IBT Staff Reporter

David Cameron was all smiles when he began his first European Union summit as Britain's prime minister on Thursday but was quick to say he would defend national interests firmly.

Finger-pointing at the G20 will be self-defeating for an international forum that should be focused on coordination, not criticism, of economic policies, a senior Chinese government official said.

Japan's Fujitsu Ltd and Toshiba Corp unveiled plans on Thursday to merge their mobile phone businesses in October to create Japan's second-biggest cellphone maker in a rapidly shrinking market.

(Corrects amount of safety net in 3rd para to 500-billion-euros ($617.2 billion))

Oil retreated by 0.8 percent toward $77 on Thursday, slipping from its highest since early May, as the pace of demand growth was questioned following mixed economic and inventory data from top consumer the United States.

Asian shares fell and the euro slipped on Thursday as short covering rallies ran out of steam, but some analysts said global markets may have finally found support after a heavy selloff in May.

I believe markets and investors in particular are uncertain and have doubts or questions about European banks and that has been a wave in the last 4-6 weeks. The sooner European banks can on a coordinated basis ... publish results -- and I'm talking results of stress tests -- the better.

The euro slipped against the dollar on Thursday as worries about Spain's public finances and banking system hit sentiment, with results of a Spanish bond auction awaited.

Dollar borrowing rates inched up on Thursday, nearing highs seen earlier this month, and bellwether U.S. 2-year swap spreads widened as investors remained concerned about funding problems faced by some Spanish banks.

Gold firmed to near a one-week high on Thursday as the euro struggled to sustain gains and shares slipped on uncertainty over the pace of economic recovery in the United States.

Changing scenarios in Zimbabwe did not prevent so called companies from sidelining it as TWP Investments has pulled out of a gold plant project citing the country as too risky.

Gold prices consolidated positions in Asian trade Thursday on market uncertainty as equity markets and euro movements failed to give any directions for investors.

The United Auto Workers on Wednesday overwhelmingly elected Bob King as its president in an endorsement of the sweeping concessions the union made to U.S. automakers in recent years in a bid to ensure their survival.

Toyota Motor Corp is set to resume construction of car assembly plants in Brazil and Mississippi which were put on hold amid the global financial crisis, the Nikkei business daily said on Thursday.

General Motors said on Wednesday it was dropping its request for European aid to restructure its Opel unit, opting to fund the sweeping turnaround plan on its own after government talks bogged down.

Volkswagen shrugged off previously cautious outlooks for 2010 profit, saying a forecast-beating performance in the first five months meant it would now significantly exceed last year's results.

Bank of America Corp and other U.S. banks may introduce new fees on basic services and eliminate free checking to replace revenue lost to new banking regulations, the Wall Street Journal said.

Japan's Fujitsu Ltd and Toshiba Corp have agreed to merge their mobile phone businesses as early as October, and they are expected to announce the deal on Thursday, the Nikkei business daily reported.

Sales of Apple Inc's latest iPhone blew away expectations in its first day on the market despite shortages and an embarrassing online ordering glitch that thwarted many shoppers.

The board of Calpers, the biggest U.S. public pension fund, voted on Wednesday to ask California's government for an additional $600 million in funding to bolster its finances.

After suffering sustained criticism of its role in the financial crisis, the Federal Reserve looked set on Wednesday to emerge from an overhaul of financial regulations with its jealously guarded independence intact.

For many middle-aged and elderly men, low libido, depressed mood and a lack of energy may just be the signs of normal aging -- and not low testosterone levels.

Top executives of United Airlines and Continental Airlines sparred with irritated lawmakers on Wednesday over their merger plan, drawing a threat for closer industry regulation if the deal is approved.

A joint conference committee is merging Wall Street reform bills from the Senate and the House of Representatives to reach a final version of historic financial regulation legislation.

The survey by the U.S. Centers for Disease Control and Prevention showed a stable pattern over recent years of Americans without health insurance -- numbers used as the basis for battles over healthcare and health insurance reform.

More Americans are exercising but rates of obesity and smoking have not changed, according to the latest government data.

Market regulators have closed an investigation of American International Group and some of its executives over losses at the bailed-out insurance giant, two sources with knowledge of the matter said on Wednesday.

Nintendo Co Ltd, confident that its Wii will stand up against rivals Microsoft Corp and Sony Corp, says it feels no pressure to reinvent the pioneering motion-sensing games platform.

Sprint Nextel Corp hopes win new customers using devices other than cellphones with new wirelessly-connected gadgets coming on the market starting later this year, an executive for the company said on Wednesday.