IBT Staff Reporter

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CIT eyes $5 bln-$7 bln DIP: sources

CIT Group Inc is eyeing a loan of up to $7 billion if a planned debt exchange offer fails and the commercial lender has to file for pre-packaged bankruptcy, two sources familiar with the matter said on Thursday.

Strong dollar 'very important': Geithner

U.S. Treasury Secretary Timothy Geithner said on Thursday that a strong dollar was very important to the United States and the rest of the world needs to be convinced Americans will be more thrifty in future.

PG&E signs new power agreements

California utility Pacific Gas and Electric said on Thursday that it has signed power agreements for more than 2,000 megawatts, boosting its use of energy from solar resources and natural gas.

Was MIchael Jackson 'healthy' when he died?

Michael Jackson was in reasonably good health at the time of his death opposing numerous media reports that portrayed him as terribly skinny and sick, the Associated Press reported Thursday.

Cisco bets on video growth with Tandberg bid

Network equipment maker Cisco Systems Inc struck a deal to buy Norwegian videoconferencing company Tandberg for $3 billion in a bid to dominate the high-growing market of corporate video communications.

BofA directors mull short-term CEO

Bank of America Corp's board of directors is looking at hiring a short-term chief executive from outside the bank to give internal candidates more time to develop, a company spokesman said Thursday.

Obama auto plan stopped global auto collapse: exec

The global auto industry would have collapsed if the U.S. government had not provided taxpayer-backed financing for automakers General Motors and Chrysler, according to the chief executive officer of Motors Liquidation Co (MTLQQ.PK).

Mercedes-Benz Trucks, Kamaz set joint venture

Daimler AG (DAIGn.DE) moved on Thursday to boost its presence in the Russian market by signing a letter of intent to create a truck and bus joint venture with local partner Kamaz (KMAZ.MM).

Daily Outlook - Oct 1 Tech

Network equipment maker Cisco Systems struck a deal to buy Norwegian videoconferencing company Tandberg for $3 billion in a bid to dominate the high-growing market of corporate video communications.

Obama Annouces $5 Billion for New Medical Research

President Barack Obama announced a plan on Wednesday to spend $5 billion on medical and scientific research, medical supplies and upgrading laboratory capacity, which he said would create tens of thousands of new jobs.

Chrysler CEO: no reprieve on U.S. plant closings

Chrysler Group LLC still plans to shutter eight North American plants according to its initial schedule, Chief Executive Sergio Marchionne said on Thursday, as he dismissed recent reports that a Detroit-area plant would get a reprieve.

France to invest 2.5 bln eur for electric car launch

France will invest 2.5 billion euros ($3.6 billion) over 10 years in research, subsidies and infrastructure development for electric cars as automakers race to get the vehicles on the road, its energy minister said.

Japan new vehicle sales fell 3 pct in Sept

Sales in Japan of new cars, trucks and buses fell about 3 percent in September from the year before, a source said on Wednesday, underscoring the fragile state of the stimulus-driven recovery in Japanese vehicle demand.

Ford September U.S. auto sales fall 5 percent

Ford Motor Co said on Thursday its U.S. auto sales fell 5 percent in September from a year earlier as demand slumped off in part due to the end of the U.S. government's cash for clunkers incentive program.

U.S. says Iran talks could open doors

The United States said on Thursday six-power talks with Iran had opened the door to better relations with the West but cautioned Tehran it must take concrete steps to prove it was not seeking nuclear arms.

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