IBT Staff Reporter

The Greek government's 30 billion euro ($40.25 billion) austerity bill passed a preliminary test in parliament before a final vote later 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.

The European Central Bank resisted market pressure to ride to the rescue of struggling euro zone countries on Thursday, giving verbal support to Greece's tough savings plan but stopping short of any fresh action.

Stocks fell on Thursday after weaker-than-expected retail sales and as the European Central Bank stopped short of taking any additional measures to keep a debt crisis from spreading in the euro zone.

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.

Egypt's Communications Ministry said Thursday it had launched the first Internet domain name using Arabic letters to try to boost e-services and the number of people online in the most populous Arab nation.

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.

The Federal Reserve is considering revealing more supervisory information, as public disclosure was an important part of the success of last year's bank stress tests, Fed Chairman Ben Bernanke said on Thursday.

Steel prices are set to suffer a setback in the coming days as China is bracing fro a slowdown in realty sector and the American Iron & Steel Industries reported a rise of US domestic raw steel production, which was 1.754 million tonnes while the capability utilization rate was 72.5% in the week ended on May 1.

The worst part of the world's current financial crisis is still on its way. The enormous debt levels present in our financial system is central to this crisis. This huge debt levels could cause the world's monetary system to collapse, starting with the weaker currencies and quickly making its way to the major ones. Day by day the premier signal (gold price) of this collapse is getting clearer and should encourage more people to run for cover.

Shares of Magna International Inc surged 21 percent on Thursday, after it said it inked an agreement with founder Frank Stronach to eliminate the auto parts maker's dual class structure.

Honda Motor Co's chief financial officer said on Thursday automakers' need for a stable supply of steel meant negotiating prices with steelmakers every quarter was out of the question.

U.S. stocks were lower on Thursday after weaker-than-expected retail sales and as the European Central Bank failed to offer additional measures to stop a debt crisis from engulfing the euro zone.

Most top U.S. 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.

The Greek parliament prepared to adopt a harsh austerity plan in the face of violent unrest, as European Central Bank inaction disappointed markets fearful a debt crisis will engulf the euro zone.

Costco Wholesale Corp on Thursday reported a 11 percent rise in April sales at stores open at least a year, but the results narrowly missed Wall Street expectations.

U.S. non-farm productivity growth slowed sharply in the first quarter, government data showed on Thursday, suggesting businesses will have to raise employment to boost output.

No one rode the U.S. housing bubble higher than the company that calls itself America's Builder, D.R. Horton Inc.

U.S. productivity grew solidly in the first quarter, although not as fast as in previous periods, and data also showed the number of U.S. workers filing claims for jobless aid fell slightly last week.

The European Central Bank did not discuss buying government bonds in its policy meeting on Thursday, its head said, and he gave no indication the bank planned to introduce additional measures to boost lending.

Private chats between some Facebook users were briefly viewable by other users on Wednesday, an embarrassing technical glitch for a company facing growing criticism over sloppy privacy protection.

A U.S. congressional committee is investigating Johnson & Johnson's recent recall of Children's Tylenol and other over-the-counter pediatric medicines.

The Greek parliament prepared to adopt a harsh austerity plan on Thursday in the face of violent unrest, as markets looked to the European Central Bank to prevent a debt crisis engulfing the euro zone.

Failure to give regulators enough legal power and the rapid growth of a shadow banking system were behind the eruption of the financial crisis, U.S. Treasury Secretary Timothy Geithner will tell an official inquiry on Thursday.

U.S. stock index futures pointed to a lower open on Thursday after weaker-than-expected retail sales and the European Central Bank left monetary policy unchanged, disappointing investors who hoped the ECB would prevent a debt crisis from engulfing the euro zone.

Top U.S. store chains from Costco Wholesale to Gap Inc posted disappointing April same-store sales, suggesting that Wall Street's hopes for a consumer rebound may be getting ahead of the pace of recovery.

The chairman of Nokia said its management had the board's full support as it moves the world's top cellphone maker away from hardware and toward offering services.

U.S. stock index futures fell on Thursday after the European Central Bank left monetary policy unchanged, disappointing investors looking to the ECB to prevent a debt crisis from engulfing the euro zone.