UNITED STATES

The presidential election is 14 months away and with as many as 17 candidates now running, U.S. television and radio broadcasters are elated at the prospect of billions more in advertising dollars.

Gap Inc on Thursday posted a 19 percent rise in quarterly earnings despite sluggish sales at stores open more than a year, helped by cost-cutting, and announced plans for a $1.5 billion share buyback program.

Shares in Bank of China and its subsidiary BOC Hong Kong slid on Friday amid worries that higher-than-expected exposure to sub-prime mortgages would eat into their earnings.

U.S. stocks were poised to open little changed on Friday as investors nervously awaited fresh data, including new home sales for July, for clues on the health of the economy. On Thursday, the head of the biggest U.S. mortgage company, Countrywide, said the persistent U.S. housing market downturn could lead to a recession.

Asian stocks fell on Friday on concern that problems in the U.S. housing and credit markets could push the world's biggest economy into recession, while the yen steadied against the dollar and euro.

India's biggest communist party said on Thursday it did not want to pull the government down over a nuclear deal with the United States, but added that this depended on the pact not being pursued.

Teen retailer Aeropostale Inc said on Thursday its second-quarter net profit rose 75 percent, helped by lower costs.

U.S. stocks dipped on Thursday as investors worried about the economic outlook after the head of the biggest U.S. mortgage company said the housing downturn could create a recession.

Private mortgage insurance firms that saw their business shrivel during the subprime lending bonanza of 2005-2006 are set to win back market share if they can weather the current mortgage crisis.

Countrywide Financial Corp Chief Executive Angelo Mozilo warned on Thursday that the housing downturn is likely to lead the country into recession, but called speculation that the largest U.S. mortgage lender might go bankrupt irresponsible and baseless.

Stocks declined on Thursday after the chief executive of Countrywide Financial Corp said the housing market was certainly not getting better and could push the economy into a recession. The comments offset optimism about a $2 billion injection into Countrywide, the biggest U.S. mortgage lender.

News Corp's Internet social network, MySpace, and Viacom Inc's MTV will host discussions with candidates and Internet viewers.

Countrywide Financial Corp was expected to lead financial shares higher on Thursday after receiving a $2 billion injection from Bank of America Corp, easing fears the largest U.S. mortgage lender could go bankrupt and boosting optimism the sector will weather a credit shortage.

Countrywide Financial Corp on Wednesday received a $2 billion injection from Bank of America Corp, helping the largest U.S. mortgage lender shore up its finances as it struggles with a liquidity crunch.

Nokia, the world's top cellphone maker, said on Thursday India overtook the United States in the second quarter to become its second-biggest market by sales after China.

Global financial turmoil prompted the Bank of Japan to hold rates on Thursday and warn the tremors would take time to settle, as stock markets climbed in spite of fresh strife stemming from the ravaged U.S. home loan market.

South Korea's tax officials raided the offices of U.S. private equity fund Lone Star, seizing 11 boxes of documents and copying data related to its recent domestic deals, Lone Star said on Thursday.

Investors banking on a swift cut in the U.S. benchmark interest rate to ease market turmoil may be disappointed: Policy-makers may be reluctant to act before a week jammed with economic data in early September.

European shares rose in early trade on Thursday, tracking sharp gains made by U.S. and Asian stocks overnight as equity markets continued to recover from a recent correction sparked by fears over a credit crunch.

U.S. oil hovered below $70 on Thursday after closing at its lowest in almost two months the previous session following an unexpected rise in crude oil stocks in top consumer the United States.

The yen fell broadly and higher-yielding currencies strengthened on Thursday as calm returned to troubled credit markets and rising equities signaled increased investor appetite for risk.