IBT Staff Reporter

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GM deal on Opel still possible: German minister

Carmaker General Motors should be able to agree on a buyer for its German unit Opel despite failing to make a decision on Friday, Germany's Economy Minister Karl-Theodor zu Guttenberg was quoted as saying on Saturday.

Hanson to debut new songs on fall tour

Hanson plans to play a bunch of new music for its fans this fall, even though the sibling trio's new album probably won't come out until the spring of 2010.

Jackson burial postponed, judge approves exhibition

Michael Jackson's family on Friday delayed his burial by five days as a judge ruled that a touring show of his memorabilia could go on and police raided another pharmacy in their ongoing probe of his sudden death.

Philly mayor unveils worst service cuts since 1951

Mayor Michael Nutter detailed on Thursday what he said will be the deepest cuts in public services for more than half a century, needed to balance the fiscal 2010 budget and the city's financial plan for the next five years.

Fed official: rates to be kept low past upturn

Financial markets have not fully understood that the U.S. Federal Reserve's pledge to keep interest rates exceptionally low for an extended period means they will stay low beyond when officials normally would raise them, a top Fed official said on Friday.

Fed and ECB eye recovery

U.S. Federal Reserve Chairman Ben Bernanke and other central bankers said on Friday the worst global recession in 70 years was nearing a close but warned it would be a long, slow climb back to normal growth.

Machinists, attendants may face fight at Delta

Unions seeking to represent more than 30,000 workers at Delta Air Lines Inc and its Northwest subsidiary could face an uphill battle in elections that could open the door for more collective bargaining and potentially higher labor costs.

Oracle cuts CEO's base salary to $1

Software giant Oracle Corp said in a regulatory filing on Friday that it would cut the salary of its chief executive to $1 in fiscal 2010 from $1 million in the previous year.

Auto dealers ask for extension on Clunker submissions

U.S. auto dealers are asking the government to extend the deadline for submissions for its Cash for Clunkers program to August 31, citing computer problems that are delaying the entry of applications into the system.

Guaranty Bank shuttered, assets sold to BBVA

U.S. regulators on Friday closed Texas lender Guaranty Bank and sold its assets to Banco Bilbao Vizcaya Argentaria , allowing Spain's second-largest bank to expand its reach in the U.S. market.

GM board weighs Opel bids, takes no action

General Motors Co said on Friday its board had not picked a winning bidder for Opel after convening to discuss the automaker's options, leaving the fate of its German unit still uncertain after months of high-stakes negotiations.

SEC drops backdating probe against former Pixar CFO

U.S. securities regulators have dropped a stock options backdating investigation against former Pixar Animation Studios Chief Financial Officer Ann Mather, according to a letter obtained by Reuters on Friday.

Daily Wrap Up - August 21 Tech

A majority of college-bound students getting reading for the coming school semester are a preferring to steer away from Mac laptops, a new study reveals. Instead, students are leaning toward affordable netbooks from a variety of manufacturers, according to Retrevo, a consumer electronics website, that conducted the study.

Wall Street ends at new highs for the year

Stocks ended the week at 2009 highs on Friday after a surprising rise in home sales and optimistic comments from Federal Reserve chief Ben Bernanke reassured investors about the prospects for an economic recovery.

Centrica gets EU okay for Venture buy

British utility Centrica won EU regulatory approval on Friday for its acquisition of North Sea gas company Venture Production, removing a barrier to some shareholders accepting the deal.

Fed, ECB eye recovery

U.S. Federal Reserve Chairman Ben Bernanke and other central bankers said on Friday the worst global recession in 70 years was nearing a close but warned it would be a long, slow climb back to normal growth.

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