Major banks meet with policy officials, praise Fed's move
A group of major banks meeting in a conference call with U.S. monetary policy officials expressed strong support for the Federal Reserve's move on Friday to bring stability to volatile financial markets by reducing the discount lending rate.
Fed's discount rate cut drives indexes higher
U.S. stocks rose on Friday after the Federal Reserve cut the discount rate at which it lends to banks in a surprise move to keep worsening credit conditions from hurting the economy.
Fed shifts view on volatile market, lowers discount rate
The U.S. Federal Reserve sought to bring order to volatile financial markets experiencing tighter credit conditions on Friday by lowering the rate at which it makes short-term loans to commercial banks and other institutions.
Prolonged buyout slowdown may hurt stock markets
The global credit squeeze is removing a crutch that has done much to prop up the U.S. stock market during the past 18 months.
J.M. Smucker quarterly profit beats view
Peanut butter and jelly maker J.M. Smucker Co. said on Friday quarterly profit rose a better-than-expected 42 percent, helped by the acquisition of dairy company Eagle Family Foods, lower restructuring costs and gross margin improvement.
Tom Cruise film company raises $500 million
Film company United Artists,will use the funds for 15 to 18 movies over the next five years.
Nasdaq says it remains committed to OMX takeover
U.S. stock market Nasdaq said on Friday that it remained committed to its plan to acquire Nordic exchange OMX and urged shareholders to support its bid after a $4 billion rival offer emerged from Borse Dubai.
BNP plays down subprime hit, France seeks answers
France's biggest listed bank BNP Paribas said its exposure to subprime risk was limited and manageable as it moved to reassure investors a week after rattling markets by freezing three of its funds.
AIG acquires 90 pct of Bulgarian telco BTC
An investment arm of U.S. insurance giant AIG has completed the planned acquisition of 90 percent of Bulgaria's dominant telecoms company BTC, AIG said on Friday.
Ping An H1 profit soars 140 pct on banking
Ping An Insurance (Group) Co., China's second-largest life insurer, posted a 140 percent gain in first-half profit late on Thursday, driven by a contribution from its banking operations and strong investment returns amid a booming domestic stock market.
U.S. says cannot renegotiate India nuclear deal
The United States cannot renegotiate a historic nuclear energy deal with India which has drawn strong criticism from politicians in New Delhi, the main U.S. negotiator said in remarks published on Friday.
MTV Networks to invest more than $500 mln in games
MTV Networks plans to invest well over $500 million in video games, seeing the red-hot entertainment category as a major pillar of growth in its goal to reach consumers wherever they spend time.
Niche e-tailers attract bargain hunters
Think of a retail boutique with a very, very limited range of products and bargain basement prices. Now, put that on the Internet and you have the next big thing in online shopping.
CIA, FBI computers used for Wikipedia edits
People using CIA and FBI computers have edited entries in the online encyclopedia Wikipedia on topics including the Iraq war and the Guantanamo prison, according to a new tracing program.
IBM to distribute Sun's Solaris server software
IBM has agreed to sell Sun Microsystems's Solaris Operating System software to IBM's customers in a deal that pits the competing computer hardware makers against shared rival Hewlett-Packard.
Dollar falls after Fed cuts discount rate
The dollar fell against the euro and high-yielding currencies on Friday after the Federal Reserve cut the discount rate and said downside risks to the U.S. economy have increased.
Oil jumps $1 on Fed discount rate cut
Oil jumped $1 a barrel on Friday after the U.S. Federal Reserve cut its discount rate by 50 basis points to restore order in financial markets that have been hammered by credit worries.
Tokyo stocks plunge as yen surge clouds outlook
The Nikkei plunged more than 5 percent in its biggest one-day loss since the September 11 attacks on Friday as sharp gains in the yen triggered concern about Japan's economic outlook and companies' profits, hammering shares of exporters such as Toyota Motor Corp.
Jury convicts US citizen Padilla in terrorism trial
Jose Padilla, a U.S. convert to Islam once accused by the Bush administration of plotting a radiological dirty bomb attack, was found guilty on Thursday of unrelated charges he offered his services to terrorists.
Fed's Poole avoids questions on economy in speech
St. Louis Federal Reserve President William Poole said on Friday rising protectionism in the United States was a worry, but avoided any mention of the current economic or policy outlook in a speech.
Merrill Lynch's painful lesson in subprime
On the same December day Merrill Lynch & Co. Inc. paid $1.3 billion for a subprime lender, the world's largest brokerage got a rude introduction to risky mortgages.
Nokia asks ITC to bar U.S. import of Qualcomm chips
Nokia said on Friday it had asked the U.S. International Trade Commission (ITC) to bar the import of some Qualcomm Inc chipsets to the United States, alleging they are infringing five Nokia patents.
China toy group says many workers losing jobs
Many Chinese toy workers have lost their jobs following Mattel Inc.'s global recall of toys, an industry body said on Friday, but insisted overall confidence in their products was high ahead of the key Christmas season.
Midwest takes TPG's raised bid
Midwest Air Group Inc., which had been fending off hostile suitor AirTran Holdings Inc., on Friday said it accepted a raised bid of about $450 million from private equity firm TPG Capital and Northwest Airlines Corp.
Sprint CEO sees insulation from economic havoc
Sprint Nextel Corp is keeping an eye on the U.S. economy as stock markets take a rollercoaster ride and credit tightens, but its chief executive said on Thursday telecommunications companies have some insulation against a downturn.
Pfizer loses initial bid to reissue Lipitor patent
A bid by Pfizer Inc. to win reissuance of a U.S. patent protecting its blockbuster Lipitor cholesterol medicine has been rejected on a preliminary basis, the company said on Friday.
Fed cuts discount lending rate in surprise move
The U.S. Federal Reserve on Friday cut the discount rate governing direct Fed loans to banks by a half-percentage point in a surprise move aimed at keeping credit flowing and calming jittery global markets.
Japan's Isetan, Mitsukoshi to merge in spring: paper
Japanese department stores Isetan Co. Ltd. and Mitsukoshi Ltd. have agreed to merge under a holding company in spring 2008, creating the sector's largest player, the Nikkei business daily reported on Friday.
Borse Dubai bids $4 billion for Nordic OMX
Borse Dubai launched a $4 billion cash offer for Nordic exchange owner OMX on Friday, trumping an agreed deal with U.S. exchange Nasdaq, in a bid to create a group with global reach.
North American chip equipment orders down in July
North American makers of equipment to produce semiconductors saw orders fall 17 percent from a year ago to $1.44 billion in July, a U.S. trade group said on Thursday.