UNITED STATES

An economic stimulus package helped boost retail stocks but buyers beware.

Wireless phone company Sprint Nextel Corp. on Friday fell the most in 25 years in trading after announcing plans to cut 4,000 jobs and close 125 retail locations in a bid to manage slowing subscriber growth, profit and sales.

Asia's private equity industry largely shrugged off last year's global credit crunch, with assets under management, fundraising and investment rising at double-digit levels, an industry publication said on Friday.

China's banking regulator on Friday laid out its priorities for 2008, saying that it would focus on helping commercial banks sharpen their operations by improving their strategic planning, innovation and services.

UBS, the biggest European casualty of the U.S. subprime crisis, said it was shrinking its investment banking business, cutting staff and drastically scaling down its exposure to risky investments.

Shares of media and entertainment companies were slighter higher on Friday after the Hollywood directors' union reached a contract deal with the Alliance of Motion Picture and Television Producers (AMPTP).

Crude oil rose on Friday ahead of President's George W. Bush's economic stimulus package speech at the White House.

General Electric Co posted a 4 percent rise in net profit Friday, meeting Wall Street estimates on strong global demand for its infrastructure unit and film division. Earnings from continuing operations totaled 68 cents per share in the latest period, up from 58 cents in the prior-year quarter. The second-largest U.S. company by market capitalization said its revenue rose 18 percent to $48.59 billion from $41.28 billion a year ago.

Virtual worlds, mobile coupons and bar-code readers on cell phones are the next technology wave that U.S. chain stores must ride if they hope to stay competitive in the fast-changing world of global retail.

High earners with good credit may be heading for trouble as their adjustable rate mortgages adjust beyond their means.

Sales of video games jumped in the U.S thanks to a strong holiday season new data reveals, with Nintendo dominating rivals through 2007.

Asian stocks fell to a five-month low after U.S home construction and manufacturing numbers added concern that the world's largest economy is in recession.

U.S. Wheat rose sharply on Monday, reaching trading limits, driven by higher demand and export sales.

Sales of video games jumped in the U.S thanks to a strong holiday season new data reveals, with Nintendo dominating rivals through 2007. The Nintendo Wii outsold competitors in December, coming in with sales of 1.35 million units for the month compared to 1.26 million units for the Xbox 360 and 797,600 units for the PlayStation 3 according to market data released by NPD.

Copper futures settled slightly higher on Thursday as the dollar weakened and fears of an economic recession grew.

The dollar fell on Thursday after comments by Federal Reserve Chief Ben Bernanke echoed a statement made earlier this week signaling that the Federal Reserve would continue to cut interest rates, reducing the attractiveness of deposits in the currency.

U.S. stocks fell on Thursday after Federal Reserve Chairman Ben Bernanke said that the economic outlook has worsened and Merrill Lynch & Co. reported the a big loss related to the struggling mortgage lending market.

Crude oil declined to below $90 a barrel on Thursday as traders remained concerned that the U.S. economy will fall into recession, affecting oil demand in the largest energy consuming nation.

Federal Reserve Chairman Ben Bernanke said Thursday he backs a quickly implemented fiscal stimulus package to complement the Fed's monetary policy aimed at boosting the slowing U.S. economy.

Apple computers are encroaching into the PC market space, capturing over 6 percent of the US computer new sales research indicates.

Velocity Interactive Group, the newly formed digital-media investment firm announced Thursday it will invest $10 million in Broadband Enterprises, an online video ad network.