Microsoft formally unveiled Bing, its new search service, and gave a demonstration at The Wall Street Journal's D: All Things Digital tech conference. “We needed a name that says this is all about search," CEO Steve Ballmer said.

US mortgage delinquencies and foreclosures rose to records in the first quarter and home-loan rates jumped to the highest since March as the government’s effort to revive the housing market lost momentum.

The delinquency rate - -  where payments are overdue - -rose to a seasonally adjusted 9.12% and the share of loans entering foreclosure climbed to 1.37% the Mortgage Bankers Association said today. About 12.07% of mortgage loans were delinquent or in the foreclosure process during the quarter, the highest since records began in 1972.

More than 616,000 mortgages were hit with foreclosure actions.

The Wall Street Journal reports that an ad hoc committee of General Motors today bondholders expressed support for 10% of the restructured auto maker under a revised plan.

The new proposal, contained in a regulatory filing Thursday, envisions an initial 72.5% stake in a new GM being held by the US Treasury in return for enhanced aid.

Under the deal, GM's union-run health trust would receive 17.5%, with 10% going to creditors -- in line with the offer the bondholders rejected Tuesday -- though warrants could lift this to 15%.

The committee said the Treasury's agreement to inject additional funds into GM and convert about $40 billion of those funds into stock improves the company's balance sheet substantially. The committee also cited the prospect of uncertain, costly litigation if bondholders rejected the restructuring proposal. The committee represents 20% of the unsecured bondholders.

The auto maker is expected to file for bankruptcy protection by Monday. GM told bondholders they could be wiped out if they don't accept an offer for by a 5 p.m. deadline Saturday.

Following today's economic data on new homes; durable goods and continuing jobless claims, the Dow Jones Industrial Average was recently up 12 points.

The Nasdaq is flat and the S&P 500 is up 0.5%.

New US home sales rose in April as prices continued to fall; Durable goods orders rose; Continuing jobless claims hit a new record for 17th consecutive week

Live US Indices

The Dow Jones Stoxx 600 Index dropped 1.4% Thursday.

The pan-European index has risen 31% since a 12-year low on March 9th last.

Retail business in Eurozone continued to worsen in May; EuroCoin GDP indicator rises for third month in a row

European Economic Sentiment continues in May to recover from historical lows

In Dublin, the ISEQ is down 2.7%.

CRH is down 4.5%; Elan has fallen 3.4%; Greencore is up 10.5%.

Irish merchandise exports down 6% in March; In dominant US-owned sector rise in Chemicals outpaced plunge in IT shipments

Annual Irish Production fell by 6.7% in March 2009; US dominated chemicals and man-made fibres up 19.2%

Quinn Glass to appeal UK Council order to demolish Ellesmere Port factory following planning dispute with Irish-controlled Ardagh Glass

Total Produce, the Fyffes spin-off, has risen 35.

The company says it is involved in growing, sourcing, transporting, processing, packaging and marketing over 250 million packages of fresh fruit, vegetables and flowers annually, and in the marketing of consumer products and health foods. The group operates 86 facilities in 17 countries.

On March 5th, TP had announced, having taken account of the current economic climate and negative currency translation movements, it was targeting an earnings performance for 2009 with adjusted earnings in the range of 5.5 to 6.5 cent per share. It said today, having completed the first four months of its financial year, it said 2009 earnings targets remain unchanged.