IBT Staff Reporter

British telecoms carrier BT cut its dividend and announced 15,000 further job losses on Thursday after a 1.58 billion pound ($2.4 billion) writedown tipped it into a quarterly loss and its pension costs almost doubled.

World stocks fell for a fourth straight day on Thursday while the low-yielding dollar and yen advanced as weak U.S. retail sales data prompted investors to cut back on risky assets after their nine-week rally.

Oil prices fell toward $57 a barrel on Thursday, after a 1-percent plus decline the previous day, as equity markets slipped, weighing on optimism for economic recovery and energy demand.

U.S. regulators have recommended filing a civil fraud suit against Countrywide Financial co-founder Angelo Mozilo for insider trading, the Wall Street Journal reported on Wednesday.

Documents made public on Wednesday confirm former U.S. Treasury Secretary Henry Paulson gave nine major banks no choice but to allow the government to take equity stakes in them as the Bush administration moved to address turmoil in the financial industry.

Sony Corp reported a second straight quarterly loss hurt by a firmer yen, sluggish sales and restructuring costs, and it projected another year of red ink during which it will close eight factories worldwide.

Asian stocks took a hit on Thursday as weak U.S. retail sales underscored the long road to economic recovery, prompting profit-taking on winning bets in equities, higher-yielding currencies and commodities over the past two months.

Britain's BT Group cut its dividend and said a further 15,000 jobs would go after a 1.58 billion pound ($2.4 billion) write down and restructuring at its Global Services unit drove it to a fourth quarter loss.

Shares in Rio Tinto Ltd dived as much as 12.5 percent to a three-week low on Thursday, partly as investors bet the miner would scrap or alter a planned $19.5 billion Chinese tie-up in favor of a discounted rights issue.

Sony Corp reported a second straight quarterly loss hurt by a firmer yen, sluggish sales and restructuring costs, and it forecast a smaller-than-expected annual loss for the year ahead.

Demand for energy-thirsty gadgets such as cell phones, iPods, PCs and plasma TVs is undoing efficiency gains elsewhere, the International Energy Agency said on Wednesday.

Verizon Wireless, a venture of Verizon Communications and Vodafone Group Plc, will start selling Hewlett-Packard Co's netbook computers from May 17, according to a statement from Verizon Wireless.

Asian stocks fell on Thursday as weak U.S. retail sales highlighted the long road to economic recovery, prompting profit-taking on winning bets in equities, higher-yielding currencies and commodities over the past two months.

Documents made public on Wednesday confirm former U.S. Treasury Secretary Henry Paulson gave nine major banks no choice but to allow the government to take equity stakes in them as the Bush administration moved to address turmoil in the financial industry.

Japan's Panasonic Corp is likely to post a net loss of more than 100 billion yen ($1.1 billion) for the year ending in March 2010, the Yomiuri newspaper reported, as the consumer electronics maker grapples with a stronger yen and slowing demand.

Oil prices fell below $58 a barrel on Thursday, after a 1-percent plus decline the previous day, as equity markets slipped, weighing on optimism for economic recovery and energy demand.

Motorola, Inc. announced today the signing of a one-year frame agreement with China Mobile Communications Corporation to provide mobile telecommunication equipment and services.

A group of major banks including Citigroup Inc , JPMorgan Chase & Co and Barclays Plc has sued MBIA Inc , charging that the bond insurer illegally restructured its operations by moving $5 billion of assets and leaving a key unit effectively insolvent.

The Obama administration is looking into ways it could change the way financial companies compensate employees, according to a report.

A new survey conducted by the American Institute of Certified Public Accountants and the University of North Carolina's Kenan-Flagler Business School indicates that pessimism about the U.S. among accounting professionals has eased.

Insurance giant MBIA Inc., is facing another lawsuit over a controversial restructuring of the company as 18 major financial institutions sued the company today.

Former Treasury Secretary Henry Paulson told nine banks last year that they should accept a federal infusion of funds or be forced to by the regulators, according to a report.

After hours of tension, America has gotten its two finalists to compete for the title of the American Idol season 8. They are Kris Allen and Adam Lambert.

At least 10 people have died after a boat carrying nearly 30 migrants, mostly Haitian, sank off the Florida coast early Wednesday morning.

Japan's Nikkei average fell 2.1 percent on Thursday as exporters slid on a firmer yen and renewed concerns about the U.S. economy, while Nikon Corp tumbled after it forecast its first annual operating loss in 11 years.

U.S. regulators have recommended filing a civil fraud suit against Countrywide Financial co-founder Angelo Mozilo for insider trading, the Wall Street Journal reported on Wednesday.

The European Union vindicated AMD with a fine on competitor Intel Corp. for antitrust violations Wednesday, but the ruling is not likely to change Intel’s dominant position in the microprocessor industry.

The Obama administration moved on Wednesday to exert more control over the shadowy over-the-counter derivatives market, now closely linked to the global credit crisis.

Apple has release a patch for its safari 3.2.3 to cover trio of flaws in the Safari Web browser as well as new beta safari 4.