IBT Staff Reporter

President Barack Obama, saying he was committed to a strong U.S. auto industry, announced on Thursday the government would buy 17,600 new fuel-efficient vehicles from ailing American automakers by June 1.

3M Co said on Thursday that it had offered early retirement packages to about 3,600 U.S. employees, or 11 percent of its workforce, as the diversified manufacturer continues to respond to reduced demand for its products brought on by the economic downturn.

U.S. stocks jumped on Thursday after Wells Fargo said it expects to report a record quarterly profit, fueling a month-long rally prompted by hopes that deterioration in the financial sector was abating.

Microsoft has been hit with one of the largest patent awards on record, as a jury on Thursday ordered the software giant to cough up $388 million on claims that is misappropriated its technology.

Oil prices rose nearly 5.8 percent on Thursday, fueled by a rally on Wall Street and data showing that the number of workers filing new claims for unemployment benefits fell last week.

A day after Warren Buffett's Berkshire Hathaway Inc lost its triple-A credit rating, its shares rose to the highest since mid-January after Wells Fargo & Co , one of its largest investments, projected a surprise $3 billion first-quarter profit.

The head of the Federal Reserve Bank of Kansas City outlined his suggestions for principles which should guide the resolution process if financial institutions fail.

Somali pirates defied international naval powers on Thursday to keep an American ship captain hostage on a lifeboat in the Indian Ocean after their first seizure of U.S. citizens.

The head of the U.S. spy satellite agency, the National Reconnaissance Office, has announced his resignation, a spokesman said on Thursday.

Yahoo is expanding its cloud initiatives, extending its reach into research territory.

U.S. energy costs for gasoline and electricity are lowest in the state of Wyoming, while Hawaii ranks the highest, according to a new survey focusing on individuals, families and small businesses.

As automakers unveil smaller electric cars and hybrids at the New York International Auto Show this week, Volkswagen’s President and chief executive insists the industry not only should develop those vehicles, but also improve fuel-efficient gas and diesel models.

General Motors Corp is preparing a new offer to bondholders for a debt restructuring critical to its turnaround that may be far worse than terms the automaker had provided previously, CNBC reported on Thursday.

Many U.S. retailers posted smaller-than-expected sales declines for March in a sign that shoppers may be regaining confidence to open their wallets after more than a year of recession.

Stocks jumped on Thursday after Wells Fargo said it expects to report a record quarterly profit, providing a ray of hope for the struggling financial sector and adding fuel to the month-long rally.

France's parliament rejected a bill on Thursday that proposed disconnecting Internet users if they download music or films illegally, with the ruling UMP party failing to turn out in force to approve the law.

Led by traditional banking activities, Wells Fargo & Co. said Thursday that its business in the first quarter was strong, adding that the purchase of Wachovia had exceeded expectations.

The U.S. recession is likely to grind on for some time, especially as strains in credit markets continue, a top Federal Reserve policy-maker said on Thursday.

At least 60,000 Georgians rallied on Thursday at the start of a campaign to try to force President Mikheil Saakashvili to resign, an effort led by opponents emboldened by last year's disastrous war with Russia.

Russia opposes new sanctions against North Korea and believes that imposing sanctions would be counterproductive, the Russian foreign minister said Wednesday.

What's better than listening to a $20 relaxation CD at home? Having a relaxing massage for half the price on a white-sand beach. Boracay, one of the most commercialized islands of the Philippines, is a seven-kilometer-long paradise island where tourists flock to

France's parliament rejected a bill on Thursday that proposed disconnecting Internet users if they download music or films illegally, with the ruling UMP party failing to turn out in force to approve the law.

If I had a nickel for every time I said ‘hello’ in response to one of my students in the lunchroom, well, let’s just say it would solve a lot of my problems. Since those coins aren’t showing up on my doorstop anytime soon, I’m slogging through the days teaching English in rural Korea.

Oil prices rose more than 3.5 percent on Thursday, fueled by a rally on Wall Street and data showing that the number of workers filing new claims for unemployment benefits fell last week.

Stocks rallied on Thursday as Wells Fargo gave preliminary first-quarter results that were stronger than expected, providing a ray of hope in the struggling financial sector.

American singer and actress Jennifer Lopez has won a cybersquatting case against a U.S. web operator who registered two Internet addresses that used her name for commercial profit, a U.N. agency said on Thursday.

President Barack Obama plans to meet on Friday with top financial regulators to sketch out the next steps to take with the stress tests being conducted at the 19 biggest U.S. banks, a source familiar with the meeting said on Thursday.

U.S. President Barack Obama encouraged Americans on Thursday to take advantage of historically low mortgage rates and said his administration was rolling out further phases of its plan to address the housing crisis.