IBT Staff Reporter

The House of Representatives approved the biggest changes in financial regulation since the Great Depression on Friday, marking a win for the Obama administration and congressional Democrats.

An “innovative” global tax on financial transactions should help pay for the nearly $150 billion in expenses needed by 2020 to fight climate change in developing countries, the leaders of France and the United Kingdom said on Friday.

OYO Geospace (OYOG.O), a maker of equipment used to collect seismic data, swung to a fourth-quarter loss partly on low demand, excess capacity and low utilization of rental equipment in Russia and Canada.

Jenny Sanford, the wife of South Carolina's governor Mark Sanford, has filed for divorce after her husband publically confessed in mid-June that he had been in an extramarital affair with an Argentinean woman.

A draft climate pact unveiled on Friday revived hopes that U.N. talks might be able to pin down an international deal to fight global warming, but developing nations said they needed more cash from the rich.

Diane Sawyer is changing the landscape of American broadcast television news and is likely hoping history won't repeat itself when she becomes the second woman to solo anchor a major evening news program.

The U.S. pay czar on Friday expanded a crackdown on pay packages at four companies rescued with taxpayer money, limiting most cash salaries at $500,000 for a second tier of top earners.

Industry has struggled to sway U.N. climate talks in Copenhagen because of a remote negotiating process and a lobby split between climate policy winners and losers, executives said on Friday.

German chemicals distributor Brenntag made concessions to investors to secure a loan waiver that will allow its planned initial public offering (IPO) to proceed, a banker close to the deal said.

A steel plant in northeast England due to close in January will likely get its 2010 quota of free European carbon permits, a windfall worth around 100 million euros ($147.3 million), the UK government said on Friday.

Apple Inc said it filed a countersuit against Nokia, claiming that the Finnish cellphone maker has pursued anti-competitive business practices and infringed on more than a dozen of its patents.

The Federal Deposit Insurance Corp resisted pressure from the administration of President George W. Bush to extend assistance to Bank of America to complete its purchase of Merrill Lynch but was ultimately convinced of the need, FDIC Chairman Sheila Bair said on Friday.

The U.S. pay czar on Friday issued his latest crackdown on bailout recipients, ruling that cash salaries will be mostly limited to $500,000 for the next tier of top earners.

The Federal Reserve, meeting next week to set monetary policy, faces the tricky task of acknowledging a pick up in economic activity without spooking fragile markets into believing interest rate hikes are imminent.

Ellen came to me wanting to make a career move. She had most recently spent three years in sales and wanted to return to her customer service and administrative roots. She was concerned about being boxed into staying in the publishing world having worked most recently for a prominent newspaper.

A 20 percent cut in greenhouse gases by rich nations would be a pretty good result for a U.N. climate summit even though it falls short of developing nations' hopes, the head of the U.N. climate panel said on Tuesday.

The tiny Pacific Island nation of Tuvalu got the world's attention this week in Copenhagen when its proposal for strong, legally binding emissions pacts for all nations held up the work of international climate talks.

In a win for the banking industry, the U.S. House of Representatives voted on Friday to reject a measure that would have allowed bankruptcy judges to change the terms of mortgages for distressed homeowners.

New home prices in Canada rose 0.3 percent in October from September, the fourth consecutive gain, as record low interest rates and a recovering economy spurred demand, according to Statistics Canada data on Friday.

Democrats hope to pack a must-pass U.S. defense spending bill with measures to help victims of the ailing economy, Assistant Senate Majority Leader Dick Durbin said on Friday.

Lehman Brothers Holdings Inc (LEHMQ.PK) is close to selling two of its real estate private equity funds to real estate investment firm PCCP, a spokeswoman for Lehman said on Friday.

Greek Prime Minister George Papandreou will outline fresh plans to cut the country's ballooning deficit after meeting employers and labour unions next week, a Greek official told Reuters on Friday.

Iraq could challenge Russia's number two spot among world oil producers after auctioning two prized oilfields on Friday, although it failed to attract companies to bid for deals in its most dangerous areas.

A draft climate pact unveiled on Friday revived hopes that U.N. talks might be able to pin down an international deal to fight global warming, but developing nations said they needed more cash from the rich.

Cadbury Plc (CBRY.L) will argue for its independence on Monday with a defense document set to highlight its upbeat trading and show that its valuation is way above that of Kraft Food's (KFT.N) bid, analysts said on Friday.

Shareholders of Verenex Energy Inc (VNX.TO) overwhelming approved the C$317 million ($299 million) sale of the small Canadian oil explorer on Friday to a Libyan sovereign wealth fund, ending an international takeover battle that saw Libya block a richer offer from China.

Mobistar (MSTAR.BR), Belgium's second-biggest mobile phone operator, has no current plans for a merger, its chief executive reportedly told De Tijd newspaper.

The Dow and S&P cut early gains on Friday on strength in the U.S. dollar, while the Nasdaq turned negative after disappointing quarterly results from a semiconductor company pressured tech stocks.

U.S. consumers felt better in December, as the job market shows signs of improvement and retailers dangle steep discounts to goose up holiday sales, a survey released on Friday showed.