IBT Staff Reporter

President Barack Obama said on Saturday U.S. healthcare worked better for insurance companies than for patients, as he pressed his case for a major overhaul that critics say is too expensive.

Mexico's Cemex, the world's No. 3 cement maker, said on Friday it finalized a $15 billion debt restructuring to avoid default and announced it could sell shares worth about $1.7 billion as part of the deal.

The Syrian unit of Qatar National Bank (QNB) said on Saturday a 1.7 billion Syrian pounds ($36.9 million) initial public offering was oversubscribed 1.7 times.

The previous chief executive of Volkswagen, Bernd Pischetsrieder, is favourite to head the supervisory board of German car parts maker Continental AG, magazine Der Spiegel reported, without saying where it obtained its information.

Facebook's vision of becoming a utility that offers activities to keep people online for hours could set it on a collision course with the Web's giants.

A consortium dominated by Swedish owners plans to bid for Ford Motor Co's Volvo car unit, a Swedish business daily reported on Saturday without disclosing its sources.

China's 12 joint-stock commercial banks posted net profit of 45.2 billion yuan ($6.6 billion) in the first half of this year, down 19.3 percent from a year earlier, the official Xinhua news agency reported on Saturday, quoting a banking regulatory official.

Hedge fund Citadel, which launched an investment banking group earlier this year, has hired a senior Citigroup Inc financial institutions investment banker, a source familiar with the matter said on Friday.

Islamic lender Kuwait Finance House (KFH) is tying up with United States apartment building owner UDR Inc to buy high income property in the United States to tap lower asset prices.

A U.S. International Trade Commission (ITC) judge on Friday issued an initial determination in favor of Nokia Oyj in an action brought by InterDigital Inc against Nokia.

Back in 1969, Woodstock organizers billed their three-day festival as An Aquarian Exposition. But although the concert became free when an expected crowd of 200,000 grew half a million strong, it was conceived as a business proposition.

A group of Asian manufacturers filed court papers on Friday in an attempt to push U.S. women's apparel brand Ellen Tracy into bankruptcy.

A massive rally in U.S. stocks since March has reawakened bullish spirits, but insiders are jumping out of the market in a sign the run up is getting stretched.

Colonial Bank, of Montgomery Ala., was shuttered on Friday and its assets sold to southeast regional bank BB&T Corp, marking the largest bank failure this year.

The Legg Mason Inc unit run by star fund manager Bill Miller sold off a number of financial stocks in the second quarter, filings on Friday showed.

Billionaire Warren Buffett's Berkshire Hathaway Inc reported on Friday a new 1.2 million share investment in Becton Dickinson & Co and an increased stake in Johnson & Johnson , as it boosted exposure to some health-care companies.

Billionaire investor and philanthropist George Soros' Soros Fund Management reported holdings of $4.2 billion at the end of the second quarter after cutting its stake in a number of retailers.

The U.S. official responsible for setting pay for top executives at finance firms that received billions of dollars in government aid will take his time and conduct his work in private, a spokesman said on Friday.

The Federal Deposit Insurance Corp said in a statement on Friday that regulators have closed Colonial Bank and Southeast regional bank BB&T will buy about $22 billion in assets of Colonial.

Latin American stocks and currencies posted losses on Friday after U.S. consumer sentiment weakened unexpectedly in August, raising questions about the strength of the economic recovery and increasing global aversion to risk.

President Barack Obama has signed the cash for clunkers program into law on June 24.

The founder of the defunct British online gambling firm BetOnSports pleaded guilty in U.S. court on Friday and agreed to forfeit more than $43 million in criminal proceeds, the Justice Department said.

The French Defense Ministry said on Friday the missing Arctic Sea cargo ship has been spotted near Cape Verde.

Wall Street's top cop has a lot to prove and its been taking no prisoners.

U.S. crude oil futures settled down $3.01 to $67.51 a barrel on the New York Mercantile Exchange Friday after a report showed consumer sentiment in early August was weak. Seven of the top ten best paid chief executive officers in the United States last year belong to oil companies.

Search market leader Google Inc holds greater loyalty among its users, who conduct more searches a month than those on Yahoo! and Microsoft, new data issued on Friday showed, posing a challenge for the new team of rivals to Google.

BB&T Corp. and the Federal Deposit Insurance Corp. have reached an agreement to take over Colonial BancGroup in Alabama the Wall Street Journal and Bloomberg reported citing anonymous sources. Colonial is Alabama's second-largest bank with $26.4 billion in assets and 355 branches in Florida, Alabama, Georgia, Nevada and Texas. The takeover would make BB&T the ninth-biggest U.S. bank by assets.

Sprinter Usain Bolt, the track and field star of the Beijing Olympics, last year will be appearing at the track and field 12th World Championships in Athletics in Berlin which begins this weekend.

Damon Weaver the sixth grade student, who had been seeking to interview President Barack Obama for several months, finally sat with the President at the White House.