The markets closed up despite reports showing consumer spending fell in July and more workers filing for unemployment benefits.

South Africa's central bank unexpectedly cuts its lending rate from 7.5% to a four-year low of 7%.

The French and German economies unexpectedly grew by 0.3% in the second quarter of 2009, ending their recessions.

Reuters - 150 American clients of UBS are likely to face criminal charges related to tax evasion in the United States, the New York Times reported, citing a person briefed on the matter.

Entertainment group Chrysalis says it has seen an 'extraordinary surge' in Michael Jackson sales in its latest trading update.

Sales of video games and consoles fall in the US for the fifth consecutive month as the downturn hits consumers.

Allied Carpets is to make 850 people redundant after going into administration, and closing 142 stores.

Reuters - Japanese stocks ended at a 10-month high on Friday after upbeat eurozone growth data and positive earnings from the world's largest retailer helped offset gloomy U.S. retail and jobs data, factors which pulled down the dollar.

Reuters - A landmark settlement that will spare UBS a lengthy and damaging U.S. tax trial is set to be signed next week and will involve the disclosure of the biggest holders of secret Swiss accounts.

Reuters - The federal government in Berlin and the states where Opel has plants are only prepared to offer financing aid if Canada's Magna (MGa.TO) wins the battle for the carmaker, a senior ally of German Chancellor Angela Merkel said.

The economy of Hong Kong emerges from recession, posting growth of 3.3% in the three months from April to June.

Entertainment group Chrysalis says it has seen an 'extraordinary surge' in Michael Jackson sales in its latest trading update.

The ex-chairman of South Korean firm Samsung, Lee Kun-hee, is found guilty of breach of trust in Seoul.

Sir Richard Branson has called on the US government to refuse British Airways permission to agree ticket schedules and prices with American Airlines.

Italy's record lottery jackpot hits 138.9m euros (£119m), after hopeful players from across Europe were disappointed.

The world's rich and famous are still flocking to Uruguay

UK repossessions fell 10% in the second quarter of the year compared with the previous three months, lenders say.

The government is to give plane manufacturer Airbus up to £340m in loans, securing 5,000 jobs in the UK.

A major summit on saving two closure-threatened Diageo plants in the west of Scotland will take place in Glasgow later.

Anglesey Aluminium says its plant in Holyhead will close within weeks as no viable deal has been reached to save it.

Debt is the biggest concern for those seeking help from Citizens Advice Scotland, with a 14% rise in debt-related issues.

Reuters - Stock index futures pointed to a mixed start on Wall Street on Friday ahead of U.S. CPI figures and earnings news from Abercrombie & Fitch and JC Penney .

Reuters - General Motors' top negotiator for the sale of its European business took issue on Friday with assertions that Opel suitor Magna (MGa.TO) had struck a deal in principle on a contract for the deal.

Reuters - CIT Group Inc , the cash-strapped corporate lender struggling to avoid bankruptcy, made an out-of-court settlement with apparel maker Scherr Inc that sued to end its relationship with the company, the New York Post said.

The retailer said much of the loss was the result of charges related to the closing of its Ruehl business.

Most Asian markets extended gains Friday underpinned by rising commodity stocks amid more signs the world economy is emerging from a deep recession.

The government is to give plane manufacturer Airbus up to £340m in loans, securing 5,000 jobs in the UK.

An updated version of the Trabant, communist East Germany's famously unreliable mass-produced car, is to be unveiled in September.

Research from Deloitte Sports Group says there has been a retail connection to half of all new stadiums built in the UK since 2003.

Reuters - U.S. stock index futures pointed to a higher open on Friday ahead of key data on inflation and consumer sentiment and quarterly results from major retailer JC Penney .

Reuters - Abercrombie & Fitch Co reported a quarterly loss versus a year-earlier profit as sliding sales pummeled the teen retailer.

Reuters - J.C. Penney Co Inc posted a narrower-than-expected net loss on Friday as the department store operator kept a tight lid on costs amid falling sales, and raised its profit forecast for the year.

The report eased fears that the government?s rescue plans would stoke inflation as the economy healed.

Investors paused after two days of buying as they struggled to find reasons to keep the rally going.

The department store chain, which has done extensive cost-cutting, called the consumer climate ?very difficult.?

US industrial production rose 0.5% in July, stronger than expected and the first rise in nine months.

Most flights from Kenya's main airport are grounded as workers from the national airline strike over pay, leaving passengers stranded.

German Chancellor Angela Merkel and Russian President Dmitry Medvedev discuss human rights and boosting investment links.

