IBT Staff Reporter

Fireworks planned nationwide on July 4 but recession hits some cities; Patriotism, tax protest to mix at July 4 TEA Parties; Most Post Offices to close early July 3; some FedEx, UPS services available

PVM Oil Futures Limited said on Friday Steve Perkins, a senior broker based at the firm's London office, was responsible for unauthorized trades earlier this week which landed the firm with a loss of nearly $10 million.

Derivatives pose risks on financial markets that central clearing of contracts would mitigate, the European Commission said on Friday, outlining plans that fall short of more radical U.S. steps.

Derivatives pose risks on financial markets that central clearing of contracts would mitigate, the European Commission said on Friday, outlining plans that fell short of more radical U.S. steps.

U.S. marshals seized the luxury $7 million New York City penthouse apartment of imprisoned fraudster Bernard Madoff and his wife, Ruth, officials said on Thursday.

World stocks fell on Friday after a disappointing U.S. jobs report and a sluggish euro zone services sector survey reinforced expectations that the process of recovery in the global economy would be long and slow.

State regulators closed seven banks in on Thursday raising the total number of failed banks to 52 this year.

For Dutch pension fund ABP, Michael Jackson's death could be good for business.

U.S. businessmen are expected to use a Russia-U.S. business summit on Tuesday to press Moscow to rein in corruption and improve conditions for western companies operating in the country.

Global miner Rio Tinto wrapped up one of the world's biggest rights issues on Friday, saying its Australian shareholders had taken up 94.76 percent of their entitlements to the new shares.

With Wall Street stuck in a range since May, the start of second-quarter earnings season next week could prove to be a decisive factor for determining how much faith investors should have in an economic recovery.

Unauthorized Mac clone maker, Psystar, on Thursday said it will emerge from chapter 11 bankruptcy as it takes on Apple's Mac system and a legal battle.

Electronic Arts Inc. confirmed Battlefield 1943 debut next week and will be deploy on Microsoft Corp.'s Xbox 360 and Sony Corp.'s Playstation 3.

GE Enterprise Solutions' Fanuc Intelligent Platforms on Thursday reveals its new PAC8000 RTU controller with flexible system design and high availability allowing Oil & Gas to be easily monitored, diagnose and maintain.

A yellow-white, 9 feet Burmese pet python on Thursday reportedly wrapped itself on a 2 year-old baby and crushed her to death at Oxford, Florida home.

Apple has banned another iPhone App, the BeautyMeter that allows iPhone and iPod Touch users to upload photos of themselves to be rated.

Global miner Rio Tinto wrapped up one of the world's biggest rights issues on Friday, saying its Australian shareholders had taken up 94.76 percent of their entitlements to the new shares.

Ford Motor Co of Canada was the number one selling automaker in the country for the first time in 50 years as it posted a 25 percent jump in sales in June over a year earlier, the company said on Thursday.

As the July 4 weekend approaches, the U.S. Postal service is informing its customers that most post offices will close at 12 noon on Friday, July 3, with no regular service on Saturday.

A federal judge on Thursday tentatively dismissed the conviction of a suburban mother accused of driving a love-lorn 13-year-old girl to suicide by tormenting her with a fake MySpace persona.

Stocks tumbled on Thursday, driving the S&P 500 down to its third-straight weekly loss, as a steeper-than-expected slide in June non-farm payrolls revived caution about economic recovery prospects.

Markets tumble after dour jobs report, GM warns of liquidation if sale not approved, Desertec could create 240,000 jobs

The U.S. Environmental Protection Agency extended today its comment period by 60 days on the Renewable Fuel Standard program. The city will eliminate the use of electricity made from coal by 2020. Solar gigantic project Desertec was estimated could create 240,000 jobs in Germany and generate $2,822 billion worth of power by 2050.

U.S. employers cut far more jobs than expected last month and the unemployment rate hit 9.5 percent, the highest in nearly 26 years, underscoring the likelihood of a long, slow recovery from recession.

Kevin Jonas surprised his girlfriend Danielle Deleasa Wednesday morning by knocking on her New Jersey door and going down to his knee to ask her to marry him.

The U.S. Environmental Protection Agency extended its comment period by 60 days on the Renewable Fuel Standard program or RFS-2, on Thursday. The original period was to end on July 27, 2009.

Private equity groups seeking to buy failed U.S. banks would have to maintain very high capital levels and remain owners for three years under tough guidelines proposed on Thursday that some bank regulators fear could deter needed investment.

John Edward former host of the TV Show Crossing over with John Edward has launched Infinite Quest, a new Web Site touted as visitors' own personal methaphysical GPS which gathers astrologists, numerologists and psychics to give information for simple and practical daily use, the website says.

Some main business events that took place today.