MARKETS / FINANCE

The chairman of Britain's regulator the Financial Services Authority branded so-called carry trades economically valueless, the Times reported on its website on Friday. Adair Turner said banks and hedge funds that borrowed cheaply in U.S. dollars to bet on higher yielding investments in emerging markets were adding no value to the real economy, the paper said.

The adage 'as January goes, so goes the year' bodes ill for equity investors after the S&P 500 closed out its worst month in almost a year. In the coming week, they will have to contend with fears of sovereign defaults and the potential for unpleasant surprises in the U.S. labor market.

Toyota Motor Corp's crippling sales shutdown of eight models due to a U.S. safety recall will continue until at least mid-February, sources briefed on the matter said on Friday.

NRG Energy Inc CEO David Crane said on Friday the company would not pursue construction of two nuclear reactors in Texas if the project loses a federal loan guarantee due to a dispute with partner CPS Energy.

American Express Co raised Chief Executive Kenneth Chenault's base pay by 60 percent to $2 million for 2010, in the latest instance of Wall Street firms boosting regular executive compensation while cutting bonuses.

Technology stocks fell and commodities shares recovered in after hours trading on Friday after the sectors showed the biggest market drops during the regular session.

The second of two U.S. Securities and Exchange Commission lawsuits against Bank of America Corp over the Merrill Lynch & Co takeover may be ready for trial as soon as this summer, with a trial on the first lawsuit set to begin on March 1.

Barclays Plc urged a judge to throw out a lawsuit by Lehman Brothers Holdings Inc's bankruptcy estate alleging that it reaped a secret $5 billion profit from its rushed September 2008 purchase of the company's U.S. brokerage.

BlackRock Inc said on Friday that Kendrick Wilson, a former Treasury Department adviser and veteran investment banker, will join the world's biggest asset manager as vice chairman and member of the chairman's office.

The rating impact of recent Lehman Brothers court rulings in the English Court of Appeal and the U.S. Bankruptcy Court on existing structured finance ratings could be wide-ranging globally, Fitch Ratings said on Friday.

French media company Vivendi SA is liable for potentially billions of dollars in damages because it misled investors about its financial condition before a $46 billion merger nearly 10 years ago, a U.S. jury found on Friday.

The economy grew at its fastest pace in more than six years in the fourth quarter, surprising economists, as businesses curbed their aggressive cut in stocks and stepped up spending.

The stock market closed lower after climbing in early trading as enthusiasm over the U.S. Gross Domestic Product (GDP) faded and the signs of risk aversion returned.

Stocks dropped on Friday, as worries about fiscal turmoil in Europe and a drop in technology stocks pushed the S&P 500 to its worst monthly decline since February 2009.

Stocks ended lower on Friday as investors pared exposure to riskier assets amid worries about fiscal turmoil in Europe.

Garment factories are spinning out T-shirts again and street markets are packed, but Haiti's wrecked capital and damaged port show the huge task ahead in repairing the economy after a huge earthquake.

French media company Vivendi SA is liable for damages because it misled investors, a U.S. jury found on Friday.

Leaders from across Iceland's political spectrum met Dutch and British ministers on Friday over more than $5 billion in Icesave bad bank debts, but the talks ended with no signs of progress.

Stocks fell on Friday, erasing an earlier advance, as worries about fiscal turmoil in Europe and a drop in technology stocks offset positive reports on the economy.

Kraft Foods Inc is expected to easily win support from Cadbury shareholders for its $18.73 billion (11.68 million pound) takeover of the iconic British chocolatier.

Nokia and Motorola Inc are regaining some market share in smartphones but while Nokia has profited from the gains, Motorola predicted a loss in the current quarter.

Lloyds TSB raised $1 billion via a residential mortgage-backed bond on Friday, reopening a U.S. market that had been shut since mid-2008 because of the credit crunch.

Citigroup has increased its stake in a Chilean financial firm that controls the country's No. 2 bank, Banco de Chile, in an operation worth $513 million, the firm's parent company said on Friday.

Barclays Plc urged a judge to throw out a lawsuit by Lehman Brothers Holdings Inc's bankruptcy estate alleging that it reaped a secret $5 billion profit from its rushed September 2008 purchase of the company's U.S. brokerage.

The New York Federal Reserve said on Friday it bought $989 million of U.S. agency debt with maturities ranging from October 2016 to June 2018.

Chevron Corp , the second-largest U.S. oil company, posted a 37 percent drop in quarterly profit, missing analyst forecasts, as steep refinery losses offset gains from higher oil prices and production.

Stocks retreated to near breakeven in choppy trade on Friday, paring earlier strong gains as worries about fiscal troubles buffeting Europe offset reassuring reports on the economy.

Stocks retreated to near breakeven in choppy trade on Friday, paring earlier strong gains as worries about fiscal troubles buffeting Europe offset reassuring reports on the economy.

The stock market turned mixed in mid-day trading after rising sharply on Friday as the technology sector continues to weigh while retail stocks were among the biggest gainers.