IBT Staff Reporter

Oil fell below $70 on Thursday, pulling back from the more than 5 percent gain a day ago on worries that a rise in U.S. crude and distillate stocks signals weak demand when taken along with the latest economic data.

China celebrated its ascendance with a show of goose-stepping troops, gaudy floats and nuclear-capable missiles in the nation's capital on Thursday, 60 years after Mao Zedong proclaimed its embrace of communism.

The U.S. economy is mending more quickly than anticipated, although high unemployment and growing commercial property defaults will put a drag on the recovery, the International Monetary Fund said on Thursday.

Many people who have died of H1N1 swine flu in the United States have also had bacterial infections, health officials reported on Wednesday.

Mothers who smoke during pregnancy put their children at greater risk of developing psychotic symptoms as teenagers, British scientists said on Thursday.

Nortel Networks Corp said on Wednesday it plans to sell its global GSM business, as the bankrupt telecom equipment maker continues to auction off its assets.

Asian shares fell on Thursday after a surprise drop in manufacturing in the U.S. heartland cast doubts on the strength of a global recovery, while the dollar was on the back foot against higher-yielding currencies.

Citigroup completed the sale of its Japanese brokerage Nikko Cordial Securities to Sumitomo Mitsui Financial Group, one more step in the U.S. bank's plans to shed non-core assets.

BofA's Lewis Out; Saturn Goodbye; Economy Stabilizing

General Motors Co will close Saturn and wind down its dealership network after a deal to sell the faltering brand to Penske Automotive Group collapsed, the automaker said on Wednesday.

Citigroup completed the sale of its Japanese brokerage Nikko Cordial Securities to Sumitomo Mitsui Financial Group , one more step in the U.S. bank's plans to recoup losses from the financial crisis.

South Korea surpassed Japan and Sweden to take the top spot in an annual ranking of broadband quality, helped by its government's efforts to boost it as an IT world leader, a study showed on Thursday.

Bank of America Corp said on Wednesday six internal candidates are in the running to take over from Chief Executive Kenneth Lewis when he retires at the end of the year. All six are on the executive management team, four are long-time Bank of America staff and just one -- Tom Montag -- joined through the bank's acquisition of Merrill Lynch & Co.

JPMorgan Chase's investment bank is planning a push to win more business outside the United States by building on the group's financial ties with overseas companies, its head Jes Staley told the Financial Times.

Congressional leaders on Wednesday pressed General Motors Co GM.UL and Chrysler to resolve complaints about dealer franchise terminations the automakers pushed through during their brief bankruptcies.

Business software maker Lawson Software Inc posted a first-quarter profit that beat market expectations, helped by increased license fee revenue and expense cuts, and forecast second-quarter results in line with Wall Street view.

The U.S. government and the body in charge of assigning Internet addresses signed an agreement on Wednesday that allows for greater global participation in the Internet domain name process.

Hershey Co remains stymied in its ability to assemble a takeover offer for Cadbury Plc, leaving Kraft Food Inc as the sole bidder for the British confectioner, The Wall Street Journal reported on Wednesday.

A federal judge has rejected bids by the National Hockey League and Canadian billionaire James Balsillie for the NHL's Phoenix Coyotes, leaving control of the bankrupt team in limbo.

CIT Group Inc is planning to offer its unsecured debt holders two options: either exchange their debt voluntarily, or face a prepackaged bankruptcy, sources close to the situation said on Wednesday.

The Australian Dollar opens today at 0.8810 having surged higher during local trade on Wednesday after stronger than expected economic data.

Apple is in talks with several media companies rooted in print, negotiating content for a new device, according to Gizmodo.

Chinua Achebe, the grandfather of modern African literature, first began telling stories as a means to reaching the truth. Fiction, he knew, could sometimes strike deeper than real life.

Oscar-winning Pulp Fiction screenwriter Roger Avary was sentenced to a year in jail on Wednesday after killing a newlywed Italian passenger in a drunken driving crash in California last year.

Stocks fell on Wednesday after a surprising contraction in an index of Midwest business activity, but buying of technology bellwethers like Cisco Systems Inc at the end of a strong quarter limited losses.

A British government minister asked California governor Arnold Schwarzenegger on Wednesday to shut down a U.S. website that allows men to rate prostitutes, including many working in London.

Stocks fell on Wednesday after a surprising contraction in an index of Midwest business activity, but buying of technology bellwethers like Cisco Systems Inc at the end of a strong quarter limited losses.

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.

Dennis Hopper, the Oscar-nominated actor and star of movies including 1969's iconic Easy Rider, was hospitalized in New York on Wednesday with flu-like symptoms, said his representative.