(Reuters) – Aveo Pharmaceuticals Inc said it was informed by its partner Astellas Pharma Inc that the Japanese company would not be seeking marketing approval for their experimental kidney cancer drug in Europe. Aveo’s shares were down about 13 percent in extended trade, after closing at $2.70 on the Nasdaq. Astellas does not intend to fund any future studies of the drug, tivozanib, in renal cell cancer, Aveo said in a regulatory filing on Thursday. (http://r.reuters.com/caz38t) Earlier this month, an advisory panel to the U.S. …

Read more here: Aveo says partner Astellas will not seek EU nod for kidney cancer drug

By Rodrigo Campos NEW YORK (Reuters) – For the past few months, the U.S. Federal Reserve has been squarely in the financial markets' corner, thanks to its massive dollops of monetary stimulus. But signs that the central bank is discussing reducing that support by purchasing fewer bonds mean that trading is likely to get bumpier in coming months. …

Read more here: Analysis: Markets face rough summer ride as Fed pullback feared

She was director of division that oversaw agents who targeted tea party groups.

Read more here: IRS ousts Lerner, who oversaw targeting

Yes, the major cable companies are losing paid television subscribers and yes, they have stunningly low customer satisfaction ratings. But as The Atlantic’s Derek Thompson ably explains, they aren’t going anywhere because they’re still making money hand over fist providing home broadband connections to tens of millions of households. Essentially, cable companies have been losing TV subscribers since the 1990s but have more than made up for this lost revenue by increasing their total number of Internet subscribers and squeezing more monthly revenue out customers “both by charging more for television and by getting households to buy more than just TV,” Thompson writes. Essentially, then, cable companies seem destined to stay part of the American landscape unless another company can

Read more here: How cable companies offset cord cutters by squeezing more money from Internet customers

FRANKFURT, Germany (AP) — European Central Bank President Mario Draghi said it was “imperative” that Europe’s leaders create a new agency with powers to restructure busted banks in order to help the region leave its economic and financial crisis behind it once and for all.

Read more here: ECB's Draghi: 'Imperative' to set up new bank body

By Andrea Shalal-Esa WASHINGTON (Reuters) – The Pentagon on Thursday told Congress it expected a 1 percent drop in the cost of its biggest weapons program, the Lockheed Martin Corp. F-35 fighter jet, while averting the huge cost increases seen on other weapons programs in recent years. The Defense Department's annual report to lawmakers showed a $40 billion, or 2.4 percent, cost increase in 78 major arms programs, mainly due to accounting changes and higher order quantities. …

Read more here: U.S. sees first drop in F-35 costs; other programs steady

The agency is under White House orders to fly humans to an asteroid as a stepping stone to Mars.

Read more here: NASA making progress on asteroid lasso mission

LONDON (AP) — A man seen with bloody hands wielding a butcher knife after the killing of a British soldier on the streets of London was described as a convert to Islam who took part in demonstrations with a banned radical group, two Muslim hard-liners said Thursday.

Read more here: Muslim hard-liners ID suspect in London attack

WASHINGTON (Reuters) – Microsoft Corp did not violate a patent owned by Google subsidiary Motorola Mobility when it made its popular Xbox, the International Trade Commission said on Thursday. The fight over the Xbox is related to the larger smartphone patent war between Apple, Microsoft and the mobile phone makers who use Google's Android software, including its subsidiary Motorola Mobility. The case is at the International Trade Commission, No. 337-752. (Reporting by Diane Bartz)

Read more here: Microsoft did not violate Google patent, ITC says

FRANKFURT, Germany (AP) — European Central Bank President Mario Draghi said it was “imperative” that Europe’s leaders create a new agency with powers to restructure busted banks in order to help the region leave its economic and financial crisis behind it once and for all.

Read more here: ECB official: New bank authority 'indispensable'