MARKETS / FINANCE

A report by Microsoft founder Bill Gates to Group of 20 ministers on Friday proposes raising new funding for poorer countries by taxing financial transactions, tobacco, and shipping and aviation fuels, according to details of a G20 report obtained by Reuters.

The Democratic-led Senate Friday, as expected, made short work of rejecting a House GOP-authored, stop-gap funding bill, 59 to 36, thus increasing the likelihood of a U.S. Government shutdown. The current funding resolution expires Sept. 30.

John Thiel has moved out of Sallie Krawcheck's shadow, slashing Merrill Lynch manager jobs and taking steps to more closely align the firm's retail brokers and private bankers.

European policymakers showed signs they were preparing new steps to cope with the region's debt crisis even as talk of a possible Greek default gained pace on Friday.

The World Trade Organization, citing turmoil in the global economy, on Friday cut its forecast for the growth of trade in 2011 from the 6.5 per cent it predicted in April to 5.8 per cent, and warned that the final figure could be lower.

To protect the international financial system, regulators should rely more on a benchmark portfolio as a tool to guard against excessive risk-taking, rather than the capital standards now in use, Citigroup Chief Executive Vikram Pandit said on Friday.

On Monday, the next-generation in commercial aviation arrives, as Boeing will deliver its first 787 Dreamliner to Japan’s All Nippon Airways. To say that there’s a lot riding on the 787 for Boeing and for U.S. jobs and exports would be an understatement.

John Thiel has moved out of Sallie Krawcheck's shadow, slashing Merrill Lynch manager jobs and taking steps to more closely align the firm's retail brokers and private bankers.

Gold crashed more than $100 lower on Friday as a slide turned into a freefall, with weeks of volatility, renewed strength in the dollar and talk of hedge fund liquidation wrecking its safe-haven status.

The European Central Bank will reintroduce its 12-month liquidity operations to help banks with longer-term fundraising and to reduce jitters in the markets, policymakers indicated on Friday.

Let's face the mounting facts and just say it in plain language: The world is slipping into Global Recession 2011 and governments don't have the gunpowder to ward it off. The U.S. economy is barely growing at all. Companies aren't hiring. The federal budget deficit is above $14.5 trillion. Companies are stockpiling cash because, as Ford CEO Alan Mulally said in a press conference this week, because the consumer has pulled back.

Stocks edged higher on Friday on talk the European Central Bank could add liquidity to stabilize the region's banking system, but continued fears about a global recession kept markets choppy.

Europe's banks could face a capital shortfall of hundreds of billions of euros if Greece forces them to slash the value of its debt by 50 percent and other troubled euro zone countries like Italy and Ireland follow suit.

Silver mining companies suffered acute losses Friday, with many posting double-digit drops in their share prices.

Gold prices plummeted Friday, at one point tumbling to 15 percent below the level of three weeks ago, as investors started buying stocks and, to a lesser extent, euros. Silver is now down 25 percent from its mid-week level.

Thomson Reuters said it has agreed to sell its trade and risk management software business, which includes flagship product Kondor, to private equity firm Vista Equity Partners.

Stocks edged higher on Friday on talk the European Central Bank might add liquidity to shore up the region's vulnerable banking system but persisting worries about a global recession kept markets volatile.

Facebook has teamed up with Yahoo, The Washington Post Co. and News Corp. to deliver more personalized news. With the ability to share news with friends like never before, where does this leave Google News?

The following are highlights of comments by finance ministers and central bankers in Washington this week for meetings of the Group of 20 and the semiannual meetings of the International Monetary Fund and World Bank.

Central banks in Asia and Latin America redoubled efforts to defend their currencies this week as fears of slower global growth spurred investors to pull money out of emerging markets.

World stocks came off 14-month lows on Friday on expectations policymakers would take further action to ease the Eurozone debt crisis, while commodities fell broadly on worries about a global economic slump.

Stocks edged higher on Friday on talk the European Central Bank might add liquidity to shore up the region's vulnerable banking system but persisting worries about a global recession kept markets volatile.

The cost to insure U.S. bank debt rose on Friday and Bank of America's debt protection costs rose over their record closing levels on increasing concern with bank funding costs and the prospect of declining profits if the economy tips back into recession.

Europe's banks face a capital hole of at least 200 billion euros ($269 billion) if Greece forces them to slash the value of its debt and other troubled euro-zone countries like Italy and Ireland follow suit.

The Dow Jones Industrial Average (DJIA) is on track to record a weekly decline of more than 800 points -- its worst weekly swoon in two years. But the important question for the typical investor is, 'Where's the Dow likely to head in the next six months?'

Stocks edged higher in a volatile session on Friday as rising uncertainty over the European debt crisis and concerns about a global recession kept investors jittery.

Oracle Corp on Thursday estimated it suffered roughly $1.16 billion of damages from Google Inc's alleged copyright and patent infringement of Java technology used in the Android operating system.

The board of UBS extended on Friday its meeting amid the glamour of Singapore's Grand Prix event to decide the future of its scandal-hit investment bank and CEO Oswald Gruebel, on whose watch it lost $2.3 billion in alleged rogue trading.

They were the big winners in Brazil's economic boom: nearly 40 million people who joined the middle class since 2003 and went on a shopping spree, many of them buying televisions, cars or air conditioners for the first time.