IBT Staff Reporter

Stocks in Shanghai dropped 3 percent on Thursday, weighed by speculation China may take more steps to rein in liquidity, slashing the Australian dollar's gains, while copper slid from 10-month highs after disappointing U.S. services data.

Recovery worries, Electric injection, Network doldrums

The world's No. 4 PC brand, Lenovo , reported a smaller-than-expected first-quarter loss on Thursday, thanks to China's massive stimulus package and further boosting hopes of a rebound.

Wall Street banks and lawyers could collect nearly $1 billion in fees from the Federal Reserve Bank of New York and American International Group Inc to help manage and break apart the insurer, The Wall Street Journal said on Wednesday, citing its own analysis.

The U.S. Securities and Exchange Commission should fund itself directly from industry fees to be able to invest more in technology and personnel, Chairman Mary Schapiro told the Financial Times on Wednesday.

The U.S. Securities and Exchange Commission plans to issue more subpoenas and give people more incentives to cooperate with investigations as it works to tighten oversight of financial markets.

A judge Wednesday delayed sentencing Chris Brown on an assault charge on his then girlfriend Rihanna because the terms of his six-month community labor sentence have yet to be clarified.

Cisco Systems Inc Chief Executive John Chambers said business conditions were improving for the world's largest network equipment manufacturer but it was too soon to call a recovery, dragging its shares down 3 percent.

Former U.S. Representative William Jefferson, who was caught with $90,000 in cash in his freezer, was found guilty on 11 of 16 charges related to a bribery and money laundering scandal, a U.S. official said on Wednesday.

Bank supervision and consumer protection should not be separated, Federal Reserve Chairman Ben Bernanke said in a letter to a U.S. lawmaker obtained by Reuters on Wednesday regarding the Obama administration's proposal to create a Consumer Financial Protection Agency.

U.S. private employers cut more jobs than expected last month and the vast services sector contracted again, stoking concern about the strength of a U.S. recovery, data showed on Wednesday.

Media conglomerate News Corp posted a quarterly net loss on Wednesday after taking charges in some of its units, including the one that houses the MySpace online social network.

Britain's recession-hit consumers would rather cut back on eating out and holidays than give up their broadband, mobile phone and pay-TV services, according to a new report from media regulator Ofcom.

The U.S. government has queried Goldman Sachs Group Inc about its compensation practices and credit derivative instruments, the firm said on Wednesday.

Subprime auto lender AmeriCredit Corp posted a fourth-quarter profit, helped by lower provision for bad loans and expenses.

Prudential Financial , the second-largest U.S. life insurer, on Wednesday reported its first quarterly net profit in a year, and its shares rose more than 2 percent.

U.S. stocks slipped on Wednesday after weak data on the services sector and private payrolls cooled recent optimism the recession was retreating, but the market finished off its lows as investors ventured into riskier financial shares.

The Full Moon Lunar Eclipse will take place on August 5 at 8:55pm EDT. The eclipse will occur at 13 degrees of Aquarius, according reports of NASA.

The Commodity Futures Trading Commission held the last of a three hearings on Wednesday apparently approving the imposition of hard limits on speculators in energy markets, Dow Jones reports.

Cisco Systems Inc Chief Executive John Chambers said it was too soon to call a recovery and forecast another drop in quarterly revenue, sending its shares 3 percent lower.

Microsoft will begin its public roll-out of Windows 7's final code Thursday when it posts the official release to manufacturing (RTM) build of the OS on its for-pay developer and IT professional sites.

Shares of battered financial companies including insurer American International Group Inc and lender CIT Group soared on Wednesday, as investors rushed to buy shares to cover short positions in the companies.

Brazilian stock and debt sales slumped 45 percent in the first seven months of 2009 as local capital markets reeled from the impact of the global credit crisis, the nation's securities industry association said on Wednesday.

A unit of energy and commodities trader Noble Group Ltd won the bankruptcy auction to buy assets of SemGroup Ltd's SemFuel unit for $65.5 million, according to court documents.

After a one year run with new hosts, 'At the Movies' on Wednesday named a new pair of film critics to replace them as co-host its long running program.

Global hotelier Hyatt Hotels Corp is seeking to raise up to $1.15 billion in an initial public offering, according to a regulatory filing on Wednesday.

U.S. stocks slipped on Wednesday after weak data on the services sector and private payrolls cooled recent optimism the recession was retreating, but the market finished off its lows as investors ventured into riskier financial shares.

General Motors Co is on track to sell shares in an initial public offering as soon as 2010, before Chrysler , the the Obama administration's autos task force said on Wednesday.

Cisco Systems Inc Chief Executive John Chambers said it was too soon to call a recovery and forecast another drop in quarterly revenue, sending its shares 3 percent lower.