IBT Staff Reporter

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U.S. sues to block Ambac rehabilitation plan: filing

The Justice Department filed a federal suit over the restructuring of bond insurer Ambac, saying that a state court did not have the power to prevent the federal government from collecting potentially more than $700 million in taxes.

Market ends up as Mubarak quits

Stocks closed out their second straight week of gains with a rally on Friday sparked after Egyptian President Hosni Mubarak resigned, easing tension around the region for now.

Rivals respond to wave of exchange deals

Exchanges left out of the flurry of announced takeovers this week said they are considering striking their own deals or looking to take advantage of the distractions, in early signs of ripples through the world's capital markets.

Consumer sentiment hits 8-month high

U.S. consumer sentiment rose to its highest level in eight months in early February, boosted by recent tax cuts and optimism about the economy, a survey released on Friday showed.

Bloomberg: NYSE deal means U.S. accounting for all

Merging the iconic New York Stock Exchange with Germany's Deutsche Boerse AG will force European companies to switch to using U.S. accounting rules which have superior disclosures, Mayor Michael Bloomberg said on Friday.

End of Mubarak era as protests topple president

A furious wave of protest finally swept Egypt's President Hosni Mubarak from power on Friday after 30 years of one-man rule, sparking jubilation on the streets and sending a warning to autocrats across the Arab world and beyond.

Nokia, Microsoft join forces in smartphone war

Nokia and Microsoft Corp will team up to build an iPhone rival, the Finnish phonemaker's last-ditch attempt to catch up with Google and Apple and arrest its decline in the global smartphone arena.

Long road ahead for Obama housing overhaul plan

The Obama administration nailed a 'condemned' sign on the wrecked U.S. housing finance system on Friday but did not offer a clear blueprint for a rebuilding project that promises to take years.

Who is in Egypt's High Military Council?

Egyptian vice President Omar Suleiman announced on Friday that President Hosni Mubarak had stepped down and was handing over power to the Egypt Supreme Council of Armed Forces.

Coke Enterprises meets Street; backs outlook

Soft drink bottler Coca-Cola Enterprises Inc reported higher fourth-quarter profit that met Wall Street estimates, helped by higher volume and pricing, and backed its 2011 profit outlook.

Kinder Morgan shares 6 percent above IPO price

Shares of Kinder Morgan Inc traded more than 6 percent above their initial public offering price in early trading, signaling strong investor appetite for cash flow from the U.S. pipeline company's assets.

De Beers returns to profit, remains cautious

De Beers, the world's largest diamond producer, returned to a profit in 2010 as production rose 34 percent and diamond prices recovered to pre-crisis levels, although it remains cautious about the market this year.

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