IBT Staff Reporter

The number of U.S. workers drawing state unemployment benefits hit another record high early this month and factory activity in the Mid-Atlantic region shrank again as the economy battles a severe downturn.

Investor Wilbur Ross, who made a fortune snapping up distressed companies, said on Thursday he expects as many as 800 more U.S. banks to fail in the next few years.

By Leah Schnurr

Chrysler said proposed partner Fiat SpA would assume 35 percent of its debt to the U.S. government and the U.S. automaker would no longer pay retention bonuses to key executives.

Moving with unusual speed, the Democratic-controlled U.S. House of Representatives on Thursday approved legislation to recoup most of the $165 million in bonuses paid to American International Group Inc employees.

An IBM takeover of Sun Microsystems Inc would raise the prospect of creating a clear leader in computer servers, but gaining market share might not be what's behind IBM's expensive overtures in hard economic times.

By Matthew Robinson

The U.S. Securities and Exchange Commission on Thursday charged the political adviser to New York state's former comptroller for corrupting the integrity of the pension fund by taking kickbacks from companies seeking to manage its money.

By Leah Schnurr

Moving with unusual speed, the Democratic-controlled U.S. House of Representatives on Thursday approved legislation to recoup most of the $165 million in bonuses paid to American International Group Inc employees.

The U.S. Securities and Exchange Commission on Thursday charged the political adviser to New York state's former comptroller for corrupting the integrity of the pension fund by taking kickbacks from companies seeking to manage its money.

By Lucia Mutikani

By Grant McCool

Oil jumped more than 6 percent on Thursday to top $51 a barrel after the U.S. Federal Reserve announced a new plan to fight recession and a weak dollar boosted the appeal of commodities to investors.

Stocks trimmed earlier losses on Thursday, while the Nasdaq briefly turned positive, helped by a jump in shares of Oracle after the business software maker reported results that beat forecasts.

Investor Wilbur Ross, who made a fortune snapping up distressed companies, said on Thursday that he expects as many as 800 more U.S. banks to fail in the next few years.

Korea's Samsung Electronics Co Ltd launched a service allowing its customers to buy or rent movies and TV series to download to their mobile phones.

By Scott Malone

By Kim Dixon

Oil jumped more than 6 percent on Thursday to top $51 a barrel after the U.S. Federal Reserve announced a new plan to fight recession and a weak dollar boosted the appeal of commodities to investors.

Stocks fell on Thursday due to profit-taking in financials, a drag from the health-care sector and a bearish broker comment on 3M Co. Investors were also unsettled the the Federal Reserve's move to inject $1 trillion into the financial system could stir inflation in the long term.

The Obama administration pledged up to $5 billion on Thursday to aid stressed auto suppliers crucial to the survival of U.S. car manufacturers.

Cisco Systems Inc is buying Flip digital camcorder-maker Pure Digital Technologies as it seeks to expand in the consumer market amid a slowdown in its traditional routers and switches business.

By Matt Daily and Walden Siew

Barnes & Noble Inc , the No 1 U.S. traditional bookseller, posted better-than-expected quarterly profit on Thursday as it cut expenses and its shares rose 2 percent.

A nagging question haunts U.S. government efforts to revive a dormant financial system: Can a crisis that started because of excess credit be solved with more debt? The typical answer from economists is a qualified no. That is, No, more credit will not make the problem go away. But yes, the government should do its best to restore bank lending to prevent an even worse economic outcome.

Sony Electronics Inc. is joining forces with Google Inc. to battle Amazon.com Inc. in the growing electronic books market which is projected to more than double this year.

Stocks extended losses on Thursday, and the Dow slid 1 percent, as investors fretted about the implications of the U.S. Federal Reserve's action to flood the financial system with cash.

Online travel agencies, eager to spur spring bookings in the recession, are locked in a price battle that has some of them cutting fees and reimbursing customers if the price of their trip falls after they book.