IBT Staff Reporter

The top share index was up by midday on Friday, off a seven-week low earlier this week, after the UK's second-quarter gross domestic product was unexpectedly revised upwards and ahead of a speech from U.S. Federal Reserve Chairman Ben Bernanke.

U.S. economic growth slowed more sharply than initially thought in the second quarter, held back by the largest increase in imports in 26 years.

U.S. stocks rose in volatile trading on Friday, shrugging off initial losses after the Federal Reserve chairman said the recovery has softened more than expected and Intel Corp warned about revenue.

The number of U.S. homes headed for foreclosure fell during the second quarter, marking the first such drop since the housing slump began in 2006, but the improvement may be fleeting as the number of newly delinquent homeowners rose, a banking group said on Wednesday.

U.S. chipmaker Intel and Infineon are likely to announce an agreement on the future of the German chipmaker's wireless business this weekend, three people familiar with the matter said.

Tiffany & Co reported softer-than-expected quarterly sales as U.S. customers spent less on its selection of lower-priced jewelry, sending its shares down more than 5 percent.

American International Group Inc has scrapped plans to sell a strategic stake in its Asian life insurance business, AIA, ahead of its initial public offering, a source familiar with the process said on Friday.

A United Nations human rights body rebuked France on Friday for its crackdown on Roma and urged the government to try to integrate members of the EU's biggest ethnic minority rather than send them to eastern Europe.

India may extend an August 31 deadline in its standoff with Research In Motion over access to Blackberry data, if the Canadian firm says it has a solution and asks for time, a government source said on Friday.

Japan's prime minister said on Friday he will take firm measures on currencies when needed and will meet the Bank of Japan governor, increasing the possibility the central bank will ease policy soon as it confronts a surging yen.

China kept silent on Friday about a reported visit by North Korea's secretive leader, Kim Jong-il, that analysts say appears intended to line up Beijing behind his dynastic succession plans.

Turkey's new military chief, a quiet, hardline secularist, takes command on Friday of a force that sees itself cornered by EU-driven reforms and an emboldened government with roots in political Islam.

Economic growth was revised down to a sluggish 1.6 percent annual rate in the second quarter, dampened by the largest increase in imports in 26 years, the government said on Friday.

Gold held steady near $1,235 an ounce in Europe on Friday as buyers took to the sidelines ahead of key U.S. economic data due later in the session and a hotly awaited speech from Federal Reserve chair Ben Benanke.

China kept silent on Friday about a reported visit by North Korea's secretive leader, Kim Jong-il, that analysts say appears intended to line up Beijing behind his dynastic succession plans.

Dell Inc fired back in a bidding war for data storage company 3PAR Inc, matching a $1.8 billion offer by Hewlett-Packard Co and showing it isn't giving up yet against its bigger rival.

Europe's drug regulator is reviewing the safety of GlaxoSmithKline's Pandemrix flu vaccine, which has been given to more than 30 million people in Europe, to investigate possible links to a sleep disorder.

Britain's economy grew faster than originally thought in the second quarter of the year, with growth hitting a nine-year high, official data showed on Friday, but analysts doubt the pace of recovery can be sustained.

British Airways apologised to passengers after an emergency message warning they were about to crash into the sea was played by mistake.

Johnson & Johnson, whose consumer unit has been plagued by massive recalls over the past year, said on Thursday its orthopedic unit was voluntarily recalling two hip replacement systems.

Stock index futures pointed to a higher open on Friday as a better-than-expected reading on second-quarter economic growth relieved investors ahead of a speech from Federal Reserve Chairman Ben Bernanke.

Japan opened up its gallows to local media for the first time on Friday, a move that could spark debate in a country where the majority supports the death penalty.

Tiffany & Co reported a higher profit as sales in Asia and Europe soared and diamond costs fell, and the upscale jeweler raised its full-year profit forecast.

Pakistan ordered fresh evacuations from Sindh province on Thursday as the country struggled to bring relief to millions displaced by flooding and sought international help to rescue its economy.

Federal Reserve Chairman Ben Bernanke will have to address a number of pressing issues in a speech on Friday as investors search for more clarity on how close the U.S. central bank might be to another asset-buying spree to support the flagging recovery.

The top share index fell marginally early on Friday, as investors waited on the sidelines ahead of the second release of second-quarter GDP and a major speech by U.S. Federal Reserve Chairman Ben Bernanke.

Senior military figures have called for a review of security measures after Prime Minister David Cameron narrowly escaped a possible Taliban attack during a recent trip to Afghanistan, a media report said on Friday.

India insisted on Friday it would block some BlackBerry services next week if the smartphone maker did not address security concerns, and government officials said they were hopeful for a solution soon.

Stock index futures rose slightly on Friday ahead of a speech from Federal Reserve Chairman Ben Bernanke and an estimate on second-quarter economic growth, which may offer clarity on how strongly a recovery is taking hold.