IBT Staff Reporter

Oil hovered near $77 a barrel on Friday, near this week's all-time high, as continued output restraint by OPEC raised concern over tighter fuel supplies this winter.

World stocks were steady on Friday, off this week's 3-1/2 month low, as robust corporate earnings highlighted the underlying strength of the global economy, calming concerns about a global credit squeeze.

British Airways beat forecasts with a 28 percent rise in quarterly operating profit on Friday but warned that a weak dollar and soaring fuel prices would slow full-year revenue growth and raise costs.

Allianz, Europe's biggest insurer, beat forecasts with net profit of 2.140 billion euros ($2.9 billion) in the second quarter, down 6 percent from a year earlier when the result was boosted by asset sales.

Royal Bank of Scotland, Britain's second biggest bank that is locked in a takeover battle for ABN AMRO, beat expectations with an 11 percent rise in profit and lifted its dividend by 25 percent.

Toyota Motor Corp.'s quarterly operating profit rose by a better-than-expected 32 percent as brisk overseas sales combined with a softer yen to make up for chronic weakness in domestic demand. Toyota, the world's biggest and most profitable automaker, left its cautious annual forecasts unchanged, as expected.

Stocks rallied late in the session on Thursday for the second day as enthusiasm about strong profits offset lingering credit concerns, although a modest flight-to-quality bid gave bond prices a slight lift.

U.S. securities market regulators are pursuing a suspected insider trading ring that appears to have been operating in many stock and options markets over several months. Authorities said tracking the suspects has been a team effort among the major exchanges and federal regulators.

Media mogul and owner of News Corporation Rupert Murdoch has come a step closer to clinching ownership of the Wall Street Journal's publisher, Dow Jones, after key members of the controlling Bancroft family switched sides to back his $5 billion takeover bid.

Oil rose near an all-time high on Thursday as OPEC officials said the producer group would not hike output despite concerns of a supply shortfall.

U.S. and Canadian banks face limited exposure to subprime mortgage losses and future rating downgrades, bond rating company DBRS said on Thursday. The U.S. mortgage market has been hit by rising delinquencies and defaults on subprime loans made to risky borrowers, setting off a wave of rating downgrades of related securities in July. Healthy earnings should insulate financial institutions, DBRS analysts said on a conference call.

Electronic Arts Inc, the world's biggest video game publisher, posted a smaller-than-expected quarterly loss on Wednesday due to a boost from hits such as its latest Harry Potter title.

Walt Disney Co. reported a 4.7 percent increase in net profit on Wednesday, driven by strong television program sales and higher receipts at its theme parks.

Google Inc. has approached wireless phone operators and handset makers as it looks for a piece of the market for advertisements on cellphones, the Wall Street Journal said on its Web site on Thursday.

Japan's Pioneer Corp. said on Thursday it will launch its first full high-definition plasma televisions in October, playing catch-up with larger rivals such as Matsushita Electric Industrial Co. Ltd.

The U.S. biotechnology industry is awaiting this fall's deadline for Europe to speed up its approval of new biotech food and crops -- a process Washington has long complained is woefully slow -- in the hope of increased access to a major market.

Clean technology is evolving from environmental issue to big business, opening a world of opportunities for companies, entrepreneurs and investors who see a chance to -- yes -- clean up, says a new book.

A U.S. Senate committee endorsed legislation on Wednesday allowing the Food and Drug Administration to regulate tobacco products, a proposal supported by public health groups and the nation's largest cigarette maker.

A senior U.S. Treasury official warned Congress on Thursday that trying to force faster China currency appreciation by legislative effort would fail and might provoke retaliation against the United States.

World stocks bounced off this week's 3-1/2 month low on Thursday and credit markets stabilized as upbeat corporate earnings tempered worries about a global credit crunch which had prompted a sell-off of almost a fortnight.

Oil slid towards $76 on Thursday, deepening its descent from an all-time high the previous session as U.S. refiners raised fuel output to the highest level in nearly a year.

Mattel Inc. said on Thursday it expects the recall of Chinese-made toys, such as popular preschool characters like Sesame Street's Elmo and Big Bird, to result in a charge of $30 million.

The euro briefly edged up against the dollar on Thursday after the European Central Bank president said 'strong vigilance' was needed to stem inflation risks, signaling a possible September rate hike.

Rescuers searched on Thursday for 20 people missing in a U.S. bridge collapse that sent vehicles tumbling several stories into the Mississippi River in an avalanche of concrete and steel that killed at least four, authorities said.

Strong cellphone demand in Asian emerging markets boosted Nokia Oyj's second-quarter sales and profits, sending its shares to their highest level in more than five years.

A top executive of Bear Stearns Cos., which has been hit by the collapse of two of its hedge funds and forced to halt redemptions at a third, shrugged off concerns about a global credit crunch on Thursday and said the recent market decline was healthy.

Microsoft Corp. said on Wednesday it will offer a free, advertising-supported version of its basic productivity software, Microsoft Works, as part of a test program with computers manufacturers.

Viacom Inc on Thursday posted a better-than-expected profit, boosted by DVD sales and the box office hit 'Shrek The Third.'The film division helped second quarter results with a string of theatrical hits that also included 'Blades of Glory' and 'Disturbia.'

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