Chinese exports have dropped by a record in May as demand for its goods from the US and Europe slumped.

Reuters - U.S. foreclosure activity for May ebbed from April's record, but mortgages still failed at a staggering pace as President Barack Obama's rescue programs had not had time to fully take root, RealtyTrac said on Thursday.

Reuters - Lehman Brothers Holdings Inc is being sued by two former clients for more than $190 million, alleging the failed bank deceived them about the market for auction-rate debt.

Reuters - Oil rose above $72 a barrel on Thursday, heading for a third consecutive day of gains, after data showed falling U.S. crude and product inventories, adding to signs that oil demand may have bottomed out.

Cities are gambling millions in taxpayer dollars to promote biotechnology, an industry that has turned a profit only one year in the past four decades.

Investors pulled away from government debt, even as an auction of 10-year Treasury notes drew relatively strong demand.

Professor Motwani taught computer science at Stanford and was a mentor to many Silicon Valley start-ups.

Australian unemployment has surged to a seven-year high as the global downturn continued to hit companies.

Sales of gardening and outdoor products at Homebase have been boosted by the recent good weather, its owner says.

The decision is a setback for the music and movie industries, which had praised the French law as a solution to illegal file sharing.

Sterling reaches its highest level against the euro since the start of the year after data hints the UK recession may be over.

Venezuela bans the sale of the calorie-free Coke Zero, calling it harmful to people's well-being.

Latvians remain optimistic despite the recession

Reuters - Oil firmed above $72 a barrel on Thursday after the International Energy Agency raised its estimate for 2009 oil demand, adding to signs the fall in consumption may have bottomed out.

Reuters - Beijing Automotive Industry Holding Corp (BAIC) is interested in buying Ford Motor Co's Volvo car unit, the Wall Street Journal reported, adding a new name to a list of potential Chinese bidders for the Swedish luxury car brand.

China?s exports plunged by a record 26.4 percent in May from a year earlier, but investment in domestic assets set a record in the opposite direction.

Crude oil climbed above $72 a barrel, as the International Energy Agency raised its forecast on signs that the downturn in the world economy is flattening out.

Investors awaited economic data from the United States that might offer signs that the recession is stabilizing. Wall Street was set to open moderately higher.

Changing the culture at General Motors is expected to be a significant challenge for the government.

Confectioner Ferrero has been cleared of allegations of fraud relating to the supply of hazelnuts.

Demand for oil this year will be more than previously expected, according to the International Energy Agency (IEA).

Shares in Satyam, the fraud-hit Indian IT firm, rise for a third consecutive day after figures show it remains in profit.

Luanda is the most expensive city in the world for foreign workers, according to a survey.

How Indian firms are dealing with the downturn

Reuters - Wall Street was set to open flat to higher on Thursday, with investors eyeing retail sales and weekly jobless data for fresh insight into the state of the recession-hit economy.

Reuters - Oil firmed to $72 a barrel on Thursday after the International Energy Agency raised its estimate for 2009 oil demand, adding to signs the fall in consumption may have bottomed out.

Reuters - World oil demand will contract by less than previously expected in 2009, the International Energy Agency said on Thursday in a further sign the economic outlook may have stopped deteriorating.

AFP - Retail prices in recession-hit Ireland tumbled 4.7 percent in May on a 12-month basis, official data showed Thursday, as the eurozone nation was rocked by the worst deflation since the 1930s.

Bank of America?s chief executive, Kenneth D. Lewis, is testifying Thursday before a House panel that is looking into his bank?s acquisition of Merrill Lynch. DealBook is live-blogging the hearing.

Rising prices at the gasoline pump drove sales higher, the government said, but consumers were also spending more on cars, groceries and clothing.

Shares rose slightly as investors weighed concerns about rising interest rates against the latest economic reports.

Retail sales in the US have risen after two months of decline.

How can Real Madrid afford £80m for Ronaldo?

West Bromwich Building Society will be rescued within the next few days, the BBC has learnt.

Reuters - Stocks extended gains on Thursday, bolstered by technology bellwethers IBM and Microsoft along with shares of energy companies.

