IBT Staff Reporter

Morgan Stanley, Lehman Brothers Holdings, Inc. and Credit Suisse Group are cutting over 1,640 jobs, according to people familiar with the matter, Bloomberg reported.

Finnish telecoms giant Nokia has reported net sales of 15.7 billion euros in the fourth quarter of 2007, an increase of 34 per cent on the same period in 2006.

The British Bankers Association (BBA) has released figures showing that mortgage approvals dropped to a new low in December, indicating further that the housing market is slowing down.

ICAP Plc, the world's leading interdealer broker, said on Thursday that it expected pre-tax profit to exceed market expectations thanks to increased volatility in financial markets.

Heath Ledger's funeral arrangements were confirmed on Thursday and his relatives and friends are expected to arrive in New York by Friday, according to news reports.

Starbucks has begun selling cups of coffee for $1 (51 pence) in selected stores in Seattle as part of a new trial.

Online readers will not be able to access all content for free on WSJ.com, The Wall Street Journal's website , News Corp chairman Rupert Murdoch confirmed on Thursday at the World Economic Forum.

Treasuries fell on Thursday as speculation rose that economy may improve following positive economic figures and a government announcement of a U.S. tax rebate package to drive investment and consumer spending.

U.S. stocks rose on Thursday in their biggest two-day rally since November after government leaders agreed on a plan to pay tax rebates to stimulate the U.S. economy and after shares of cell- phone chip maker Qualcomm and Xerox Corp surged, pushing up the Nasdaq.

Microsoft Corp Chairman Bill Gates called on Thursday for a new creative capitalism to help the world's 1 billion poorest who live on less than $1 a day.

Microsoft said on Thursday that its second-quarter profits jumped 79 percent on strong sales of its flash-ship Windows operating-system.

The Euro rose on Wednesday against the dollar, reaching its highest level in eight days after a top official at Europe's Central Bank played down the possibility that the bank will lower interest rates.

U.S. gold futures spiked over $900 an ounce in New York on Thursday after the dollar dropped against the euro and boosted trader's appetite for the precious metal, also causing platinum futures to hit a new record.

The online community MySpace sealed a deal BBC to display some of its programs on MySpaceTV in move to increase completion with major online video rival, YouTube.

Crude gained near $1 on Thursday after a rally in European, Asian and U.S. stock markets.

Societe Generale, France's second largest bank, said on Thursday that alleged fraud by one of its junior traders led to a $7.2 billion (4.9 million euro) loss.

France's central bank sought to reassure depositors and investors that a 4.9 billion euro ($7.1 billion) fraud at Societe Generale was no threat either to the country's largest bank or to the broader financial system.

Director Robert Rodriguez came to the Sundance Film Festival in 1992 with his $7,000 movie El Mariachi, walked away with the Audience Award and entered Hollywood.

A massive fraud by a junior rogue trader has punched a $7 billion hole in the finances of French bank Societe Generale, leaving its credibility in tatters and forcing it to get emergency cash. France's central bank and government scrambled to shore up confidence in the banking system after Societe Generale, France's second-biggest bank, said on Thursday it had been the victim of massive and exceptional fraud resulting in losses of 4.9 billion euros.

Miner BHP Billiton has reported record levels of half year production, with output for oil, natural gas, iron ore, alumina and copper all reaching new highs.

The Office of National Statistics (ONS) has released figures showing that UK GDP went up by 0.6 per cent in the last quarter of 2007.

The Bank of England has released the minutes of the monthly meeting of the rate setting Monetary Policy Committee (MPC), showing the committee voted to keep interest rates constant in January by 8 to 1.

Microsoft and Dell on Wednesday said they will team up to release a Product Red computer and donate $80, for every computer sold, to Global Fund for AIDS medication in Africa.

Microsoft on Wednesday unveiled its plan to invest $235 million in its partners in learning program over the next five years.

Metro Goldwyn Mayer Studios Inc. (MGM) on Wednesday revealed that it acquired a carriage for its MGM HD Channel on Verizon's FiOS TV service enabling it to transfer feature film hits from the MGM library to Verizon FiOS TV subscriber households in full high definition.

Shares of bond insurance firms rose on Wednesday on the chance that New York regulators may bail out the struggling firms.

U.S. stocks bounced back on Wednesday after suffering a six-session long losing streak, after the Dow Jones Industrial Average advanced from more than 323 points in earlier trading to just under 300 points.

Wheat fell in U.S. along with corn and soybean futures on Wednesday as fears of an economic recession in 2008 rise.

The head of Europe's Central Bank spoke on Wednesday about crisis management in light of the ongoing financial markets and economic turmoil, remarking on areas for improvement to avoid such major turbulent episodes.