Asian stock markets advanced Thursday after the Fed said that the U.S. economy is shrinking at a slower pace and scotched fears of an inflation threat, underpinning investor hopes for recovery.

Some investors had hoped the Federal Reserve would do more to revive the economy.

The US calls on China to scrap its plan to put net-filtering software on all its computers.

Reuters - Asian stocks rallied for a second day on Thursday after the Federal Reserve reinforced that interest rates will be kept at a record low for a while, but Treasuries extended losses as the Fed shied away from boosting its debt purchases.

AFP - Chinese retail chain Suning Appliance Co said it planned to buy a stake in struggling Japanese consumer electronics retailer Laox for 800 million yen (8.4 million dollars).

Ericsson Chief Executive Carl-Henric Svanberg is stepping down to become Chairman of BP in a surprise appointment that ends the oil major?s lengthy search for a new chairman.

The new head of Toyota, the world?s biggest car maker, warned that the auto industry faces two years of tough times.

BP appoints Carl-Henric Svanberg, the current head of Swedish telecoms company Ericsson, as its new chairman.

Swedish clothes retailer H&M reports an increase in second-quarter profits, helped by a 23% rise in sales.

Toyota is to review all of its products as its new president seeks to revive the world's biggest carmaker.

Clinton Cards buys 196 stores from the Birthdays card chain, which it had put into administration last month.

Households are being overcharged by an average of £74 on their annual energy bills, a consumer watchdog claims.

Reuters - World stocks slipped on Thursday after the Federal Reserve cautioned that the U.S. economy would remain weak for a time, adding to concerns about the sustainability of a recent recovery.

Reuters - Toyota Motor Corp's (7203.T) new president, the grandson of the group's founder, warned on Thursday the auto industry faces another two tough years as he outlined his strategy to return the world's No.1 car company to profit.

The Obama administration lodged a formal protest with the Chinese government over its plan to force all computers sold in China to come with software that blocks access to certain Web sites.

Profits at sportswear company Nike have dropped in the past year as the recession took its toll.

About 750 jobs go at card chain Birthdays as 136 shops close, but some stores are sold to former owner Clinton Cards.

Reuters - Dow Jones futures rose 0.6 percent, S&P 500 futures were up 0.5 percent and Nasdaq futures traded 0.6 percent higher early on Thursday morning, suggesting benchmark U.S. equity indexes would open higher.

Reuters - Ericsson said Chief Executive Carl-Henric Svanberg is stepping down to become Chairman of BP Plc in a surprise appointment that ends the oil major's lengthy search for a new chairman.

Republican lawmakers have been sharply critical of the Fed chairman?s role in the takeover of Merrill Lynch.

Carl-Henric Svanberg, who is known for repairing Ericsson?s business by aggressively cutting costs and repaying debt, is set to succeed Peter Sutherland next year.

Under the deal, A.I.G. will give the Federal Reserve Bank of New York preferred interests in its two largest life insurance units outside the United States.

American groups bring entrepreneurial skills to small businesses in poor countries and help them thrive.

Access to Google has been disrupted in parts of China, amid a row over what internet users can view.

Gazprom signs a $2.5bn deal with Nigeria's NNPC, which could boost Russia's control over European energy supplies.

US central bank head Ben Bernanke is criticised for his part in Bank of America's takeover of Merrill Lynch.

Steelmaker Corus is to cut a total of 2,000 more jobs at plants at Scunthorpe, Rotherham and on Teesside.

Up to £10.5bn in income-related benefits went unclaimed in Britain in 2007-8, government figures reveal, a rise from a year earlier.

A row has broken out over claims that customers are being overcharged by an average of £74 on annual energy bills.

Reuters - Stock index futures pointed to a flat open on Thursday ahead of key data on jobless claims and economic growth.

Reuters - China's top economic planning agency is likely to reject Sichuan Tengzhong's bid to buy the Hummer brand from bankrupt General Motors Corp , state radio reported on Thursday.

Reuters - U.S. homebuilder Lennar Corp posted a wider-than-expected quarterly loss, weighed by falling home deliveries and average home prices, even as the housing market experienced an uptick in new home sales.

The Federal Reserve?s chairman is testifying on Thursday about Bank of America?s acquisition of Merrill Lynch.

New weekly jobless claims rose by 15,000 to a seasonally adjusted 627,000, partly because of layoffs related to the end of the school year, the government said.

Wall Street was slightly lower after the government jobless report, which showed an unexpected rise in claims.

The US economy shrank at an annualised rate of 5.5% in the first three months of 2009, better than previously thought.

