IBT Staff Reporter

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Obama's damage control statement over arrest of Harvard scholar (video)

President Barack Obama called the white police sergeant James Crowley on Friday afternoon and made a surprise appearance in the White House briefing room as he tried to defuse the mounting controversy over his comment that the white police acted stupidly by arresting a Harvard professor at his home.

Chinese banks support nuclear firm with $66-bln line of credit

China National Nuclear Corporation (CNNC) has signed a cooperation agreement with China Development Bank (CDB) to get credit limit of 100 billion yuan (about $15 billion) from the bank, bringing the total tally of CNNC's intentional credit limits to 450 billion yuan (about $66 billion) with the offers from eight other banks, State Assets Administration Committee (SASAC) said in its website on Thursday.

Nasdaq snaps 12-day run; Dow, S&P 500 edge up

The Nasdaq fell on Friday, halting a 12-day run-up, following Microsoft Corp's disappointing quarterly results, but gains in pharmaceutical and energy shares lifted the Dow and the S&P 500 to fresh 8-month closing highs.

Fallen Canadian icon Nortel starts asset sales

Nortel Networks Corp, a former Canadian tech icon with roots going back to World War One, started selling key assets on Friday in an auction process that has already polarized opinion and sometimes reads like a soap opera.

Honduran forces tighten border to stop Zelaya

Honduran troops and police tightened the border with Nicaragua on Friday against an attempt by deposed President Manuel Zelaya to enter the country after he was removed in a military coup and sent into exile.

Obama regrets remarks in racially charged case

President Barack Obama backed down on Friday from a statement that police had acted stupidly in arresting a black scholar in a racially charged case that was rapidly becoming a distraction for Obama.

Palm and Apple tussle over iTunes and Pre

Palm Inc has fired another volley at Apple Inc in their smartphone war, as the two rivals tussle over whether iTunes should be compatible with Palm's new Pre smartphone.

Obama in unexpected appearance comments again on Gates issue

President Barack Obama made an unexpected appearance at a White House news conference on Friday to say the media frenzy sparked after his comments on the arrest of African American Harvard Professor Henry Louis Gates Jr. is a testimony that these are issues that still very sensitive in America.

CIT plans large debt exchange offer: source

CIT Group Inc is planning a large debt exchange offer within weeks as part of its plan to restructure itself, and any asset sales are likely still some time away, a source close to the company said on Friday.

World's Top 10 weird attractions

Travelers seeking a bit of novelty on their journeys can study toilets from 2,500 BC or join a red-carpet duck parade, according to a list of top 10 weird attractions by travel review website IgoUgo.com.

Nasdaq drops on Microsoft; Dow and S&P flat

The Nasdaq fell on Friday following Microsoft Corp's disappointing quarterly results, but gains in pharmaceutical and energy shares held the Dow and the S&P 500 near break-even.

World's top 5 nude events

If biking or swimming in the nude is your thing, apparently you are not alone with Nude Recreation Week this month celebrating its 32nd year -- but participants advise not to forget the sunscreen.

Police stand by officer who arrested Gates

Police union officials on Friday rallied around the white officer whose arrest of a prominent black scholar sparked a heated debate on race relations in the United States.

Iran supreme leader wants vice president sacked

Iran's top authority called on President Mahmoud Ahmadinejad on Friday to dismiss a senior official who had said Iran was friendly with everyone, even the people of its sworn foe Israel, state television reported.

Activists seek to sue against Kim Jong II to ICC

The Investigative Commission On Crime Against Humanity claimed recently that it was seeking ways to file a suit against North Korean leader Kim Jong II to the International Crime Court (ICC) over alleged crimes against humanity, according to the Associated Press report.

Skype singled out as threat to Russia's security

Russia's most powerful business lobby moved to clamp down on Skype and its peers this week, telling lawmakers that the Internet phone services are a threat to Russian businesses and to national security.

CIT amends debt offer to attract creditors

CIT Group Inc amended its debt restructuring plan on Friday to encourage more bondholders to tender their notes early, and said it intended to keep restructuring out-of-court if the offer succeeded.

Loblaw warns on profits, buys Asian grocery chain

Loblaw Co, Canada's biggest grocery store chain, warned of a tough second half of the year on Friday, even as it reported above-forecast profits and a plan to buy the country's largest Asian food retailer.

KPE seeks consent of unitholders for planned deal

KKR Private Equity Investors LP on Friday launched a consent solicitation, seeking approval of its unitholders to proceed with the planned combination with private equity firm Kohlberg Kravis Roberts & Co (KKR).

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