IBT Staff Reporter

The Federal Deposit Insurance Corp is taking Colonial BancGroup Inc into receivership and will sell the struggling lender's branches and deposits to BB&T Corp , Dow Jones said, citing a person familiar with the situation.

Activist investor Carl Icahn is under fire from a hedge fund that accuses the billionaire investor of enriching himself at the expense of minority shareholders in XO Holdings Inc , a company he controls.

Pregnant Kourtney Kardashian says getting pregnant with her finance (who was also her ex-boyfriend) Scott Disick, was unplanned.

Police was called to Jon Gosselin and Kate Gosselin's house on Thursday afternoon as the ex-couple goes through divorce proceedings, People magazine reported.

Energy prices plunged on Friday after the Reuters/University of Michigan index of consumer sentiment fell sharply in the first period of August. The index gave signals to traders that consumers will be tight on spending.

J.C. Penney Co Inc posted a smaller-than-expected net loss on Friday, as it reined in costs, but the retailer signaled that full-year profit might miss expectations, and its shares fell over 6 percent.

U.S. high-technology exporters on Friday welcomed President Barack Obama's decision to undertake a comprehensive review of U.S. export controls rooted in Cold War fears of the former Soviet Union.

Britain's Chrysalis Group, publisher of Michael Jackson hit songs including

Meat Loaf, Yes singer Jon Anderson and former Kiss guitarist Ace Frehley will be the headline

Veteran rock band Aerosmith has scrapped its ill-starred North American tour a little over a week after singer Steven Tyler fell off the stage and broke his shoulder.

U.S. stocks fell on Friday, dropping more than 1 percent across the board following the release of weak consumer sentiment data.

U.S. consumer confidence fell in early August as a growing number of Americans fretted about their finances even though they expected the broader economy to improve, a survey showed on Friday.

Consumers retreat, Boeing's late report, China backs down

A federal court on Thursday froze $1 billion of Colonial Bank's assets after a judge ruled in favor of Bank of America which had requested a temporary restraining order to keep Colonial from liquidating or transferring assets. According the federal judge the bank is on the verge of failure. Individual depositors are protected through the Federal Deposit Insurance Corp.

U.S. consumer confidence fell in early August as a growing number of Americans fretted about their finances even though they expected the broader economy to improve, a survey showed on Friday.

U.S. stocks fell more than 1 percent on Friday as investors retreated from a recent rally after data showing weak consumer sentiment fueled doubts about an economic recovery.

China has confirmed its back down from a plan to preinstall controversial Green Dam filtering software on all personal computers sold in the country, though it will still be rolled out in schools and Internet bars.

U.S. industrial output gained for the first time in nine months in July and inflation remained muted, but consumer confidence was unexpectedly weak this month, according to reports on Friday.

The U.S. government is covertly testing technology in China and Iran that lets residents break through screens set up by their governments to limit access to news on the Internet.

The U.S. government is covertly testing technology in China and Iran that lets residents break through screens set up by their governments to limit access to news on the Internet.

Former U.S. Senator John Edwards is expected to admit he is the father of his former mistress' 18 month old daughter, the CBS affiliate WRAL reported yesterday citing anonymous sources.

CIT Group Inc , the cash-strapped corporate lender struggling to avoid bankruptcy, made an out-of-court settlement with small apparel maker Scherr Inc, which had sued to end its relationship with the company, the two parties confirmed on Friday.

Aspiring 11-year-old journalist, Damon Weaver, on Thursday interviewed President Barack Obama at the White House and asked questions ranging from education, nutrition and basketball to what it's like to be president.

JCPenney Company, Inc. Chairman and Chief Executive Officer Myron Ullman on Thursday continued to describe the consumer climate as being very difficult, in line with his previous statements that he expected consumer spending to remain weak for the remainder of 2009.

District 9, a movie filmed in a faux-documentary style, hit cinemas Thursday night and has been attracting great reviews from across the web.

General Motors and the German government played down hopes on Friday of a quick decision on the sale of the carmaker's Opel unit, and Berlin reiterated its support for Canadian bidder Magna .

Somalia's new security minister warned foreigners Friday not to visit the Horn of Africa nation without government approval after masked gunmen massacred seven Pakistani preachers at a mosque.

J.C. Penney Co Inc posted a smaller-than-expected net loss on Friday as it reined in costs, but the retailer indicated full-year profit might miss expectations, sending its shares down nearly 5 percent.

North Korea is willing to hold talks with Washington, a senior diplomat for the state said on Friday in the first such comments since former President Bill Clinton's visit to Pyongyang last week.