IBT Staff Reporter

Panasonic Corp reported an annual net loss on Friday, battered by weak demand, price falls and restructuring costs, and the Japanese electronics maker forecast a bigger-than-expected loss this year.

Fashion retail giant Hennes & Mauritz reported on Friday a slightly bigger than expected 8 percent year-on-year rise in sales at established stores in April as spring purchases finally took off.

U.S. Federal Officials have urged banking giant Bank of America Corp to revamp its board and bring in directors with more banking experience, the Wall Street Journal said.

Asian stocks rose on Friday as investors bought shares that stood to benefit the most from an expected global recovery, but still looked set to post their biggest weekly decline since March on worries equity markets have risen too far, too fast.

Google Inc is lifting restrictions on the use of trademarked terms in its U.S. online advertising system, a move that could increase friction between the Internet giant and brand owners.

Shares in Sony Corp gained 5 percent on Friday after the Japanese electronics maker forecast a smaller loss than expected for this year, showing it was making progress in its restructuring.

Hartford Financial , the No. 4 U.S. insurer beset by worries about capital, won approval on Thursday to raise $3.4 billion via the government's bank bailout plan, sending its shares 6 percent higher.

Two U.S. Securities and Exchange Commission employees are under investigation by federal criminal authorities for allegedly using insider information to trade stocks, a source familiar with the matter said on Thursday.

Blockbuster Inc posted lower first-quarter profits, citing weak DVD titles and competition from a strong box office, and warned that same-store sales would continue to be lower in 2009. Its shares slid over 23 percent in after-hours trade.

Hartford Financial , the No. 4 U.S. insurer beset by worries about capital, won approval on Thursday to raise $3.4 billion via the government's bank bailout plan, sending its shares 6 percent higher.

Kohl's Corp and Nordstrom Inc beat quarterly profit estimates and raised their 2009 earnings views, defying a still precarious environment for department stores in which both well-to-do and budget shoppers are paring back.

A new alternative energy system called Vivace is being tested to generate electric power from currents which flow slowly and cannot be used by modern technologies.

Private equity firm The Carlyle Group has agreed to pay $20 million to the State of New York and follow a new code of conduct rules for interacting with public pension funds to settle a corruption investigation carried out by the office of New York Attorney General Andrew Cuomo.

Nike Inc , the world's largest maker of athletic shoes and apparel, will slash 5 percent of its 35,000-strong global workforce, or 1,750 jobs, in the largest headcount reduction in the company's history.

(Correcrts third paragrah to indicate approximately 6,800 workers are at headquarters)

U.S. sales of video games fell 17 percent in April to $1.03 billion, research group NPD said on Thursday, the second steep monthly decline in a row.

General Motors Corp said on Thursday night it would most likely pursue the same legal strategy as Chrysler if it spirals into bankruptcy, while Chrysler unveiled details for slashing its dealer network.

Vornado Realty Trust’s Michael Fascitelli has officially taken on chief executive officer role after a vote by the firm’s board. Fascitelli, 52, succeeds Steven Roth, 67, who retains the Chairman title.

Toyota is moving toward launching experimental plug-in hybrid vehicles in Europe in 2009 as part of a three-year lease trial, ahead of rival GM, which plans to introduce its own version in late 2010.

Blockbuster Inc posted lower first-quarter earnings but beat expectations as the top U.S. movie rental chain reined in spending.

Pope Benedict will complete a Middle East pilgrimage on Friday with prayers at one of the holiest sites for Christians, a day after holding mass for tens of thousands in the Galilee town of Nazareth.

Coca-Cola announced Thursday it would test a new plastic bottle in North America partially made from plants.

In the first of five ambitious spacewalks to repair the Hubble Space Telescope, NASA astronauts managed to remove a 16-year-old camera on Thursday that had taken many of the telescope's most famous images.

Poor countries already suffering from the impact of climate change urgently need up to $2 billion to help adjust and cope, a new report submitted to the United Nations said on Thursday.

German budget deficit will hit €90 billion by 2010, breaking Germany's post-war budget deficit record of €40 billion in 1996, the German Finance Minister said Thursday.

Hackers launched an attack on Facebook's 200 million users on Thursday, successfully gathering passwords from some of them in the latest campaign to prey on members of the popular social networking site.

Upscale department store chain Nordstrom Inc posted on Thursday a 32 percent drop in quarterly net profit that was above Wall Street's estimates and raised its 2009 profit outlook, sending its shares up nearly 4 percent.

The Great Wall of China just got greater, after a survey uncovered 1,000 miles of additional wall.The two-year survey by the Chinese government used infrared range finders and GPS equipment to map the course of the Great Wall.

Top U.S. movie rental chain Blockbuster Inc posted lower first-quarter profits on Thursday and warned that same-store sales would continue to be lower in 2009, but said it was still comfortable with its prior full-year outlook.