IBT Staff Reporter

ArcelorMittal on Friday upped its offer for control of Baffinland Iron Mines to match a rival bid from Nunavut Iron for the vast iron ore deposit in the Canadian Arctic, in a deal worth $550 million.

Oil prices hit a 26-month high over $92 a barrel on Friday, closing the year up 15 percent on expectations that the economic recovery will drive demand growth next year and send prices into triple digits.

Hedge funds often claim to offer strong returns that are not correlated with broader markets, but in 2010 many failed on both of those counts.

U.S. stocks were little changed on Friday, the final day of the year, as investors were reluctant to make big bets after a rally that put the S&P on track for its best December performance in nearly two decades.

Craig McCaw, one of the founders of Clearwire, has stepped down as chairman of the company's board.

The euro currency area has only a one-in-five chance of surviving in its current form over the next 10 years because of competitive imbalances between its members, a leading British think tank said on Friday.

Shares of Imax Corp jumped as much as 20 percent on Friday after a media report suggested Sony Corp may be readying a bid for the big-screen movie company at more than $40 per share.

CVS Caremark, No. 2 U.S. drugstore chain, agreed to buy Universal American's Medicare prescription drug business for about $1.25 billion to expand in a growing segment of the pharmacy benefit market.

Nunavut Iron Ore is considering how to react after No. 1 steelmaker ArcelorMittal on Friday matched the private equity-backed company's takeover bid for Baffinland Iron Mines , a junior miner sitting on a giant iron ore deposit in the Canadian Arctic.

Ford is set to debut a new technology that will let parents block explicit satellite radio content in the vehicle.

According to a recent survey from Foresee Results, Amazon.com and Netflix gave its consumers the highest satisfaction this holiday season.

The disco King was found dead in his hotel room while on tour in Russia

New Year celebrations have begun all round the World. Thousands of revelers in New Zealand welcomed 2011 with a bright display of fireworks illuminating the skies. Australians and tourists who flocked at the Sydney's harbor bridge were treated to the biggest fireworks since the millennium celebrations. A clear, warm day in Sydney cheered up the occasion.

The pace of expansion in the manufacturing and service sectors quickened modestly in December, two upcoming surveys are expected to show, further evidence of an economy that is mending gradually.

Oil was set to close the year up more than 12 percent, despite a slight decline on Friday, due to a resurgence in global demand, an unusually cold winter and falling inventories.

Drugstore chain CVS Caremark agreed to buy Universal American's Medicare prescription drug business for about $1.25 billion.

A merry holiday e-shopping brings cheer for a depressed US economy

She waged a public battle against the promotion of thin models with revelations of her struggle against anorexia

Odd science claims made by various celebrities - about diets, cancer, reabsorbing sperm, hologram bracelets and more - make no scientific sense, according to a campaign group.

U.S. stocks edged lower on Friday, the final trading day of the year, as investors took profits after a recent rally that has the S&P on track for its best December performance in nearly two decades.

Miner BHP Billiton's acquisition strategy was back in the spotlight on Friday as market talk resurfaced it was looking at a $40 billion-plus bid for Anadarko Petroleum although banking sources said they were unaware of any imminent offer.

Technology licensing firm Wi-Lan Inc said it would get more time to discuss infringement settlements with defendants as a U.S. federal court extended the trial date by about a month, after redefining a term in a patent related to its wireless products.

Greece is in talks with commercial banks on extending the repayment of its outstanding debt, in line with a similar plan to stretch out paying back its EU/IMF bailout, an Athens weekly reported on Friday.

Prior to Apple's launch of iPhone 4 on June 7, HTC had launched its Android-based Evo 4G phone on June 4 and now a report prior to Apple's launch of iPad 2 says that HTC is working on tablet to rival iPad.

U.S. stocks were set for a lower open on Friday as investors appeared poised to grab profits after a recent rally that has the S&P on track for its best December performance in nearly two decades.

U.S. stock index futures drifted lower on Friday as investors appeared poised to grab profits after a recent rally that has the S&P on track for its best December performance in nearly two decades.

U.S. stock index futures were little changed on Friday, the last trading day of the year, with the S&P on track for a yearly advance of nearly 13 percent and its best December performance in nearly two decades.

NEW YORK - Futures for the Dow Jones industrial average, the S&P500 and the Nasdaq 100 are flat to 0.1 percent higher, pointing to a slight rise in equities on Wall Street on Friday.

Chrysler Group is recalling 150,000 trucks, crossover wagons and SUVs in three separate campaigns over steering, stalling and airbag concerns.