IBT Staff Reporter

Naguib Sawiris, the billionaire head of Egyptian cell phone group Orascom Telecom, has approached Vivendi about a possible telecoms tie-up but the pair failed to agree on price, Les Echos said on Friday.

Chinese Intenet users see the Web as a key to socializing and sharing opinions

Singapore's Media Development Authority, which regulates and censors media and the arts, has scored an unexpected hit on YouTube with a rap video about the city-state's media ambitions.

South Korea's parliament voted on Friday to allow an independent counsel investigate the Samsung Group after a former top legal executive accused the country's largest conglomerate of bribing public officials.

The credit crisis is putting pressure on investors -- even those who do not have to mark assets to market every quarter -- to cope with valuing complex securities when they cannot rely on market prices.

A North Carolina state judge rejected an attempt by Wal-Mart Stores Inc to block public access to certain court documents in a tax dispute with state authorities, the Wall Street Journal reported Friday in its online edition.

Bid target Rio Tinto is likely to focus on trumpeting its prospects as an independent firm rather than revealing defense tactics as it gives its first detailed response on Monday to an all-share takeover proposal from mining rival BHP Billiton. Rio, which has said BHP's three-for-one share proposal vastly undervalues the firm, will likely showcase the strength of its own assets during Monday's presentation, analysts said.

Japan's big automakers such as Toyota and Honda are expanding in the Middle East and other smaller markets.

The dollar plumbed record lows against major currencies on Friday and briefly got close to $1.50 to the euro as concerns about the U.S. economy rattled investors but Asian and European stocks advanced.

A near 20-percent correction has wiped 5 trillion yuan ($700 billion) off China's booming stock market in less than six weeks, and some global investment banks now hear the sound of a bubble bursting.

The euro set fresh record highs versus the dollar on Friday, but the $1.50 level proved out of reach for now as the euro was knocked more than a cent off its peak by comments from a euro zone policymaker.

Oil edged back up above $97 a barrel in thin trade on Friday, buoyed by the unrelenting decline in the U.S. dollar, while some OPEC members showed signs of stepping up output ahead of their policy meeting in two weeks.

Gold gained more than $6 an ounce on Friday as bargain hunting intensified after the U.S. dollar tumbled to record lows against the euro on expectations the Federal Reserve will slash interest rates next month.

The South Korean won's recent weakening against the U.S. dollar is seen as a natural phenomenon in line with globally-increased risk aversion, Vice Finance Minister Lim Young-rok said on Friday.

Thousands of people made homeless by Bangladesh's deadliest cyclone in 16 years scrambled for cover after rumors spread that a tsunami was about to hit the devastated coastline, officials and reporters said on Friday.

A bomb hidden in a box of birds killed 13 people and wounded 57 at a popular pet market in central Baghdad on Friday, police and witnesses said, describing the deadliest attack in the Iraqi capital in two months.

Lebanon's turmoil worsened on Friday with rival political camps failing to find a consensus that would allow parliament to choose a new head of state before pro-Syrian President Emile Lahoud's term expires at midnight.

Almost all the 154 passengers and crew from a cruiseliner sinking in the Antarctic Ocean have escaped onto life rafts, a British coastguard spokesman said on Friday.

Exiled former prime minister Nawaz Sharif, the man President Pervez Musharraf deposed, is set to return to Pakistan from Saudi Arabia within days, aides said on Friday.

The holiday shopping season kicked off on Thursday even before the turkey was carved, as retailers, worried that gift buying may slow this year, posted special deals on their Web sites on Thanksgiving day. Numerous retailers, including Wal-Mart Stores Inc, Best Buy Co Inc and Circuit City Stores Inc, are offering special deals online.

UK union leaders at Ford Land Rover and Jaguar brands have voted to support a Tata Motors bid for the brands if Ford sells them, UK union Unite said.

China wants next month's international talks on global warming to focus on future greenhouse gas cuts by rich countries and moving more clean technology to poor countries, an official said on Thursday.

The U.N. nuclear watchdog chief said on Thursday Iran was clarifying atomic development efforts on schedule, countering Western doubts, but Tehran must step up cooperation to resolve remaining questions this year.

Saudi Arabia has not ruled out the possibility of taking part in a Middle East peace conference with Israel next week, according to comments by Crown Prince Sultan carried by state television on Thursday.

Egyptian President Hosni Mubarak held talks on Thursday with Jordan's King Abdullah and was due to meet the Palestinian president to coordinate positions ahead of a U.S.-sponsored peace conference.

The cost of Thanksgiving is soaring, according to investment bank Merrill Lynch & Co, which may help explain the gloom among U.S. consumers as they head into the holiday season.

Pakistan's Supreme Court, stacked with judges friendly to President Pervez Musharraf, on Thursday threw out a final challenge to his re-election and paved the way for him to quit as army chief.

Daimler AG Chief Executive Dieter Zetsche does not expect the U.S. economy to contract as a result of high oil prices and the real estate crisis. The CEO also rebutted Wednesday's market speculation that Cerberus, which bought an 80 percent stake in Chrysler from Daimler earlier this year, had called on the German carmaker to extend a $1.5 billion loan.

India's top engineering and construction firm Larsen & Toubro Ltd. (L&T), has signed a memorandum of understanding (MoU) with Raytheon for the U.S. firm's medium multi-role combat aircraft program that will help develop superior defense technology for India's military forces.