IBT Staff Reporter

U.S. Treasury Secretary Henry Paulson said on Friday Washington was following a strong dollar policy and indicated he expected it to rebound, emphasizing the U.S. economy's long-term strength should help the currency.

Rio Tinto is reportedly considering a counter-bid for BHP Billiton as a defense against a $140 billion takeover proposal from its bigger mining rival, but analysts said such a move was unlikely. Rio was considering a broad array of potential options to fight off BHP, including a so-called Pac-Man defense, selling assets and other moves that could raise shareholder value, according to reports

The impact of the U.S. mortgage market crisis on the underlying economy could be dramatic as leveraged investors may need to scale back lending by up to $2 trillion, according to investment bank Goldman Sachs.

North and South Korea on Friday agreed more massive projects to help rebuild the North's broken economy, including freight train services over their heavily armed border that had been severed since the 1950-53 Korea War.

Democratic presidential front-runner Hillary Clinton fired back at her rivals and accused John Edwards of throwing mud on Thursday in a contentious debate marked by sharp clashes with Barack Obama and Edwards.

Fannie Mae said it will hold a conference call on Friday to answer accounting questions, after Fortune magazine reported that the U.S. mortgage lender may be camouflaging credit losses.

Seattle-based Starbucks Corp. (NYSE:SBUX) late Thursday reported a 35 percent increase in fourth-quarter earnings but forecast earnings for 2008 are below many Wall Street estimates because of weak consumer spending.

Crude oil prices fell on Thursday after a government report indicated an unexpected rise in U.S. oil and gasoline stocks as winter demand approaches.

US President Bush announced steps to tackle air traffic congestion and reduce passenger delays over the Thanksgiving period starting late next week, the White House said on Thursday.

The dollar strengthened against the euro but fell against the yen on Thursday amid continuing fears in credit markets and falling stocks.

Stocks declined further in a skittish session on Thursday as investors fretted about the likelihood of more credit losses at big financial services companies. Caution also weighed on the market following an upsurge in volatility that has tended to rock stocks around the close of trading in recent days.

Copper prices fell on Thursday, a day after reaching their highest levels in two months, as mining companies resumed production following an earthquake in the Chile, the world's top copper producer.

U.S. stocks fell on Thursday for a second day, led by a drop in financial shares amid news of further credit market problems, lower retail sales at J.C. Penney, and Wells Fargo's dour assessment of the housing market.

Fifth Avenue in New York remains comfortably the world's most expensive retail location but property services firms are split on how rival shopping destinations stack up behind it, data showed this week.

The Stephen Sondheim musical Sweeney Todd tells the morally complex story of a wronged barber who takes a bloody knife to patrons of his London shop.

Stocks were set to open lower on Thursday after cautious outlooks from J.C. Penney Co. Inc. and Applied Materials Inc added to fears about the profit picture, while nervousness about the credit market persisted.

Two Hollywood directors who are part of a wave of films about the war in Iraq and the broader fallout from the September 11, 2001 attacks have said they were only doing what media failed to do -- telling the truth.

World stocks fell on Thursday while the dollar edged lower as a better-than-expected trading update by Barclays failed to wipe away broader credit concerns.

Looking for clues to the fate of the Heroes? Three original paintings featured in NBC's hit series that foretell the characters' fates are part of an online auction of studio props to be launched Monday by NBC Universal.

Gold prices slid on Thursday in choppy trade, giving up overnight gains on a rise in the dollar versus the euro and easing oil prices that dented bullion's role as a hedge against inflation.

Oil drifted lower on Thursday ahead of U.S. government data expected to show a further fall in crude oil supplies in the world's biggest oil consumer.

J.C. Penney Co Inc reported a 9 percent drop in quarterly profit on Thursday, saying sales weakened dramatically in September and October, and the department store operator slashed its fourth-quarter forecast.

U.S. firm American International Group will list an office REIT in Japan this year, the Nikkei business daily said on Thursday, a move analysts welcomed while questioning its timing amid the U.S. subprime mortgage crisis.

Asia is still about growth and investment strategies focused on this theme will continue to deliver robust returns for stock investors next year, JPMorgan said on Thursday.

The head of the United Nations' intellectual property watchdog will step down next year, a year early, after documents bearing a false birth date brought pressure on him to resign, diplomats said on Thursday.

Southeast Asian nations plan to sign a charter in Singapore next week aiming for lofty goals in areas such as free trade and human rights even as the 40-year-old group wrestles with how to handle the divisive issue of Myanmar. The West has urged the Association of Southeast Nations (ASEAN) to put more pressure on Myanmar's junta after its crackdown on pro-democracy protests, but the group's principle of non-interference in each other's internal affairs is likely to prevail.

Emergency teams delivered water and food and set up emergency tents in dusty towns in northern Chile on Thursday as aftershocks shook nerves a day after a powerful earthquake killed two people and injured more than 100.

Growth in New York State manufacturing sector slowed in November on weaker new orders and inventory activity, and a spike in material costs, New York Federal Reserve said on Thursday.

Hyundai Motor Co is planning to start building a $400 million car manufacturing plant in northwest Russia in 2008, the local government said on Thursday.