IBT Staff Reporter

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.

Online social network Xing plans to more than double its number of members in German-speaking markets in the coming years as it expands in Europe and creates new jobs.

A key congressional committee on Wednesday approved a $3.45 trillion budget framework for next year that embraces many of President Barack Obama's priorities but spends slightly less than he sought.

Wall Street was set for a higher open on Thursday as reports on economic growth and jobless claims came in roughly as forecast, while shares of Best Buy jumped after its results beat expectations.

Best Buy Co posted a 23 percent drop in quarterly profit on Thursday, but its adjusted results topped Wall Street estimates, helped by better-than-expected consumer demand and strong sales of mobile phones.

Toyota Motor Corp will continue to sell the current, six-year-old Prius alongside the upcoming new version, at least in Japan, its president said on Thursday.

Dr Pepper Snapple Group Inc's adjusted quarterly profit topped analysts' estimates on Thursday, helped by higher-than-expected concentrate sales and expanded distribution of the soft drink Crush.

U.S. billionaire Charles Simonyi roared into space aboard a Russian rocket on Thursday, making history as the first tourist to make the epic journey twice.

Britain's greenhouse gas emissions fell two percent in 2008, firmly putting the country on course to meet its targets under the Kyoto Protocol, the government's environment agency said Wednesday. Provisional statistics published by the Department for Energy and Climate Change (DECC) showed that total greenhouse gas emissions dropped to 623.8 million metric tons of carbon dioxide equivalent last year, down from 636.6 million metric tons in 2007.

Global warming is more than a third to blame for a major drop in rainfall that includes a decade-long drought in Australia and a lengthy dry spell in the United States, a scientist said on Wednesday.

President Barack Obama's nominee for the No. 2 position at the Environmental Protection Agency, Jon Cannon, removed himself from consideration on Wednesday, the latest in a string of withdrawals among nominees for administration posts.

Best Buy Co posted a 23 percent drop in quarterly profit on Thursday, but its adjusted results topped Wall Street estimates as the retailer said it got a boost from stronger-than-expected consumer demand.

The Democratic-led U.S. Congress gave final approval on Wednesday to sweeping land and water conservation legislation that environmental groups praised as one of the most significant in U.S. history.

U.S. billionaire Charles Simonyi roared into space aboard a Russian rocket on Thursday, making history as the first tourist to make the epic journey twice.

Dell Inc's China sales grew 28 percent in unit terms in the year to January, accounting for about 5 percent of the company's global business, Chief Executive Michael Dell said on Thursday.

U.S. stock index futures pointed to a higher open on Thursday as upbeat data this week showed signs of life in the economy, as investors awaited reports on gross domestic product and the labor market.

Over 90 percent of Apple Inc's British iPhone users accessed mobile media in January including websites, e-mails, social networks and games, far higher than users of other mobile phones, research showed.

Mining giant Rio Tinto said it could sell more assets and reschedule debt if a proposed $19.5 billion tie-up with China's state-owned aluminum firm Chinalco fails to go ahead.

Dr Pepper Snapple Group Inc reported an adjusted quarterly profit on Thursday that topped analysts' estimates, helped by higher-than-expected concentrate sales and expanded distribution of the soft drink Crush.

Denmark boasts the world's most networked economy, putting it and its Nordic neighbors in a good position to rebound from the current global downturn, the World Economic Forum said on Thursday.

European shares rose for a sixth straight session and oil bounced above $53 a barrel on Thursday as upbeat U.S. housing and durable goods data boosted expectations of an early return to global economic growth.

U.S. exports, which supported economic growth until collapsing at the end of 2008, are unlikely to fuel a rebound this year, a Federal Reserve official said on Thursday.

Most economic data suggest recession in the United States will last for at least a few more months, Atlanta Fed President Dennis Lockhart said on Thursday.

The American Civil Liberties Union sued a Pennsylvania prosecutor on Wednesday over his threats to charge three teenage girls with child pornography for allowing themselves to be photographed partly clothed with cell phone cameras.

The U.S. government and four states sued Dish Network Corp on Wednesday, accusing the satellite television provider of assisting its authorized dealers in calling consumers with recorded telemarketing messages.