IBT Staff Reporter

Sterling rose against the dollar on Friday due to short covering after declining for continuous days.

BP Plc, the largest U.K. oil company, will shut down its Forties Pipeline System located in the U.K North Sea by 5:00 a.m. GMT Sunday due to a strike in a refinery which provides its power, BP reported on Saturday.

Jerome Kerviel, the former trader accused of making risky bets that led to billions of euros in losses at Societe Generale, has started a new job in information technology.

President George W. Bush exhorted the U.S. congress on Saturday to pass legislation that would give the government greater authority to buy federal student loans to ensure that students continue to have access to tuition assistance.

Women beware: your shiny lip gloss and lip balm may boost your risk of getting skin cancer.

Prosecutors at the U.S. Justice Department are investigating Wachovia Corp, the fourth largest U.S. bank, about links to alleged drug laundering activities involving Latin American countries.

Zimbabwe's main opposition movement is on route to win a historic victory over President Robert Mugabe's ruling party, partial results from a recount of votes showed on Saturday, but the outcome of the presidential vote remained unknown.

Whole Foods Market Inc says regulators will not recommend further action be taken regarding online message board postings by the company's chief executive.

Treasuries fell on Friday as bets grew that the Federal Reserve will end it string or rate cuts at its next policy meeting.

The owner of the New York Daily News, Mortimer Zuckerman, has bid $580 million to buy Tribune Company's Newsday newspaper after News Corp. had already made an offer for the same amount, according to a report.

A New York judge dismissed charges on Friday against Clear Channel Communications made by six banks in a case involving the sale of the radio station owner to a private equity group.

Beatings, carjackings, drive-by shootings, drunk driving and hookers. For video game fans, it can only mean one thing: Grand Theft Auto 4 is here, with all the subtlety of a shotgun blast.

Hedge funds are losing money but that doesn't mean the $1.8 trillion industry is losing clients -- yet. Pension funds and endowments, whose big bets on hedge funds helped double industry assets in the last five years, are sticking with loosely regulated hedge funds for now, even as returns sag.

The U.S. Midwest has enjoyed nearly 20 years without a major drought but forecasters worry the corn belt's luck could dry up this year, further squeezing tight global supplies amid soaring food prices.

The head of Goldman Sachs Group Inc.'s mortgage department, Dan Sparks, unexpectedly quit the firm on Friday, according to media reports.

Black & Decker said Thursday it will cut 700 jobs, or about 3 percent of its workforce, and close a plant in Atlanta as part of a new restructuring plan.

Charles Schwab Corp. said Friday its Chairman and Chief Executive netted $48 million from 10-year-old stock options that were about to expire.

Shares of Progenics Pharmaceuticals Inc. closed Friday at $13.40 per share rising 25.94 percent, and climbed to $13.75 on after trading as its drug Relistor was approved in the U.S. by the Food and Drug Administration.

Google confirmed Morgan Stanley's director as its new chief information officer (CIO).

Shares of Research in Motion Ltd. fell on Friday, falling more than 2.8 percent after a report that the it will push back the release of its 3G BlackBerry phone for AT&T to as late as August.

AT&T together with Starbucks launched a nationwide rollout of Wi-Fi service at some Starbucks coffee shops starting with San Antonio.

Copper futures rose on Friday on fears that a strike in Chile's Codelco may erode metals production. Falling inventories helped lifting prices today.

Patients that went through Lasik surgery informed the U.S. regulators at a meeting of their current side effects such as blurred vision, dry eyes, glare and double-vision, and even suffering of depression leading to suicides.

Natural Gas gained on Friday boosted by oil gains that spurred prices of the heating industrial fuel.

Wheat posted declines on Friday on concern of reduced global demand as India, the second largest consumer shifts to purchasing grain from local producers.

Gold edged higher on Friday after two-day slump, as energy cost increased and the U.S. dollar gained against other major currencies.

Nigeria is expected to lose around 50 percent of its current oil production as strike by workers and attacks by rebels have forced its two biggest oil firms, Exxon Mobil and Royal Dutch Shell, to close its oil production, pushing oil prices near all-time high on Friday.

Lenovo confirmed its intentions to distribute sell and support VMware's virtualization platform in server systems sold in China.

Goodyear Tire & Rubber Co reported stronger-than-expected quarterly profit on Friday with price hikes offsetting the rising cost of raw materials and favorable exchange rates.