New York  - US and global stocks surged Thursday as a summit of the world's major industrial and emerging powers agreed on a more than 1-trillion-dollar aid package to help revive the global economy.

Major stock indices in the US climbed nearly 3 per cent and the Euro Stoxx index surged more than 5 per cent on the Group of 20 (G20) deal in London.

San Francisco  - Business technology giant IBM has lowered its bid for server and software company Sun Microsystems by about 10 per cent in return for a guarantee that it will pursue the deal even in the face of regulatory challenges, the Wall Street Journal reported Thursday.

According to the report, IBM now proposes paying 9 dollars to 10 dollars per share for Sun, compared to 10 dollars to 11 dollars per share when the negotiations were first reported some two weeks ago.

Washington  - US accounting standards were relaxed Thursday to allow banks to take a longer-term view on the value of toxic mortgage assets, which have already cost the industry more than 1 trillion dollars and lie at the heart of the financial crisis.

The Financial Accounting Standards Board (FASB), an industry group, voted that banks would not have to tie the value of mortgage securities to current market prices.

London  - US President Barack Obama swept onto the world stage at this week's summit of the world's top economic powers with a charm offensive that helped to mark the launch of a new era in American foreign relations.

Obama said he came with the intention of showing leadership by "listening and learning" during a two-day visit to London for the Group of 20 (G20) summit, which included advanced and emerging economies.

Miami  - Teenager Victoria Azarenka reinforced this week's first-ever move into the Top 10 as she reached her first major final with a marathon 6-3, 2-6, 7-5 defeat of former champion Svetlana Kuznetsova at the Miami Masters on Thursday.

The 19-year-old, Arizona-based Azarenka spent nearly three hours and needed four match points to finally book her spot. She awaits the result of the clash later between sisters Serena and Venus Williams, who between them hold eight titles at their "home" event.

London  - Efforts to throw the world's poorest nations a li