IBT Staff Reporter

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Fed's Hoenig: Keeping rates low dangerous gamble

The Federal Reserve is undertaking a dangerous gamble by keeping rates at near zero for so long, and it must start raising rates or risk damaging the nascent U.S. recovery, a top Federal Reserve official said on Friday.

Oracle sues Google over Android

Oracle Corp sued Google Inc, alleging patent and copyright infringement in the development of the popular Android smartphone software.

Goldman CEO, others get millions from options

Goldman Sachs Group Inc on Friday said several top company officials, including Chairman and Chief Executive Lloyd Blankfein, exercised stock options this week and obtained millions of dollars of profits by selling the resulting shares, regulatory filings show.

Digital drug I-Doser negatively influencing teens

According to the official web site, I-Doser is a brainwave synchronizer that emulates the use of prescription drug. The site sells iDoses that range from a price of $US2.75 for a standard heroin track to a price of $US199 for the Gates of Hades that comes with an enticing combo of Smoke and torment. Weeping and gnashing of teeth. Destruction.

BlackBerry assures India on access to services

Research In Motion has promised India a technical solution for decoding encrypted BlackBerry data, a senior official said on Friday, a step that could allay Indian security concerns about the smartphone and avert a shutdown.

JC Penney gives weak profit view

J.C. Penney Co Inc forecast a profit for the year below Wall Street expectations, taking a cautious view that is gaining ground in the retail sector.

Blockbuster wins debt reprieve, warns of liquidation

Blockbuster Inc has won its second debt-payment deadline extension in as many months, but the struggling video rental chain reported a wider loss and warned it might have to liquidate, sending its shares plummeting more than 20 percent on Friday.

German juggernaut propels euro zone GDP jump

European economic growth accelerated sharply in the second quarter of 2010 as Germany's best performance since reunification more than made up for the struggles of Spain, Ireland and recession-ravaged Greece.

Penney profit beats, outlook weak

J.C. Penney Co Inc reported stronger-than-expected quarterly earnings, helped by tighter cost controls and its expansion of exclusive brands, and forecast improving sales in its current quarter.

PersonalFinance: The retirement process

Many workers and financial companies talk about retirement as if it's a day on which everything changes. The day you retire is the day you need X amount in the bank, an annuity, a Social Security check and an old person's portfolio, they suggest. It's the day you're done: with work, with commuting, with consuming and more.

Russia to limit Uralkali foreign bid at 15 pct

Russia is keen to create a national potash mining champion via the merger of its two biggest companies in the sector and may allow a small stake to be bought by an overseas player, analysts said on Friday.

INSTANT VIEW: Retail sales up in July, CPI higher

U.S. retail sales rose in July in a hopeful sign for the economy, but the gains were concentrated in auto and gasoline station sales, suggesting underlying momentum in consumer spending remains tame.

Gold retreats from 1-month high after U.S

Gold retreated from the one-month high it hit in earlier trade as the dollar, European equities and U.S. stock futures all lifted from lows after U.S. retail sales and inflation data. It remained supported by overall jitters over the outlook for the global economy, however, as investors spooked by disappointing U.S. economic data turned to the metal as a safe store of value. Spot gold was bid at $1,213.10 an ounce at 9:06 a.m. EDT, against $1,211.20 late in New York on Thursday. Earlier it rose...

Penney profit beats but outlook weak

J.C. Penney Co Inc reported stronger-than-expected quarterly earnings on Friday on tighter cost controls but the department store chain gave a profit outlook that fell short of Wall Street forecasts. Shares fell 1.4 percent in premarket trading.

Blockbuster posts loss, extends debt pact

Blockbuster Inc posted a wider quarterly loss but said it had extended a debt-payment deadline to the end of September to give it time for recapitalization talks with debtors and strategic parties.

Euro slips as debt worries outweigh strong data

The euro fell on Friday after lackluster results in an Italian bond auction renewed worries about the euro zone peripheral economies and offset strong German growth data. The U.S. dollar headed for its best weekly performance since early 2009 against a basket of currencies after concerns about the U.S. and global economic outlook prompted investors to dump riskier assets and seek safety in the greenback.

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