IBT Staff Reporter

NEW YORK - Time Warner Inc's (TWX.N) AOL division named a former Time Warner Cable Inc (TWC.N) executive as its chief financial officer ahead of the expected spinoff of the Internet unit later this year.

NEW YORK - Interest rates on U.S. 30-year fixed-rate mortgages rose 0.02 percentage point in the latest week, according to a survey released on Thursday by home funding company Freddie Mac (FRE.N).

Oil pared early gains to drop to near $71 a barrel on Wednesday, extending losses from the previous session as rising U.S. crude stockpiles and a dip in equity markets outweighed bullish economic data.

The $10.5 million pay package for American International Group Inc's new chief executive Robert Benmosche will likely be approved formally by the U.S. government's compensation czar Kenneth Feinberg next week, the Wall Street Journal said, citing people familiar with the matter.

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BANGALORE - Garmin Ltd (GRMN.O) has chosen a wireless carrier for its long-awaited navigation-enabled smartphone set for a fourth-quarter launch in the United States, but the navigation device maker stopped short of naming the company.

Stocks defying gravity?; Reconciliation at AIG; Airlines Recovering

The U.S. economy appears to have stabilized and may not need all the stimulus the central bank had planned to offer, Richmond Federal Reserve Bank President Jeffrey Lacker said on Thursday.

Wall Street opened little changed on Thursday after data showed the U.S. economy shrank less than expected in the second quarter and initial jobless claims fell, but not as much as forecast.

The world's largest handset maker, Nokia unveiled on Thursday its first phone running on Linux software, aiming at improving its offering at the top end of the market.

British house prices rose for the fourth month running and at their fastest monthly rate in 2-1/2 years in August, the Nationwide Building Society said on Thursday, in a further sign the housing market is picking up.

Wall Street was set to open little changed on Thursday after data showed the U.S. economy shrank less than expected in the second quarter and initial jobless claims fell, but not as much as forecast.

Luxury home builder Toll Brothers Inc reported a wider quarterly loss on Thursday, reflecting charges for writing down land values.

Japan's main opposition Democratic Party looks set to win an election on Sunday by a huge margin and could even secure a two-thirds majority in parliament's powerful lower house, a newspaper survey showed on Thursday.

Discount-store operator Fred's Inc (FRED.O) reported a second-quarter profit in line with Wall Street estimates, as lower expenses offset a worse-than-expected sales decline.

CHICAGO - An Abbott Laboratories Inc (ABT.N) unit that makes genetic tests will work with Pfizer Inc (PFE.N) to develop a test to screen non-small cell lung cancer (NSCLC) tumors to determine which patients are good candidates for a novel cancer therapy being developed by Pfizer.

NEW YORK - NYSE Euronext (NYX.N) said on Thursday the trans-Atlantic stock exchange will acquire NYFIX Inc (NYFX.O) in a deal valued at $144 million, to optimize trading efficiency.

The number of U.S. workers filing new claims for jobless benefits fell last week to 570,000, and those collecting long-term unemployment benefits dropped to the lowest level since April, government data showed on Thursday.

With the U.S. economy mired in recession, workers are finding themselves stuck in bad jobs with such annoyances as managers who berate employees and bosses who hold meetings in bed.

As global PC brands fight it out in the market for cheap, mini-laptops, Acer's quarterly results show not all is good news even in a robust market.

NEW YORK - Sixteen one-time American International Group Inc (AIG.N) outside directors asked a federal judge to dismiss a shareholder lawsuit accusing them of ignoring red flags that brought the insurer to the brink of collapse and led to $180 billion of federal bailouts.

PG&E Corp's (PCG.N) 1,150-megawatt Diablo Canyon 2 nuclear power unit in California was at 77 percent power early Thursday, down from full power on Wednesday, the U.S. Nuclear Regulatory Commission said in its power reactor status report.

Luxury home builder Toll Brothers Inc reported a wider quarterly loss on Thursday, reflecting charges for writing down land values.

Microsoft Corp plans to slash the price of its high-end Xbox 360 video game console by $100, or 25 percent, stepping up the price war in the video game console market following a similar move by rival Sony Corp.

Japan's Sharp Corp said it plans to launch a paperback-sized mini mobile PC that features a quick start-up time, touch-screen display and full keyboard, targeting niche demand between smartphones and netbooks.

Industrialized nations can deepen planned cuts in greenhouse gas emissions to shore up a U.N. climate treaty due in December but analysts say there are risks they will promise more than they deliver.

Richmond Federal Reserve President Jeffrey Lacker was quoted on Thursday as saying the U.S. economy was stabilizing after a painful recession and the shattered housing market will no longer be a drag on economic activity.

Oil fell toward $71 on Thursday, after touching 10-month highs earlier this week, as swollen crude and distillate inventories in the United States, the world's largest fuel consumer, weighed on sentiment.

Richmond Federal Reserve President Jeffrey Lacker was quoted on Thursday as saying the U.S. economy was stabilizing after a painful recession and the shattered housing market will no longer be a drag on economic activity.