IBT Staff Reporter

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The International Monetary Fund has revised its 2010 growth forecast sharply upwards, a source said on Thursday, and surging Chinese investment in May fueled hopes of a global recovery.

Swedish luxury carmaker Koenigsegg and Norwegian investors have signed a letter of intent with General Motors' Swedish unit Saab to take over the loss-making brand, Swedish television reported on Thursday, citing unnamed sources.

Delta Air Lines Inc said on Thursday that it planned additional cuts in seat capacity this year as rising fuel prices and softer travel demand pressure business.

China is formulating a plan for development of renewable energy, as pressure mounts from Washington for lowered green house emissions to fight the specter of a warming planet.

U.S. retail sales rose in May for the first time since January, according to a government report showing results which represent the ‘complete universe’ of over three million retail and food services firms nationwide.

Bank of America's Ken Lewis on Thursday testified at a U.S. House Oversight and Government Reform Committee hearing to examine the government's role in the bank's acquisition of Merrill Lynch.

Stocks advanced on Thursday as oil and commodity prices rose and retail and jobs data boosted hopes of economic recovery.

India's Satyam Computer Services said on Thursday it plans to put about 7,000 to 10,000 staff on virtual pool as part of the fraud-hit outsourcing firm's strategy to manage excess staff and cut costs.

A Chinese lawyer has demanded a public hearing to reconsider a government demand that all new personal computers carry Internet filtering software, adding to uproar over a plan critics say is ineffective and intrusive.

The International Monetary Fund has raised its global growth estimates for 2010 to 2.4 percent from 1.9 percent in April because of stimulus measures taken in recent months, a G8 source who has seen the latest figures said.

BlackBerry Internet Service, an Internet solution for BlackBerry smartphones, has quietly released an update.

U.S. retail sales rose for the first time in three months in May and the number of workers filing new claims for jobless benefits last week hit the lowest level since January, suggesting the recession was abating.

Myanmar's detained opposition leader Aung San Suu Kyi believes her trial is an attempt by the country's ruling generals to prevent her from running in multi-party elections next year, her lawyer said.

Russia said on Thursday that full dialogue with the United States on missile threats could only begin if Washington dropped its plans to deploy a missile defense system in Europe.

NATO nations agreed on Thursday to cut their 10-year-old peacekeeping operation in Kosovo from around 14,000 troops to 10,000 in coming months, with further reductions planned if security allows.

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Air France is not yet convinced that faulty speed sensors were to blame for the loss of one of its planes over the Atlantic, but it is replacing old sensors as a precaution, the airline's chief executive said on Thursday.

The global economy is set to contract by close to three percent this year, worse than the previous estimates for a 1.75 percent decline, World Bank President Robert Zoellick said on Thursday.

Iran's presidential candidates ended a hard-fought and bitter campaign on Thursday, the eve of an election which reformists hope will prevent hardline Mahmoud Ahmadinejad winning a second term.

China cheered Australian investors with its undimmed appetite for resources assets as one state-owned firm, Minmetals, clinched a $1.4 billion deal and another, Chinalco, vowed to bounce back from the shock of its failed $19.5 billion Rio Tinto tie-up.

Kohlberg Kravis Roberts & Co's deal to sell IPO stocks through Fidelity Investments suggests it might be gearing up to take public some of the companies in its portfolio, despite a market that remains inhospitable to deals backed by private equity.

Emails from Federal Reserve officials appear to back assertions by Bank of America Chief Executive Kenneth Lewis that he was under pressure, to the point of losing his job, to complete the purchase of Merrill Lynch, despite worries about its financial condition.

The Venezuelan government of U.S.-critic President Hugo Chavez on Wednesday ordered Coca-Cola Co to withdraw its Coke Zero beverage from the South American nation, citing unspecified dangers to health.

Oil firmed to $72 a barrel on Thursday after the International Energy Agency raised its estimate for 2009 oil demand, adding to signs the fall in consumption may have bottomed out.

Asian stocks edged higher, powered by a sharp rise in commodity-related shares as oil prices extended gains on Thursday, keeping a rising trend in raw materials prices intact and boosting the Australian dollar.

The World Health Organization was poised on Thursday to declare that the new H1N1 virus has caused the first influenza pandemic in more than 40 years, health sources said on Thursday.

The number of U.S. workers filing new claims for jobless benefits fell more than expected last week, government data showed on Thursday, pointing to an easing of labor market weakness.

Retailers who scoffed at the web during the flush days of consumer spending are now diving head first into online initiatives, lured by that channel's resilience in the downturn.