IBT Staff Reporter

China's banking regulator on Friday laid out its priorities for 2008, saying that it would focus on helping commercial banks sharpen their operations by improving their strategic planning, innovation and services.

UBS, the biggest European casualty of the U.S. subprime crisis, said it was shrinking its investment banking business, cutting staff and drastically scaling down its exposure to risky investments.

Shares of media and entertainment companies were slighter higher on Friday after the Hollywood directors' union reached a contract deal with the Alliance of Motion Picture and Television Producers (AMPTP).

Crude oil rose on Friday ahead of President's George W. Bush's economic stimulus package speech at the White House.

Ambac Financial Group, Inc, the bond insurer whose portfolio includes investments linked to the floundering mortgage market, will put off plans to raise equity capital to strengthen its finances as it faces losing its top level credit rating.

The Hollywood directors' union reached a contract deal with major film and TV studios on Thursday in a move likely to renew momentum for settling a 10-week-old writers strike that has crippled the industry and clouded the year-end Oscar season.

General Electric Co posted a 4 percent rise in net profit Friday, meeting Wall Street estimates on strong global demand for its infrastructure unit and film division. Earnings from continuing operations totaled 68 cents per share in the latest period, up from 58 cents in the prior-year quarter. The second-largest U.S. company by market capitalization said its revenue rose 18 percent to $48.59 billion from $41.28 billion a year ago.

It looks like MTV's Rock Band video game is the new jukebox hero.

Virtual worlds, mobile coupons and bar-code readers on cell phones are the next technology wave that U.S. chain stores must ride if they hope to stay competitive in the fast-changing world of global retail.

High earners with good credit may be heading for trouble as their adjustable rate mortgages adjust beyond their means.

Sales of video games jumped in the U.S thanks to a strong holiday season new data reveals, with Nintendo dominating rivals through 2007.

Microsoft Corp. named former Disney and General Motors executive Tony Scott as chief information officer on Thursday, after it ousted its previous executive in November under mysterious circumstances.

Google.org, the popular search engine's philanthropic venture, said on Thursday it will fund more than $25 million in grants and investments. The funds will be used to fight climate change, poverty, global diseases and will support small businesses.

The subprime mortgage crisis is claiming more victims as shares of bond insurers Ambac Financial Group, Inc. and MBIA, Inc. fell sharply on Thursday over concerns that they could lose their AAA credit ratings.

Asian stocks fell to a five-month low after U.S home construction and manufacturing numbers added concern that the world's largest economy is in recession.

U.S. Wheat rose sharply on Monday, reaching trading limits, driven by higher demand and export sales.

Sales of video games jumped in the U.S thanks to a strong holiday season new data reveals, with Nintendo dominating rivals through 2007. The Nintendo Wii outsold competitors in December, coming in with sales of 1.35 million units for the month compared to 1.26 million units for the Xbox 360 and 797,600 units for the PlayStation 3 according to market data released by NPD.

Copper futures settled slightly higher on Thursday as the dollar weakened and fears of an economic recession grew.

Gold futures dropped on Thursday after Federal Reserve Chairman Ben Bernanke voiced his support for an economic stimulus plan to prevent a recession.

The dollar fell on Thursday after comments by Federal Reserve Chief Ben Bernanke echoed a statement made earlier this week signaling that the Federal Reserve would continue to cut interest rates, reducing the attractiveness of deposits in the currency.

U.S. stocks fell on Thursday after Federal Reserve Chairman Ben Bernanke said that the economic outlook has worsened and Merrill Lynch & Co. reported the a big loss related to the struggling mortgage lending market.

Crude oil declined to below $90 a barrel on Thursday as traders remained concerned that the U.S. economy will fall into recession, affecting oil demand in the largest energy consuming nation.

Federal Reserve Chairman Ben Bernanke said Thursday he backs a quickly implemented fiscal stimulus package to complement the Fed's monetary policy aimed at boosting the slowing U.S. economy.

Apple computers are encroaching into the PC market space, capturing over 6 percent of the US computer new sales research indicates.

Velocity Interactive Group, the newly formed digital-media investment firm announced Thursday it will invest $10 million in Broadband Enterprises, an online video ad network.

The dollar dropped on Thursday after Federal Reserve Chairman Ben Bernanke told a congressional committee that more interest rate cuts may be necessary and that the economic outlook has worsened.

Merrill Lynch exposed billions more in losses related to the troubled mortgage lending market on Thursday, with newly hired chief executive calling the latest quarterly results clearly unacceptable as the company moves to straighten out its balances. Merrill reported an $11.5 billion write-down in its last quarter, while recording an overall loss of $9.3 billion for the same period.

Back in the day, a 200-point move in the Dow really meant something. Now it's just the typical morning routine; and after lunch, there's often an equally large swing in the opposite direction. If The Street used to feel like a well-paved avenue, these days it's more like a pothole-riddled mountain road. Investors need new techniques to stay on the right path and ensure a smooth ride.

German unions on Thursday called for a consumer boycott of Nokia products to protest against the cellphone maker's plans to close a German plant. Nokia, the world's top cellphone maker, said on Tuesday it wants to move production to lower-cost regions and said the plant, in the western city of Bochum, is not competitive enough. The company has said it may cut up to 2,300 staff.