MARKETS / FINANCE

The Wall Street Journal reported that the Sprint iPhone 5 release will be in mid-October, giving the third largest carrier in the U.S. access to (by many objective and subjective metrics) the hottest smartphone on the market.

Fed Chairman Ben Bernanke's much-anticipated speech Friday will likely disappoint investors and policy makers hoping for signs the central bank will try to rev up the weak economy, but the speech is likely to relieve gold investors who have booked big profits from that same economic malaise.

Gold rose on Thursday after two days of sharp declines, as tumbling European and U.S. equity markets sparked by talk that Germany might enact a short-sale ban prompted investors to buy gold as a safe haven.

If thrift is an Asian virtue, then it is one that South Koreans are notably lacking: each adult has almost five credit cards on average and the household debt burden exceeds that of the United States before the subprime crisis.

Striking workers at Verizon Communications pushed up new U.S. jobless claims last week, but there was little evidence the recent stock market turmoil had spooked businesses enough for them to cut workers.

Stocks fell about 1 percent on Thursday, tracking weakness in German and European shares and overshadowing Berkshire Hathaway's investment in Bank of America that lifted the beaten down financial sector.

A Mercuria Energy Group subsidiary has formed a joint venture with Hong-Kong listed China Datang Corp. Renewable Power Co. , focusing on renewable energy and carbon credits, energy trading house Mercuria said on its website.

U.S. stocks fell on Thursday after a sharp drop in European equities ignited by rumors of a short-selling ban in Germany swept away early euphoria from Warren Buffett's investment in Bank of America.

Warren Buffett's conglomerate Berkshire Hathaway said it would invest $5 billion in Bank of America, sending the bank's stock surging 20 percent and lifting the entire financial sector.

News that Warren Buffett is riding to Bank of America Corp's rescue with a $5 billion investment likely stirred memories for shareholders of General Electric Co .

Gold Fields Ltd., a major gold mining company, warned Thursday that there were several Web sites that use Gold Fields branding and purport to be investment vehicles on behalf of the company.

The German DAX dropped 4 percent in about 15 minutes in Friday afternoon trading, on a rumor that the German Government's credit rating will be downgraded.

Stocks fell about 1 percent on Thursday on weakness in industrial and technology shares, but Berkshire Hathaway's investment in Bank of America lifted the beaten down financial sector.

A U.S. Navy panel has ruled that the former commander of the USS Enterprise committed misconduct by broadcasting raunchy videos aboard the aircraft carrier, but that he should not be discharged.

The price of silver rose Thursday as stocks fell and the price of gold extended its losses for a third day.

New U.S. claims for unemployment benefits rose more than expected last week, lifted by striking Verizon Communications workers, a government report showed on Thursday.

The price of gold extended losses Thursday after the Chicago Mercantile Exchange, the world's largest derivatives market, raised margin requirements on gold futures for the second time in a month.

U.S. initial jobless claims unexpectedly rose by 5,000 to 417,000 last week -- a total skewed higher by an irregular event, the Verizon strike. However, if claims remain above the 400,000 level in the weeks ahead, that would be another sign that the U.S. economic recovery continues to slow -- exactly what policy makers do not want.

Stock index futures pointed to a flat open on Thursday as investors found little reason to buy after three days of gains on the S&P 500 and a weaker report on jobless claims.

The Obama administration is working on proposals to prop up the weak housing market and may back a plan to refinance government-backed mortgages at today's lower interest rates, the New York Times said, citing two people briefed on the discussions.

Probably the only reason why Steve Jobs quit as CEO of the company he co-founded and made into a world leader is because the end of his life is near. His body is breaking down and, as usual, neither he nor Apple will discuss it.

Industrial and Commercial Bank of China <1398.HK> and Agricultural Bank of China Ltd <1288.HK>, the country's top and No.3 lenders, respectively, on Thursday reported record first-half profits on better pricing power for loans and dismissed rising concerns over loans to local governments.

China hopes that Europe will take steps to protect China's investments there, Chinese President Hu Jintao told the French President Nicolas Sarkozy on Thursday, nonetheless voicing confidence in the euro and vowing to keep investing in it.

A six-second clip on Chinese state television has provided a rare glimpse into purported cyber hacking attacks launched by the country's military, despite long-standing official denials that the government engages in such activity.

The euro inched up against the dollar on Thursday, tracking gains in European shares on speculation the Federal Reserve may signal more economic stimulus measures, but analysts saw the risk of a correction if such expectations are not met.

SPDR Gold Trust said its holdings fell 2.2 pct, in its biggest one-day drop in seven months, as gold futures slid more than $100 on strong U.S. economic data and ahead of a key Federal Reserve meeting.

Commodities trader Glencore International posted a 50 percent rise in headline first-half profit and said it saw opportunities emerging from turbulence in its key markets as commodity demand remains strong.

World stocks edged up on Thursday while gold fell sharply as investors took an optimistic view of how clearly the Federal Reserve will commit to supporting the economy at a gathering this week.

Muammar Gaddafi will try to sell part of Libya's gold reserves to pay for his protection and sow chaos among tribes in the north African country, said his former central bank governor Farhat Bengdara.