IBT Staff Reporter

Cisco has announced its intent to acquire privately held Pure Digital Technologies Inc. as the company continues its effort to expand into consumer products.

Federal Reserve Chairman Ben Bernanke on Friday said the Fed's buying of longer-dated U.S. Treasuries would taper off when the economy no longer needed help, allowing the Fed to cease its emergency support.

A U.N. panel will next week recommend that the world ditch the dollar as its reserve currency in favor of a shared basket of currencies, a member of the panel said on Wednesday, adding to pressure on the dollar.

U.S. regulators and law enforcement officials said on Friday they are aggressively cracking down on fraud related to the financial crisis and are seeking more powers to prevent predatory lending in the future.

Chrysler LLC said on Friday proposed partner Fiat SpA would not assume any of its debt if it takes an equity stake in the U.S. automaker.

Oil fell 38 cents a barrel in choppy trade on Friday as stock markets seesawed and the April contract headed toward expiry.

U.S. stocks fell on Friday as bank shares slid following news of a tepid debut of a key U.S. Federal Reserve measure to revive lending.

Bernard Madoff lost his bid on Friday to be released from jail until his June sentencing for Wall Street's largest-ever investment fraud.

China said a World Trade Organization report approved Friday rejected the majority of intellectual property complaints made by the United States and broadly backed Beijing's stance against commercial piracy.

General Electric Co shares fell 4 percent on Friday as analysts lowered their 2009 profit forecasts for the U.S. conglomerate, a day after a marathon six-hour briefing on GE's financing unit.

The United States needs a safer way to shut down large nonbank financial firms without destabilizing the entire financial system, Federal Reserve Chairman Ben Bernanke said on Friday.

A U.S. appeals court on Friday denied Bernard Madoff's bid to be released from jail white he awaits sentencing for the biggest ever Wall Street investment fraud.

Stocks were little changed on Friday as financial shares fell after the tepid debut of a Federal Reserve measure to revive lending, offsetting investors' bets that mergers could heat up after reports IBM was in talks to buy rival Sun Microsystems.

Xerox Corp chopped its first-quarter earnings forecast by as much as 85 percent, as the slowdown in office equipment spending badly hurt revenue and thwarted its cost-cutting efforts.

Stocks fell on Friday, dragged down by financial shares after a tepid debut of a Federal Reserve measure to revive lending.

Oil hovered above a four-month high on Friday at $52 a barrel, recouping earlier losses as the market sought a new base above $50 and after news of a ship collision in the key Strait of Hormuz shipping lane.

Xerox Corp chopped its first-quarter earnings forecast by as much as 85 percent, as the slowdown in office equipment spending badly hurt revenue and thwarted its cost-cutting efforts.

Opposition fears of an unfair election in Afghanistan this year are well-founded, and a rigged poll would fuel political instability and undermine support for democracy, a top U.N. envoy has warned.

Taliban leader Mullah Omar is not hiding in Pakistan's Baluchistan province whose people will resist any U.S. attempt to extend its war against militancy there, the province's chief minister said on Friday.

Israel's right-wing Prime Minister-designate Benjamin Netanyahu was given two more weeks on Friday to form a government, allowing further time to try to balance his coalition by including the center-left Labor party.

Jordan's King Abdullah and Syrian President Bashar al-Assad held talks in Amman Friday, part of a flurry of diplomatic moves to close Arab ranks ahead of a summit later this month in Qatar, officials said.

North Korea said on Friday it will reopen a military hotline with the South, a move suggesting the secretive state may be tempering recent harsh rhetoric ahead of a widely condemned missile launch expected early next month.

U.S. President Barack Obama sent Iran an unprecedented videotaped message on Friday offering a new beginning of diplomatic engagement after decades of U.S. hostility to the Islamic Republic.

President Barack Obama issued an unprecedented videotaped appeal to Iran on Friday offering a new beginning of diplomatic engagement to turn the page on decades of U.S. policy toward America's longtime foe.

European Union leaders agreed on Friday to provide 75 billion euros ($103 billion) in new loans to the International Monetary Fund as part of a G20 effort to boost the lender's firepower for fighting global recession.

By Huw Jones

By Gilles Castonguay

Americans fear home prices will drop more sharply in the coming year, despite government efforts to resuscitate the battered real estate sector, according to a poll released on Friday. U.S. homeowners predicted their home values would fall by 2.2 percent in the year ahead, the biggest anticipated decline in the past few years.

Stocks rose on Friday as a further rebound in shares of natural resources companies offset bleak corporate outlooks and fears of inflation.