IBT Staff Reporter

The following is an open letter from Franck Biancheri Director of studies of LEAP/E2020 to the G20.

New York state's top legal officer will issue subpoenas on Thursday to American International Group Inc over credit default swaps contracts, a source familiar with the matter said.

ING has shelved plans to apply for a banking license in China and plans to exit one of its two insurance joint ventures there, as it looks to shore up its capital needs, a top executive said on Thursday.

AIG, the giant insurer bailed out by U.S. taxpayers, said on Thursday two top managers in Paris have resigned but will remain in place to oversee an orderly transition, reducing the risk of default on derivatives contracts.

Washington Post Co plans to offer a new round of buyouts in 2009 to employees at its namesake, money-losing newspaper and cannot rule out layoffs, its publisher said on Thursday.

Treasury Secretary Timothy Geithner on Thursday called for broad reforms to curb risk taking on Wall Street, including a new regulator to oversee the entire financial system in a bid to restrain behavior that led to the worst credit crisis since the 1930s.

The U.S. Securities and Exchange Commission's role as market supervisor and investor protector should not be sacrificed as Congress considers creating one entity to oversee all risk in the financial system, the head of the agency said on Thursday.

The U.S. Internal Revenue Service announced new steps on Thursday aimed at getting taxpayers hiding money in offshore accounts to pay up, promising not to file criminal charges for those who voluntarily fess up to hiding money overseas.

IBM's talks to acquire Sun Microsystems Inc are continuing and may extend beyond next week, according to a person with knowledge of the matter.

Twitter Inc. co-founder Biz Stone said that the company has hired a product manager to develop accounts for businesses that would offer extra features but a fee would be charged, the Wall Street Journal reported.

Satyam Computer Services Ltd's search for a buyer suffered a setback on Thursday, as a source said IBM is not in the bidding, while India's Spice Group remains undecided about its participation.

General Motors Corp said on Thursday that 7,500 workers -- or about 12 percent of its U.S. factory workforce -- represented by the United Auto Workers union had accepted buyout offers to leave the struggling automaker's payroll.

Chrysler LLC said on Thursday that it had extended the deadline for its blue-collar workers to accept retirement incentives and buyouts to leave the company.

U.S. securities regulators will bolster the regulation of money market funds and the protection of investors who entrust their funds to broker-dealers and investment advisers, the chairman of the Securities and Exchange Commission told Congress on Thursday.

A U.S. crackdown on European online gambling breaches World Trade Organization rules and would justify action at the World Trade Organization, the European Commission said on Thursday.

Federal Reserve buying of longer-dated Treasury securities ought to lower interest rates, but this potentially inflationary stimulus may prove tough to unwind, a top Fed policy-maker said on Thursday.

Washington Post Co plans to offer a new round of buyouts in 2009 to employees at its namesake, money-losing newspaper, according to a memo obtained by Reuters on Thursday.

Iran said on Thursday it would attend a U.N. conference on the future of Afghanistan which was proposed by Tehran's old foe the United States and called for a regional solution to the crisis.

For decades, the United States beckoned as the land of opportunity for bright, young Indians, lured by the prospect of prestigious university degrees followed by jobs on Wall Street or in Silicon Valley.

Britain's attorney general ordered an investigation on Thursday into whether the security services played any role in the torture of a British resident recently released from the U.S. military's Guantanamo prison.

Dr Pepper Snapple Group Inc's adjusted quarterly profit topped analysts' estimates on Thursday, helped by higher-than-expected concentrate sales, sending shares up 9 percent.

President Barack Obama defended his strategy of tackling multiple challenges instead of focusing solely on fixing the U.S. economy in a return on Wednesday to the political fund-raising that helped elect him.

Stocks rose on Thursday after strong results at Best Buy lifted consumer shares, although worries over the fate of banks emerged as details on sweeping rules to regulate the financial system were unveiled.

China on Thursday slammed a Pentagon report on its growing military might, saying criticism of China's lack of transparency betrayed Washington's Cold War mindset and risked damaging ties.

ConAgra Foods Inc posted a higher-than-expected quarterly profit on Thursday as price increases and cost cuts helped lift earnings in its consumer foods business.

The U.S. economy contracted slightly more than previously estimated in the fourth quarter, pulled down by falling consumer spending and exports, while corporate profits plunged by the biggest margin since 1994, government data showed on Thursday.

Treasury Secretary Timothy Geithner said sweeping new rules of the game are required to make sure the financial system is regulated tightly enough that it cannot again threaten the entire economy.

One month of improved data does not constitute an economic recovery and recession in the United States will last for at least a few more months, Atlanta Federal Reserve President Dennis Lockhart said on Thursday.

ConAgra Foods Inc posted a higher-than-expected quarterly profit on Thursday as price increases helped lift profit in its consumer foods business.