The gangs who pillage Kenyan farms for gems

Van firm LDV, and Birmingham Pressing Limited in which LDV has a stake, are talking to one party exclusively hoping to sell the business, say the administrators.

Reuters - U.S. stocks extended losses on Friday, with all three major indexes falling more than 1 percent, after data showed U.S. consumer confidence fell in early August as more Americans fretted about their finances.

Reuters - U.S. consumer prices were flat in July versus June, but fell over the past 12 months by the most since 1950, according to government data that suggested benign inflation pressure even amid signs the recession may be winding down.

Reuters - U.S. consumer confidence fell in early August as a growing number of Americans fretted about their finances even though they expected the broader economy to improve, a survey showed on Friday.

Reuters - Abercrombie & Fitch Co reported a quarterly loss as sliding sales, higher markdowns and increased costs weighed on the teen-apparel retailer.

Reuters - J.C. Penney Co Inc posted a smaller-than-expected net loss as the retailer kept a tight lid on costs, but signaled results could miss expectations later this year, sending its shares lower.

AP - A promotional sale and lower costs helped luxury retailer Nordstrom Inc.'s second-quarter profit meet Wall Street expectations, an analyst said Friday.

Contraction of one percent in the second quarter contrasts with growth in Germany and France.

An intolerance to gluten requires a special wheat-free diet that can be costly. But some patients are finding less expensive ways to stay healthy.

The world's largest watchmaker expects demand to pick up in the second half as it posted a forecast-beating first-half net profit, sending its shares 10 percent higher.

Korean Air reported that it swung to a net profit in the second quarter after six consecutive quarters of losses, helped by lower fuel costs and large currency-linked gains.

Shares in Porsche rose after the Gulf state of Qatar agreed to take a stake in the the German carmaker.

Reuters - U.S. stocks fell more than 1 percent on Friday as investors retreated from a recent rally after data showing weak consumer sentiment fueled doubts about an economic recovery.

Reuters - U.S. industrial output gained for the first time in nine months in July and inflation remained muted, but consumer confidence was unexpectedly weak this month, according to reports on Friday.

Reuters - J.C. Penney Co Inc posted a smaller-than-expected net loss on Friday as it reined in costs, but the retailer indicated full-year profit might miss expectations, sending its shares down nearly 5 percent.

Reuters - General Motors and the German government played down hopes on Friday of a quick decision on the sale of the carmaker's Opel unit, and Berlin reiterated its support for Canadian bidder Magna (MGa.TO).

Reuters - Boeing Co said on Friday an Italian supplier stopped production in June on two sections of its long-delayed 787 Dreamliner after structural flaws were found on fuselages.

The drift in prices suggests that slack remains in the American economy, even as the recession bottoms out and some industries jump-start production.

Markets were giving back on Friday what they had gained on Wednesday after the Fed offered an optimistic read of the economy.

Despite trade volumes that are well below those of a year ago, most countries are experiencing an increase in exports.

An Italian supplier has halted production because of wrinkles in the fuselage skin, the latest setback for Boeing?s new plane.

The economy grew 3.3 percent in the second quarter from the first quarter, more than analysts had expected, adding to evidence that the recovery was solidifying in much of Asia.

Iron ore has brought good fortune, and a measure of economic protection, to a remote Australian town.

The department store chain, which has done extensive cost-cutting, called the consumer climate ?very difficult.?

Reuters - U.S. stocks fell on Friday, dropping more than 1 percent across the board following the release of weak consumer sentiment data.

Reuters - U.S. Southeast regional bank BB&T Corp will buy deposits and branches of Colonial BancGroup Inc following a move by regulators to take the struggling lender into receivership, media reports said, citing people familiar with the matter.

Reuters - U.S. consumers' gloom deepened in early August as worry about scarce jobs and falling income overshadowed positive news that industrial output in July grew for the first time in nine months.

Reuters - The Obama administration is proposing to fund the enhanced policing of financial firms by levying fees on the largest banks, while sparing community banks from increased costs, a Treasury official said on Friday.

Reuters - J.C. Penney Co Inc posted a smaller-than-expected net loss on Friday, as it reined in costs, but the retailer signaled that full-year profit might miss expectations, and its shares fell over 6 percent.

NewsFactor - The video-game industry isn't recession-proof after all. One of the latest victims of falling retail sales, the industry is continuing its downward spiral.

Markets gave back on Friday much of what they had gained on Wednesday after the Fed offered an optimistic read of the economy.

