IBT Staff Reporter

Swiss bank UBS sought to distance itself from a U.S. investigation of rival Swiss private banks on Thursday, saying that it did not hand over data on rival banks directly to U.S. officials when it settled a U.S. crackdown on taxpayers holding secret offshore accounts two years ago.

The plans underscore concerns in the eurozone about debt and a potential relapse into recession.

The number of Americans filing new applications for unemployment benefits unexpectedly fell last week, suggesting recent gains in employment are being sustained.

PepsiCo Inc forecast lower-than-expected 2012 earnings in a transition year in which it said it would cut thousands of jobs to save money and increase advertising to reinvigorate sales in North America.

The biggest U.S. banks will provide about $25 billion in relief to distressed homeowners, as state and federal officials hold lenders responsible for taking illegal shortcuts during foreclosures and for other deceptive practices.

New claims for unemployment benefits unexpectedly fell last week, a government report showed on Thursday, further evidence the labor market was gaining traction.

Eastman Kodak Co , the bankrupt inventor of the hand-held camera, plans to stop making digital cameras, pocket video cameras and digital picture frames in the first half of 2012 in a bid to cut costs.

The Bank of England voted to inject more cash into the economy to shore up a fragile recovery and shield the country from fallout from the unresolved euro zone debt crisis.

Stocks turned lower on Thursday as initial enthusiasm faded over a long-stalled Greek deal and data indicating an improving U.S. labor market.

Big U.S. media companies bought back record amounts of their own shares in the last year, with cash generated by cable television networks that drew strong viewership and advertising dollars despite the economic uncertainty.

Greece's jobless rate rose to a fresh record of 20.9 percent in November, highlighting the pain imposed by austerity on ordinary Greeks as the country negotiates a new pain-for-gain package with its EU and IMF lenders.

Cash-strapped Air India is seeking nearly $1 billion from Boeing Co to compensate for delays in aircraft deliveries, a source with direct knowledge of the matter said.

Furthermore, the department likely will approve a consortium led by Apple and Microsoft to purchase Nortel Networks patents for $4.5 billion.

Credit Suisse posted a surprise fourth-quarter net loss as business at its investment bank slumped and it took almost 1 billion Swiss francs ($1.1 billion) of charges for slashing costs and risky assets to meet tough new capital rules.

Stocks were set for a slightly higher open on Thursday after Greek leaders clinched a long-stalled deal on reforms and data indicated the U.S. labor market continued to improve.

PepsiCo Inc said it planned to pour $500 million to $600 million into its brands this year to increase sales in North America, where it lags behind archrival Coca-Cola Co .

The European Central Bank held interest rates at a record low on Thursday, seeing tentative signs of economic stabilization, but refused to say what part it might play in averting a ruinous Greek default.

Thomson Reuters Corp reported a fourth-quarter loss on Thursday after taking a $3 billion non-cash goodwill impairment charge to account for the decline in its financial services business.

The Bank of England voted to inject another 50 billion pounds into the financial system as part of its efforts to shore up a fragile recovery in the economy, which remains at risk of slipping back into recession.

PepsiCo Inc expects to cut 8,700 jobs as part of a plan to save an extra $1.5 billion over the next three years, as it invests more money in marketing and advertising its brands.

Samsung Electronics Co Ltd's reworked tablet PC does not look like a copycat version of the iPad, a German court said, affirming a preliminary assessment and dealing another legal blow to Apple Inc.

Credit Suisse posted a surprise fourth-quarter net loss as business at its investment bank slumped and it took almost 1 billion Swiss francs ($1.1 billion) of charges for slashing costs and risky assets to meet tough new capital rules.

There are magazines, television shows and books about food. So why not a social network?

The head of Wegelin -- Switzerland's oldest private bank and which the U.S. has indicted for helping clients dodge taxes -- is standing back from his role as chairman of the country's influential Neue Zuercher Zeitung daily.

The European Central Bank left interest rates unchanged on Thursday and financial markets' attention will now shift to whether the bank is ready to help Greece avoid a messy default.

The head of Wegelin -- Switzerland's oldest private bank and which the United States has indicted for helping clients dodge taxes -- is standing back from his role as chairman of the country's influential Neue Zuercher Zeitung daily.

The veteran actor has revealed on his blog that the procedure will be performed on Feb 11 to cure the pain in the abdomen.

Sirius XM Radio reported a quarterly profit in line with expectations, as net subscriber additions jumped 65 percent, but revenue came in slightly below Street estimates.

Stock index futures slipped on Thursday as Greek leaders had not yet reached a deal on fiscal reforms and ahead of policy decisions from the Bank of England and the European Central Bank and data on the U.S. labor market.