IBT Staff Reporter

Manufacturing activity is contracting across Europe and most of Asia, data showed on Thursday, and a Chinese official declared that the world economy faces a worse situation than in 2008 when Lehman Brothers collapsed.

As the world's major central banks hurriedly announced measures to ease stresses in global funding markets, China may have felt compelled to bring forward a move to relax policy that it could otherwise have delayed for a few weeks.

UBS appointed Philip Lofts back to his former role as chief risk officer on Thursday, removing Maureen Miskovic with immediate effect after less than a year in the job following the Swiss bank's $2 billion trading scandal.

Stock index futures pointed to a weaker open on Wall Street on Thursday, with futures for the S&P 500 down 0.5 percent, Dow Jones futures down 0.4 percent and Nasdaq 100 futures down 0.2 percent at 4:37 a.m. ET.

Spain sold the maximum amount targeted at a sale of bonds Thursday, and its cost of borrowing held well below highs reached on bond markets last week, helping ease immediate nerves over its ability to fund public finances.

Groupon Inc's fourth quarter got off to a strong start in October as the largest daily deal company's growth outpaced that of its closest rival, LivingSocial, industry data tracker Yipit said on Thursday.

Small businesses borrowing surged in October, registering a 15th monthly double-digit increase and signaling the economy will continue to grow in coming months.

Stock index futures pointed to a weaker open on Wall Street on Thursday, with futures for the S&P 500 down 0.5 percent, Dow Jones futures down 0.4 percent and Nasdaq 100 futures down 0.2 percent at 4:37 a.m. ET.

The world economy faces a worse situation than in 2008 and stimulating growth is the top priority, a Chinese official said on Thursday, as data showed slumping export demand stalled manufacturing in some of Asia's biggest economies.

Hewlett-Packard wants to see a jump in revenues from its software business, the company's chief executive told German newspaper Frankfurter Allgemeine Zeitung.

A dispute over government aid for aircraft rivals Airbus and Boeing enters a delicate stage on Thursday as Europe faces a deadline to tell the United States how it is eliminating billions of dollars in subsidies struck down by the World Trade Organization.

Asian shares rallied to two-week highs on Thursday, building on strong global gains after the world's six major central banks moved to tame a liquidity crunch for European banks by providing cheaper dollar funding.

With California Governor Jerry Brown making little progress in his efforts to solve the state's intractable budget problems, a number of private groups are maneuvering to put new tax measures to the voters next November.

CBS scored an overall ratings victory Tuesday night with quite the mixed bag of entertainment, taking the top two spots with a record-breaking Victoria's Secret Fashion Show and the children's holiday chestnut, Rudolph the Red-Nosed Reindeer, according to preliminary numbers.

Is Universal and Working Title's adaptation of the Broadway hit Les Miserables finally about to get its Eponine?

Michael Buble's album Christmas topped the U.S. Billboard 200 album chart on Wednesday, against stiff competition from new releases by Nickelback, Rihanna, Daughtry and Mary J. Blige.

Det. Stabler could be coming to Bon Temps soon.

The Sundance Film festival, the top U.S. gathering for independent cinema, on Wednesday unveiled its competitive lineup for 2012, some of which will become the most talked-about movies of the upcoming year.

Jersey Shore star Vinny Guadagnino has apologized for a song published earlier today that sparked outrage with its lyrics about rape.

Getco LLC, an electronic market maker and high-frequency trading specialist, on Wednesday said it agreed to buy Bank of America Corp's floor-trading operations at the New York Stock Exchange, significantly expanding its market-making operations.

The Occupy Wall Street movement might be an unwanted entity among law-enforcement agencies throughout the country, but it's certainly not runnin' on empty. At least as far as Jackson Browne is concerned.

The Occupy Wall Street movement might be an unwanted entity among law-enforcement agencies throughout the country, but it's certainly not runnin' on empty. At least as far as Jackson Browne is concerned.

Alice Eve has been cast in J.J. Abrams' 3D Star Trek sequel, TheWrap has confirmed.

Was Kim Kardashian's 72-day marriage to NBA player Kris Humphries a big sham? Opinions are divided on this raging topic of national debate, but Humphries himself appears to think so.

After The Social Networks' endless scenes of depositions, Jesse Eisenberg should have a pretty firm grounding in the legal system.

Rapper Kanye West led the field of Grammy contenders on Wednesday with seven nominations, including song of the year for All of the Lights.

The former chief executive of disgraced Olympus Corp, Michael Woodford, launched a campaign on Thursday to oust the board of directors, reclaim his old job and bring in his own team to save the Japanese firm from a big accounting scandal.

The former chief executive of Japan's disgraced Olympus Corp, Michael Woodford, launched a campaign on Thursday to oust the board of directors, reclaim his old job and install his own team to save the firm from a big accounting scandal.

Wal-Mart Stores Inc, the world's largest retailer, unveiled its first social-networking application late on Wednesday, in a move to latch onto one of the hottest trends in e-commerce.