Stocks decline as AIG reveals need for cash, oil surges
NEW YORK (AP) -- Wall Street ended the week with a big decline as investors grappled with two of the biggest threats to the economy: fallout from turmoil in the credit market and surging energy prices. All three major indexes suffered losses for the week....
Gas jumps above $3.67, oil passes $126 on Venezuela concerns
NEW YORK (AP) -- Oil rose above $126 a barrel for the first time Friday, bringing its advance this week to nearly $10, as investors questioned whether a possible confrontation between the U.S. and Venezuela could cut exports from the OPEC member. Gas prices, meanwhile, rose above an average $3.67 a gallon at the pump, following oil's recent path higher....
March trade deficit drops by bigger-than-expected amount
WASHINGTON (AP) -- The U.S. trade deficit narrowed sharply in March as demand for imports fell by the largest amount since the last recession was ending. Analysts forecast that trade would continue to be one of the economy's few bright spots this year....
Circuit City allows Blockbuster, Icahn to review books
RICHMOND, Va. (AP) -- Circuit City Stores Inc. on Friday gave in to pressure from activist shareholders, essentially putting itself up for sale and agreeing to nominate dissident directors to its board....
Citigroup to shed nearly $500B in assets
NEW YORK (AP) -- Citigroup Inc.'s new chief executive, Vikram Pandit, plans to stick with a global banking model after months of intense review - but only after shrinking the company by about one-fifth first....
Asset sales boost Clear Channel profit; Deal still in limbo
NEW YORK (AP) -- Clear Channel Communications Inc., a major radio and outdoor advertising company, reported higher first-quarter earnings Friday on asset sales but operating results were flat, reflecting weak demand for radio advertising....
Diageo brews $1.25B Irish overhaul
DUBLIN, Ireland (AP) -- Guinness beer owner Diageo PLC rattled an Irish icon Friday, announcing plans to lay off more than half of its brewery workers, close two breweries and shift most production to a new, high-tech plant in the Dublin suburbs by 2013....
Gates: Microsoft to go its own way
JAKARTA, Indonesia (AP) -- Microsoft Corp. will focus on growing its own advertising and Internet search business after it withdrew its takeover offer for Yahoo Inc., Chairman Bill Gates said Friday....
AIG posts 1Q loss of $7.8B, plans to raise $12.5B
NEW YORK (AP) -- American International Group Inc. says it will raise $12.5 billion in the coming months as the insurer looks to shore up a capital base that has been rocked by deterioration in the credit markets....
