IBT Staff Reporter

Concerns that food makers would overdo price cuts to lure cautious consumers weighed on Kellogg Co and Sara Lee , even though both forecast better-than-expected 2010 earnings.

Moody's Corp , parent of credit-rating agency Moody's Investors Service, forecast 2010 earnings below Wall Street expectations and warned of rising compliance costs, sending its shares down more than 4 percent.

A prominent Goldman Sachs Group executive expressed support on Thursday for some of the many financial regulation reforms being considered by Congress since taxpayers bailed out his firm and others like it.

In the latest blow to Toyota Motor Corp, safety regulators opened a formal probe into problems with the brakes of the Prius, the world's top-selling hybrid and a vehicle that has powered the automaker's reputation for fuel-efficiency.

(Corrected to remove incorrect reference in 17th paragraph to Wet Seal's sales missing expectations)

January sales at top U.S. retailers moved into positive territory from last year's decline as many chains avoided drastic clearance sales and shoppers redeemed holiday gift cards.

Oil prices plunged 5 percent on Thursday in their steepest drop since July after higher U.S. jobless claims and a firming dollar prompted investors to shun riskier assets like commodities.

(Corrected to remove incorrect reference in 17th paragraph to Wet Seal's sales missing expectations)

Sports programing, a must-have for U.S. cable operators, could end up being the center of a battle between Comcast, NBC Universal and the companies' critics as regulators assess the joint venture's impact on consumers.

NEW YORK - Stocks tumbled on Thursday as the number of Americans claiming jobless benefits rose unexpectedly and renewed fears of sovereign debt problems in Europe led investors to dump riskier assets.

It is vital that Greece meets its stated goals for cutting its budget deficit and steps announced by the government this week are encouraging, European Central Bank President Jean-Claude Trichet said on Thursday.

Brazilian cement maker Votorantim Cimentos said on Wednesday it reached a deal to buy a stake in its Portuguese counterpart Cimpor.

Bank of America has embarked on a major hiring spree across Asia, aiming to expand in the fast growing region and revive the investment banking franchise that Merrill Lynch built before the financial crisis.

Nearly all Europe-related stocks, bonds and exchange traded funds are selling heavily during the morning New York session.

Safety regulators opened a formal investigation into consumer complaints about braking on 2010 Toyota Prius hybrids, the latest jolt to the automaker already reeling from massive recalls and intensified safety scrutiny.

Shares of Verizon were hit on Thursday as analyst downgraded the firm on fears that Apple's venerable iPhone would not make it on its network this year.

MasterCard Inc posted quarterly earnings that fell short of Wall Street forecasts due to higher-than-expected costs, sending its shares down nearly 7 percent in premarket trade.

The chief executive of Poet, the top U.S. ethanol maker, said companies are committed to producing next generation cellulosic ethanol even though the U.S. government has slashed mandates on how much of the fuel will be required to be produced this year.

A monthly gauge of online labor demand in the United States fell slightly in January as online recruitment activity remained subdued at the start of the year, a private research group said on Thursday.

U.S. stocks gave up more than 2 percent on Thursday after data showed new applications for jobless insurance rose unexpectedly last week, and basic materials shares sank as a rising U.S. dollar hit commodity prices.

The number of workers filing for jobless benefits unexpectedly rose last week, but another big gain in productivity in the fourth quarter offered hope that companies were getting close to adding to payrolls.

An online campaign has started to save the job of an Australian banker who became an internet sensation after he was caught on live television viewing images of scantily-clad supermodel Miranda Kerr on his computer.

India's food inflation rose again to 17.56 percent for the week ended Jan 23 compared with previous week's 17.40 percent. Food inflation, which was easing after touching decade's high of about 20 per cent in December, rose mainly because potatoes became dearer by 44.91 per cent and pulses by 44.43 per cent over the previous year.

Toyota Motor Corp expects costs and lost sales from its massive safety recall to total $2 billion by the end of March, keeping it in the red for the year despite its strongest profit in six quarters.

New York University has imposed strict labor standards for construction of its campus in the United Arab Emirates, where critics say migrant worker conditions are sometimes tantamount to forced labor.

U.S. stocks slid 2 percent on Thursday after new applications for jobless insurance rose unexpectedly, and basic materials shares sank as a rising U.S. dollar hurt commodity prices

U.S. fixed mortgage rates eked out small increases in the past week, but the average 30-year loan held at around 5 percent, fostering affordability, home funding company Freddie Mac said on Thursday.

GMAC Financial Services, a lender that has received more than $16 billion from the U.S. government across multiple bailouts, said it lost $5 billion in the fourth quarter after writing down bad mortgage assets.

Oil fell by more than $2 to below $75 a barrel on Thursday as rising crude inventories and higher unemployment figures in the United States dampened expectations for stronger demand.