases by 2020 on Wednesday and said President Barack Obama will attend U.N. climate talks in Copenhagen next month -- before other world leaders show up.

Rich and poor states grouped in the Commonwealth and representing a quarter of the world's population hope to create critical momentum toward a global climate deal when they meet in the Caribbean this week.

U.S. regulators are increasingly looking beyond stocks in their insider trading investigations to examine derivatives and credit default swaps, a top Securities and Exchange Commission official said.

The Federal Reserve said on Wednesday it will no longer allow directors at regional Fed banks to own shares in financial firms, following controversy over a former Goldman Sachs CEO who bought that firm's stock while leading the New York Fed's Board.