IBT Staff Reporter

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U.S. falls 3rd in bank ranking, after UK, Australia

The United States slipped from first to third place after the U.K. and Australia in a ranking of financial development released by the World Economic Forum on Thursday, as the global financial crisis badly hurt bank stability in developed countries.

Daily Commentary - 9/10/2009

A lower reading in the Unemployment Rate for September yesterday saw the Australian Dollar rally hard in local trade.

Commercial green fuel from algae still years away

Filling your vehicle's tank with fuel made from algae is still as much as a decade away, as the emerging industry faces a series of hurdles to find an economical way to make the biofuel commercially.

Mobile data services pushed to limits: Qualcomm

Speed increases in mobile data services will require more densely built networks, executives from wireless chip and technology supplier Qualcomm Inc said on Thursday.

Tengzhong may finalise Hummer deal Friday

China's Tengzhong may finalise a deal with General Motors Co [GM.UL] on Friday to acquire the U.S. automaker's Hummer business for about $150 million, a source familiar with the deal said.

Berlin confident EU partners will aid Opel

A German-brokered deal to rescue Opel will not collapse due to a lack of support from other European countries hosting the carmaker's plants, Chancellor Angela Merkel's spokesman was quoted as saying on Thursday.

Canadian Auto Workers, Ford to resume formal talks

The Canadian Auto Workers expect to return to full scale formal contract negotiations with U.S. automaker Ford Motor Co on October 26, the union said on Thursday.

Wall St gains as Alcoa's profit bolsters optimism

U.S. stocks rose on Thursday as a surprising quarterly profit from Alcoa Inc got third-quarter earnings off to a strong start.

Barnes & Noble to sell own electronic reader: WSJ

Bookseller Barnes & Noble Inc will soon sell its own electronic reader to rival Amazon.com Inc's Kindle, the Wall Street Journal reported on Thursday.

Big Norway fund criticizes VW over Porsche dealings

Norway's sovereign wealth fund, Europe's biggest equity investor, on Wednesday criticized German auto maker Volkswagen (VOWG.DE) for plans to take over some Porsche assets, which it called costly and unacceptable.

Daily Wrap Up - Oct. 8 Tech

A group of Republicans and Democrats in the U.S. House of Representatives called on the Federal Communications Commission to investigate Google Inc's ability to block calls to rural telephone exchanges.

GM will look to sell ex-Delphi steering unit

General Motors Co GM.UL will look to sell the steering business it took back from former parts subsidiary Delphi under a deal that closed this week, the automaker said in a letter to its suppliers.

Jobless claims hit 9-month low, retail sales rise

The number of U.S. workers filing new jobless claims hit a 9-month low last week, and retailers posted their first monthly sales gain in over a year, easing fears recovery from recession would be unsustainable.

Mercedes sticks to Magna, gives gullwing body order

Magna International Inc (MGa.TO) received a prestigious order from Daimler (DAIGn.DE), its fifth biggest customer, in a sign of faith that it would not pull business from the auto parts supplier despite the Canadian company's planned Opel deal.

Driving a convertible? Your hearing may be at risk

Driving a convertible with the roof down might be exhilarating, but it could also damage your hearing, according to British scientists.

Czech president makes new demand over EU treaty

Czech President Vaclav Klaus raised a new obstacle to the European Union's Lisbon reform treaty on Thursday, telling EU president Sweden he wants a footnote added to the document before signing it into force.

U.S. General wants minimum 40,000 more troops for Afghan war

The top U.S. commander in Afghanistan has recommended an increase of 40,000 U.S. troops as the minimum necessary to prevail, two sources familiar with his recommendations said on Thursday.

Up to 15,000 Nigerian gunmen took amnesty: government

Up to 15,000 gunmen in Nigeria's oil-producing Niger Delta have surrendered their arms and accepted President Umaru Yar'Adua's unconditional pardon, a senior government official said on Thursday.

Q+A: How do you know you have the flu?

Vaccination programs against H1N1 swine flu are under way in the United States, China and Australia and will begin soon in parts of Europe.

Mayor Bloomberg: New York is city of immigrants

New York Major Michael Bloomberg announced Tuesday platform for the next mayoral elections saying that American visa holders and American immigrants have made the Big Apple the city that it is and deserve to be recognized.

Wall St climbs as Alcoa's profit increases optimism

U.S. stocks rose on Thursday as a surprising quarterly profit from Alcoa Inc got third-quarter earnings off to a strong start.

A new view of Uluru, Australia

A new viewing platform has been opened at Uluru (Ayers Rock). The platform - named Talinguru Nyakunytjaku, or ‘place to look from the sand dune' in the Aboriginal

Staples and Home Depot join effort to save U.S. forests

Staples Inc and Home Depot Inc are collaborating with environmental groups in a pilot program aimed at conserving fast-disappearing Southern U.S. forests, organizers said on Thursday.

Quitting commerce group over climate wonderful: Chu

Energy Secretary Steven Chu said he applauds companies that have quit the U.S. Chamber of Commerce over disagreement with the business group's climate change policy.

Healthcare reform gathers steam

President Barack Obama's push for healthcare reform gathered steam on Thursday as a Senate panel scheduled a key vote and Democrats in the House of Representatives moved closer to hatching a bill.

Oil rises above $71 on recovery hope, weak dollar

Oil prices rose to settle above $71 a barrel on Thursday, supported by better-than-expected economic data and a weaker U.S. dollar.

Shell carbon plan wins Canadian government funding

The Canadian and Alberta governments have promised C$865 million ($823 million) to help oil major Royal Dutch Shell Plc develop carbon capture and storage at its oil sands processing plant in an effort to help meet goals to curb global warming.

CORRECTED: Pay czar urged to stop BofA CEO pension

A top U.S. labor group on Thursday asked the Obama administration's pay czar to stop any retirement payments to Bank of America Chief Executive Ken Lewis.