IBT Staff Reporter

A top Iranian cleric warned on Thursday that continued crackdown of opposition protests could destabilize the government and threaten the very basic of the Islamic republic.

U.S. stocks rallied on Thursday on investors' relief that Federal Reserve Chairman Ben Bernanke was weathering a tough grilling in Congress relatively well.

U.S. homebuilder Lennar Corp posted a wider year-over-year quarterly net loss, but saw a sequential rise in new home sales and orders, sending its shares up as much as 18 percent.

Treasury Secretary Timothy Geithner said on Thursday that he will submit to Congress legislative language on a new consumer protection agency in the next few days, but is also working on regulatory reform plans that use existing authorities.

Kimberly-Clark Corp said on Thursday that it would cut about 1,600 salaried jobs, or roughly 3 percent of its workforce, as it tries to trim costs and respond faster to rivals and store brands.

Oil prices rose more than a dollar to near $70 a barrel on Thursday after Nigeria's main militant group shut down one of Royal Dutch Shell's pipeline junction points, heightening concerns about supplies from the region.

Fresh signs of weakness in U.S. job markets on Thursday underlined the strains faced by a recession-struck U.S. economy that contracted slightly less in the first quarter than previously thought.

After spending a week in jail, Texas financier Allen Stanford sat in a Houston courtroom on Thursday waiting to face a U.S. judge who will decide whether he must remain behind bars while he awaits trial for an alleged $7 billion swindle.

The federal government has agreed to accept $25 billion of preferred stock in two American International Group Inc businesses as partial repayment of debt, the company said on Thursday.

Microsoft Corp. said Thursday it will slash prices for the Windows 7 computer operating system by 17 percent compared to its predecessor in an effort to revive sales of its flagship product.

Modern Detroit traces its origins back to a man named Cadillac -- Antoine Laumet de La Mothe, sieur de Cadillac, to be precise, a French adventurer who founded Fort Pontchartrain du Detroit in 1701.

After spending a week in jail, Texas financier Allen Stanford on Thursday will face a U.S. judge who will decide whether the he must remain behind bars while he awaits trial for an alleged $7 billion swindle.

Federal Reserve Chairman Ben Bernanke on Thursday pushed back hard against accusations the Fed threatened Bank of America executives if they halted a merger with Merrill Lynch or pressured them to withhold bad news about the troubled investment bank.

Stocks rose on Thursday as investors held out hope the economic deterioration was receding and positive news boosted consumer and home builder shares.

U.S. airlines raised fares for a second time in two weeks, a strong signal that the industry is nearing a bottom on ticket prices, according to FareCompare.com, a site that compares prices for flights.

The body of the pilot as well as one of the crew members has been identified among others from the AF 447 flight that crashed into the Atlantic on May 31, Air France confirmed on Thursday.

India's Tata Steel Ltd, the world's No. 6 steel maker, on Thursday missed forecasts with a 60 percent drop in consolidated net profit for the fiscal year ended March and said 2,045 jobs in Europe units were at risk.

Japan has concluded a basic agreement with the United Arab Emirates to start receiving oil from Abu Dhabi National Oil Co (ADNOC) to help stock up its oil reserves, the government said on Thursday.

Microsoft Corp is to sell the standard home-user version of its new Windows 7 operating system for 8 percent less than the comparable version of its Vista system, as the global downturn hits spending on technology.

Pfizer Inc's Sutent delayed the worsening of the type of pancreatic cancer that afflicted Apple Inc Chief Executive Steve Jobs by more than five months longer than a placebo, according to data from a clinical trial.

India appears to be reaching out to Pakistan with the aim of helping the credibility of the civilian government in Islamabad, seen as the best chance of bringing some stability to the region since the Mumbai attacks.

Volkswagen is examining a cooperation with Japan's Suzuki Motor the area of ultra small cars, a source familiar with the matter said on Thursday, confirming a report in manager magazin.

Washington has sent weapons to Somalia's government after a green light from the U.N. Security Council to prevent rebels seen as a proxy for al Qaeda overrunning the Horn of Africa nation, sources said on Thursday.

The German government wants additional assurances before giving its support to a special state-backed loan for Arcandor's mail order unit Quelle, Economy Minister Karl-Theodor zu Guttenberg said.

Dress Barn Inc will buy teen-apparel seller Tween Brands Inc about $157 million in stock, as the women's clothing retailer looks to capture a larger share of the tween girls apparel market.

British skincare specialist York Pharma is in fresh merger talks with a British company following end of its discussions with Uluru, a source familiar with the company's thinking said on Thursday.

President Mahmoud Ahmadinejad called on Barack Obama on Thursday not to interfere in Iran's internal affairs after the U.S. president said he was appalled and outraged by post-election violence in the Islamic state.

Oil and gas producer PetroQuest Energy Inc's public offering of 10 million shares was priced at $3.50 a share, a discount of 5 percent to the stock's Wednesday closing price.

The U.S. economy shrank slightly less in early 2009 than previously thought, the government reported on Thursday, though there was widespread weakness in activity and demand was soft.