By Kevin Yao BEIJING (Reuters) – China's plan to spend $6.5 trillion on urbanization to bolster the economy is running into snags, sources close to the government said, as top leaders fear another spending binge could push up local debt levels and inflate a property bubble. Premier Li Keqiang has rejected an urbanization proposal drafted by the National Development and Reform Commission (NDRC), seeking changes to put more emphasis on economic reform, according to the sources, who are familiar with the matter. … Read more here: Exclusive: China urbanization plan hits roadblock over spending fears – sources

NEW YORK (AP) — Ralph Lauren Corp. reported a 35 percent increase in fourth-quarter profit as the luxury retailer benefited from lower cotton prices. But economic challenges here and abroad and the move to eliminate some businesses to focus on the most profitable ones cut into sales. Read more here: Ralph Lauren's 4Q profit rises 35 pct

Later this summer, the Senate may at last tackle a highly controversial issue: whether or not it should approve executive branch nominations decisions based on a majority vote. In doing so, Senate Majority Leader Harry Reid will ironically be taking on the warped new interpretation of Senatorial courtesy. Read more here: Harry Reid Has a Not-Quite-Nuclear Plan to Upend the Senate Filibuster

LONDON (AP) — UEFA says its executive committee has agreed to introduce a 10-match minimum ban for racist abuse by players or officials. Read more here: UEFA introduces minimum ban for racist abuse

By Tony Jimenez VIRGINIA WATER (Reuters) – World number two Rory McIlroy suffered a late first-round meltdown in almost wintry conditions at Wentworth as he ballooned to a two-over-par 74 in the PGA Championship on Thursday. With some players wearing beanies and thick mittens for protection against chilly eight degree temperatures and winds gusting up to 20mph, it was Finn Mikko Ilonen who looked most at home as he grabbed the early clubhouse lead on five-under 67. … Read more here: McIlroy slumps as Ilonen shines at wintry Wentworth

BEIJING (Reuters) – China's civil aviation regulator on Thursday formally approved Boeing Co's 787 Dreamliner for use in the country, clearing the way for Chinese airlines to start operating the aircraft, which has been plagued with problems. The regulator made the announcement in a short statement on its website (www.caac.gov.cn), without giving further details. China Southern Airlines Co Ltd and smaller rival Hainan Airlines are among the global carriers which have ordered the aircraft. … Read more here: China formally approves Boeing's Dreamliner for use

WASHINGTON (AP) — The number of Americans applying for unemployment benefits fell 23,000 last week to a seasonally adjusted 340,000, a level consistent with solid job growth. Read more here: Applications for US unemployment aid fall to 340K

NIAMEY, Niger (AP) — Niger's interior minister says that a suicide attacker, who penetrated a military garrison in the city of Agadez, has taken several cadets hostage. Read more here: Suicide attacker takes Niger cadets hostage

BGR exclusively reported last week that HTC’s First, also known as the “Facebook phone,” will soon be discontinued at AT&T. Sales during the phone’s first month of availability totaled less than 15,000 units according to our source, and AT&T has given up hope that things might turn around. According to a new report, AT&T isn’t alone. Mobile News on Thursday reported that the HTC First’s launch has been canceled in the United Kingdom. Facebook, which is footing the bill for HTC’s new handset, reportedly made the decision and all preorders will be canceled. “The HTC First has been pulled and will never go on sale in the UK,” the blog’s unnamed source said. “Sales in the US were poor and Facebook Read more here: More signs of imminent doom for ‘Facebook phone’: U.K. launch canceled

DAMASCUS, Syria (AP) — Syria’s fighting has uprooted more than half of the country’s 530,000 Palestinians — descendants of refugees from a Mideast conflict half a century ago — and their situation is becoming increasingly desperate, the head of a U.N. aid agency said Thursday. Read more here: AP Interview: Syria conflict uproots Palestinians