UNITED STATES

U.S. President George W. Bush on Friday called for a "strong and transparent" way for nations to measure progress on fighting climate change but said each country should set its own approach. In a speech to a U.S.-sponsored conference of major emitting countries, Bush also called for the creation of a global fund to promote clean technology.

Oil rose above $83 a barrel on Friday and closed in on an all-time high as fund buying, spurred by a weak dollar, provided support.

Stocks dipped on Friday as money managers locked in profits on the last trading day of a strong September, while concerns surfaced about the strength of profits during a turbulent third quarter. Shares of technology, energy and material companies fell as investors took profits on the best-performing sectors for September, traditionally one of the weakest months for stocks.

Shares in British reinsurance broker Benfield rose up to 13 percent on Friday after a report it had received an unsuccessful 700 million pound ($1.42 billion) bid approach from Goldman Sachs revived takeover speculation.

Atlanta Federal Reserve Bank President Dennis Lockhart said on Friday that market turmoil could hit the U.S. economy and a moderation in inflation gave the Fed room to cut interest rates last week.

Prices for luxury goods rose twice as fast as consumer prices this year, a study showed, showing the jet set needs even more to fund its lavish lifestyle.

When it comes to what pays on U.S. television, talk doesn't come cheap when ranking the highest paid TV stars.

IRobot Corp, a maker of vacuums and bomb defusers, said on Thursday it has developed a device for cleaning gutters on homes and a Web-controlled robot with a video phone.

European and U.S. antitrust regulators tried to calm a transatlantic storm on Thursday over a European Court ruling that Microsoft used monopoly power to muscle rivals, but did not back down over policy differences.

The world's major powers will try to narrow their differences on tougher sanctions against Iran when they meet on Friday in New York, seeking to keep up pressure on Tehran to curb its nuclear program.

U.S. consumers boosted their spending at the strongest rate in four months during August and core consumer prices posted their smallest year-on-year rise in 3-1/2 years, the Commerce Department reported on Friday.

The Association of Southeast Asian Nations voiced "revulsion" on Thursday at the killings in Yangon demanding a stop to violence against demonstrators.

Stock futures dropped on Friday as oil prices hovered near record highs and investors turned cautious before economic reports that could provide clues about the outlook for interest rates and profits.

Oil handed back early gains to stand below $83 a barrel on Friday, but stayed within sight of an all-time high as fund buying spurred by a weak dollar provided support.

The probability of a recession in the United States has increased but is still less than 50/50, former Federal Reserve Chairman Alan Greenspan said in comments broadcast on Friday.

The dollar sank to new depths against the Euro on Thursday, the sixth straight trading session of new lows against the currency.

Oil prices surged on Thursday, posting their biggest dollar increase in nearly eight months on concerns that a storm brewing in the Gulf of Mexico could impact oil production sites

Sales of new homes plunged in August and prices posted their biggest year-on-year drop in nearly 37 years, the U.S. Commerce Department said on Thursday, underlining the depth of problems facing the housing sector.

Renewed concerns over tight supplies and expectations of strong demand in the last quarter of the year sent lead prices to a record high on Thursday, while copper rose to a two-month high on a weak dollar.

Shares of Bear Stearns Cos Inc fell 3 percent on Thursday afternoon after a CNBC report downplayed any talks between the investment bank and potential outside investors.

India needs to develop its market for securitised assets and allow foreigners and pension funds to invest in the sector if it wants to free up funds to finance its rapid growth, industry experts said on the Thursday.