MARKETS / FINANCE

Corrects after stats office said GDP gain was biggest since reunification instead of biggest gain in 23 years.

Germany's economy grew at the fastest rate since reunification in the second quarter as companies stepped up investment and exports surged, providing fresh evidence that the recovery has shifted up a gear.

Oil jumped by a dollar to above $76 a barrel on Friday in a technical rebound from the steepest three-day decline since mid-May, and as the euro surged after strong second quarter German economic growth.

Gold climbed to a one-month high in Europe on Friday, extending the previous session's rise, as investors spooked by a raft of disappointing U.S. economic data turned to the metal as a safe store of value.

Former global top gold producer, South Africa's output fell 5,3% in volume terms in June compared with the corresponding month last year. In a statement, Statistics SA said production of nongold minerals and total mineral production both fell 4,9% that month compared with the same month last year.

Gold extended gains in Asian trade Friday after concerns over global economic recovery prompted safe haven buying. Gold for immediate delivery was seen trading at $1215.17 an ounce at 12.00 noon Singapore while US Gold for December delivery was at $1,216.73 an ounce on the comex division of Nymex.

Japanese Prime Minister Naoto Kan and Bank of Japan Governor Masaaki Shirakawa may meet as early as next week to discuss the yen's strength and possible responses, although likely options are seen as limited.

Germany's economy grew 2.2 percent in the second quarter, well above forecast and its biggest gain in 23 years, boding well for a first estimate of euro zone numbers later on Friday.

European stocks rallied on Friday and the euro climbed against the dollar and the yen as investors cheered solid readings of economic growth in euro zone countries and a stellar performance in Germany.

The euro jumped and Asian stocks extended gains on Friday after stunning German data showed Europe's biggest economy grew at its fastest pace in 23 years, alleviating some doubts about the strength of global growth.

The yen inched further away from 15-year peaks on Friday as talk swirled that Japan's authorities may soon intervene to curb it, while Asian stocks edged up to claw back some of the week's heavy losses.

A rare 1794 U.S. silver dollar, one of the first minted in the country, sold for $1,207,500 at a Boston auction, the auctioneers said. Bowers and Merena Auctions of California, which held the auction Saturday at the Park Plaza Hotel and Towers in Boston, said the so-called Flowing Hair silver dollar is considered the fourth finest still in existence. Only about 140 are believed to remain in the world, the Boston Globe reported Wednesday.

Monetary Authority of Singapore (MAS) has granted Financial Technologies Group's Singapore Mercantile Exchange (SMX) the final approval yesterday to operate as an international commodity and currency derivatives exchange.

The much-hyped plan to reopen Scotland's only gold mine in a national park has hit rough weather with its planning chief saying that the project should be abandoned due to the long-term impact on environment. According to media reports, Scotgold Resources wants to extract 20,000 ounces of gold a year from Cononish, south of Tyndrum, Argyll, which lies about 50 miles north of Glasgow and within the Loch Lomond and Trossachs National Park.

General Motors Co Chief Executive Ed Whitacre resigned on Thursday in an abrupt shift that came as the automaker hit the homestretch in preparing a stock offering to pay back its controversial bailout.

Blockbuster Inc said it has delayed releasing its second-quarter results until Friday from Thursday.

Dan Akerson arrives at General Motors as CEO with the same mandate given his predecessor just eight months ago: bring new leadership to an automaker still struggling with the legacy of its government bailout.

Oracle Corp on Thursday said it has sued Google Inc, alleging patent and copyright infringement in the development of Android software.

It was a quiet night for currencies overnight, the AUD grinding higher at one stage, back above USD0.9000.

The Aussie dollar experienced a roller coaster ride over the last 24 hours dropping to 0.8920 in Asia before bouncing back to 90 cents in early Europe only to retest 0.8920 in North American trade overnight.

(Corrects to show Brodsky's cash on hand paragraph 19)

Bank regulators on Thursday pledged an open door policy for carrying out financial reform, also saying they will inform the public of meetings between senior officials and private sector individuals.

Stocks ended down for a third straight day on Thursday as an unexpected rise in jobless claims and a sobering revenue outlook from Cisco underscored the hurdles to economic recovery.

General Motors Co Chief Executive Ed Whitacre resigned suddenly on Thursday as the automaker posted its biggest quarterly profit in six years and readied an IPO expected to allow the U.S. government to relinquish its majority stake.

The number of U.S. workers filing new claims for jobless benefits unexpectedly rose last week to the highest level in close to six months, the latest evidence the economy's recovery is faltering.

An Obama administration summit of housing industry leaders next week may yield clues on the future of Fannie Mae and Freddie Mac , the two mortgage heavyweights that so far have sucked up close to $150 billion in taxpayer bailout funds.

Wall Street bonuses likely will rise this year, despite the regulatory cloud hanging over compensation, as the financial sector recovers from recession faster than the broader U.S. economy, according to a published report.

Kohl's Corp gave a profit forecast that missed Wall Street expectations, citing the cost of adapting to new consumer credit card laws, and expects slower sales growth.

Stocks fell for a third straight day on Thursday as a discouraging report on jobless claims underlined the lack of progress in turning around the anemic labor market.