Sinopec makes a $7.2bn bid for oil firm Addax, to boost its business in Africa and the Middle East.

The Organisation for Economic Cooperation and Development says the pace of the global downturn is moderating.

Banks are 'cosmetically rewriting' their terms and conditions to disguise the penal nature of their overdraft charges, a court hears.

Reuters - Stocks rose on Thursday, reversing early losses, as gains in consumer shares offset jitters about an economic recovery after data showed more workers filed new jobless claims.

Reuters - Federal Reserve Chairman Ben Bernanke on Thursday again denied threatening Bank of America executives if they halted a merger with Merrill Lynch or pressuring them to withhold bad news about Merrill.

Lawmakers, especially Republicans, have been critical of the Fed chairman?s role in Bank of America?s takeover.

The U.S. and Canadian government financing is intended to keep the automaker going until it can sell its assets to a new company and emerge from Chapter 11.

Wall Street moved cautiously higher despite the unexpected rise in jobless claims.

The Chinese Health Ministry ordered sharp restrictions on Thursday on Internet access to medical research papers on sexual subjects, the latest move in what it calls an anti-pornography campaign.

The head of the US Federal Reserve says it acted with 'integrity' in Bank of America's takeover of Merrill Lynch.

British Airways says 800 workers have volunteered to work for nothing for up to a month, following its request to cut costs.

A timeline has been set for the first time to bring about the end of cheque guarantee cards, an industry body reveals.

Reuters - Stocks extended gains on Thursday, with major indexes up more than 1 percent, as investors held out hope the economic deterioration was receding and positive news boosted consumer shares.

Reuters - The federal government has agreed to accept $25 billion of preferred stock in two American International Group Inc businesses as partial repayment of debt, the company said on Thursday.

The Texas billionaire, who is accused of running a $7 billion Ponzi scheme, told a federal magistrate in Houston that he was not guilty of fraud and conspiracy charges.

Wall Street moved sharply higher on the back of several positive earnings reports.

The Chinese Health Ministry ordered sharp restrictions on Thursday on Internet access to medical research papers on sexual subjects, the latest move in what it calls an anti-pornography campaign.

General Motors won swift final approval of its $33 billion in bankruptcy financing, in yet another sign of how quickly the carmaker's trip through Chapter 11 is moving.

Carl-Henric Svanberg, who is known for repairing Ericsson?s business by aggressively cutting costs and repaying debt, is set to succeed Peter Sutherland next year.

Texan billionaire Sir Allen Stanford pleads not guilty to masterminding a $7bn (£4.3bn) investment scam.

France sees its unemployment total grow by 36,400 in May, with young jobseekers suffering the biggest rises.

A UK court approves the extradition of the Algerian former head of a business empire that collapsed in a massive scandal.

The Office of Fair Trading will still pursue bank overdraft charges as unfair, even if it loses a House of Lords appeal.

Reuters - Stocks rose sharply on Thursday after the latest Treasury auction garnered strong demand, pressuring bond yields, while consumer discretionary shares gained.

Reuters - Next Monday, Wall Street's biggest and most brazen crook, Bernard Madoff, will leave his jail cell to hear his punishment. But for his victims, even a lifetime in prison may not be enough.

AP - Rates for 30-year home loans edged up this week, remaining above record lows reached over the spring.

Lawmakers, especially Republicans, have been critical of the Fed chairman?s role in Bank of America?s takeover.

The Federal Reserve moved to scale back several emergency lending programs started last fall at the height of the financial crisis.

Reuters - Stocks rose sharply on Thursday, helped by consumer discretionary shares after Bed Bath & Beyond Inc posted a surprising profit increase and home builder Lennar Corp reported a rise in new home sales.

The Internet has been abuzz with theories about attempts to smuggle a purported $134.5 billion in government bearer bonds into Switzerland.

The former governor of the Reserve Bank of India is taking a victory lap as the country?s economic growth continues and its banks survive without government help.

Two marketing companies, 33Across and Media6Degrees, track interactions on sites like Facebook to tailor their advertising to more likely customers.

Ray Elliott led Zimmer Holdings until May 2007 and was also a member of the Boston Scientific board from 2007 until earlier this year.

The derivatives industry has started a public relations campaign arguing that it is helpful to businesses, especially smaller ones.

Texan billionaire Sir Allen Stanford pleads not guilty to $7bn (£4.3bn) fraud charges at a court appearance.

Can Mexico have a green energy policy and feed its poor?

Reuters - Stocks rallied on Thursday as investors were relieved Fed Chairman Ben Bernanke withstood a barrage of pointed questions from Congress on the Bank of America-Merrill Lynch deal relatively unscathed.

