Japan's economy grew at a stronger-than-expected 3.3 percent annual pace in the first quarter, racking up its third consecutive quarter of growth.

Oil prices rose Friday in Asia following a whipsaw overnight session in which the expiration of options played havoc with prices.

The world economy is "teetering on the brink" of a severe downturn and is expected to grow only 1.8 percent in 2008, the United Nations said in its mid-year economic projections Thursday.

Department store stalwarts J.C. Penney Co., Nordstrom Inc. and Kohl's Inc. all reported steep drops in first-quarter profits on Thursday as Americans snub apparel to focus on basic necessities at discounters in a challenging economy.

Lockheed Martin Corp. beat out Boeing Co. to win an Air Force contract worth up to $3.57 billion to build as many as 12 next-generation global positioning satellites, the Pentagon said Thursday.

CBS Corp. is acquiring a big online reach with its acquisition of CNet Networks Inc. but also a company that's faced heavy criticism from investors. Those concerns as well as the hefty $1.8 billion price tag helped send CBS's shares down after the deal was announced Thursday.

The Bush administration has declined to cite China for manipulating its currency to gain unfair trade advantages against the United States.

TD Ameritrade Holding on Thursday said its chief operating officer, Fred Tomczyk, will become chief executive in October, replacing Joe Moglia.

The following recalls have been announced:

A horse by any other name simply wouldn't have worked for UPS.

Treasury prices rose Thursday after government reports indicated the economy remains under pressure, lowering chances that the Federal Reserve will be able to raise interest rates in the near term.

Gold prices shot up Thursday after crude oil surged early in the day, an inflationary move that fed buying of precious metals as safe, alternative investments.

HARTFORD, Conn. — Maverick oilman T. Boone Pickens' plan for a mammoth wind farm in the Texas Panhandle is a $2 billion bet that Congress will extend a tax credit critical to the environmentally friendly industry.

Luxury retailer Nordstrom Inc. said Thursday its profit fell 24 percent in the first quarter, as recession rumblings in the U.S. crimped even wealthier consumers' shopping habits.

Blockbuster Inc. said Thursday it swung to a first-quarter profit on lower expenses and improved domestic sales, bolstering the movie rental company chairman's belief that a turnaround plan is working.

Several workers were injured and others needed help getting out of the rubble when a roof collapsed Thursday at a clothes hanger factory, company officials said.

The Federal Reserve has auctioned $7.2 billion in safe Treasury securities to big investment firms, part of an ongoing effort to ease credit stresses.

The Canadian Auto Workers union tentatively agreed Thursday to labor deals with General Motors Corp. and Chrysler LLC that would replace contracts expiring in September.

Rates on 30-year mortgages edged down this week to their lowest point in a month, a spot of welcome news to would-be home buyers.

J.C. Penney reported first-quarter profits were halved and on Thursday predicted "difficult" conditions for the entire year as consumers pull back on spending.

Commercial banks and other financial institutions need to beef up their ability to detect and protect themselves against risks like the credit and mortgage debacles, Federal Reserve Chairman Ben Bernanke said Thursday.

The Canadian Autoworkers and General Motors tentatively agreed to a new labor contract on Thursday.

Commercial banks and other financial institutions need to beef up their ability to detect and protect themselves against risks like the credit and mortgage debacles, Federal Reserve Chairman Ben Bernanke said Thursday.

Billionaire activist investor Carl Icahn has confirmed he is launching a proxy battle to remove Yahoo's board of directors.

General Motors Corp. and a local union agreed Thursday on contract terms that could end a monthlong strike at a Michigan plant which makes some of GM's hottest selling vehicles.

Mizuho Financial Group Inc., Japan's second biggest banking group, reported Thursday a 50 percent drop in profit for the fiscal year, taking a beating from U.S. subprime credit problems.

Toyota's Prius started out a decade ago as a risky experiment in green technology. Today, it's the world's first mass-produced gas-electric hybrid vehicle to hit the one million mark in sales.

A federal judge has ruled that a shareholder lawsuit against Countrywide Financial Corp. executives and directors should go to trial, rejecting several arguments by the troubled mortgage lender to dismiss the case.

United Airlines and Continental Airlines Inc. are talking about forming an alliance to gain some benefits of working together without going through a merger, which Continental rejected last month, a person close to the talks said Wednesday.

Barclays PLC reported a $1.94 billion write-down in the first quarter Thursday, but bucked a trend in the banking sector and did not announce a capital increase to shore up its balance sheet.

Oil climbed toward the $125-a-barrel mark Thursday after the U.S. government issued a mixed report on the country's petroleum reserves and the U.S. greenback weakened against other key currencies.

Credit Agricole said Thursday it plans to sell $7.72 billion worth of assets and named a new leader at its investment bank. The French bank, shaken by the global credit crisis, will also seek $9.1 billion in new capital.

Vineyard manager Steve Thomas grasps the trunk of a zinfandel vine, a redwood of the vineyard, gnarled with age and planted in the days when irrigation meant a barrel of water on a horse-drawn cart.

General Electric Co. plans to auction off its Louisville, Ky.-based appliances business, The Wall Street Journal reported Wednesday.

Securities regulators on Wednesday charged Broadcom Corp. co-founders Henry T. Nicholas III and Henry Samueli with falsifying the company's reported income, leading to what is believed to be the largest accounting restatement yet because of backdating stock options.

Sony shares jumped nearly 9 percent in Thursday trading in Tokyo, a day after the Japanese electronics and entertainment company released upbeat earnings that included a record fiscal year profit.

NEC Corp.'s profit for the fiscal year through March more than doubled from the previous year as the Japanese electronics maker's mobile phone and computer-chip businesses swung to profit.

Japanese shares rose Thursday, lifted by an overnight gain on Wall Street and Sony Corp.'s upbeat earnings.

Commerce Secretary Carlos Gutierrez warned Thursday that rising economic nationalism in both China and the United States threatens to jeopardize beneficial ties.

The global market for cancer drugs will grow twice as fast as that for all other pharmaceuticals as the developing world spends more on health care, a new report says.

The lawyers aren't clearing their calendars just yet, but the oil industry is bracing for some courtroom battles to maintain its stake in Alaska's oil-rich fields now that the Interior Department has listed polar bears as a threatened species.

The Bush administration on Wednesday was downplaying the role of biofuels production in rising food prices.

The United States topped world competitiveness rankings for the 15th straight year, but its economy is showing the same signs of weakness that sank booming Japan in the early 1990s, according to an annual survey released Thursday.

A Texas appeals court on Wednesday overturned a multimillion-dollar verdict against Merck & Co. in one of the few trials it lost over its withdrawn painkiller Vioxx.

Freddie Mac beat Wall Street's expectations in the first quarter, but the mortgage finance company didn't vanquish concerns about its ability to weather the housing bust.

Deere & Co., the world's biggest maker of farm machinery, said Wednesday its second-quarter profit rose 22 percent, propelled by lofty crop prices that stoked global demand for its farm equipment despite a faltering U.S. economy.

A lot has changed in the year and a half since radio industry leader Clear Channel Communications Inc. struck a deal to go private. Credit markets seized up, radio advertising continued to falter and another radio buyout deal failed.

Despite a $59 million loss and a slump in sales in the first quarter, Macy's Inc. on Wednesday posted results that beat Wall Street expectations because of what analysts said were tight controls on expenses and inventories.

FedEx Corp. has named Brian D. Philips president and chief executive of FedEx Kinko's, the parent shipping company's office and print services division.

Wheat prices plunged to a five-month low Wednesday as investors bet that U.S. crop yields will meet demand and ease price increases for flour, bread, pasta and other foods.