IBT Staff Reporter

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Oil plummets 8 percent as commodities battered

Oil plunged more than 8 percent on Thursday, heading for the third biggest daily drop in dollar terms on record, as concerns about economic growth and monetary tightening spurred a sell-off in commodities.

Data hints at slowdown in job creation

The number of Americans filing for jobless aid rose to an eight-month high last week and productivity growth slowed in the first quarter, clouding the outlook for an economy that is struggling to gain speed.

AIG down amid chatter on share sale pricing

The Treasury and banks working on the sale of the government's stake in bailed-out insurer American International Group are too early in the process to come up with specific numbers for a potential offering, a source close to the situation said on Thursday.

AIG stock sale pricing up for debate: report

The Treasury and the banks working on the sale of the government's stake in bailed-out insurer American International Group are at odds over how low to price the first sale of stock, CNBC reported on Thursday.

Retailers warn on costs as sales beat

U.S. retailers warned of rising costs and cautious consumers even as a late Easter boosted sales of clothing and other holiday-related items in April, helping many beat sales expectations.

Portugal bailout tough, but fair, recovery distant

Portugal signed up to a tough but fair 78-billion-euro international bailout plan on Thursday which will send it into recession for two years with a recovery only likely in 2013, European Union and IMF officials said.

Exclusive: Facebook, Google mull Skype deals

Facebook and Google Inc are separately considering a tie-up with Skype after the Web video conferencing service delayed its initial public offering, two sources with direct knowledge of the discussions told Reuters .

Commodities dive on jitters about economy, demand

Faltering economic growth and edginess about the impact of costly oil fueled a fourth day of aggressive selling across commodities as Brent crude headed to its biggest weekly fall in a year while silver extended an historic slide.

Trichet signals no ECB rate rise in June

European Central Bank President Jean-Claude Trichet signaled on Thursday that euro zone interest rates are unlikely to rise next month but left the door firmly open for an increase in July.

Bernanke: regulators focused on system risks

In the wake of the financial crisis, regulators are strengthening their ability to spot fault lines in the financial system, rather than focusing exclusively on specific companies, Federal Reserve Chairman Ben Bernanke said on Thursday.

Cisco plans streamline to five units

Cisco Systems Inc will streamline its sales, services, and engineering organizations and refocus around five growth markets, in a significant restructuring at a company which had admitted it lost its way.

Oil drops nearly 6 percent in commodities rout

Oil plunged nearly 6 percent on Thursday, headed for the biggest four-day loss in a year, sparked by a sell-off across commodities markets on mounting worry about the economy, interest rates and demand.

Jobless claims hit 8-month high

The number of Americans filing for jobless aid rose to an eight-month high last week and productivity growth slowed in the first quarter, clouding the outlook for an economy that is struggling to gain speed.

Instant View: New jobless claims surge to 8-month high

New U.S. claims for unemployment aid unexpectedly rose last week to touch their highest level in eight months, pushed up by factors ranging from spring break layoffs to the introduction of an emergency benefits program, a government report showed on Thursday.

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