IBT Staff Reporter

General Motors Corp said on Thursday it would slash production over the next three months to cut its inventory of cars and trucks and avoid the risk of an uncontrolled shutdown from the financial crisis at bankrupt supplier Delphi Corp .

Bank of America chief was not advised on disclosure issues by anyone at the Federal Reserve, Fed spokeswoman, Michelle Smith said on Thursday.

Australian Dollar: After another attempt to break through the 70 cent level in Asia yesterday the Aussie dollar shrugged off more weak data in the form of March New Motor Vehicle sales to enter

The International Monetary Fund (IMF) further downgraded its projection of 2009 global economic growth this week from a negative 1.3percent to a negative nearly 2%.

U.S. Attorney General Eric Holder said on Thursday he was considering forming a financial fraud task force and advocated a more comprehensive view of the causes behind the U.S. economic crisis.

Chrysler LLC's first-lien lenders are preparing another counter-offer to the U.S. Treasury that involves reducing the automaker's debt, sources familiar with the matter said on Thursday.

The Atlanta Falcons confirmed to USA TODAY's Jim Corbett that they have acquired Tony Gonzalez from the Kansas City Chiefs for the second round in 2010.

Microsoft Corp's quarterly profit fell, but its shares rose as investors welcomed continuing efforts to cut costs and news that the release of the Windows 7 operating system is on track.

No one at the Federal Reserve advised Bank of America chief Kenneth Lewis on any disclosure issues, Fed spokeswoman Michelle Smith said on Thursday.

The credit card industry needs more accountability, transparency must be improved and unfair rate increases need to come to an end, President Barak Obama urged on Thursday at a White House meeting.

U.S. stocks rose in volatile trade on Thursday as better-than-expected results from several regional banks lifted financial shares, overshadowing disappointing economic data and anemic outlooks from economic bellwethers like United Parcel Service.

U.S. stocks rose in volatile trade on Thursday as better-than-expected results from several regional banks lifted financial shares, overshadowing disappointing economic data and anemic outlooks from economic bellwethers like United Parcel Service.

Amazon.com on Thursday beat Wall Street expectations for first quarter earnings and sales as it drew more customers online and its Kindle electronic reader gained momentum.

The Federal Reserve's balance sheet ballooned in 2008, more than doubling in size, as the central bank ramped up funding to bail out the financial system, according to Fed data released on Thursday.

Amazon.com on Thursday posted higher quarterly net income, with revenue rising 18 percent in the sluggish global economy, beating Wall Street expectations and its shares rose 1 percent.

Microsoft Corp. said Thursday that its quarterly revenue fell from the previous year for the first time in its 23-year history as a public company.

Amid rumors of bankruptcy, Chrysler revealed it intends to make an all-electric version of its Town and Country minivans that will be sold exclusively to the U.S. Postal Service.

Former U.S. National Security Adviser Condoleezza Rice gave the go-ahead to the CIA for an interrogation program that included the method known as waterboarding in 2002, and Vice President Dick Cheney affirmed White House support a year later, a Senate Intelligence Committee report said on Wednesday.

Bank of America Corp CEO Kenneth Lewis was pressured by senior federal officials Henry Paulson and Ben Bernanke to accept a merger with troubled Merrill Lynch & Co or lose his job, New York Attorney General Andrew Cuomo said on Thursday.

Records show the assets of Stanford International Bank were vastly overstated, leaving only a fraction to pay investor claims, the receiver in charge of Stanford's operations and assets said in a court filing on Thursday.

Microsoft Corp reported a sharp dip in quarterly profit on Thursday, but met Wall Street's lowered forecasts, hurt by a decline in technology spending in a global economic downturn.

President Barack Obama came under strong criticism from Republicans on Wednesday for leaving the door open to the prosecution of former Bush officials who authorized severe interrogations by the CIA.

(Corrects to show profit comparable to analysts' estimates was 39 cents per share, not 33 cents)

President Barack Obama urged U.S. credit card company executives on Thursday to stop unfair rate increases and be more transparent and accountable, tapping into popular outrage over abusive lending.

Microsoft Corp reported a sharp dip in quarterly profit on Thursday, missing Wall Street's lowered forecasts, hurt by a decline in technology spending in a global economic downturn.

EU Development Commissioner Louis Michel said Thursday that international donors pledged more than $250 million to boost security for Somalia and try to stop the rampant attacks by pirates in recent months.

The number of newly laid off U.S. workers filing claims for unemployment aid rose last week and sales of previously owned homes fell in March, according to data on Thursday that showed the economy still sliding downward.

Echelon Corp and T-Mobile USA, Inc. will partner to accelerate the adoption of the smart grid in the U.S. by using T-Mobile's wireless network to communicate data from meters to utilities, the companies said on Thursday.