IBT Staff Reporter

A ferry collided with a fishing boat off the Philippines on Thursday killing three people and leaving about two dozen missing, an official said.

Russian President Dmitry Medvedev on Thursday ordered a one fifth cut to the staff of the 1.4 million strong Interior Ministry after a series of scandals involving the police.

The authorities have banned memorial gatherings for a leading dissident cleric in most parts of Iran, reformist websites said on Thursday, days ahead of an emotive Shi'ite ritual that may draw more opposition protests.

At least 23 people died in attacks across Iraq on Thursday, including a provincial leader and pilgrims observing a major Shi'ite religious ritual, police and officials said.

China denounced foreign diplomatic meddling in the trial this week of Liu Xiaobo, a dissident facing up to 15 years in prison for authoring works calling for greater civil and political freedoms.

The U.S. Senate approved President Barack Obama's landmark healthcare overhaul on Thursday, backing sweeping changes in the medical insurance market and new coverage for tens of millions of uninsured Americans.

Loss-making lender Pacific Capital Bancorp signed a letter of intent to sell its tax division to a private equity fund, as its regulators barred it from originating any refund anticipation loan in 2010.

Shares of Apple Inc reached their all-time high on Thursday, as excitement builds over the expected release of its tablet computer.

Following an emotional 5 year battle, David Goldman has been reunited with his 9-year old son, Sean, after his wife at the time, took him to Brazil and never came back.

Stocks rose in a shortened preholiday session on Thursday after data showing a drop in initial jobless claims and growth in durable goods orders suggested an economic recovery was gathering steam.

U.S. copper futures strengthened to near 15-month highs Thursday morning, driven by extended losses in the dollar,supply threats in Chile, and pre-holiday momentum buying. For detailed report on global copper markets, click on [MET/L]

New orders for long-lasting U.S. manufactured goods excluding transportation surged in November, and applications for jobless benefits fell last week, pointing to a firmly entrenched economic recovery.

Loss-making lender Pacific Capital Bancorp (PCBC.O) signed a letter of intent to sell its tax division to a private equity fund, as its regulators barred it from originating any refund anticipation loan in 2010.

Gaming and entertainment company Black Gaming LLC said it had reached a deal with its lenders to restructure its debt and that it would file a pre-negotiated bankruptcy petition to implement the plan.

Chinese steel products maker General Steel Holdings Inc (GSI.N) said it agreed with institutional investors to sell shares and warrants at a discount to raise about $25 million, sending its shares down as much as 22 percent.

Green Mountain Coffee Roasters Inc (GMCR.O) voluntarily withdrew its filing with the antitrust division of the Federal Trade Commission regarding its purchase of Diedrich Coffee Inc (DDRX.O) after consultation with the regulator.

Aberdeen Asset Management (ADN.L) is interested in buying the funds arm of Royal Bank of Scotland (RBS.L), two sources familiar with the situation said, as the bank offloads a raft of assets after a government-backed bailout.

U.S. private equity firm Carlyle Group CYL.UL said it has talked to British waste management company Shanks Group (SKS.L) about a possible takeover offer.

The U.S. Senate passed a sweeping healthcare overhaul on Thursday as expected, which must be combined with a version approved last month by the House of Representatives and passed again by both chambers.

General Motors Co emerged from a 40-day bankruptcy in July with a newfound zeal that things at the top U.S. automaker would never be the same

The debate over U.S. healthcare reform is full of terms familiar to lawmakers and lobbyists but often obscure to the public.

Dutch billionaire John de Mol is not involved in a possible buyout of Swedish carmaker Saab, which Dutch Spyker Cars (SPYKR.AS) would like to buy from General Motors GM.UL, De Mol's investment company Talpa said.

Egypt's Orascom Telecom (OT) (ORTE.CA)(ORTEq.L) said on Thursday it has obtained a month-long waiver from major lenders that will enable it to go ahead with a $800 million capital increase.

Apple Inc has reserved space in late January at a venue in San Francisco in advance of a planned product announcement, the Financial Times reported on its blog on Wednesday

Procter & Gamble Co appears ready to expand The Art of Shaving -- the high-end shaving chain it purchased in June to provide a retail presence along with its Gillette brand.

U.S. stocks rose in a shortened preholiday session on Thursday after data showing a drop in initial jobless claims and growth in durable goods orders indicated an economic recovery was gaining traction.

Warren Buffett is in talks to buy the troubled residential mortgage company Residential Capital, a unit of GMAC, the New York Post said, citing sources.

U.S. stock index futures pointed to a higher open on Thursday after data showed that jobless claims fell to their lowest level since September 2008, a sign of an improving labor market.

News Corp would do better in 2010 than the previous year thanks to the strong performance of its cable and film businesses, the international media group's head Rupert Murdoch told an Italian newspaper.