Washington, May 8 (DPA) Government “stress tests” of the US financial industry found that 10 of the 19 largest banks need a combined $75 billion to weather the continuing recession, US regulators said Thursday.

Treasury Secretary Timothy Geithner said that much of the extra capital could be raised from private investors, and many banks would be able to meet the government’s demands by simply converting preferred shares into common equity.

New York, May 8 (DPA) US stocks closed lower Thursday, just one hour before the Federal Reserve was due to release the much-awaited results of its “stress tests” on the country’s top banks.

The US central bank was to release the findings after the markets closed, but media leaks ahead of the announcement suggested at least seven of the country’s largest 19 banks will be forced to raise at least $65 billion in capital to survive the economic downturn.

Bangalore, May 7 (IANS) Global technology and manufacturing major Honeywell International is bullish on driving its business rapidly in India, a country that offers “huge opportunities” in its manufacturing and industrial sectors, a top official said here Thursday.

“We see huge opportunities in harnessing the potential of Indian manufacturing sector and meeting the country’s diverse industrial requirements to improve the standard of living through aerospace, automation and control solutions, transportation systems and specialty materials,” Honeywell chief executive David Cote told reporters here.

Mumbai, May 7 (IANS) Indian equities markets closed in the green Thursday amid renewed buying activity and a global rally. A key index closed 164 points higher than its previous close.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 12,064.51 points, gained 164.19 points or 1.37 percent from its previous close to end trade at 12,116.94 points.

Detroit, May 7 (DPA) Threatened US carmaker General Motors posted a quarterly net loss of $6 billion Thursday, its eighth quarterly loss in a row.

GM’s loss figure for the same period in 2008 was $3.3 billion. Analysts had feared even worse quarterly news this year.

Toronto, May 7 (IANS) Canadian markets crossed the 10,000-mark for the first time this year Wednesday amid less-than-expected job losses in the US.

The composite index on the Toronto Stock Exchange climbed 250 points to close at 10,143.43 on strong showing by energy, financial and mineral sectors - the mainstay of the Canadian economy.

Mumbai, May 6 (IANS) Indian equities markets closed in the red Wednesday, with a key index ending trade 167 points lower than its previous close.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 12,100.69 points, lost 167.47 points or 1.38 percent from the previous close to end trade at 11,963.61 points.

San Francisco, May 6 (DPA) Microsoft has sent layoff notices to more than 3,000 workers, almost completing plans announced in January to fire some 5,000 workers, the company said Tuesday.

Microsoft had already cut 1,400 positions when it made the announcement of the first mass layoffs in its history. In an email to workers Tuesday, Microsoft Chief Executive Officer Steve Ballmer indicated that further job cuts could be needed.