IBT Staff Reporter

Ferrari said on Wednesday that retired seven time Formula One champion Michael Schumacher, 40, will get back into the race cockpit for the team, temporarily replacing injured Felipe Massa, 28.

Independent power producer NRG Energy Inc posted higher second-quarter earnings, helped by the acquisition of Reliant Energy's Texas retail business and a tax gain on the sale of its equity stake in Mibrag.

The number of U.S. workers filing new claims for unemployment benefits rose slightly more than expected last week, but the number of workers staying on jobless rolls fell to the lowest in three months, government data showed on Thursday.

The corporate bond market is signaling trouble ahead for those U.S. regional banks that are facing rising loan losses from commercial real estate.

The Federal Reserve seems to be volunteering to be top bubble burster. In a recent speech, Bill Dudley, the president of the Federal Reserve Bank of New York,

U.S. banks' losses from loans to homebuilders should start to taper off in about six months, a Standard & Poor's analyst said on Wednesday.

U.S. mortgage applications fell for the first time in four weeks, driven by a drop in demand for home refinancing loans as interest rates climbed, data from an industry group showed on Wednesday.

U.S. mortgage rates rose for a second consecutive week as Treasury yields climbed, a move that does not bode well for the hard-hit U.S. housing market.

Motorola Inc posted a bigger quarterly profit in the second quarter as it cut costs and shipped more cell phones than expected, sending its shares up 7.6 percent.

Stocks rose on Thursday as a string of solid corporate profits and a drop in the number of Americans staying on jobless benefits fueled economic recovery hopes.

Motorola Inc posted a bigger quarterly profit in the second quarter as it cut costs and shipped more cell phones than expected, sending its shares up 7.6 percent.

Canada's Cyberplex Inc, a provider of web advertising solutions, said its offer to buy Burst Media Corp for $16.5 million was rejected by the U.S.-based online advertising firm's board.

Cablevision Systems Corp said on Thursday its board approved a spinoff of its Madison Square Garden (MSG) unit by year-end, in hopes of a better valuation from Wall Street for assets such as its New York Knicks basketball team and Radio City Music Hall.

Primus Financial Holdings, founded by former top Citi Asia banker Robert Morse, plans to team up with a Hong Kong-listed battery maker to bid for AIG'sTaiwan unit Nan Shan Life, sources with direct knowledge of the matter said on Thursday.

It took Microsoft Corp and Yahoo Inc several years to find common ground on the best way to team up in the Internet search market. Now comes the hard part.

It took Microsoft Corp and Yahoo Inc several years to find common ground on the best way to team up in the Internet search market. Now comes the hard part.

PennyMac Mortgage Investment Trust, which buys distressed home loans and is run by several former Countrywide Financial Corp executives, on Wednesday raised $320 million from an initial public offering, $80 million less than planned.

A U.S. bankruptcy judge is likely to rule on Thursday whether auto parts supplier Delphi Corp can go ahead with its plan to sell its assets to a group of lenders and bring an end to its near four-year bankruptcy case.

Industrial conglomerate Tyco International Ltd posted higher-than-expected quarterly earnings, helped by revenue from services across its divisions and improved margins in its ADT security division, and its shares rose nearly 7 percent.

Dubai's Emaar Properties EMAR.DU, the builder of the world's tallest tower in the Gulf Emirate, made a loss of 1.29 billion dirhams ($351.2 million) for the second quarter after it wrote off the complete book value of its U.S. unit.

President Barack Obama said on Wednesday that General Motors Co [GM.UL] and Chrysler Group were companies worth saving, but he expects both to repay their government loans.

Outbreaks of the H1N1 flu among children attending U.S. summer camps presage a surge in cases this fall as students return to school, an official at the U.S. Centers for Disease Control and Prevention warned on Wednesday.

General Electric Co shares climbed 5 percent on Thursday after a powerful U.S. lawmaker suggested a planned financial regulatory overhaul would not force the largest U.S. conglomerate to spin off its hefty finance arm.

Moldova's pro-Western opposition planned on Thursday to form a coalition after beating the ruling Communists in an election that could decide whether the former Soviet republic swings away from Russia to Europe.

Citigroup will sell its Japanese asset management arm to Sumitomo Trust Banking in a $1.2 billion deal, the U.S. bank's latest asset sale to recoup losses from the financial crisis.

Indian opposition lawmakers staged a noisy protest and walked out of parliament on Thursday, branding government efforts to improve ties with Pakistan a sell out of national interest.

French drugmaker Sanofi-Aventis expanded its animal health business by buying the other half of Merial from its U.S. partner Merck for $4 billion in cash while opening the door for a bigger deal.

Auto parts maker Federal-Mogul Corp (FDML.O) posted a sharp drop in quarterly profit on Thursday, but reported substantial progress from earlier in 2009 as it cut costs to address the economic downturn and production cuts by its automaker customers.

Top Japanese model Yuri Ebihara has made her mark in Asia but now she wants to take her place on the global catwalk alongside the world's supermodels.