AFP - US retail sales rose in May, for the first time in three months, fueled mostly by higher gasoline prices, the government said Thursday amid signs a prolonged recession is easing.

Bank of America?s chief executive, Kenneth D. Lewis, is testifying Thursday before a House panel that is looking into his bank?s acquisition of Merrill Lynch.

The bank had predicted a contraction of 1.7 percent two months ago. Growth could resume in developed countries starting next year but emerging countries could take more time.

Rising prices at the pump pushed sales higher in May, the government said, but consumers also spent more on cars, groceries and clothing.

The world economy will shrink by much more than previously thought, according to the World Bank.

Business Secretary Lord Mandelson has talks in Germany with politicians and businessmen on the future of Vauxhall.

Reuters - Stocks rose on Thursday as oil and other commodity prices climbed while retail sales and weekly jobless claims data raised hopes for an economic recovery.

Reuters - Federal Reserve Chairman Ben Bernanke and former Treasury Secretary Henry Paulson will be asked to testify before Congress on their role in Bank of America's acquisition of Merrill Lynch.

Reuters - Mortgage rates leaped with bond yields in the past week to the highest since November, erasing strides made by a massive government program to help revive U.S. housing.

AP - Rates for 30-year home loans jumped to the highest level in seven months this week, leading to a slowdown in refinancing activity, Freddie Mac said Thursday.

Kenneth D. Lewis, the Bank of America chief, told a House panel that he was pressured by the government late last year to purchase Merrill Lynch.

Investors hoping for an economic recovery seized on slight improvements in retail spending and a dip in first-time jobless claims.

American households lost $1.33 trillion of their wealth in the first three months as the recession took a bite out of stock portfolios and dragged down home prices.

Attorney General Andrew M. Cuomo announced that Riverstone Holdings had agreed to a settlement in a pay-to-play scandal at New York?s government pension fund.

The countries said they needed another six months to decide whether to proceed with the troubled military transport plane.

The West Bromwich Building Society is in talks with debt holders over a deal that could secure its future.

Reuters - Stocks extended gains on Thursday following a strong 30-year bond auction from the U.S. Treasury Department.

Reuters - U.S. lawmakers accused the Treasury and Federal Reserve on Thursday of using threats and intimidation to force Bank of America to take over Merrill Lynch, a charge Bank of America Chief Executive Ken Lewis denied.

Reuters - Oil prices extended a three-day rally to over $73 a barrel on Thursday on hopes for a recovery in world energy demand and worries refinery shutdowns could tighten gasoline supplies heading into the U.S. summer driving season.

Reuters - U.S. Senate Banking Committee Chairman Christopher Dodd on Thursday called for creation of an independent consumer protection agency as part of wider reforms to the U.S. financial regulatory structure.

The measure would give the F.D.A. regulatory power over cigarettes and other products, although they agency would not be able to ban them. A White House spokesman said President Obama would sign the bill.

Kenneth D. Lewis, the Bank of America chief, told a House panel that he was pressured by the government late last year to purchase Merrill Lynch.

Investors hoping for an economic recovery seized on slight improvements in retail spending and a dip in first-time jobless claims.

G.M is close to selling Saab to Koenigsegg, a Swedish maker of high-end sports cars, a person close to the negotiations said.

Smoking has a long history of addiction, disease and deaths, but government efforts to control it have come relatively recently.

US lawmakers accuse the US Treasury of 'putting a gun to the head' of Bank of America boss over its takeover of Merrill Lynch.

Politicians must 'get a grip' on the UK's economic problems, the head of the Confederation of British Industry warns.

Reuters - U.S. stocks rose on Thursday, but were off their session highs, aided by rising commodity prices and improving labor market conditions, along with a sharp drop in interest rates. Earlier, after the government's 30-year bond auction met solid demand, all three stock indexes had risen above 1 percent.

Reuters - Two major U.S. airlines, Delta Air Lines Inc and American Airlines , will slash capacity this year as the recession erodes travel demand, the carriers said on Thursday.

