UNITED STATES

Most top retail chains reported weaker-than-expected April same-store sales on Thursday, suggesting that Wall Street's hopes for a consumer rebound have gotten ahead of the actual pace of recovery.

Disappointing Retail Sales data saw the AUD move lower in Asia yesterday falling from 0.9090 to enter offshore exchange hovering on the precipice of the psychological 90 cent level.

The top U.S. auto safety regulator welcomed on Thursday proposals in Congress to sharply boost government powers for forcing vehicle recalls.

U.S. stocks were down more than 3 percent on Thursday afternoon after briefly nosediving, with the Nasdaq at one point down more than 9 percent and the S&P 500 and Dow briefly falling into negative territory for the year, as worries about contagion from Greece's debt problems mounted.

A surge in productivity slowed in the first quarter, hinting that employers may soon need to step up hiring after months of squeezing more output from a smaller pool of workers.

The Federal Reserve is closely monitoring financial turbulence in Europe as it could have repercussions for the United States and its markets, policymakers at the central bank said on Thursday.

The United States was unprepared for the 2007-2008 financial crisis, underestimated its seriousness and lagged in coming to grips with the damage, past and current Treasury chiefs said on Thursday.

Genzyme Corp , trying to restore investor confidence, said on Thursday it will look into selling three non-core businesses -- genetic testing, diagnostic products and its pharmaceutical materials unit.

Phone lines at the command center where teams are directing clean-up of the Gulf of Mexico oil spill are often jammed, but media-savvy fishermen, residents and others can find the latest updates on Twitter and Facebook.

BP engineers prepared to start lowering a 98-ton metal chamber over a ruptured undersea oil well in the Gulf of Mexico on Thursday as officials confirmed the first oil landfall from the spill on a Louisiana island beach.

It's axiomatic on Wall Street that summer is a bummer. Stocks tend to do well in the winter and spring, and then go cold when the weather gets hot.

Warner Music Group posted a narrower-than-expected quarterly loss on Thursday as growth of digital sales helped compensate for declining CD revenue, sending its shares up nearly 10 percent.

A surge in U.S. productivity slowed in the first quarter, hinting that employers may soon need to step up hiring after months of squeezing more output from a small pool of workers.

Yahoo Inc will spend up to $85 million on the second phase of its $100 million ad campaign, as the Internet portal seeks to revive its growth and reconnect with consumers.

The number of U.S. workers filing new applications for unemployment insurance fell slightly less than expected last week, government data showed on Thursday, implying a measured job market recovery.

U.S. stocks extended losses on Thursday afternoon, as the S&P 500 and Nasdaq both fell more than 3 percent.

The Federal Reserve is closely watching for signs the European sovereign debt crisis could derail a fragile U.S. economic recovery, a top Fed official said on Thursday.

Former Treasury Secretary Henry Paulson admitted on Thursday the United States was ill-prepared for the financial crisis that struck in 2008 and said he had not foreseen the depth of mortgage-related problems.

European sovereign debt woes are a risk to the improving U.S. economic outlook, St. Louis Federal Reserve Bank President James Bullard said on Thursday.

Warner Music Group, the world's third largest music company, posted a narrower-than-expected quarterly loss on Thursday as growth in digital services overshadowed the decline in music CD sales.

U.S. bank lending remains tight but there are reasons for optimism as economic activity has continued to strengthen and banks may be changing their attitudes toward lending, Federal Reserve Chairman Ben Bernanke said on Thursday.