IBT Staff Reporter

UAE ditched plans to join the proposed Gulf Cooperation Council monetary union.

Fiat SpA is convinced it has more than a 50 percent chance of succeeding in its bid for Opel because it does not think the other contenders have the expertise to revive the car maker, an Italian newspaper said.

Stocks opened lower on Thursday as signs of further labor market weakness fueled doubts about a quick economic recovery and Britain's reduced rating outlook signaled more fallout from the credit crisis.

Continuing jobless claims hit new record high at 6.7 million

Rich nations should cut their greenhouse gas emissions by at least 40 percent by 2020 from 1990 levels as part of a new global climate change pact, China said on Thursday, spelling out its stance ahead of negotiations.

Stocks headed for a slide at Thursday's opening as signs of further labor market weakness fueled doubts about a quick economic recovery and Britain's reduced rating outlook signaled more fallout from the credit crisis.

Chinese solar energy company Suntech Power Holdings Inc on Thursday reported a surprise quarterly profit and said it expects its revenues to grow in the second quarter.

U.S. lawmakers approved late on Wednesday an amendment to a controversial climate change bill that would give federal regulators greater authority to combat manipulation in natural gas and carbon markets.

Ratings agency Standard & Poor's lowered its outlook on Britain to negative on Thursday, citing government debt that would be hard to rein in and political uncertainty about the policy response with an election looming.

Sony Corp will halve the number of its suppliers in the next two years and aims to slash procurement costs by 20 percent this year, it said on Thursday, stepping up restructuring efforts amid mounting losses.

Stock index futures declined on Thursday as doubts about a quick economic rebound fueled a global equity selloff, while Britain's reduced rating outlook pointed to more fallout from the credit crisis.

Stock index futures fell on Thursday as doubts about a quick economic rebound fueled a global equity sell-off, while Britain's reduced rating outlook pointed to more fallout from the credit crisis.

U.S. banks have been able to raise many billions of dollars in the past few weeks by selling shares to investors, but the jury is still out on whether this is the savviest of smart money -- or just plain dumb.

Former Federal Reserve Chairman Alan Greenspan said the U.S. economy and financial markets had improved but warned that banks faced a capital shortfall, which could stall lending and obstruct a recovery, Bloomberg reported on Thursday.

Oil fell more than a dollar to below $61 a barrel on Thursday, after hitting a six-month high in the previous session.

The head of Fiat SpA said it had more than a 50 percent chance of succeeding in its bid for Opel, adding that the other contenders did not have the expertise to save the struggling car maker, according to a newspaper report.

World stocks slipped from this week's six-month peak and the dollar fell to its lowest in almost five months on Thursday after the Federal Reserve lowered its forecast of U.S. economic growth for the next three years.

Oil was steady under $62 a barrel on Thursday, after rallying to a six-month high on Wednesday, as government data showed a steep drop in U.S. crude and gasoline stockpiles ahead of the summer driving season.

The dollar hit its lowest in almost five months and Asian stocks slipped on Thursday after news that the Federal Reserve lowered its forecasts for U.S. economic growth for the next three years.

Former Federal Reserve Chairman Alan Greenspan said the U.S. economy and financial markets had improved but warned that banks faced a capital shortfall, which could stall lending and obstruct a recovery, Bloomberg reported on Thursday.

The pursuit of German carmaker Opel has narrowed to a three-way race between Italy's Fiat , Canadian-Austrian car parts group Magna and investment firm RHJ International.

Some Federal Reserve officials predicted an even deeper recession than they expected three months earlier and a more sluggish recovery over the next two years as labor markets remain under pressure.

On Wednesday, Cisco Systems Inc., completed its acquisition of Tidal Software, Inc. the creator of intelligent application management and automation solutions based in in Palo Alto, California and Houston

A bill restricting credit card practices won the final approval of the U.S. congress and is now expected to be signed into law by President Barack Obama as soon as Friday.

(Corrects Nikkei point loss in paragraph 10)

Treasury secretary Timothy Geithner on Wednesday said major banks have raised $56 billion since the results of the stress tests were released reflecting a need for more capital.

Japan's Nikkei stock average lost 1.2 percent on Thursday, with Honda Motor Co and other exporters down as the yen climbed to a 2-month high on the dollar and after the Federal Reserve cut its outlook for the U.S. economy. Tech shares fell in the wake of losses by their U.S. peers, with Sony Corp dropping 1.6 percent, despite saying it plans to halve the number of it...

Regulators have questioned former Lehman Brothers Holdings executives over their marketing of auction-rate securities, the Wall Street Journal reported, citing people with knowledge of the matter.

Japan's Nikkei stock average lost 1.2 percent on Thursday, with Honda Motor Co and other exporters down as the yen climbed to a two-month high on the dollar after the Federal Reserve cut its outlook for the U.S. economy.