IBT Staff Reporter

Clear Channel Communications Inc. on Friday released earnings for the media and entertainment company's first quarter and declined to provide an outlook due to the pending buyout deal.

Liberty Media Corp. appealed a court ruling that gave the go ahead to split up IAC/InterActive Corp.

Shiite Hezbollah gunmen seized control of key parts of Beirut from Sunnis loyal to the U.S.-backed government Friday, a dramatic show-of-force certain to strengthen the Iranian-allied group's hand as it fights for dominance in Lebanon's political deadlock.

Microsoft, the world's biggest software maker, is appealing the record 899 million euro ($1.4 billion) fine imposed on it by European authorities for anti-trust violations.

Gold futures gained on Friday to close at their highest level since late April and sealed a weekly gain after crude oil surged to a record price above $126 a barrel and weakness in the U.S. dollar.

The FTSE 100 share index fell early on Friday. At 8:40am the index at fallen 38.1 points to 6,232.7 (down 0.6 per cent).

Crude oil futures soared for a fifth day above $126 a barrel on Friday as the dollar fell against the euro and other major currencies increasing demand for commodities as a hedge against inflation.

U.S. stocks fell on Friday, pushing the market to its first weekly drop in a month, as oil soared past $126 a barrel and metal producers retreated on concern the surge in commodity prices will end.

Billionaire investor Kirk Kerkorian offered to buy 20 million of Ford Motor Company's shares, according to a securities filing.

Circuit City Stores Inc. said Friday that it has hired Goldman Sachs & Co. to help the company in exploring strategic alternatives and said it will allow video-rental chain Blockbuster Inc. and its largest shareholder, Carl Icahn, to review its books.

Citigroup expects to reduce about $400 billion in non-core assets over the next three years, as the largest U.S. bank seeks to boost efficiency and regain profitability.

The FTSE 100 share index rose on Thursday following news that the Bank of England decided to keep interest rates at 5.0 per cent. The index was up 9.8 points to 6,270.8 by the end of the day (up 0.2 per cent).

Royal Mail Group said on Thursday that it had delivered robust financial results in the year ended 30 March 2008, despite many challenges.

Non-standard lender Provident Financial Plc said on Thursday that it had made a strong start to 2008, with customer numbers up 6.3 per cent in its core consumer credit division at the end of the first quarter.

Signet Group Plc said on Thursday that its sales dropped 2.5 per cent in the 13 weeks to 3 May 2008.

Unilever said on Thursday that its pre-tax profit for the first quarter of 2008 was up 39 per cent at constant rates. The company added that its turnover in the period was up six per cent at constant rates.

Technology stocks rose on Thursday the day after AMD said it was on track with profitability goals.

The dollar was slightly lower against the euro on Friday after losses on Thursday due to hawkish comments from the head of the European Central Bank which propped up the euro.

Osiris Therapeutics Inc. announced today it entered in a deal with NuVasive Inc. to sell its business Osteocel for up to $85 million in upfront and milestone payments.

Google Inc, in talks with Internet portal Yahoo Inc, is hoping that it can strike an advertising deal, according to a report.

Dollar closed slightly lower after a range bound movement against the euro yesterday due to the recovery in European currency after the decision from ECB.

Warner Brothers will shut down its independent film units Picturehouse and Warner Independent Pictures, cutting about 70 jobs.

Sterling gained marginally after the Bank of England held interest rates at 5 percent.

Citigroup chief executive Vikram Pandit is set to present his plans and outlook for the largest U.S. bank, when it holds its annual Investor Day meeting on Friday.

General Motors Inc, said on Thursday it gave $200 million to parts supplier American Axle Manufacturing Holdings Inc to help it settle a 10-week strike by union workers.

RealNetworks Inc, the digital media company, plans to spin-off its fastest growing unit which makes games for various platforms into a separate company.

Graphic chip-maker Nvidia Corp. on Thursday reported a 34 percent jump in first-quarter profit, boosted by stronger sales of its graphics processors, but shares fell as earnings still missed expectations.

Wachovia Corp., the fourth largest U.S. bank, said on Thursday that it is separating the roles of Chairman and CEO, with Ken Thompson retaining his chief executive role and board member Lanty Smith now serving as non-executive Chairman, effective immediately

After coming under fire by parents groups for its lax safety protocols to protect minors from online predators, Facebook has agreed to increase its efforts to keep its young users safe from cyber bullies, porn, pedophiles and other online hazards.