IBT Staff Reporter

Dutch delivery firm TNT Express said on Friday its board of directors has rejected an unsolicited takeover offer from U.S-based peer UPS worth an estimated 4.9 billion euros, but it said discussions are continuing.

Washington Mutual Inc received long-sought court approval to exit bankruptcy and repay $7 billion to creditors, ending more than three years of court battles between hedge funds investors, shareholders and JPMorgan Chase & Co .

The Johannesburg-based company earned $336 million or 47 cents a share in the fourth quarter, up 27 percent from the prior quarter. The company earned $973 million in 2011, compared with $153 million in 2010.

Stocks rose slightly on Friday, but investors stayed cautious before an long holiday weekend when hopes are set for Greece's bailout plan to be approved.

United Parcel Service Inc. is in talks with TNT Express after its Dutch rival rejected a 4.9 billion-euro ($6.45 billion) cash bid, the companies said on Friday.

Apple Inc's share of China's booming smartphone market slipped for a second straight quarter in October-December, as it lost ground to cheaper local brands and as some shoppers held off until after the iPhone 4S launch last month.

Gasoline prices jumped in January, leading overall consumer prices higher and offering a reminder of the risks energy costs pose to the economic recovery.

United Parcel Service Inc. is in talks with TNT Express after its Dutch rival rejected a 4.9 billion-euro ($6.45 billion) cash bid, the companies said on Friday.

Canada's finance minister sounded upbeat that Europe will resolve the Greek debt crisis next week following a meeting with Italian Prime Minister Mario Monti on Friday.

Macy's Inc Chief Executive Terry Lundgren on Friday told a group of aspiring fashion industry executives that the department store chain plans to hire about 4,000 full-time employees this year, roughly the same number as last year.

Credit reporting firm TransUnion Corp agreed to be acquired by buyout firm Advent International and a Goldman Sachs unit in a deal valued at $3 billion.

Rupert Murdoch's Sun newspaper prides itself on an aggressive reporting style that has delivered decades of sensational scoops and made it Britain's best-selling newspaper. But now it is the one being scrutinized, and it doesn't like it one bit.

Dutch delivery firm TNT Express said on Friday its board of directors has rejected an unsolicited takeover offer from U.S-based peer UPS worth an estimated 4.9 billion euros, but it said discussions are continuing.

European leaders expressed optimism on Friday that Greece would secure a new rescue package worth 130 billion euros ($171 billion) though policymakers admitted urgent work was still needed to get its debt-cutting program back on track.

U.S. stocks hovered near recent highs on Friday, with investors wary of making big bets heading into a holiday weekend when hopes are set for Greece's bailout plan to be approved.

The European Central Bank is weighing up whether to allow the Greek bonds held in national euro zone central banks' investment portfolios to be subjected to the same writedowns private investors are set to take, central bank sources told Reuters.

Greece edged closer on Friday to winning a new rescue package worth 130 billion euros ($170 billion) as officials said Germany was optimistic a deal could be struck despite misgivings over whether Athens would stick to commitments.

Italian police said on Friday they had seized about $6 trillion of fake U.S. Treasury bonds in Switzerland, and issued arrest warrants for eight people accused of international fraud and other financial crimes.

HJ Heinz Co and Campbell Soup Co posted better-than-expected quarterly profits, even as price increases meant to offset higher commodity costs hurt sales volume, and shares of both food makers rose in morning trade.

Stephen Schwarzman, the boss of the world's largest private equity firm, made his fortune by being a financier who delivered outsized returns for investors from buying, restructuring and then selling companies. These days, he is getting huge rewards for being the biggest shareholder in what is more like a souped-up asset manager.

Rupert Murdoch pledged unwavering support to his scandal-hit Sun on Friday, and promised to launch a Sunday edition soon, to try to win back angry staff in one of the biggest challenges to his more than 40 years as proprietor at the British tabloid.

Consumer prices rose the most in four months in January as the price of gasoline jumped, highlighting a growing concern that higher energy costs could slow the economic recovery.

Stephen Schwarzman, the boss of the world's largest private equity firm, made his fortune by being a financier who delivered outsized returns for investors from buying, restructuring and then selling companies. These days, he is getting huge rewards for being the biggest shareholder in what is more like a souped-up asset manager.

Stocks edged up slightly Friday, but investors were wary of making big bets heading into a holiday weekend when Greece's bailout plan is expected to be approved.

Gasoline prices jumped 0.9 percent in January, pushing overall consumer prices up and offering a reminder of the risks energy costs pose to the economic recovery.

A federal appeals court has thrown out the conviction of a former Goldman Sachs Group Inc computer programmer who had been convicted of stealing part of the Wall Street bank's high-frequency trading code.

Ally Financial is weighing a sale of all or part of its auto lending and banking businesses as an initial public offering looks increasingly remote and the U.S. government seeks to recoup some $17 billion in bailout money, sources familiar with the situation said.

Wall Street stocks were set to open slightly higher Friday on optimism about Greece's bailout, but gains could be small as investors appeared ready to take a breather after the S&P 500 posted its best daily gain in two weeks.

Greece appears to be closing in on a new international rescue package despite unresolved doubts among euro zone partners about how fast it will manage to bring its debt down.