IBT Staff Reporter

Lender CIT Group, which recently obtained a $3 billion loan from its bondholders, said on Friday it will give $1 billion of that money to its trade finance unit.

A TechCrunch on Friday unveiled a new touch screen PC tablet, the CrunchPad, which was introduced earlier this year by Michael Arrington, and designed for optimized web applications.

Private equity firm Kohlberg Kravis Roberts & Co is preparing up to six companies for initial public offerings (IPOs) in the next year, the Financial Times reported in its Saturday edition.

Oil and gas drilling company Rowan Companies Inc said on Friday the director designated by Steel Partners II LP had resigned from its board because the activist hedge fund's stake fell below 5 percent.

The colossal water cistern set in a clearing in a hilly, heavily forested area can hold 25,000 liters of water — enough to irrigate a major food farm.

UBS AG's Chief Executive Oswald Grubel wants to run the Swiss bank's U.S. brokerage unit for at least three years and sell it later at some point, CNBC said on Friday.

In landing the first big mandate from Sanofi since the French drugmaker switched chief executives, U.S. boutique Evercore Partners gets some $13 million of fees and a league-table boost.

CDC Software Corp is hoping to ride the wave of well-received Chinese public stock offerings in the United States, but its estimated $57.6 million IPO could be hurt by weakness in the market for corporate software.

Bank of America Corp said on Friday three directors had resigned, the latest in a series of departures at the bank at a time when it is shaking up its board at the behest of the government.

General Electric Co said on Friday it had renewed its agreement to provide Wal-Mart Stores Inc's private-label credit cards for the next six years, in a move the biggest U.S. conglomerate said signaled its commitment to the credit card business.

Southwest Airlines Co's bid for bankrupt Frontier Airlines could reignite growth at the airline, but questions remain about how smoothly the famously no-frills company can integrate the two carriers.

Amazon faces a lawsuit filed by a high school student after his homework was remotely deleted on its kindle2 E-book without his consent according to the AFP reports Friday.

The U.S. Federal Deposit Insurance Corp launched the first test of its Legacy Loans Program that could eventually help banks rid their balance sheets of toxic assets so they can raise new capital and increase lending, the agency said on Friday.

Ex-Qwest Chief Executive Joseph Nacchio could get his six-year prison sentence and $52 million penalty for insider trading reduced, after an appeals court said on Friday he was improperly sentenced.

Honda is expanding a recall of three of its models to 440,000 vehicles because of a potential flaw in the airbag inflator, officials said Friday, adding that the recall started in November.

Apple Inc has released an iPhone software patch to fix a critical software bug uncovered by two independent researchers that make the devices susceptible to secret attacks by hackers.

Global handset shipments grew nearly 5 percent in the second quarter, the first quarter- on-quarter growth in 9 months, marking a reversal of course for the struggling market, researchers at iSuppli said on Friday.

British oil major BP shut Europe's second largest oil refinery on Friday after a power outage, while gasoline units were closed in France and Germany by Total and a joint venture including Shell.

A Cayman Islands court has frozen $9.2 billion of assets belonging to Saad Group, the Saudi Arabian investment firm at the center of a financial storm, including some of its equity stakes outside the Gulf.

Corazon Aquino, the Philippines' former president and heroine of the 1986 people power revolt that toppled dictator Ferdinand Marcos, has died after a 16-month battle against colon cancer. Here are five facts on Corazon Aquino.

The successful Cash for Clunkers program that gives drivers a rebate to turn in an old car to buy a new one moved closer to being extended on Friday when the U.S. House approved $2 billion for the program, which a dealership group said was pumping auto sales.

The worldwide economy is in the doldrums and jobless numbers are rising but it hasn't stopped people from taking cruises to get away from it all.

The Philippines's former President Corazon Aquino, whose people power revolution swept dictator Ferdinand Marcos from power in the Philippines, died on Saturday after a 16-month battle against colon cancer, her family said. She was 76.

Despite of the economic crisis, major utility companies in the United States including American Electric Power Co, Dominion Resources and Constellation Energy Group, reported Friday its second quarter earnings surpassed Wall Street expectations.

A former doctor of Michael Jackson who was aware the singer was seeking the drug propofol and someone who would administer it for him, warned him of the dangers of taking it.

The sharp contraction in the U.S. economy seems to be ending but recovery will be slow with risks still looming from the weak labor and housing markets, the International Monetary Fund said on Friday.

All-Star catcher Victor Martinez is coming to Boston's Red Sox from Indians, official in Major League Baseball said on Friday, which is in exchange for Justin Masto erson and two other minor leaguers.

The S&P 500 ended its best five-month streak since 1938 with a slight gain on Friday as government data showed softness in consumer spending but reinforced expectations that the economic slump is abating.

Illinois Attorney General Lisa Madigan filed suit on Friday against Wells Fargo & Co , accusing the second-largest mortgage lender of steering blacks and Latinos into high-cost subprime loans.