IBT Staff Reporter

Escalating fears about a potential bankruptcy of embattled U.S. lender CIT Group caused its debt to sell off steeply and its shares to plummet on Thursday after it said government bailout talks had ended.

The US Magazine released the video Wednesday on Michael Jackson had his hair on fire in a commercial for Pepsi-Cola for 25 years ago.

IBM reported a 13 percent fall in revenue amid a decline in corporate spending, but cost cuts and a shift to more profitable businesses helped it achieve higher-than-expected earnings, and the company raised its outlook for the full year.

Harley-Davidson Inc and Polaris Industries Inc said on Thursday that cash- strapped consumers steered clear of their big, high-end motorcycles in the second quarter and warned demand would likely remain stalled for the rest of 2009.

U.S. lawmakers on Thursday slammed former Treasury Secretary Henry Paulson over the government's role in Bank of America's merger with Merrill Lynch, saying authorities suppressed information about losses and bullied executives into going through with the deal.

Newly re-elected President Mahmoud Ahmadinejad said on Thursday his next government would bring down the global arrogance, signaling a tougher approach by Tehran toward the West after last month's disputed election.

Congress has picked up the pace of its work on an overhaul of the $2.5 trillion healthcare industry as it tries to pass legislation in each chamber before the August congressional recess.

ASUS booted up its new line of Eee PC Seashell netbooks, with all day computing with its long life battery.

The popular social networking site Facebook is not doing enough to protect the personal information it gets from subscribers, and it gives users confusing and incomplete information about privacy matters, Canada's privacy commissioner said on Thursday.

U.S. stocks rose on Thursday, as investors anticipated another round of strong corporate earnings, sending technology shares higher ahead of quarterly results from IBM.

Shares in IBM rose 2.5 percent in afternoon trade, leading the market higher ahead of the company's quarterly results, as investors bet on the possibility of an improved full-year forecast.

Sun Microsystems Inc shareholders approved the computer maker's $7 billion sale to Oracle Corp as the two await antitrust clearance from U.S. and EU regulators before they can close the deal.

The United States may need a second fiscal stimulus worth $200-250 billion around the end of the year, but the worst of the economic and the financial crisis is already behind us, leading economist Nouriel Roubini of RGE Global Monitor said on Thursday.

North Korea has started making a documentary film series on the ailing leader Kim Jong II's life for the first time.

Hooliganism charges against two opposition bloggers in Azerbaijan are unfounded and the case is fresh proof that freedom of speech is dying in the central Asian state, an official from Europe's main rights watchdog said on Thursday.

Apple lawyers had asked Microsoft to stop doing its Laptop Hunter ad campaign saying they had already lowered its computer price.

The popular social networking site Facebook is not doing enough to protect the personal information it gets from subscribers, and it gives users confusing and incomplete information about privacy matters, Canada's privacy commissioner said on Thursday.

Dell Inc on Thursday unveiled its all in one desktop, a stylish, scalable and secure design for small-medium businesses.

President Barack Obama on Thursday sought to convince Republicans to support overhaul of the U.S. healthcare industry, his signature domestic policy goal, as the measures moved on a fast-track through congressional committees with only Democratic support.

Iranian opposition leader Mir-Hossein Moussavi confirms to attend the prayer ceremony at Tehran University led by former president Akbar Hashemi Rafsanjani.

Near-zero U.S. interest rates forced Charles Schwab Corp to slash the asset management fees it charges clients, weighing on its profit -- and much more slashing is expected before year end.

U.S. home builder sentiment in July jumped to its highest level since September as improved sales conditions boosted confidence in the market for new single-family homes, an industry group said on Thursday.

Beijing has found a new culprit to blame for China's asset bubbles -- foreign hot money. China's official reserves are rising again, breaking the $2 trillion mark in April, and unexplained inflows are once again coming under the critical microscope.

The receiver charged with marshaling assets of accused swindler Allen Stanford said in court papers on Thursday he needs the help of a private equity adviser to manage the estate's web of investments which total about $650 million.

U.S. home foreclosure activity galloped to a record in the first half of the year, overwhelming broad efforts to remedy failing loans while job losses escalated.

The Obama administration is looking at ways for homeowners who have defaulted on their mortgages to remain in their homes as renters, senior administration officials said on Thursday.

U.S. home builder sentiment in July jumped to its highest level since September as improved sales conditions boosted confidence in the market for new single-family homes, an industry group said on Thursday.

General Motors GMGMQ.PK will have a hard time overcoming Germany's resistance to a financial investor if it wants to sell Opel to RHJ (RHJI.BR) in the hope that it could later buy its European carmaker back.

Toyota Motor Corp and Mazda Motor Corp are in talks over the possibility of Toyota supplying core components for hybrid vehicles to its smaller rival, two sources familiar with the matter said on Thursday.