IBT Staff Reporter

U.S. stock index futures pointed to a higher open on Wall Street on Friday, as sovereign debt worries in the euro-zone soothed, while investors awaited the advance reading of first-quarter gross domestic product.

Global equities rose and the euro held on to gains on Friday as Greece readied new austerity measures to secure a multi-billion-euro aid package that could be announced in coming days.

Better known as a hub for diamond and textile industries, Surat will soon have additional feature to its fame as the city-based entrepreneurs are now exploring business opportunity in more natural and high-end fabric material - Linen.

The massive oil spill in the Gulf of Mexico, leaking from a ruptured well moved closer to the mouth of the Mississippi River. Analysts said the oil spill that threatened to eclipse even the Exxon Valdez disaster spread out of control with a faint sheen washing ashore along the Gulf Coast.

Global oil prices extended gains in Asian trade Friday mainly on encouraging reports of resurgence in global economy. Light sweet crude for June delivery was seen trading at $85.61 a barrel at 11.30 a.m Singapore time while Brent crude was at $87.12 a barrel at the same time in London.

Gold advanced further in Asian trade Friday after the euro gained on hopes of a quick Greek rescue package spurred investors to cover short positions. Gold for immediate delivery was seen trading at $ 1172.98 an ounce at 11.30 a.m Singapore time while gold futures for June delivery was at $1,173.40 an ounce at the COMEX division of the NYMEX.

World's largest gold producer is also set to take India's centuries-old gold crown as the world's top gold consumer. After knocking South Africa out of first place as the world's largest gold producer in 2007, it now appears China will overtake India as the world's leading gold consumer when industry figures are released in mid-February.

Stocks rose on Friday and the euro steadied on hopes that a fractious European Union will agree on a bailout package for Greece within days as it struggles to keep the debt crisis from spreading to other weak countries. Shares were also buoyed by strong earnings reports from major U.S. companies, which pushed up Wall Street stocks and bolstered hopes that the world's largest economy was picking u...

Stocks rose on Friday and the euro steadied on hopes that a fractious European Union will agree on a bailout package for Greece within days as it struggles to keep the debt crisis from spreading to other weak countries.

U.S. economic growth probably slowed in the first quarter, data is expected to show on Friday, but resurgent consumer spending should offer evidence of a sustainable recovery.

Samsung Electronics Co Ltd, the world's top maker of memory chips and flat screen TVs, reported record quarterly results, powered by robust demand for chips and flat-screen TVs.

It would be feasible for China to launch a property tax in the near term because economic growth is sufficiently strong, a senior researcher with the Ministry of Finance said in remarks published on Friday.

U.S. federal prosecutors are conducting a criminal probe into whether Goldman Sachs Group Inc or its employees committed securities fraud in connection with its mortgage trading, the Wall Street Journal reported on its website on Thursday.

UAL Corp's United Airlines and Continental Airlines Inc are expected to announce that they are merging to form the world's largest airline on Monday, the Wall Street Journal reported on Thursday, citing unnamed sources.

Microsoft Corp said on Thursday its Courier tablet PC, vaunted by some as a potential rival to Apple Inc's iPad, will not be launched as a product, at least not in its current form.

New research found that baby girls cope better with stress in their mothers' womb.

Samsung Electronics Co Ltd , the world's top maker of memory chips and flat screen TVs, reported record quarterly results, powered by robust demand for chips and flat-screen TVs.

Two subsidiaries of pharmaceutical giant Johnson & Johnson have agreed to pay more than $US81 million ($A87.56 million) from the alleged illegal promotion of the epilepsy drug Topamax for psychiatric uses, the Justice Department announced on Thursday.

Scientists in Germany and England claim they have invented a nasal spray that makes men more caring, sensitive and affectionate.

Australia: Overnight we saw risk appetite return to the markets after some positive earning results, positive data releases and reports that the bailout agreement for Greece is very close.

Having migraine can be difficult as it interferes with a person's life, family and friends. For many sufferers, the normal over the counter medications just don't work for them. Dr. Lawrence Newman, a director of Headache Institute at St. Luke's Roosevelt Hospital in New York said that migraine is a life-altering condition.

Reinsurer PartnerRe Ltd said estimated insured losses from the explosion of the Deepwater Horizon Drilling Platform in the Gulf of Mexico have the potential to exceed $1 billion.

Delighted at his cyber success, Venezuela's new Twitter convert President Hugo Chavez on Thursday invited Cuba's Fidel Castro and Bolivian President Evo Morales to join the micro-blogging site too.

Language software maker Rosetta Stone Inc's trademark infringement lawsuit against Google Inc has been dismissed by a federal judge.

President Dmitry Medvedev said on Thursday that Russia must move fast to create a home for innovative companies in high-tech industries, pushing a project he hopes can be a showcase of his presidency.

Australian Dollar: The Aussie spent the last 24 hours trading above US92 cents and is supported by our yield advantage after the U.S. Federal Reserve kept interest rates unchanged this week and maintained their oft-repeated mantra to leave interest rates at exceptionally low levels for an extended period of time.

The U.S. wireless industry is pressing a key senator to clear the way for a government study that could accelerate plans to free up airwaves for devices such as smart phones.

JPMorgan Chase & Co will no longer offer independent U.S. tax preparers financing for tax-refund loans, a company spokesman said.

Six more hedge funds joined a lawsuit against Porsche SE over alleged securities fraud and manipulation on Thursday, with the plaintiffs doubling the damages they are seeking to $2 billion.