IBT Staff Reporter

Genentech Inc was must pay $300 million to the California-based, City of Hope National Medical Center, the California Supreme Court ruled on Thursday.

Bristol-Myers Squibb Co. reported on Thursday its net first quarter profit dropped 4.2 percent.

CNN is being sued on not just on one, but two continents. A Chinese primary school teacher and a beautician have filed a suit against CNN in New York over remarks they say insulted the Chinese people, in addition to the 14 lawyers who are trying to have their case heard in Beijing courts.

GlaxoSmithKline Plc's breast cancer vaccine was recommended for approval by European drug regulators on Thursday but they warned of potential liver toxicity, according to a report.

Newmont Mining Corp. on Thursday posted a fivefold surge in first-quarter profit after the company benefited from surging gold prices and reduced costs; while its CEO warned the price of gold could reach $1,100 an ounce in 2009.

Software giant Microsoft Corp. said Thursday its second fiscal quarter generally beat analysts by posting a quarterly profit. The company also predicted next year's earnings to rise between 13 percent and 18 percent.

Crude oil fell more than $2 on Thursday as the dollar gained, lessening demand for commodities and prompting profit taking sales.

High oil and natural gas prices pushed ConocoPhillips' first-quarter profits up 17 percent, the Houston-based company said today on Thursday.

Spot prices at all market locations (outside the Rocky Mountain Region) are trading above $9 per million Btu (MMBtu), with a majority of the points registering prices in excess of $10 per MMBtu.

Gold futures fell to a three-week low after the dollar extended gains against the euro and falling oil prices eroded the appeal of the precious metal as an alternative investment.

Triarc Companies Inc, the parent company of Arby's restaurants, agreed to acquire the Wendy's International Inc. fast food chain for about $2.3 billion in an all stock deal.

U.S. stocks gained on Thursday for a second day, with the Dow at its highest since January, after financial shares reversed losses and Merrill Lynch & Co. said it has enough capital to maintain its dividend, while retailers got a boost from lower oil prices.

Ford Motor Co. produced a profit of $100 million in the first quarter in a surprise turnaround for the struggling auto giant that has been embroiled in deep losses since 2007.

News Corp. CEO Rupert Murdoch faces challenges following media ownership rules that the Federal Communications Commission recently adopted, as it nears completion of a deal to acquire Newsday.

BHP Billiton chief Marius Kloppers launched a contemptuous attack on its takeover target Rio Tinto on Wednesday, after reporting figures that showed BHP's iron ore production was at a record high and criticized Rio's growth projections.

A former vice-president at the Pharmaceutical Bristol-Myers Squibb Co. was indicted as the U.S. Department of Justice said he lied to the federal government about a patent deal related to the blood-thinning drug Plavix.

Alcon Inc. reported global sales increased 16.2 percent on the first quarter of 2008 to $1.54 billion and it announced greater foreign exchange gains.

Hertz Global Holdings Inc. the largest car rental group worldwide said on Wednesday its first quarter earnings narrowed benefiting from international activity and cost cuts.

Skype users were relieved after receiving strange error messages from Microsoft security products over the past week, after Microsoft admitted that it was a mistake.

Liberty Mutual Group, a diversified insurer, agreed to buy Safeco Corp. for $6.2 billion on Wednesday, which would make Liberty Mutual the fifth largest U.S. insurer.

A California woman sued Nalge Nunc International on Wednesday, the maker of hard-plastic bottle which contains a chemical which has raised health concerns among consumers.

Technology stocks rose on Wednesday, driven by gains in information technology firm EMC Corp., VMware Inc., and Apple Corp.

Dollar recovered from record low against the Euro after soft economic data and comments from European policymakers

Sterling fell against the dollar as the expectation of rate cut remained unchanged even after the release of BOE minutes.

Research In Motion (RIM), maker of BlackBerry will expand its research and development capabilities by setting up a new facility in Western Europe.

By Geena Paul Increased production of biofuels has been cited as one of the reasons for the global surge in food prices.

By Gary DorschIn the futures markets, crude oil is up 80% from a year ago, unleaded gasoline up 40% natural gas up 39%, Soybeans are up 83%, corn up 65%, wheat up 95%, sugar up 30%, Gold up 36%, and rough rice is 125% higher from a year ago

Circuit City Stores Inc. has been advised that Blockbuster Inc. cannot complete its bid to acquire the electronics retailer due to the current difficult financing environment.

Microsoft chief said on Wednesday that the firm was ready to abandon its $43.6 billion bid for Yahoo in case both companies fail to agree on a price.