IBT Staff Reporter

Chinese information technology company Zhongyi Electronic Ltd. said on Friday it is suing software giant Microsoft, claiming it stole its Chinese character technology, a charge Microsoft disputes.

NASA has released new images from a spacecraft showing a side of Mercury which has never been seen before.NASA/Johns Hopkins University Applied Physics Laboratory/Carnegie Institution of Washington

China now has 210 million Internet users, up 53 percent from the period a year ago and is likely to surpass the U.S this year, according to a Chinese survey.

Ambac Financial Group Inc, a top insurer of bonds, lost its top level AAA financial strength rating on Friday, dealing a blow to its business which relies on the confidence of clients to gain new business.

Food distributor Performance Food Group Co. agreed to be acquired by an affiliate of the Blackstone Group and Wellspring Capital Management in a $1.3 billion deal, the companies said on Friday.

European banking giant UBS, hit hard by the U.S. subprime crisis, will reduce its investment banking business with staff cuts mainly in the U.S., according to an internal memo to employees on Friday.

Shares of Advanced Micro Devices, Inc. rose more than 11 percent on Friday after the chip maker reported quarterly earnings which exceeded expectations.

Copper futures gained on Friday after inventories dropped and President Bush presented a proposal to stimulate the slowing U.S. economy.

U.S. gold futures ended a volatile week on a slightly higher note, after an emergency tax-relief plan announced by President Bush did not ease investor recession concerns, raising the appeal of the precious metal.

U.S. stocks fell a fourth consecutive day on Friday, causing the Standard & Poor's 500 to drop the most in five years on concerns that the White House effort to boost the economy may not prevent a recession.

President Bush on Friday proposed a shot in the arm for a slowing but fundamentally strong U.S. economy in the form of a broad-based, temporary economic stimulus package worth up to $150 billion that would provide tax incentives for businesses and tax rebates for individuals.

Natural gas futures increased on Friday amid expectations of low temperatures as low as 8 degrees Fahrenheight towards the end of January, increasing demand for furnace fuel.

Cotton futures on Friday declined after China cut imports as U.S. shares and agricultural products dropped.

What better way to start the new year than winding down at a spa

Some U.S. meat and dairy producers are finding new reasons to be nervous

An economic stimulus package helped boost retail stocks but buyers beware.

Sprint Nextel Corp. on Friday revealed its intension to close eight percent of its retail stores due to high competition and the loss of about 683,000 postpaid customers to its rivals.

Wireless phone company Sprint Nextel Corp. on Friday fell the most in 25 years in trading after announcing plans to cut 4,000 jobs and close 125 retail locations in a bid to manage slowing subscriber growth, profit and sales.

Asia's private equity industry largely shrugged off last year's global credit crunch, with assets under management, fundraising and investment rising at double-digit levels, an industry publication said on Friday.

China's banking regulator on Friday laid out its priorities for 2008, saying that it would focus on helping commercial banks sharpen their operations by improving their strategic planning, innovation and services.

UBS, the biggest European casualty of the U.S. subprime crisis, said it was shrinking its investment banking business, cutting staff and drastically scaling down its exposure to risky investments.

Shares of media and entertainment companies were slighter higher on Friday after the Hollywood directors' union reached a contract deal with the Alliance of Motion Picture and Television Producers (AMPTP).

Crude oil rose on Friday ahead of President's George W. Bush's economic stimulus package speech at the White House.

Ambac Financial Group, Inc, the bond insurer whose portfolio includes investments linked to the floundering mortgage market, will put off plans to raise equity capital to strengthen its finances as it faces losing its top level credit rating.

The Hollywood directors' union reached a contract deal with major film and TV studios on Thursday in a move likely to renew momentum for settling a 10-week-old writers strike that has crippled the industry and clouded the year-end Oscar season.

General Electric Co posted a 4 percent rise in net profit Friday, meeting Wall Street estimates on strong global demand for its infrastructure unit and film division. Earnings from continuing operations totaled 68 cents per share in the latest period, up from 58 cents in the prior-year quarter. The second-largest U.S. company by market capitalization said its revenue rose 18 percent to $48.59 billion from $41.28 billion a year ago.

It looks like MTV's Rock Band video game is the new jukebox hero.

Virtual worlds, mobile coupons and bar-code readers on cell phones are the next technology wave that U.S. chain stores must ride if they hope to stay competitive in the fast-changing world of global retail.

High earners with good credit may be heading for trouble as their adjustable rate mortgages adjust beyond their means.