IBT Staff Reporter

Yahoo Inc's board of directors is to meet on Friday to discuss Microsoft Corp's $44.6 billion buyout offer, the TechCrunch blog said, citing unnamed sources. Yahoo officials could not immediately be reached.

The U.S. economy has entered a recession that will be more painful and drawn out than the usual downturn, the director of the Reuters/University of Michigan consumer sentiment survey said on Friday. Inflation pressures will linger despite the retrenchment in consumer spending, complicating the task of policy-makers, the University's Richard Curtin said in a report, citing data from industry group The Conference Board.

While talk is axiomatically cheap, the price of debt and risk are proving prohibitively high

The Group of Seven finance ministers and central bank governors gathering in Tokyo on Saturday will reaffirm their determination to ensure financial stability, according to a draft G7 statement obtained by Reuters. We will continue to watch developments closely and remain committed to taking necessary action, individually and collectively, in order to secure stability and growth in our economies, the draft read.

The Office of National Statistics (ONS) has said that Northern Rock will now be classified as part of the public sector as a public financial corporation for statistical purposes.

Japanese stocks slumped into negative territory after data showed machinery orders fell more than three times faster than expected in December.

On Thursday, Google expanded its free software suite, called Google Apps, to the enterprise market, allowing co-workers to collaborate on documents, calendars or presentations and to chat via instant messaging.

Wheat posted gains on Thursday after millers and overseas importers encountered shortage of spring grain, used to make bread, pasta and other staple foods.

Global positioning systems (GPS) typically found in military gear or in pricey consumer electronics may find make its way into common, everyday gadgets thanks to new breakthroughs.

Natural gas gained on Thursday after a government report showed that U.S. supplies declined more than forecasted.

Atlantis space shuttle was launched on Thursday from its seaside Florida launch pad, at about 2:45 p.m., making the mission successful after a two failed attempts last year in December and uncertainty of the weather before the launch that would have halted the mission for the third time.

Nintendo Wii games continued to strengthen their competitive advantage in the international market, with the latest success being in Japan where several game companies were outcompeted.

January retail sales were the worst in nearly four decades, adding further tension to a stumbling economy, according to Nordstrom Inc.

Platinum futures hit a historic high for the sixth consecutive day, while gold also posted strong gains as continued concerns over supply shortages from South Africa boosted investors appeal for the precious metals.

The Atlantis space shuttle is set for launching later today after NASA announced it had finished all the preparations for the mission to deliver Europe's first permanent space laboratory to the International Space Station.

Gold futures edged higher on Thursday, trading $912 an ounce, on speculation that central banks will mimic the U.S. by cut borrowing rates which boosted the appeal of the precious metal.

Former Massachusetts governor Mitt Romney ended his campaign for the Republican presidential nomination on Thursday, endorsing rival Sen. John McCain, saying it was in the best interest of his party and the nation to do so.

Stocks were slightly lower Thursday in mid-day trading after a volatile morning as investors worried over a lower outlook at networking equipment maker Cisco systems and a new report showed a further drop in home sales.

Aviva Plc has reported growth of 25 per cent in sales for the whole year 2007, worth £38,583 million, thanks to strong growth in North America and Asia. The group has also said it is positive of sales and profit growth in 2008.

Tesco Plc has announced that it will be giving it's largest ever share payout of £175 million, to 51,000 of it's employees who are part of its Save As You Earn share scheme which allows Tesco employees to buy shares in the company at a discounted price.

The euro declined to two-week lows versus the dollar on Thursday after European Central Bank President Jean-Claude Trichet said euro zone growth risks are to the downside, signaling lower interest rates this year.

McDonald's Japan, the nation's biggest fast-food chain, posted a five-fold increase in annual net profit on Thursday and predicted further growth as it opens new stores and refreshes its menu.

ArcelorMittal, the world's top steelmaker, will invest $20 billion over the next 10 years to build two steel plants in India and is in talks for iron ore mines, a senior official said on Thursday.

Shares in Japanese toy and amusement arcade firm Namco Bandai Holdings fell for a second day on Thursday after it issued a shock downward revision to its earnings outlook and said it would close 50 to 60 arcades, about one-fifth of the total.

The European Central Bank kept its key interest rate steady on Thursday but the Bank of England reduced rates for the second straight month, citing inflation pressure in line with analyst expectations.

Federal Reserve officials on Wednesday expressed concern about a possible U.S. recession but warned that the central bank cannot let down its guard when it comes to fighting inflation. Right now, we're concerned about growth, Richmond Federal Reserve Bank President Jeffrey Lacker said.

Shares of Apple slid over 5 percent on Wednesday on reports that the consumer electronic maker was cutting production of its handheld devices and notebook computers.

Shares of Yahoo are trading at a nearly 7 percent discount to Microsoft's bid offer, but some analysts are contending that the world's largest software maker may raise the stakes to capture one of the Web's most recognizes brands.

Time Warner CEO told investors on a conference call on Wednesday that the company will split off AOL Internet-access service and eliminate 100 jobs.