IBT Staff Reporter

Contracts for pending sales of previously owned homes plunged a record 30 percent in May, far more than expected, after a popular tax credit expired at the end of the prior month, a survey from the National Association of Realtors showed on Thursday.

Private payrolls rose only modestly in June and overall employment fell for the first time this year as thousands of temporary census jobs ended, showing the economic recovery failing to pick up steam.

Stocks fell on Friday and were on track to record their worst week in two months after jobs data underscored views the recovery is losing steam.

U.S. President Barack Obama announced on Friday nearly $800 million in loans and grants for the build-out of broadband networks to reach homes, schools and hospitals.

Mortgage rates slid to fresh record lows in the latest week amid tepid economic growth and tame inflation, home funding company Freddie Mac said on Thursday.

U.S. jobless numbers likely fell in June for the first time this year, a Reuters poll showed. The key monthly unemployment report will be released on Friday.

His face wracked by age and his voice rasping after decades of chain-smoking coarse tobacco, the former long-time Russian Minister of nuclear energy and veteran Soviet physicist Viktor Mikhailov knows just how to fix BP's oil leak in the Gulf of Mexico.

General Motors Co is in talks with banks to secure a $5 billion credit revolver as it prepares to file for an initial public offering of its stock this year, a source familiar with the plan said on Friday.

Nokia is committed to get back the No.1 position in smartphones and plans to use no other software than Symbian and Linux MeeGo, head of its mobile solutions unit said on Friday. It's my aim to ensure Nokia stays as the market and intellectual leader in creating the digital world, Anssi Vanjoki wrote in a blog on Nokia's website.

Fund managers have failed to rebuild relationships with investors that soured when the global financial crisis left them nursing billions in losses, leaving their clients even more disgruntled.

Wall Street indexes fell slightly on Friday, on track for the worst week in two months, after government data showed the U.S. economy shed jobs in June for the first time this year.

The U.S. dollar slipped against the euro on Friday, extending the previous day's steep losses on concerns over the U.S. economic recovery after disappointing U.S. jobs data. U.S. private payrolls rose less than expected in June and overall employment fell for the first time this year as thousands of temporary Census jobs ended, indicating the economic recovery is failing to gain traction.

The head of oil major Total warned of tougher safety rules that could push up crude prices as the first storm of the Atlantic hurricane season compounded the impact of the Gulf of Mexico oil spill.

Wall Street indexes fell slightly on Friday, on track for the worst week in two months, after government data showed the U.S. economy shed jobs in June for the first time this year.

Toyota Motor Corp may recall up to 270,000 vehicles worldwide to fix an engine glitch, with Japan's Asahi newspaper reporting the move could cost the car maker up to 20 billion yen ($228 million).

U.S. President Barack Obama is slated to announce on Friday nearly $800 million in loans and grants for the build-out of broadband networks to reach homes, schools and hospitals.

Television manufacturers might be waging a 3D battle but Japanese consumers are not entering the affray with almost 70 percent saying they have no plans to buy a 3D TV for their home.

Employment fell for the first time this year in June as thousands of temporary census jobs ended and private hiring grew less than expected, dealing a blow to President Barack Obama who has identified job creation as a key priority.

Wall Street looked set to open higher and European shares kept their gains on Friday despite a key U.S. jobs report that came in slightly worse than expected.

Crude oil futures dipped on Friday, reversing gains made after the market interpreted U.S. employment data as slightly more positive for economic growth than expected.

Wall Street indexes were trading around the break-even point on Friday after government data showed employment in the United States fell in June for the first time this year but not as much as some had expected.

Walt Disney Co said on Thursday it has acquired startup iPhone app developer Tapulous, as the company continues its push into mobile games.

The first quarter of the current financial year 2011 has almost reminded of the nightmarish experience of the global melt down of 2008-09 that had beleaguered the equity markets and commodity prices world over. The three months ending June 2010 has seen metal prices plunging down to their recent lows, wearing away hopes of the investors to draw fair return on their investments.

U.S. interest-rate futures traders are betting the Federal Reserve will keep short-term interest rates on hold for another year after a government report showed private companies hired fewer people than expected last month, suggesting the economic recovery is losing steam.

The U.S. dollar fell against the euro on Friday, extending the previous day's steep losses on concerns over the U.S. economic recovery after worse-than-expected U.S. jobs data. The report showed a larger-than-expected drop in U.S. June nonfarm payrolls to 125,000, due to layoffs of temporary government workers, even as the unemployment rate unexpectedly fell to 9.5 percent.

With the global economy slowing, interest rates about as low as they can go, governments getting austere and banks being investigated for stress, it is getting harder for investors to keep putting on their bullish faces.

An eagerly-awaited submarine cable linking West Africa to Europe has gone live, paving the way for cheaper and more reliable internet access in one of the world's fastest-growing telecoms markets, its operators said on Friday.

Private payrolls rose less than expected in June and overall employment fell for the first time this year as thousands of temporary census jobs ended, showing the economic recovery is failing to gain traction.

Blockbuster Inc stayed a step ahead of bankruptcy after winning a crucial one-month reprieve on debt payments, but was forced to begin the process of delisting from the New York stock exchange.