SafeStart aims to reduce the fear of debt that might keep 18-year-olds from borrowing for school in the first place.

The Nigerian central bank has injected 400bn naira ($2.6bn; £1.6bn) into five banks and sacked their managers.

Pakistan is launching its first international freight train service from Islamabad to Istanbul, covering 6,500km.

Reuters - Stocks fell broadly on Friday, with major indexes snapping a streak of four weeks of gains as poor consumer sentiment data fueled concerns about an economic recovery.

AP - Home Depot Inc., the largest U.S. home improvement retailer, reports its second-quarter earnings on Tuesday. The following is a summary of key developments and analyst opinion related to the period.

Federal judges rejected prearranged deals in the Bank of America/Merrill Lynch and Madoff cases. One was a good move, the other perhaps not.

Reuters - Billionaire Warren Buffett's Berkshire Hathaway Inc (BRKa.N) (BRKb.N) reported on Friday a new 1.2 million share investment in Becton Dickinson & Co and an increased stake in Johnson & Johnson , as it boosted exposure to some health-care companies.

AP - A Delaware bankruptcy judge is weighing whether auto parts supplier Visteon Corp. can cut off retiree health care and life insurance benefits for thousands of current and former workers.

Reuters - Billionaire investor and philanthropist George Soros' Soros Fund Management reported holdings of $4.2 billion at the end of the second quarter after cutting its stake in a number of retailers.

The takeover agreement marks the largest bank failure of 2009 and could be the most costly since the sudden failure of IndyMac Bancorp last year.

Autoworkers, seeing no future in the industry, have turned to a model community college in Ohio to acquire marketable skills in other fields.

A group of advertisers and TV companies discuss a consortium that would back a rival Nielsen.

Sale of research and patents to Ericsson of Sweden could endanger Canada?s national security, opponents of the deal argue.

With 10 percent stake, Qatar Holding will help Porsche retire debt and ease a pending combination with Volkswagen.

Parents who used to worry about whether to buy their children cellphones are now concerned about scams and improper texting.

An Italian supplier has halted production because of wrinkles in the fuselage skin, the latest setback for Boeing?s new plane.

Gary S. Kaplan and his company were accused of violating federal laws banning the interstate transmission of wagers by wire.

Hong Kong?s economy grew by a seasonally adjusted 3.3 percent in the second quarter from the first quarter, more than analysts had expected.

The department store chain, which has done extensive cost-cutting, called the consumer climate ?very difficult.?

Federal judges rejected prearranged deals in the Bank of America/Merrill Lynch and Madoff cases. One was a good move, the other perhaps not.

Colonial BancGroup becomes the biggest US bank to collapse this year and its assets are sold to rival BB&T, the regulator says.

Sir Michael Bishop, the former head of airline BMI, says gay people still face discrimination in the corporate world.

AP - Auto parts supplier Visteon Corp. has asked a Delaware bankruptcy judge for permission to cut health and life insurance benefits for thousands of current and former workers.

AP - A Delaware bankruptcy judge is weighing whether auto parts supplier Visteon Corp. can terminate retiree health care and life insurance benefits for thousands of current and former workers.

Halfway through the back-to-school shopping season, predictions of the worst performance for stores in more than a decade are yet another sign that consumers are clinging to every dollar.

Citigroup says the federal government cannot review the compensation packages for two traders ? one earning $98 million and another $30 million.

The new president of Univision, the most-watched Spanish language television network in the United States, will be Cesar Conde, 35, the company?s chief strategy officer.

Republic Airways Holdings won a bankruptcy court auction for Frontier, with a bid of nearly $109 million that had been raised to offer creditors other than Republic about 18 cents on the dollar.

The Brazilian state-run oil company Petrobras reported Friday that second-quarter net profit fell 20 percent compared with the year earlier on lower global oil prices and higher finance costs.

Sales of existing homes in Canada posted their biggest year-over-year gain in two years and rose for a sixth consecutive month in July.

Rambus, the designer of computer chips for consumer electronics, won a court ruling allowing the company to continue pursuing its antitrust claims against memory-chip manufacturers.

Reuters - Bank regulators closed three banks late on Friday -- Community Bank of Arizona, Community Bank of Nevada, and Union Bank, N.A. -- as the struggling economy and falling home prices continued to take their toll on financial institutions.

Autoworkers, seeing no future in the industry, have turned to a model community college in Ohio to acquire marketable skills in other fields.

A regulatory filing by Cablevision showed Madison Square Garden, which Cablevision plans to spin off, in better financial shape than Wall Street analysts originally thought.