IBT Staff Reporter

U.S. stocks dipped on Friday as a move by the U.S. government to take a large common equity stake in embattled Citigroup sowed more uncertainty over the fate of banks and grim economic data weighed on trading.

The European unit of U.S. carmaker General Motors said it planned to spin off its German arm Opel and needed 3.3 billion euros ($4.2 billion) in state aid to avert job cuts and site closures.

The U.S. economy suffered its deepest contraction since early 1982 in the fourth quarter, shrinking at a much worse-than-expected 6.2 percent annual rate as exports plunged and consumers slashed spending.

Stocks briefly cut losses on Friday as investors scoured the market for beaten-down shares following the S&P 500's earlier drop to a 12-year low.

Portugal's leading highway operator Brisa (BRI.LS) posted a fourth-quarter net profit of 41.8 million euros ($52.98 million) on Friday, 64 percent below its year-ago net profit, but exceeding market expectations.

Microsoft announced today that it had an agreement with Vodafone in which they will team up to build a package that will allow small and medium-sized businesses to communicate and collaborate.

Stocks slid to a 12-year low on Friday as a move by the U.S. government to take a large common equity stake in embattled lender Citigroup sowed more uncertainty over the fate of major banks.

Stocks slid to a 12-year low on Friday as a move by the U.S. government to take a large common equity stake in embattled lender Citigroup sowed more uncertainty over the fate of major banks.

General Motors' German unit Opel agreed to a restructuring plan that aims to save as many jobs and factories as possible but needs 3.3 billion euros ($4.18 billion) in state aid, GM officials said.

Canadian fighters scrambled to intercept an approaching Russian bomber less than 24 hours before U.S. President Barack Obama's visit to Ottawa last week, Canadian Defense Minister Peter MacKay said on Friday.

The world faces a final opportunity to agree an adequate global response to climate change at a U.N.-led meeting in Copenhagen in December, the European Union's environment chief said on Friday.

Sri Lankan soldiers battled Tamil Tiger rebels house-to-house in the last town the separatist rebels control, seizing more territory and pushing them closer to a final standoff, the military said on Friday.

Southern African finance ministers agreed on Friday to push for donor help to rebuild Zimbabwe from economic collapse, and put the initial need at $2 billion, South Africa's foreign minister said.

Wells Fargo & Co has halted its bonus program for a handful of top executives, the bank said in a regulatory filing on Friday.

Israeli right-winger Benjamin Netanyahu and centrist Tzipi Livni met Friday but failed to agree on forming a coalition government and left it unclear whether negotiations between their parties would continue.

The Vatican said on Friday that an apology by a traditionalist bishop who denied the Holocaust fell short of meeting the Holy See's demand for a full and public recanting of his position.

Genentech Inc holds its annual research and development day on Monday as it aims to convince shareholders that the company is worth far more than the $42 billion Roche has said it is willing to pay for it.

Stocks headed for a sharp slide at Friday's open as news the U.S. government was taking a large common equity stake in embattled lender Citigroup sowed more uncertainty over the fate of major banks.

The U.S. government will boost its stake in Citigroup Inc to as much as 36 percent, bolstering the banking giant's capital base in one of the most dramatic efforts yet to prop up the ailing banking industry.

The U.S. economy contracted at its sharpest rate since early 1982 in the fourth quarter, revised data showed on Friday, as exports plunged and consumers cut spending by the most in more than 28 years.

Stock index futures extended losses on Friday, suggesting the benchmark S&P 500 may open below its November 21 bear market low, as government data showed the economy contracted more sharply than initially estimated in the fourth quarter.

The U.S. economy contracted more sharply than initially estimated in the fourth quarter, government data showed on Friday, as exports plunged and consumers cut spending by the most in over 28 years amid a severe recession.

Stock index futures fell on Friday, weighed by a drop in financial shares following news that the U.S. government is taking a large common equity stake in embattled lender Citigroup .

The Treasury Department announced on Friday it will convert some of the preferred stock it holds in struggling Citigroup into common stock, a step that will give it a significant stake in the bank.

Many Americans applauded the spending plans and tax breaks set out in President Barack Obama's record budget, while others questioned the yawning deficit it would entail.

Microsoft Corp's chief financial officer forecast at least another year of tough trading in all areas on Thursday, as the economy shows no immediate sign of recovery.

Governments on both sides of the Atlantic moved to tighten their grip over banks on Friday to stem a financial crisis that has pushed the U.S. economy into its deepest contraction in more than a quarter century.

Broke, desperate Americans are most likely to be targeted by scam artists and the amount they lose is rising, the National Consumers League said.

Part-nationalized Lloyds Banking Group unveiled a 10 billion pound ($14.28 billion) loss for 2008 and said it had not finalized a plan to put billions of pounds of assets into a UK government-backed insurance scheme.