IBT Staff Reporter

The consumption of dog meat has had a long history in South Korea as well as other Eastern Asian countries. South Koreans call their 3 hottest days of the year Boknal and traditionally go to picnics in the mountains and valleys. People beat the summer heat by dining on liquor and dog meat. Dog meat is a traditional cuisine. The meat is considered to possess qualities that help stamina and balance the body's heat during the summer months.

Billionaire investor Carl Icahn put Clorox Co in play on Friday with a bid that values the company at more than $10 billion and suggested rivals consider paying much more for the bleach maker.

Italy's parliament was set on Friday to approve a 48 billion euro austerity package aimed at averting a full scale financial crisis but there were growing questions about the government's capacity for further reforms.

Scientists are using the U.S. and Australian navies to fight off threats from Somali pirates.

Eight European banks have failed a test of their ability to withstand a long recession and will have to raise just 2.5 billion euros ($3.5 billion) of capital, a significantly lower figure than expected.

Deborah Copkaken Kogan's former neighbor, her pediatrician friend and her pediatric oncologist cousin all suggested a strange diagnosis of Kawasaki Disease in her son, Leo, after photos were shared with more than 1,400 friends friends and family on social network, Facebook, which has more than 750 million members.

Stocks advanced slightly in volatile trading on Friday after results from the European banks' stress tests came out slightly better than expected.

U.S. manufacturers are entering an period where growth is more muted, profit margins are harder to raise and earnings beats are less common.

U.S. consumer confidence hit a near 2-1/2 year low in early July and manufacturing output stalled in June, further frustrating expectations of a quick economic growth rebound in the second half of the year.

Swiss bank Credit Suisse is being probed by the U.S. Department of Justice as part of a broader investigation into banks suspected of helping Americans evade taxes.

A true story about how Facebook saved a four year old boy's life.

Citigroup Inc's second-quarter profit jumped 24 percent as the bank lost less money than expected on bad U.S. loans.

The Taiwan Semiconductor Manufacturing Company has started trial manufacturing of the next generation A6 chips for Apple, according to a Reuters report, citing a source familiar with the matter. This is a sign that the iPad maker is shifting from its traditional chip supplier, Samsung.

Brooklyn prosecutors have begun presenting the gruesome murder case of Leiby Kletzky to a grand jury in State Supreme Court, the International Business Times has learned. Suspect Levi Aron could be indicted as early as Friday.

Eight European banks are not strong enough to withstand a prolonged recession and need to raise 2.5 billion euros ($3.5 billion) in capital, an industry health check aimed at reviving investor confidence showed on Friday.

Consumer sentiment deteriorated in early July to the lowest level since March 2009 on increasing pessimism over falling income and rising unemployment, a survey released on Friday showed.

Italy's lower house of parliament voted in favor of a motion of confidence in the government on Friday called to support passage of a 48 billion euro austerity package due to be formally approved later in the evening.

Citigroup Inc posted higher-than-expected net income in the second quarter, helped by falling credit losses.

Apple Lion, the latest OS X operating system is expected in July.

As the grief stricken family of Leiby Kletzky sits shiva morning the loss of their slain boy, they still do not yet know the horror of how he died.

Consumer sentiment deteriorated in early July to the lowest level since March 2009 on increasing pessimism over falling income and rising unemployment, a survey released on Friday showed.

President Barack Obama and Republicans traded demands for a serious deficit plan on Friday, underscoring the lack of progress and acrimony plaguing negotiations to avert a looming government default.

Making money from social networks is the holy grail for tech startups, and a Moscow firm reckons it has found a way to do so by creating a front-to-back restaurant management system that includes a loyalty scheme.

The top Republican on Friday said President Barack Obama and Democrats had still not put a serious deficit plan on the table, underscoring the acrimony plaguing negotiations to avert a government default.

Elin Nordegren is dating someone new.

Of course, watching Harry Potter and the Deathly Hallows Part 2 is definitely a tear jerker--especially as you watch the final credits roll... But! It is comforting to know that our favorite wizard cast has grown into lovely actors and actresses over the years. Here is a look at 10 years of magic, friendship, and childhood memories.

Wall Street gave up much of its early gains on Friday as signs of weakness in the U.S. economy and concern over European bank stress tests outweighed strong earnings from Google and Citigroup.

A gauge of manufacturing in New York State showed the sector unexpectedly contracted for the second month in a row as new orders worsened, the New York Federal Reserve said in a report on Friday.

Apple iPhone 5 is rumored to be delayed because of A5 chipset overheating problem and possibly because iPhone 5 may feature the next-generation A6 processor with 3D IC technology.