UNITED STATES

General Motors Chief Executive Ed Whitacre announced on Thursday that he would step down as CEO effective September 1 and would be replaced by Dan Akerson, a GM board member.

Stocks fell on Thursday as weekly jobless claims unexpectedly rose and a sobering forecast from Cisco Systems fed worries about the economy's health.

Immigrants in New York City have a lower unemployment rate and participate in the labor force at a higher rate than native-born Americans, a divergence from the national trends that may reflect optimism about the recovery.

General Motors Co posted its biggest quarterly profit in six years on Thursday and CEO Ed Whitacre stepped aside on the cusp of an IPO expected to allow the U.S. government to relinquish its majority stake.

Stocks declined on Thursday as an unexpected rise in weekly jobless claims and a disappointing forecast from Cisco Systems fueled worries about the economic recovery.

The housing market should skirt another major downturn, even though stubbornly high unemployment and foreclosures will curb demand and keep home prices mostly flat through 2011, a Reuters poll showed.

The number of U.S. workers filing new claims for unemployment insurance unexpectedly rose last week to its highest level in close to six months, a fresh signal of a weak jobs market.

Oil fell to a two-week low near $76 a barrel on Thursday, marking a third straight session of sharp losses, as fickle fuel demand continued to sour investor risk appetite. Demand worries grew as data showed that people filing new claims for unemployment benefits in the United States unexpectedly rose in the latest week to its highest level in close to six months.

Devastating drought in Russia and neighboring countries has reduced world wheat harvest prospects more than expected, a U.S. government report showed on Thursday, threatening to renew a blistering price rally that has revived memories of 2008.

The majority of Americans do not favor making affordable high-speed Internet access a government priority, according to a study released by the Pew Internet & American Life Project on Wednesday.

Every Monday afternoon, a 40-foot (12-meter) motorhome converted to serve as a mobile health clinic pulls into Boston's gritty Roxbury neighborhood and opens its doors to people like Angie Santiago.

Home loan rates set new lows in the latest week on more evidence of a soft U.S. economy and high unemployment, home funding company Freddie Mac said on Thursday.

General Motors posted its biggest quarterly profit in six years on Thursday, a day ahead of an expected IPO filing that will clear the way for the U.S. government to relinquish its majority stake in the top U.S. automaker.

The number of U.S. workers filing new claims for unemployment insurance unexpectedly rose to its highest level in close to six months, a fresh signal of a weak jobs market.

Stock index futures fell on Thursday following a steep Wall Street sell-off that erased gains for the year.

Euro zone industrial production declined in June, with output in France and Germany falling sharply, but a strong showing over the second quarter as a whole suggests Friday's GDP data for the bloc will be robust.

The yen's surge to a 15-year peak against the dollar this week comes amid mounting worries that the U.S. economic recovery is losing steam and follows a broad, two-month slide in the dollar. A drop in U.S. Treasury yields, a perception among market players that the U.S. Federal Reserve may be more willing to conduct aggressive monetary easing than the Bank of Japan, and talk of seasonal fund repatriation by Japanese investors have all contributed recently to the yen's rise.

Oil slipped to around $77 a barrel on Thursday, heading for a third straight session of losses, on lingering doubts over the outlook for fuel demand in the world's biggest energy consumers. U.S. stockpile data on Wednesday showed a sharp rise in gasoline inventories, highlighting the weakness of demand in what is usually the peak summer driving season.

Stock index futures dipped on Thursday after a steep sell-off in the previous session that erased gains for the year.

American International Group Inc has started talks with potential investors to sell stakes in its Asian life insurance business AIA ahead of AIA's planned IPO, sources with direct knowledge of the matter said.

Insurer Prudential said it had reduced the cost of its failed bid for AIG's Asian unit and confirmed it has no further appetite for M&A as it reported forecast-beating half-year profit.