IBT Staff Reporter

The Treasury is committed to spending the full $50 billion in bailout funds it budgeted for mortgage modifications but will consider changes to make the program more effective, a senior Treasury official said on Thursday.

A modest U.S. economic recovery still warrants the Federal Reserve's ultra-low interest rate policy, but the central bank stands ready to remove stimulus once the expansion looks solid, Chairman Ben Bernanke said on Thursday.

Over the past 18 months, the inverse relationship between the US dollar and global equities markets has proven to be the single constant in an otherwise uncertain economic climate. When equities markets reached their nadir in March, 2009, the US dollar was sitting atop its highest levels, though much of that value would be lost in the equities-rebound that would follow.

A virtual farm attracting up to 83 million aspiring farmers monthly has video game developers scrambling to find ways to plough the booming popularity of games on social networks.

Dubai will spend up to $9.5 billion restructuring its debt-laden Dubai World conglomerate in a plan to give bank lenders their money back in five to eight years and repay two key bonds.

A bumpy U.S. recovery and subdued inflation warrant the central bank's promise to keep benchmark interest rates low for an extended period, a senior Federal Reserve official said on Thursday.

Dubai will spend up to $9.5 billion restructuring its debt-laden Dubai World conglomerate in a plan to give bank lenders their money back in five to eight years and repay two key bonds.

ConAgra Foods Inc posted an unexpected dip in quarterly revenue on Thursday as its commercial foods business passed on lower costs for wheat.

A bumpy U.S. recovery and subdued inflation warrant the Federal Reserve's promise to keep benchmark interest rates low for an extended period, a senior Federal Reserve official said on Thursday.

EU leaders edged toward consensus on a financial safety net for Greece on strict German conditions ahead of a key summit Thursday after the European Central Bank threw Athens a major reprieve on funding rules.

Indian steelmaker JSW Steel has inaugurated its fourth consecutive showroom in Mumbai through their authorized dealer K Amishkumar Trading Pvt Ltd in Ghatkopar East, as per a release.

Royal Dutch Shell of the Netherlands and China's China National Petroleum Corp have announced a 30-year deal to jointly develop and produce natural gas in China's Sichuan basin. The deal announced today by Shell, reveals close ties that the Anglo Dutch major has fostered with China's state-owned oil majors and comes close on the heels of Shell teaming up with PetroChina in sealing the acquisition for Australia's coal seam gas producer Arrow Energy yesterday for A$3.5 billion.

India-based Essar Oil is said to seek the shareholders' approval next month to spurt up to USD 1.7 billion in order to finance its expansion plans, while its unlisted parent said it had agreed to buy coal mines in Indonesia. Essar Oil had passed a resolution in December 2007 to raise up to $2 billion either through convertible bonds, or global or American depositary shares, and it later issued $300 million worth of global depositary shares.

Lack of storage facilities threatened to damage huge quantities of wheat in India's northern state of Punjab as another bumper crop is ready for harvest. Over 7.2 million tones of wheat are lying in warehouses across the state, some of it for the last three years. Of this, nearly 6.5 million tones is lying in the open.

Best Buy beat Wall Street's view for profit and sales in its holiday quarter and forecast stronger-than-expected earnings in the current year as demand for electronics resurged in an improving economy.

In an attempt to ensure food security, Middle East nation Qatar said it plans to invest in a 25,000 hectare rice growing project in Vietnam's Mekong Delta province of Tra Vinh. A high level experts team from the country visited Vietnam to prepare for negotiations on the project, its value has not been announced.

Australia's wheat production is seen under pressure due to the drought in the major wheat growing provinces, said National Australia Bank. Dry conditions in Australia's top grain state represent the major threat to the potential for the country raising wheat production by some 1million tonnes next season, it said.

Great Barrier Island is a large island of New Zealand, situated 100 km to the north-east of central Auckland in the outer Hauraki Gulf. The island is caught in a row over whether mining should be allowed to continue or should it go for tourism promotion. With an area of 285 square kilometres (110 sq mi) it is the fourth-largest island of New Zealand's main chain of islands, with its highest point, Mount Hobson, rising 621 metres.

Kiran Rai has always had a sarcastic sense of humor, but she never thought it would be the foundation for her own apparel business.

Stocks rose on Thursday as technology shares were lifted after wireless chipmaker Qualcomm raised its forecast and electronics retailer Best Buy reported quarterly profit and sales that beat estimates.

The chief executive and largest shareholder of Dutch automaker Spyker Cars has reduced his voting interest to avoid making a buyout offer for the rest of the shares, the company said on Wednesday.

Australia said on Thursday it had been told by China that the verdict in the trial of four Rio Tinto executives charged with bribery and stealing commercial secrets will be handed down on Monday.

Toyota Motor Corp said on Thursday it is studying plans to reorganize its domestic manufacturing operations to consolidate production of similar vehicles regardless of brands across its group companies.

General Motors Co plans to lease retail space in four U.S. cities to offer shoppers the chance to test drive not only three Chevrolet vehicles but those of its largest rivals, a top marketing executive for the U.S. automaker said on Wednesday.

Former Federal Reserve Chairman Alan Greenspan said on Wednesday U.S. house prices appeared to have bottomed out but were still fragile and that the country would not be out of crisis until prices stabilized.

Best Buy Co beat Wall Street's view for profit and sales in its holiday quarter and forecast stronger-than-expected earnings in the current year, sending shares up 7.7 percent.

EU leaders appeared to be nearing consensus on an aid mechanism for Greece based on strict German terms before a high-stakes summit on Thursday and Athens won a reprieve when the European Central Bank extended looser funding rules.

A virtual farm attracting up to 83 million aspiring farmers monthly has video game developers scrambling to find ways to plough the booming popularity of games on social networks.

The number of U.S. workers filing new applications for unemployment insurance fell sharply last week, while the number of those on continued benefits was the lowest since December 2008, a government report showed on Thursday.