UNITED STATES

Asian shares extended gains on Friday on hopes the global recession is receding after key U.S. companies beat earnings expectations, but deadly blasts in Jakarta weighed on Indonesian stocks and the rupiah.

Investors were looking to Bank of America and Citigroup for a fresh dose of earnings optimism on Friday, after strong reports from JPMorgan Chase and IBM raised hopes for a global recovery.

The new General Motors Co is looking to the fast-growing Far Eastern markets, especially China, the Detroit News reported on Wednesday.

Most Asian shares extended gains on Friday as key U.S. earnings reports beat expectations, fueling hopes that the global recession is receding, but deadly explosions at two Jakarta hotels weighed on Indonesia stocks and the rupiah.

Oil fell toward $61 a barrel on Friday amid lingering skepticism on the pace of a global economic recovery, but prices are on track to snap four straight weeks of decline to post a weekly gain.

U.S. sales of video game equipment and software fell 31 percent to $1.17 billion in June, research group NPD said on Thursday, the largest decline since 2000.

Google Inc's quarterly profit beat Wall Street expectations, but the weak economy and slump in advertising spending took a toll on revenue growth and the price of its search ads.

The two main regulators of U.S. financial markets should merge, the chief executive of America's largest options exchange says in remarks to be delivered to a congressional panel on Friday.

With the smell of fat bonus checks again wafting down Wall Street, the Obama administration and Democrats in Congress on Thursday moved closer to a clampdown on U.S. corporate executive pay.

U.S. oil prices rose on Thursday, tracking a late-day rebound on Wall Street and bolstered by a report showing strong economic growth in China, the world's second biggest consumer of energy.

Belgian financial investor RHJ wants Opel to break even in 2011 on an operating basis by closing the carmaker's Antwerp plant, idling production in Eisenach and cutting 3,900 jobs in Germany, a newspaper reported.

The result of Michael Jackson's death reports will be released publicly early next week, according to Los Angeles coroner's office.

Hong Kong saw the volume of total goods exports fall 12.6% and that of imports drop 16.2% year on year in May, the Census & Statistics Department said on Thursday, adding that the volume of goods re-exports fell 11.8% while that of domestic exports dived 35.5%.

Many of CIT Group Inc's businesses, including trade and transportation finance, could be of interest to potential buyers as the commercial lender stares at the possibility of bankruptcy.

The latest Harry Potter movie cast a $104 million spell over worldwide box offices during its first day in theaters, setting a new record for the boy wizard, distributor Warner Bros Pictures said on Thursday.

CIT Group Inc stood on the brink of bankruptcy on Thursday after rescue talks with the government collapsed and the specialty lender's bondholders convened emergency talks among themselves.

The World Health Organization (WHO) said on Thursday that the H1N1 flu pandemic was the fastest-moving pandemic ever and that it was now pointless to count every case.

Nouriel Roubini, one of the few economists who accurately predicted the magnitude of the financial crisis, said on Thursday that the worst of the turmoil has passed.

JPMorgan Powers Ahead, CIT Plummets, Cap and Trade and Jobs

U.S. Senate Committee on Environment and Public Works held a hearing Thursday about the impact on American jobs of the climate bill. U.S. stockpiles of natural gas rose 90 billion cubic feet on the week ended July 10.

A major new energy bill won't spur economic development and create new jobs, Republican Senators said Thursday during a public hearing.