UNITED STATES

From the poorest of Africa to the United States and big business, a breakneck rally that could take oil to $200 a barrel is likely to inflict pain on everyone.

More aid is on the way to cyclone-ravaged Myanmar - but so is the heavy rain. A week after Cyclone Nargis flattened low-lying villages and killed whole families at a time, the military junta finally agreed Friday to allow a U.S. cargo plane to bring in food and other supplies to the isolated country. Myanmar gave the green light after confiscating other shipments, prompting the U.N. to order a temporary freeze in shipments.

Valero Energy Corp., the biggest U.S. refiner, fell on Friday after Goldman Sachs analysts took the company of their conviction buy list.

FedEx Corp. said Friday it will cut its fiscal fourth-quarter earnings forecast, citing a spike in fuel costs on soaring oil prices by at least $100 million more than estimated.

Chevron Corp. said that about 1,100 employees are eligible for severance payments at the end of the first quarter, after eliminating the positions as part of a restructuring and reorganization plan.

Liberty Media Corp. appealed a court ruling that gave the go ahead to split up IAC/InterActive Corp.

Shiite Hezbollah gunmen seized control of key parts of Beirut from Sunnis loyal to the U.S.-backed government Friday, a dramatic show-of-force certain to strengthen the Iranian-allied group's hand as it fights for dominance in Lebanon's political deadlock.

Gold futures gained on Friday to close at their highest level since late April and sealed a weekly gain after crude oil surged to a record price above $126 a barrel and weakness in the U.S. dollar.

Crude oil futures soared for a fifth day above $126 a barrel on Friday as the dollar fell against the euro and other major currencies increasing demand for commodities as a hedge against inflation.

U.S. stocks fell on Friday, pushing the market to its first weekly drop in a month, as oil soared past $126 a barrel and metal producers retreated on concern the surge in commodity prices will end.

Citigroup expects to reduce about $400 billion in non-core assets over the next three years, as the largest U.S. bank seeks to boost efficiency and regain profitability.

Signet Group Plc said on Thursday that its sales dropped 2.5 per cent in the 13 weeks to 3 May 2008.

The dollar was slightly lower against the euro on Friday after losses on Thursday due to hawkish comments from the head of the European Central Bank which propped up the euro.

Google Inc, in talks with Internet portal Yahoo Inc, is hoping that it can strike an advertising deal, according to a report.

Dollar closed slightly lower after a range bound movement against the euro yesterday due to the recovery in European currency after the decision from ECB.

Citigroup chief executive Vikram Pandit is set to present his plans and outlook for the largest U.S. bank, when it holds its annual Investor Day meeting on Friday.

Wachovia Corp., the fourth largest U.S. bank, said on Thursday that it is separating the roles of Chairman and CEO, with Ken Thompson retaining his chief executive role and board member Lanty Smith now serving as non-executive Chairman, effective immediately

Stryker Corp. said today it will invest $50 million in 2008 to improve its quality systems and compliance at the time it deals with three warni

American International Group Inc., the world's largest insurer by assets, announced plans to raise $12.5 billion in capital as it posted its second straight big quarterly loss.

Copper prices fell on Thursday as inventories of the metal rose, easing supply concerns.

Japan stocks declined Thursday as investors sold issues which gained recently for profit-taking. Also strong yen led investors sell export-oriented issues such as Toyota and Honda.