IBT Staff Reporter

The world's top chip maker Intel Corp said it agreed to buy Wind River Systems Inc. for about $884 million to gain a stronger foothold in the embedded systems and mobile handheld devices space.

Textron Inc's Cessna unit plans another round of job cuts in the face of deteriorating demand for corporate aircraft, the diversified U.S. manufacturer said on Thursday.

Below is the prepared text U.S. President Barack Obama's speech in Egypt aimed at healing a rift with the Muslim world.

Cowen Group Inc said it agreed to merge with privately held asset manager Ramius LLC, three months after its rival Rodman & Renshaw Capital Group Inc terminated an offer to buy the boutique investment bank.

President Barack Obama called for a new beginning in relations between the United States and the Muslim world Thursday, addressing grievances over the Arab-Israeli conflict, two U.S.-led wars and tensions over Iran.

Jamie Laird had hoped to retire comfortably some day from the machinist's job he has held for 30 years, but his western Illinois manufacturing plant is closing and he now fears for his family's economic future.

World equities slipped on Thursday, led lower by emerging market stocks which outweighed gains in Europe.

The steep decline in the U.S. economy has begun to moderate, but the ensuing recovery is likely to be slow, Sandra Pianalto, President of the Cleveland Federal Reserve Bank, said on Thursday.

The European Central Bank kept its interest rates on hold on Thursday, and markets are turning their attention to the details of its covered bond purchase plan and any clues on whether rates may yet be cut further.

Many of the 789 dealerships that Chrysler plans to close will begin presenting their case to bankruptcy court on Thursday, arguing that the automaker was undermining its turnaround by terminating the franchises.

President Barack Obama called for a new beginning between the United States and Muslims Thursday, in a speech delivered at Cairo University.

Shoppers searched for bargains and basics in May, leading many retailers to miss sales expectations on Thursday even though the bar was set pretty low for most chains.

Fewer U.S. workers filed new claims for jobless benefits for a third straight week last week and productivity rose at a stronger-than-expected pace in the first quarter, data showed on Thursday, supporting budding hope that the recession was losing force.

U.S. stock index futures pointed to a higher open on Thursday, as government data indicated the recession may be abating, while investors digested May sales from retailers.

The prospect of a bumper plane order battle brightened a depressed outlook for plane manufacturers on Thursday as United Airlines was reported to be seeking 150 jets despite fresh warnings of industry losses.

Chip maker Intel announced plans on Thursday to acquire Wind River Systems Inc., which makes software for embedded devices, for $11.50 a share, or $884 million in cash.

The world's biggest wind farm, China's Rudong, is unlikely to blow any business the way of foreign turbine manufacturers such as Vestas, Gamesa and Suzlon, according to local officials.

Toyota Motor Corp's Prius hybrid was Japan's best-selling car in May, a dealers' group said on Thursday, attesting to robust demand for low-emission cars helped by government incentives amid flagging auto sales.

U.S. stock index futures rose on Thursday after data showed the number of people filing new jobless claims declined for a third straight week.

Democratic leaders in the House of Representatives have put major environmental legislation on a fast-track, boosting chances a climate change bill will pass this month or next, leading lawmakers said on Wednesday.

U.S. stock index futures pointed to a flat open on Thursday, rebounding from Wednesday's decline, as investors await more economic data and monthly sales from retailers.

Shoppers searched for bargains and basics in May, leading several retailers to miss sales expectations on Thursday even though the bar was set pretty low for most chains.

Costco Wholesale Corp reported a bigger-than-expected 7 percent fall in May same-store sales, including fuel, hurt by gasoline deflation and unfavorable foreign exchange rates.

U.S. stock index futures pointed to a higher open on Thursday, rebounding from Wednesday's decline, as investors await more economic data and monthly sales from retailers.

President Barack Obama called for a new beginning between the United States and Muslims Thursday, and called on both societies to start a new relationship bringing an end to the cycle of suspicion and discord.”

Dutch financial group ING Groep NV will leave 10 of the 48 countries it currently operates in and sell 10 to 15 businesses over the next three to five years, Chief Executive Jan Hommen said on Thursday.

World equities traded close to 2009 highs on Thursday despite losses on emerging markets and investor fervor being cooled by weaker U.S. private employment and services sector data.

Chinese state-owned metals firm Chinalco may revise its planned $19.5 billion investment in miner Rio Tinto before a June 14 deadline to avoid further delays in Australian government approval, two sources close to the deal said on Thursday.

U.S. stock index futures pointed to a higher open on Wall Street on Thursday, following the previous session's sell-off, while investors braced for monthly sales data from retailers.