IBT Staff Reporter

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Street Fighter IV focuses on strategy, nostalgia

Lining up for an hour and a half is a long wait to pick a fight. But for those in the arcade and gaming industry, the global unveiling of Street Fighter IV, the first new version of the classic fighting game in nearly eight years, was a chance not only to throw a few fireballs down memory lane but also to try out some new moves.

China approves new mutual funds to support stocks

China's securities regulator has approved the creation of at least three new mutual funds to raise more than 20 billion yuan ($2.8 billion), in an apparent effort to support the sagging stock market, sources said on Friday.

Consumer confidence plunges

Consumer sentiment fell sharply in early February to levels associated with previous recessions, dragged down by concerns a bleak economic outlook would raise the unemployment rate, a survey showed on Friday. The Reuters/University of Michigan Surveys of Consumers index of consumer sentiment dropped to 69.6, the lowest reading since February 1992, and below analysts' median forecast for a preliminary reading of 76.3.

UBS write-downs could double

Swiss bank UBS could face billions of dollars more in subprime-related write-downs in 2008, which could tip it into a second year of losses, analysts warned investors, sending its shares tumbling again. Some said UBS might be only halfway through clearing the debris from the subprime loan disaster that has already saddled it with $18 billion in charges in 2007.

India's IT-BPO industry set to touch $75 billion by 2010: Nasscom

Signs of economic slowdown in the US and rupee appreciation notwithstanding, the National Association of Software and Services Companies (Nasscom), the consortium that serves as the apex body of the Indian IT software and BPO industry said that India's IT-BPO industry is poised to achieve the target of $75 billion in overall software and services revenues by 2010.

Sony's PS3 Outsells Xbox 360 in Jan

Sony's Playstation 3 has outsold Microsoft's rival Xbox 360 for the first time since both systems have been released, according to new data surfacing late Thursday.

Sony Playstation 3 to lead rivals in 2011

Sony's Playstation 3 game console will double its installed base this year according to new research, growing faster than any of its rivals and making up for ground lost on its botched debut in 2006.

Wall Street Shakes on Credit market Woes

U.S. stocks dropped for the first time this week on Thursday, after Federal Reserve Chairman Ben Bernanke forecasted sluggish economic growth in 2008. The Dow Jones Industrial Average fell 175.3 points, or 1.4 percent, to end at 12,377, with all but one of its 30 components ending in the red.

Dollar Falls As Bernanke Signals Rate Cuts

The dollar fell on Thursday against the euro after Federal Reserve chief Ben Bernanke signaled that policy makers were ready to lower interest rates if the U.S. economy continued to deteriorate.

Nintedo Wii To Overtake Xbox 360

Nintendo's Wii is expected to displace Microsoft Corp.'s Xbox 360 as the new-generation video game console with the world's largest installed base.

Wal-Mart could break out of slump this year

For the past eight years, Wal-Mart Stores Inc's shareholders have had little reason to beam like the retailer's well-known smiley face image, as stock prices have dropped and the company has underperformed rivals like Target Corp. But the gloom may be finally lifting -- ironically thanks in part to the U.S. economy's increasing troubles.

Hollywood Quartet Urge SAG to Negotiate

Oscar-winning quartet George Clooney, Meryl Streep, Reobert De Niro and Tom Hanks are urging the Screen Actors Guild to quickly start its contract negotiations with Hollywood producers in order to avoid another strike.

Fed to act in timely manner to support growth

Federal Reserve Chairman Ben Bernanke on Thursday held the door open to more interest rate cuts to help the struggling economy, but told Congress the central bank expects growth to pick up later in the year. The Fed will act in a timely manner as needed to support growth and to provide adequate insurance against downside risks, Bernanke told the Senate Banking Committee.

Google to enter China's online music sector

Google plans to enter the online music market in China for the first time, as it steps up its battle with local incumbent Baidu.com Inc, media reported on Thursday. Google is expected to announce a joint venture with Top100.cn, to allow users to listen to and download licensed music files for free, major portal Sina.com said, citing local newspaper reports based on sources close to the U.S. firm.

Myanmar rebel leader shot dead in Thai town

A leader of Myanmar's biggest rebel group was shot dead at his home in a Thai border town on Thursday in an assassination immediately blamed on troops loyal to the former Burma's military junta.

Hezbollah threatens Israel at slain commander funeral

Hezbollah's chief Sayyed Hassan Nasrallah on Thursday threatened Israel with open war after accusing the Jewish state of killing one of its top commanders. Zionists, if you want this type of open war then let the whole world hear: let it be an open war, Nasrallah told mourners at the funeral of Imad Moughniyah, a legend to Hezbollah but one of the men most wanted by Israel and the U.S. for planning attacks that killed hundreds.

Groups try school to stem foreclosures

For hundreds of thousands of Americans facing spiraling mortgage costs, the last hope of keeping their home may lie in a classroom in a back office of a local nonprofit group.

UBS reveals new U.S. loans exposure

Swiss bank UBS has revealed $26.6 billion in exposure to risky U.S. mortgages distinct from subprime loans, increasing its vulnerability to the global credit crisis and sending its shares sharply lower. The newly unveiled exposure was for so-called Alt-A mortgages, which are of higher quality than subprime loans but also considered risky.

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