IBT Staff Reporter

The world can burn only a quarter of proven reserves of oil, gas and coal to be confident of staying within safer climate limits, unless untested carbon fixes work, experts said on Wednesday.

Chevron Corp on Thursday won conditional approval from an Australian environmental regular for the multi-billion dollar Gorgon gas project, bringing a final investment decision closer.

The number of U.S. workers filing new claims for jobless aid unexpectedly declined by 14,000 last week, government data showed on Thursday, while continued claims notched a fresh record high as the recession chilled the labor market.

Chrysler LLC rushed to clinch a deal on Thursday to stave off collapse ahead of a midnight deadline imposed on the No. 3 U.S. automaker by the Obama administration.

Procter & Gamble Co posted a 4 percent drop in quarterly profit on Thursday as consumers traded down to less expensive products in the challenging economy, leading to a decline in sales.

Industrial conglomerate Tyco International Ltd posted a net $2.57 billion net loss, reflecting large charges to revalue its assets in light of a weak economy, but earnings excluding special items beat Wall Street expectations.

Chrysler LLC rushed to clinch a last-minute deal on Thursday to stave off collapse ahead of a midnight deadline for the third-largest U.S. automaker.

Stock index futures pointed to a more than 1 percent gain on Thursday as the first quarter's better-than-expected corporate profits stoked optimism the economic slump is showing signs of easing.

Dow Chemical Co posted a surprise first-quarter profit on Thursday, helped by cost reductions, gains in its agricultural segment and lower raw material costs.

Oil rose toward $52 a barrel on Thursday, partly in response to a more optimistic view of the world economy from the U.S. Federal Reserve that also helped drive equity markets to their highest level since early January.

Social-networking website Facebook has held meetings with private equity firms to explore raising another round of funding, the New York Post reported on Thursday, citing sources.

Motorola Inc posted on Thursday a wider quarterly loss as sales missed Wall Street Estimates, but it forecast a narrower loss for the second quarter and said it plans further cost cuts.

Just 29 percent of people with lots of money to spend say they enjoy being recognized as wealthy, down 6 percent from a year ago, a survey showed on Wednesday.

Stock index futures pointed to a higher start for Wall Street on Thursday ahead of a flurry of results as well as U.S. core personal consumption expenditure, jobless figures and Chicago PMI data.

Global stock markets jumped more than one percent on Thursday to their highest since early January as investors bet on a stabilization of the ailing world economy and took heart from some upbeat corporate earnings.

Swiss bank UBS said on Thursday it had axed 2,000 U.S. jobs as part of its latest mammoth round of job cuts announced earlier in April.

World stocks scaled a four-month peak on Thursday, powered by solid gains in Asia, as investors took heart from signs of improvement in the U.S. economy suggesting regional exporters may need to start cranking up production.

Telecom gear maker Ericsson posted a smaller-than-expected fall in first-quarter net profit on Thursday and said the effect of the global downturn on the mobile network market remained limited.

TSMC , the world's biggest contract chip maker, reported its weakest quarterly earnings in nearly eight years on Thursday as a slowing global economy hit demand for technology products.

World stocks scaled a four-month peak on Thursday, powered by solid gains in Asia, as investors took heart from signs of improvement in the U.S. economy suggesting regional exporters may need to start cranking up production.

A Ford hybrid car drove 1,445.4 miles with a single tank of gas in a 69-hour journey of continuos drive.

Chrysler rushed to clinch deals with Fiat SpA and a fractious group of lenders on Wednesday in a last-ditch effort to avoid bankruptcy ahead of a government-imposed April 30 restructuring deadline.

Talks between the U.S. Treasury Department and Chrysler LLC lenders aimed at cutting the automaker's debt and keeping it out of bankruptcy broke down late on Wednesday, the Wall Street Journal reported, citing people familiar with the discussions.

Visa Inc posted better-than-expected quarterly earnings on Wednesday as the world's largest credit card network increased prices, slashed expenses and consumers used debit cards more.

Chrysler rushed to clinch deals with Fiat SpA and a fractious group of lenders on Wednesday in a last-ditch effort to avoid bankruptcy a day ahead of a government-imposed restructuring deadline.

The U.S. Treasury raised its offer by $250 million in debt restructuring talks with Chrysler LLC lenders on Wednesday as part of a final push to win over lenders holding out for better terms and avoid bankruptcy, two people person briefed on the closed-door talks said.

Massachusetts' top securities regulator has begun a probe into whether State Street Corp , one the world's biggest institutional money managers, misled pension funds over the risk level of certain investments, according to a spokesman for his office.

MGM Mirage and Dubai World said on Wednesday they have reached an agreement with lenders on a plan to fully fund their $8.5 billion CityCenter joint venture on the Las Vegas Strip.

Sumner Redstone, executive chairman of CBS Corp, said on Wednesday that he thinks the U.S. stock market is at the start of a bull market.