IBT Staff Reporter

Prominent hedge fund firm Pequot Capital told investors on Wednesday it will shut down because of a reopened government probe into possible insider trading.

Oil slipped on Thursday as global markets dropped on government debt worries but held firmly above $63 a barrel as OPEC met in Vienna to discuss the group's oil output and what price the world could afford to pay.

Costco Wholesale Corp on Thursday said its third-quarter net profit fell 29 percent, as shoppers stuck to buying basics like food and medicine, and pared back discretionary purchases of clothes or jewelry.

Costco Wholesale Corp on Thursday said its third-quarter profit fell 29 percent, as shoppers stuck to buying basics, like food and medicine, and pared back discretionary purchases of clothes or jewelry.

Citigroup Inc is in early negotiations with the U.S. Securities and Exchange Commission to settle a probe into whether it misled investors by not properly disclosing the amount of troubled mortgage assets it held as the markets started to fall in 2007, the Wall Street Journal said, citing people familiar with the matter.

Concerns about the debt burden facing countries trying to spend their way out of the economic downturn spooked investors on Thursday despite optimism from President Barack Obama that the U.S. economy was past the worst.

Oil prices fell below $63 a barrel on Thursday, snapping three sessions of gains, as investor sentiment soured on worries that a potential recovery in the United States might be delayed because of the country's rising debt.

General Motors Corp moved closer to filing the largest bankruptcy ever for a U.S. industrial company after a crucial bond exchange proposal failed, while the fate of GM's European brand Opel remained uncertain after marathon talks with German officials ended without a deal.

The fate of German carmaker Opel hung in the balance on Thursday after marathon talks on shielding it from the looming bankruptcy of its U.S. parent General Motors ended without a deal.

Asian shares retreated from seven-months highs on Thursday as concerns grew that rising yields on U.S. government debt could push up borrowing costs and choke off a potential recovery in the world's largest economy.

Oil prices fell below $63 a barrel on Thursday, snapping three sessions of gains, as investor sentiment soured on worries that a potential recovery in the United States might be delayed due to the country's rising debt.

The Obama administration is weighing a plan that would put the Federal Reserve in charge of monitoring systemic risk and give the Federal Deposit Insurance Corp authority to unwind insolvent bank holding companies, sources familiar with the proposal said on Wednesday.

A U.S. government plan to rid banks of bad loans is stalling and may soon be put on hold, the Wall Street Journal reported on Wednesday, citing people familiar with the matter.

General Motors Corp moved closer to filing the largest bankruptcy ever for a U.S. industrial company after a crucial bond exchange proposal failed and as German officials held marathon talks to decide the fate of GM's European brand Opel.

Japan's Nikkei stock average edged down 0.1 percent in choppy trade on Thursday, with losses in exporters such as Sony Corp on fears about the U.S. economy narrowly outweighing support from shippers and auto shares.

Japan's Nikkei stock average nudged down 0.2 percent on Thursday, with losses in exporters such as Sony Corp on concern about the U.S. economy narrowly outweighing support from shippers and defensive shares. Nippon Steel climbed 2.3 percent after the Nikkei business daily said the steelmaker planned to raise its capacity utilization rate from the current 50 percent to 60 to 70 percent as early as...

The Obama administration wants to designate the Federal Reserve as the new systemic risk regulator and give the Federal Deposit Insurance Corp authority to unwind bank holding companies, a source familiar with the administration's proposal said on Wednesday.

What's cheaper than a fire sale? Answer: A government give-away.

AT&T Inc's Chief Executive Randall Stephenson said on Wednesday that the No. 2 U.S. mobile service would be keen to sell Palm Inc's high-profile Pre phone at some point in the future.

New Jersey’s Attorney General Anne Milgram on Thursday filed a suit against three ticket sellers for allegedly breaking state law by selling tickets to three upcoming Bruce Springsteen concerts at Giants Stadium before the tickets were available for sale.

Prominent hedge fund firm Pequot Capital told investors on Wednesday it will shut down amid an ongoing government probe into possible insider trading.

Prominent hedge fund firm Pequot Capital told investors on Wednesday it will shut down amid an ongoing government probe into possible insider trading.

Chrysler looks set to clear its last major hurdle in its sprint through bankruptcy court as soon as Thursday, when a judge is expected to overrule more than 340 objections and approve its sale to a group that includes Fiat.

The founder of Pequot Capital Management Inc says the fund firm will shut down due to an investigation into the firm’s activities, according to a letter to clients published in media reports Wednesday.

Microsoft has announced the new evolution of its Zune player called Zune HD to be available this fall serving high-definition video and high-definition radio.

The U.S. president promised Wednesday to defend South Korea and Japan from any attack by North Korean amid escalating threat from the reclusive state.

General Motors Corp moved closer to filing the largest bankruptcy ever for a U.S. industrial company after a crucial bond exchange proposal failed and as officials in Germany neared a decision on which company would take over GM's European brand Opel.

Airport operator, Fraport AG said on Wednesday its 1,479 shareholders will receive €1.15 per share and see a sustainable recovery trend by 2010 despite revenue decline and difficulties in the current worldwide economic crisis.

On Wednesday IBM Corp announced that it will make up to $3 billion to finance smart infrastructure projects in Europe and Asia The announcement follows the announcement made by the company last April 30 for the availability of up to $2 billion to help jump start US economic stimulus programs.