UNITED STATES

The U.S. economy has entered a recession that will be more painful and drawn out than the usual downturn, the director of the Reuters/University of Michigan consumer sentiment survey said on Friday. Inflation pressures will linger despite the retrenchment in consumer spending, complicating the task of policy-makers, the University's Richard Curtin said in a report, citing data from industry group The Conference Board.

The Group of Seven finance ministers and central bank governors gathering in Tokyo on Saturday will reaffirm their determination to ensure financial stability, according to a draft G7 statement obtained by Reuters. We will continue to watch developments closely and remain committed to taking necessary action, individually and collectively, in order to secure stability and growth in our economies, the draft read.

Wheat posted gains on Thursday after millers and overseas importers encountered shortage of spring grain, used to make bread, pasta and other staple foods.

Natural gas gained on Thursday after a government report showed that U.S. supplies declined more than forecasted.

The Atlantis space shuttle is set for launching later today after NASA announced it had finished all the preparations for the mission to deliver Europe's first permanent space laboratory to the International Space Station.

Gold futures edged higher on Thursday, trading $912 an ounce, on speculation that central banks will mimic the U.S. by cut borrowing rates which boosted the appeal of the precious metal.

Former Massachusetts governor Mitt Romney ended his campaign for the Republican presidential nomination on Thursday, endorsing rival Sen. John McCain, saying it was in the best interest of his party and the nation to do so.

The euro declined to two-week lows versus the dollar on Thursday after European Central Bank President Jean-Claude Trichet said euro zone growth risks are to the downside, signaling lower interest rates this year.

Federal Reserve officials on Wednesday expressed concern about a possible U.S. recession but warned that the central bank cannot let down its guard when it comes to fighting inflation. Right now, we're concerned about growth, Richmond Federal Reserve Bank President Jeffrey Lacker said.

Google Inc may partner with another Chinese company in an effort to capture the Chinese market after two years of operation in the region with stiff competition from Baidu.com Inc which leads the market and provides free, unlicensed music downloads.

Copper futures climbed on Wednesday as supplies of the red metal stored in London Metal Exchange warehouses fell.

The launch of Atlantis shuttle to the international space station may be delayed again due to bad weather as a result of the tornadoes and thunderstorms that swept through the US on Tuesday evening and Wednesday morning.

At least 45 people confirmed dead, more than 150 others seriously injured when the tornadoes and thunderstorms struck five US states.

Cotton prices increased on Wednesday after a decline of the dollar made exports cheaper.

U.S. stocks retreated after the markets single-plunge in nearly a year on Wednesday after Philadelphia Federal Reserve President Charles Plosser said he was against overly aggressive rate cuts.

After being on the market for slightly over 200 days, Apple's iPhone managed to take second place in the U.S smartphone market behind Research in Motion's venerable Blackberry, and ahead of Motorola offerings, but some experts contend the growth may shot lived unless the firm's business model changes.

The yen rose against the dollar and euro on Wednesday after Asian stocks plunged amid worries about the U.S. economy.

The good news for the environment is that U.S. consumers who bought new mobile handsets in the fourth quarter of 2007 recycled their old phones at double the rate that they did in the third quarter.

News Corp's Fox brought in $250 million in advertising revenue on the strength of the most-watched Super Bowl ever, according to news reports.

Gold futures dropped sharply to end below $900 an ounce Tuesday, the lowest in more than a week, as a surge in the U.S. dollar lowered investment demand for the precious metal. Silver also declined.

U.S. stocks tumbled the most in almost a year on Tuesday after service industries contracted at the fastest pace since 2001, adding to mounting concern the economy is already in a recession.