Reuters - U.S. stocks racked up gains across a wide array of sectors on Thursday, aided by rising commodity prices and improving labor market conditions, along with a sharp drop in interest rates.

Reuters - U.S. lawmakers accused the Treasury and Federal Reserve on Thursday of using threats and intimidation to force Bank of America to take over Merrill Lynch, a charge Bank of America Chief Executive Ken Lewis denied.

The bill would give the F.D.A. regulatory power over cigarettes and other products, although the agency would not be able to ban them. President Obama is expected to sign it.

The bank said that growth could resume in developed countries starting next year, but emerging countries could feel ?aftershocks? for years.

Some passengers are upset that American International Group, US Airways? insurer, has not compensated them for their losses so far.

The publisher said it would make about 5,000 titles available for purchase as the book industry sought alternatives to Amazon?s Kindle store.

The countries said they needed another six months to decide whether to proceed with the troubled military transport plane.

Two major US airlines announce cuts in capacity this year as the global economic downturn continues to hit demand for air travel.

Taiwanese laptop makers eye rapid growth

Mergers in the aerospace industry grind to a halt

Negative equity may have speeded up the UK economy's fall into recession, the Bank of England says.

Reuters - U.S. lawmakers accused the Treasury and Federal Reserve on Thursday of using threats to force Bank of America to take over Merrill Lynch while criticizing Bank of America boss Ken Lewis for keeping shareholders in the dark about rising losses at Merrill.

Reuters - Big banks will start repaying government bailout funds on Wednesday, The Wall Street Journal reported on Thursday, citing people familiar with the matter.

AP - The former president of a New Jersey mortgage company has pleaded guilty in a $139 million fraud scheme that bankrupted his firm.

The diverging fortunes of the U.S. and Europe show the perils and upsides of the economic recovery plans of each.

The deal to acquire Barclays Global Investors for around $13.5 billion would create an asset management giant.

The rise of wind farms in the Pacific Northwest is seen by some as an opportunity to help save the wild salmon, by removing dams that have impeded their spawning.

Owners of the Chrysler and General Motors outlets that are being cut are appealing to lawmakers, whose role in the auto bailout gives them leverage over carmakers.

Members of the finance committee argued whether officers? compensation should be curbed at all companies, not just those receiving federal assistance.

Some passengers are upset that A.I.G., US Airways? insurer, has not compensated them for their losses so far.

Although ads on magazine covers violate the American Society of Magazine Editors? rules, they are increasing as publications try to increase revenue.

The oil company?s participation bolsters a plan by the Canadian pipeline operator TransCanada and deals a blow to a rival project from BP and ConocoPhillips.

China?s exports are down, and some experts say that means the country has become too dependent on domestic investments.

The hiring of Tim Morse, formerly the chief financial officer at Altera, a chip maker, fills a vacancy that opened shortly after Carol Bartz was named chief executive at Yahoo.

The company, whose products include pet food and canned fruits, said that net income jumped 42 percent in the most recent quarter.

A Bond Reprieve.

Setanta could be saved from administration by a new investor, the BBC understands.

Reuters - BlackRock Inc. , the giant U.S. money manager, said on Thursday it will buy Barclays Global Investors for $13.5 billion in a deal that will make it the world's biggest asset manager.

Investors showed strong demand for government debt by flocking to the sale of $11 billion in Treasury bonds, which helped the markets gain.

Retail sales increased 0.5 percent, the government says, as consumers spent more for gasoline, cars, groceries and clothing.

A security company in Utah is employing Mormons with prior experience cold-calling for their faith.

Despite the recession, New York interior designers report that affluent clients are simply spending more ?subtly,? choosing to make intimate purchases for inside the home.

Reuters - Asian shares marched toward new highs for the year on Friday as stronger-than-expected Chinese industrial output data and a rise in U.S. retail sales fueled hopes that the worst was over for the global economy.

AFP - Chinese retail sales, the main gauge of consumer spending in the world's third largest economy, grew by 15.2 percent in May from the same month a year ago, the government has said.