UNITED STATES

World stocks were on track on Friday for one of their largest weekly gains in 20 years, propelled by growing confidence in the recovery of the U.S. banking system.

Bernard Madoff, who cultivated a worldwide mystique as he churned out amazingly steady returns for his investors year after year, finally admitted it was all a lie, saying he had felt compelled to deliver at any cost.

Warren Buffett said he was approached twice to help American International Group Inc in the final days before the U.S. government rescued the insurer last September, Bloomberg said.

Japan's Nikkei average leapt 5 percent and led Asian stocks higher on Friday, propelled by growing investor confidence that large U.S. banks will survive without government takeovers and may even profit.

New York State Attorney General Andrew Cuomo, Rep. Barney Frank and other lawmakers are discussing a plan to link executive pay to the long-term performance of companies, the Wall Street Journal said.

U.S. billionaire Warren Buffett suffered another setback in the global financial crisis on Friday when ratings agency Fitch cut the top rating on his insurance and investment company, Berkshire Hathaway .

Samsung Electronics and LG Display, two of South Korea's top technology companies, are bracing for a very difficult year and remain cautious on any near-term recovery in the battered sector.

A 5 percent surge in Japan's Nikkei average led a charge in Asian stocks on Friday, propelled by increasing confidence in the financial sector stemming from hopes that large U.S. banks will survive without a government takeover and may even profit.

HONG KONG - Asian stocks rose on Friday, with Japan's Nikkei up 4 percent, helped by a smaller-than-expected decline in U.S. retail sales and hopes that the largest U.S. banks will survive without a government takeover.

China said it was ready to pump more money into its economy and saw a pick-up in trade, offering another glimmer of hope for the battered global economy as signs that big U.S. banks may be turning around lifted world stocks.

Asian stocks rose for a fourth day on Friday, with Japan's Nikkei up 4 percent, helped by a smaller-than-expected decline in U.S. retail sales and hopes that the largest U.S. banks will survive without a government takeover.

China's Premier Wen Jiabao reassured the world on Friday that China would deliver on its promise of 8 percent growth in 2009 despite a slate of challenges, and could roll out extra stimulus spending if needed to meet the goal.

China's Premier Wen Jiabao reassured the world that China could roll out extra stimulus measures if needed to deliver on its promise of solid growth in 2009, but said it would be a challenging year.

General Motors Corp has told U.S. officials that it can survive without $2 billion in additional aid that it had requested to get through March, the automaker said on Thursday.

The three-day run-up in U.S. stocks on Thursday is bringing desperately needed relief for bruised investors, but the bounce off 12-year lows is stoking fears that it may be a little too rapid to be sustainable.

On Wednesday the Chile government filed lawsuits against four banks, accusing them of assisting former Chilean dictator Augusto Pinochet to conceal stolen public funds of approximately $26 million.

Bernard Madoff pleaded guilty on Thursday to orchestrating the biggest investment fraud in Wall Street history and was jailed to await a sentence that could keep him in prison for the rest of his life.

U.S. phone companies complained to U.S. lawmakers on Thursday that a $4.5 billion annual fund intended to ensure nationwide service in high-cost areas is outdated and promotes inefficiency.

Sirius XM Radio Inc looks to expand the reach of its satellite radio service with the second-quarter launch of an iPhone application as it explores a potential marketing partnership with satellite TV provider DirecTV Group.

Stocks rose for a third day on Thursday on relief that a ratings cut by S&P in General Electric was just one notch and that no further cuts loomed, while retail sales data showed some stabilization in consumer spending.

NEW YORK - Sirius XM Radio Inc looks to expand the reach of its satellite radio service with the second-quarter launch of an iPhone application as it explores a potential marketing partnership with satellite TV provider DirecTV Group.