Reuters - Smartphone maker Palm Inc posted a narrower-than-expected quarterly loss on Thursday, sending its shares up more than 14 percent.

The Texas billionaire, who is accused of running a $7 billion Ponzi scheme, told a federal magistrate in Houston that he was not guilty of fraud and conspiracy charges.

The Internet has been abuzz with theories about attempts to smuggle a purported $134.5 billion in government bearer bonds into Switzerland.

The Chinese Health Ministry ordered sharp restrictions on Thursday on Internet access to medical research papers on sexual subjects, the latest move in what it calls an anti-pornography campaign.

Two marketing companies, 33Across and Media6Degrees, track interactions on sites like Facebook to tailor their advertising to more likely customers.

A wealthy American client of UBS pleaded guilty to tax fraud, the latest victory for the federal government in its crackdown on UBS and its offshore private banking accounts.

Under the deal, A.I.G. will give the Federal Reserve Bank of New York preferred interests in its two largest life insurance units outside the United States.

Ray Elliott led Zimmer Holdings until May 2007 and was also a member of the Boston Scientific board from 2007 until earlier this year.

Carl-Henric Svanberg, who is known for repairing Ericsson?s business by aggressively cutting costs and repaying debt, is set to succeed Peter Sutherland next year.

The decision by the Academy of Motion Picture Arts and Sciences gives animated films and comedies a better chance at an Oscar for best picture. But not all movie companies are pleased.

The loss by the home builder widened, but more confident homebuyers took advantage of lower prices.

The company, the maker of products like Kleenex and Huggies, is facing strong pressure from lower-priced store brands.

Germany must begin to reduce its dependence on foreign trade, the German Finance Minister Peer Steinbrück tells the BBC.

The Bank of England says the banking crisis is easing, but total losses from the banking crisis now total $15 trillion,

Steelmaker Corus is to cut about 2,000 more jobs at plants at Scunthorpe, Rotherham and on Teesside.

Reuters - General Motors Corp needs to exit from bankruptcy quickly in order to avoid a 'fatal' blow to many of its suppliers and the loss of thousands of jobs, Chief Executive Fritz Henderson said in a court filing on Thursday.

Lawmakers, especially Republicans, have been critical of the Fed chairman?s role in the takeover by Bank of America.

Teenagers in suburban Dayton, Ohio, are heading to community colleges after manufacturing plants closed.

The black and white bars designed in the 1970s to read prices and track inventory are now scanned more than 10 billion times a day.

The president is unwilling to deepen the deficit, but House and Senate leaders do not like his proposals or one another?s.

The Texas billionaire, who is accused of running a $7 billion Ponzi scheme, told a federal magistrate that he was not guilty of fraud and conspiracy charges.

The former governor of the Reserve Bank of India is taking a victory lap as the country?s economic growth continues and its banks survive without government help.

The U.S. and Canadian government financing is intended to keep the automaker going until it can sell its assets to a new company and emerge from Chapter 11.

The state apparently won a three-state battle to be the site where G.M. will build a new small car.

Last year, Kohlberg Kravis Robers hinted an initial public offering would fetch up to $15 billion; now its value appears to be half to a third that amount.

Reuters - Palm Inc posted a narrower-than-expected fiscal fourth quarter loss on Thursday, and highlighted strong demand for its just-unveiled Pre smartphone.

The president is unwilling to deepen the deficit, but House and Senate leaders do not like his proposals or one another?s.

Wall Street moved sharply higher on the back of several positive earnings reports.

The announcement was a sign that the credit crisis was easing and that officials wanted to curtail some extraordinary rescue efforts.

Senators also approved Robert M. McDowell to serve a second term on the Federal Communications Commission. Two more nominees remain unconfirmed.

Palm Inc. posted a narrower-than-expected fiscal fourth quarter loss Thursday, and highlighted strong demand for its just-unveiled Pre smartphone.

White House aides are expected to pressure Congress to support budget cuts that the Defense secretary announced in April.

The departure of Southern Company and American Electric Power is a blow to a consortium seeking to build a carbon-capture coal plant in Illinois.

The bankrupt suit maker is to be sold to a British private equity firm, Emerisque Brands, though its biggest creditor, Wells Fargo, had argued for liquidation.

The company, one of the largest makers of car seats, is preparing to seek bankruptcy protection as soon as next week.

Reuters - Palm Inc posted a narrower-than-expected fiscal fourth quarter loss on Thursday, and highlighted strong demand for its just-unveiled Pre smartphone.