IBT Staff Reporter

Gold futures closed near $900 an ounce on Friday in New York, making it the highest gain for the contract in 10 weeks as energy costs surged to a record and the dollar weakened, boosting the appeal of the precious metal as a hedge against inflation.

Lockheed Martin Corp. beat out Boeing Co. to win a $1.4 billion U.S. Air Force competition to build a next-generation GPS satellite.

Macy's Inc, the second largest U.S. department store company, is partnering with toy store chain FAO Schwartz to let it open smaller stores within nearly 700 of its locations over the next two years.

Crude oil soared to a new record high on Friday above $127 a barrel, after Goldman Sachs significantly increased its projections for oil prices while trader's feared demand for distillate fuels from China will increase next month.

Saudi Aramco and ConocoPhillips today announced that they will build a refinery in Saudi Arabia.

Time Warner Inc. Chairman Richard Parsons said Friday he will likely step down at the end of the year, a opening the door for Chief Executive Officer Jeffrey Bewkes to take over the position at the world's biggest media company, according to a media report.

British Airways said on Friday that its profit more than doubled in the fiscal year ending March 31.

U.S. stocks fell on Friday for the second day this week, after reports showed consumer confidence plunged to a 28-year low while crude oil soar to another record high,

Fannie Mae, the largest mortgage finance company, will end its practice of requiring larger down payments in areas where home prices are falling.

General Electric confirmed Friday that the nation's economic slowdown is prompting it to get out of the appliance business.

Shares of major U.S. financial institutions were mixed on Friday as the broader market advanced on easing fears of poor market liquidity.

The dollar fell versus the euro on Friday amid expectations of lower housing starts and consumer confidence in reports later today.

The finance arm of Ford Motor Co. plans to sell $5.3 billion of car-loan bonds as investor demand increases for asset-backed securities, according Bloomberg.

BHP Billiton, the world's largest miner, rose to a record on Friday after a report that Chinese interests would like to make a joint bid with another investor to buy 9 percent of the mining company.

CLS Holdings said on Thursday that it had made property sales of £47.4 million in the period from 1 January to 14 May this year. The company added that the leasing market remained stable and that it had lower vacancy rates in the period.

The death toll from Monday's earthquake has exceeded 19,509 in Sichuan Province, the provincial government said late Thursday.

As China statistics bureau said Thursday, China's fixed-asset investment jumped 25.7 percent in the first four months of this year, underscoring concerns that the economy may be overheating.

Luxury retailer Nordstrom Inc. said Thursday its profit fell 24 percent in the first quarter, hurt by lower sales in what the company called a challenging retail environment.

Berkshire Hathaway, billionaire Warren Buffett's investment company, sold its stake in Ameriprise Financial earlier this year, according to a regulatory filing on Thursday.

UAL Corp.'s United Airlines and Continental Airlines Inc., the carriers that broke off merger talks last month, have revived talks about a possible alliance to help the companies to set pricing and schedules, according to media reports.

Technology shares gained ground on Thursday after Carl Icahn proposed to change the board of Internet giant Yahoo, saying the firm had completely botched negotiations with Microsoft.

Dear Mr. Icahn: We are in receipt of your letter with regard to your intention to seek control of Yahoo!'s board of directors.

Natural gas spot prices increased in a majority of regions of the Lower 48 States this report week (Wednesday–Wednesday, May 7-14).The Henry Hub spot price increased $0.43 per million Btu (MMBtu) to $11.51, the highest

It is clear to me that the board of directors of Yahoo has acted irrationally and lost the faith of shareholders and Microsoft. It is quite obvious that Microsoft's bid of $33 per share is a superior alternative to Yahoo's prospects on a standalone basis. I am perplexed by the board's actions.

Mentor Corp. a developer and manufacturer of medical products for the aesthetic market reported on Thursday its quarterly profit fell on rising costs.

Johnson & Johnson reported it was recalling certain Doxil, Procrit and Remicade drugs with specific lot numbers that matched products stolen earlier this month.

Copper rose on Thursday as a report showed inventories of the metal declined and investors speculate supplies will be insufficient to meet global demand.

U.S. stocks advanced for a second day, after analysts said chipmakers will benefit from rising global demand and energy shares are cheap relative to crude prices.

Kohl's Corp, the fourth largest U.S. retailer, said its first quarter profit fell 27 percent as the company faced a difficult economic environment.