IBT Staff Reporter

Economic growth likely slowed in the second quarter as a capital investment drive by businesses was sated by imports and consumer spending tapered off, a government report is expected to show on Friday.

A pair of key senators on Thursday urged President Barack Obama to name a permanent regulator for Fannie Mae and Freddie Mac, the mortgage finance giants seized by the government almost two years ago at the height of the financial crisis.

Foreclosures rose in 3 of every four large U.S. metro areas in this year's first half, likely ruling out sustained home price gains until 2013, real estate data company RealtyTrac said on Thursday.

Walt Disney Co has sold film studio Miramax for more than $660 million to Filmyard Holdings LLC, ending months of talks between the media group and various bidders.

ad news emanating from the US may impact copper prices and demand in the coming months even though China's still hungry for the metal. US durable goods order was dismal after witnessing the decline in consumer confidence earlier this week. The negative impact of the news is expected to soften copper.

Global oil prices eased in Asian trade Friday, tracking weak stocks in the region as investors looking for second-quarter U.S. economic growth report, scheduled for later in the day. Light sweet crude for September delivery was seen trading at $78.11 a barrel at 12.00 noon Singapore time while Brent crude was at $ 77.41 a barrel in London.

India's Wholesale Price Index inflation for food and fuel, power, light & lubricants has rose by 0.4% for the week ended 17th July as compared to 307.5 for the previous week.

Adverse weather conditions in major wheat producing regions prompted International Grains Council to trim estimates by 13 million tones this year. According to its latest report, the IGC also trimmed its forecast for world corn production, lowering its forecast for inventories of the grain to a four-year low.

Once again Europe has come to the rescue of gold, which has been witnessing a steady slide during the past few weeks. With Italy and Greece plunging into crisis again, the uncertainty looming over Europe has added to the fear among investors and gold prices are set to cash in on this panic with more demand from safe haven buying.

Samsung Electronics Co plans to introduce tablet computers this quarter based on Google's Android operating system, joining a growing list of firms seeking to challenge Apple's popular iPad.

Honda Motor Co posted its best quarterly operating profit in 2- years on Friday on brisk sales in the United States, China, and other Asian markets, and raised its forecasts despite a sharp rise in the yen.

The privately held parent of China's Geely Automobile said on Friday it had received the nod from China's state planner for its purchase of Ford's Volvo unit, a critical step for its plans to turn around the Swedish carmaker.

Wall St stock index futures pointed to a lower start on Friday as investors stayed cautious ahead of U.S. GDP data, with S&P 500, Dow Jones and Nasdaq futures down 0.3 to 0.4 percent at 5:11 a.m. ET.

Toyota Motor Corp said on Thursday it would recall nearly 417,000 high-end passenger cars and SUVs in the United States and Canada to fix steering problems.

General Motors Co and Chrysler are now on an orderly course a year after their government-brokered bankruptcies, with the Obama administration hopeful GM can seek a public offering of shares this year.

About 400 workers at Ford Motor Co's Windsor, Ontario engine plant will lose their jobs as Ford completes a planned move to a single shift

General Motors Co believes vehicle sales in Thailand could rise to more than 700,000 units this year as the economy proves resilient to recent political unrest and grows along with the rest of Southeast Asia.

Airbus parent EADS made sweeping increases in its financial forecasts on Thursday and pledged to increase jetliner production after a spate of new orders raised hopes of an end to a steep industry recession.

Goldman Sachs is interested in taking over Slovenia's largest bank Nova Ljubljanska Banka , daily paper Finance reported on Friday, citing unofficial government sources.

The dollar fell to an eight-month low against the yen on Friday while European and Asian shares slipped on worries U.S. growth data due later in the day may show the world's biggest economy is losing steam.

Samsung Electronics , the world's No.1 memory chipmaker, warned of weaker margins and profit growth after posting record quarterly earnings, as prices of chips and flat screens drop and smartphone competition grows.

Japan's Nomura Holdings Inc and Australia's Macquarie painted a bleak picture of Asia's investment banking industry, citing a dearth of deals and frail markets.

Gold gained on Friday as jewelers across Asia replenished stocks and other physical buyers snapped up bullion ahead of U.S. second quarter GDP data that will offer clues on the direction of the economy. With worries about the debt crisis in Europe diminishing, gold could attract safe-haven buying as growth in the U.S. economy probably slowed in the second quarter on reduced consumer spending.

Gold eased in thin Asian trade Friday, ahead of a key US second quarter GDP data, as the greenback rebounded against the euro. Gold for immediate delivery was seen trading at $1167.08 an ounce at 12.00 noon Singapore time while U.S. gold futures for August delivery was at $1,167.1 an ounce.

Asian stocks sagged on Friday as worries U.S. growth data may surprise on the downside and downbeat comments from a Federal Reserve official gave investors reason to book profits from a steady rally this month.

An increasingly heated battle in the global smartphone market is set to weigh on handset vendors' profit margins during the remainder of the year, analysts said on Friday.

The dollar fell to an eight-month low against the yen on Friday, hurt by selling from Japanese exporters and concerns that U.S. GDP data would add to signs of fading momentum for the U.S. economic recovery.

Oil prices rose on Thursday as the dollar weakened to a 12-week low against the euro, boosting demand for oil priced in dollars, and after European data showed eurozone economic sentiment has improved.

The dollar eked out small gains against the euro in early trade on Friday, but remained on the defensive near a three-month low against a basket of currencies on concerns U.S. growth may be disappointingly weak.