IBT Staff Reporter

Bernard Madoff, accused of running the biggest fraud in Wall Street history, is expected to plead guilty on Thursday in what is shaping up to be a courtroom drama featuring denunciations by investors and a renewed push by prosecutors to jail him immediately.

The number of U.S. workers drawing unemployment benefits hit a record in February as companies struggle with a 14-month recession, data showed on Thursday, but a slight easing in retail sales last month offered cautious optimism.

Bernard Madoff, accused of running the biggest fraud in Wall Street history, is expected to plead guilty on Thursday in what is shaping up to be a courtroom drama featuring denunciations by investors and a renewed push by prosecutors to jail him immediately.

Stocks were set to open little changed on Thursday as a government report pointing to some stabilization in consumer spending overshadowed more bleak news on the labor market.

The economic crisis threatening to topple global automakers rocked two of Europe's biggest on Thursday as BMW posted a surprise fourth-quarter operating loss and Volkswagen warned of worse ahead.

Wind and solar power could produce 40 percent of the world's electricity by 2050, but only if government subsidies are secured for the next two decades, scientists said on Wednesday.

The U.S. Interior Department on Wednesday said it has created a special task force to speed the development of renewable energy projects on federal lands.

President Barack Obama and Treasury Secretary Timothy Geithner received failing grades for their efforts to revive the world's largest economy, according to participants in the latest Wall Street Journal forecasting survey.

U.S. microblogging service Twitter is eager to partner with other companies, including search giant Google Inc, but it is not considering a merger or buyout, the company's co-founder said.

Sales at U.S. retailers fell by a smaller-than-expected margin in February after a surprise gain the prior month, as a rise in gasoline prices limited the impact of slumping vehicle sales, a government report showed on Thursday.

Stock index futures sharply cut losses on Thursday as news of a proposed takeover in the biotechnology sector tempered caution before data that investors fear may show more weakness in consumer spending and the labor market.

Finance ministers and central bankers from Brazil, Russia, India and China will convene ahead of the Group of 20 finance chiefs' meeting in London on Friday, a Russian delegation source told Reuters on Thursday.

Veteran fund manager Mark Mobius sees a potential 20 percent rise in emerging market stocks in 2009 and views extreme investor pessimism as a signal to gradually start buying equities.

Ailing telecom equipment maker Nortel Networks Corp, which filed for bankruptcy protection earlier this year, is looking to break itself up by selling off major divisions, the Globe and Mail reported on Thursday.

U.S. stock index futures pointed to a lower open on Wall Street on Thursday, on rekindled fears over the global economic outlook and the stability of the financial system.

Japanese shares fell more than 2 percent on Thursday and other Asian markets were on the defensive as confidence in a rally this week proved fleeting in light of a shaky global economy and financial system.

Google Inc is seeking to blur the line between the telephone and the computer even further with the introduction of Google Voice on Thursday.

Roche Holding AG has struck a deal with Genentech Inc to acquire all outstanding shares in the U.S. biotech group for $46.8 billion, the Swiss drugmaker said on Thursday.

Roche Holding AG has struck a deal with Genentech Inc to acquire all outstanding shares in the U.S. biotech group for $46.8 billion, the Swiss drugmaker said on Thursday.

The global economy may shrink 1-2 percent this year, World Bank President Robert Zoellick said, as revised Japanese data confirmed the world's No. 2 economy suffered its deepest slump since the oil shock of 1974.

Google Inc is seeking to blur the line between the telephone and the computer even further with the introduction of Google Voice on Thursday.

Bernard Madoff, accused of running the biggest fraud in Wall Street history, is expected to plead guilty on Thursday in what is shaping up to be a courtroom drama featuring denunciations by investors and a renewed push by prosecutors to jail him immediately.

Base salaries on Wall Street may double as a result of the public backlash over excessive bonuses, according to a report.

Global economic output is likely to fall between 1 and 2 percent in 2009, the World Bank President said on Wednesday.

The total number of billionaires in the world fell 30 percent in the past year to 793 people, according to Forbes.

Swiss bank UBS said on Tuesday its earnings will remain at risk for some time to come as its balance sheet remains exposed to illiquid and volatile markets.

Japan's economy posted its sharpest contraction since the oil crisis of 1974 in the final three months of last year, revised government data showed, and economists saw little signs of an early rebound.

The court-appointed receiver overseeing Texas billionaire Allen Stanford's financial empire will keep the names of investors confidential, a relief to Latin Americans who fear they could be targeted by criminals, a lawyer said on Wednesday.

Bernard Madoff is set to admit he orchestrated Wall Street's largest fraud on Thursday, but there are still big questions about the case, including whether anyone else will face criminal charges.