IBT Staff Reporter

World oil prices dropped below $75 a barrel in Asian trade Friday after overnight gains on positive US economic data that boosts energy demand.

In the global market gold witnessed no major movements as the traders are waiting for the US job data which will be released later.

(Corrects U.S. dollar figure in headline and first par to $3.4 billion from $3.2 billion)

The U.S. Treasury is concerned about how many foreign investors it should allow to buy big stakes in General Motors Co's proposed initial public offering, the Wall Street Journal said.

The FTSE 100 is seen climbing 7-8 points on open on Friday, with moves seen muted ahead of closely watched employment data from the United States.

The dollar struggled on Friday while the euro and other higher-risk currencies were off the day's highs as investors braced for weak U.S. jobs data that may fuel more risk aversion.

BP Plc said on Friday the cost of dealing with its oil spill in the Gulf of Mexico had risen to $8 billion and that it was a fortnight away from sealing the well for good.

Hurricane Earl raked North Carolina's barrier islands with gusting winds, pounding surf and rain on Thursday as it took a swipe at the U.S. East Coast on an offshore path towards New England and Canada.

At least 25 suspected drug gang members were killed in an army raid in rural northeastern Mexico on Thursday, the army said in a press release.

A woman carrying pole vaults in a purpose-built bag struggles to make her way through a crowd of screaming children at an athletics meeting in northern Italy.

Stock index futures pointed to a slightly lower open on Wall Street on Friday, with futures for the S&P 500 down 0.21 percent, Dow Jones futures down 0.17 percent and Nasdaq100 futures flat at 0725 GMT (3:25 a.m. ET).

Samsung Electronics Co Ltd <005930.KS>, the world's No.2 handset maker, expects to sell up to 25 million smartphones this year, exceeding its earlier target, and aims to double shipments next year, media reports said on Friday.

Gold prices were steady on Thursday, with buyers cautious on the physical market, as investors wait for key U.S. job data due later in the day for further clues on health of the economy. Data released on Thursday showed a surprise rebound in pending sales of previously owned homes in July, as well as a fall in new jobless claims last week in the U.S.

The euro and high-yielding currencies held firm on Friday after an improvement in U.S. housing and jobless claims data bolstered investor appetite for risk ahead of key U.S. jobs data due later in the day. Still, reflecting simmering worries about a slowdown in the U.S. and global economies, the yen was locked near a 15-year high against the dollar and the Swiss franc hovered near a record peak against the euro.

Oil fell on Friday for the first day in three as traders awaited U.S. monthly jobs data, while Hurricane Earl neared the country's east coast, fuelling concerns of disruptions to refineries and demand during the Labor Day long weekend.

Gold retail purchases in the UAE dropped by nearly 15 percent during August as it coincides with Muslim holy month of Ramadan.

Gold prices were mixed in Asian trade Friday ahead of a key US jobs data while ETF gold eased. Gold for immediate delivery was seen trading at $1249.64 an ounce at 12.00 noon Singapore time while US gold futures for December delivery was at $1251.7 an ounce at the same time.

Banks said they need to be more open about the size of their bonus pools and the methodology for paying star bankers, after making progress in other areas of reforming pay structures.

Metro Bank, whose launch in July marked the birth of Britain's first new high street retail bank in more than 100 years, said on Friday it was creating 100 new jobs.

Chinese and other investors have approached at least one big Canadian pension manager about a bid for Canada's Potash Corp to rival BHP Billiton's $39 billion (25.3 billion pound) hostile offer.

Israeli and Palestinian leaders agreed to a series of direct talks on Thursday, seeking to forge the framework for a U.S.-backed peace deal within a year and end a conflict that has boiled for six decades.

Hurricane Earl began to strafe North Carolina's barrier islands with dangerous winds and surf on Thursday as it spun parallel to the U.S. East Coast on a northward trek towards New England and Canada.

Pakistan test captain Salman Butt and opening bowlers Mohammad Amir and Mohammad Asif face possible life bans after they were charged on Thursday under the International Cricket Council's anti-corruption code.

Video game maker Take-Two Interactive Inc on Thursday smashed Wall Street expectations for its fiscal third quarter and raised its forecast for the current fourth quarter, citing strong sales for its Red Dead Redemption title.

News Corp Chief Executive Rupert Murdoch said the global economy is still in an uncertain state and the media industry is going through a fundamental transformation that is unpredictable

Burger King Holdings Inc agreed to sell itself to investment firm 3G Capital for $3.26 billion (2.11 billion pounds), giving the No. 2 U.S. fast-food chain breathing room to fix its business and close the gap with leader McDonald's Corp .

The government of Saskatchewan may consider changes to its potash royalty system, in the event of a foreign takeover of Potash Corp, the premier of the western Canadian province said in a television interview on Thursday.

Hewlett-Packard Co won the bidding war to buy data storage company 3PAR Inc for $2.4 billion (1.55 billion pounds), as rival Dell Inc bowed out on Thursday.

Google Inc is in talks with music labels on plans for a download store and a digital song locker that would allow its mobile users to play songs wherever they are as it steps up its rivalry with Apple Inc., according to people familiar with the matter.