Business News

Reuters - Stocks rose on low volume on Thursday as data showed improvement in housing and the job market a day ahead of the critical monthly payrolls figures.

Reuters - Pending sales of previously owned U.S. homes rebounded unexpectedly in July and new claims for jobless benefits fell last week, helping quell fears the economy could face a double-dip recession.

Reuters - Burger King Holdings Inc agreed to sell itself to investment firm 3G Capital for $3.26 billion, giving the No. 2 U.S. fast-food chain breathing room to fix its business and close the gap with leader McDonald's Corp.

Reuters - News Corp Chief Executive Rupert Murdoch said the global economy is still in an uncertain state and the media industry is going through a fundamental transformation that is unpredictable

Reuters - U.S. Federal Reserve Chairman Ben Bernanke said he was partly to blame for leaving the wrong impression that the central bank could have saved Lehman Brothers from failure in 2008.

AP - Investors who lost money when Bank of America Corp. bought Merrill Lynch without disclosing Merrill's problems can start applying to tap a $150 million compensation fund.

Reuters - Companies are cutting healthcare costs further amid a continuing sour economy, scaling back benefits and shifting a greater share of the expense to employees.

AFP - Europe took a big step closer on Thursday to its goal of creating cross-border financial supervisors, reaching a "crucial milestone" in efforts to reform a sector blamed for the global recession.

Reuters - The International Monetary Fund will give Pakistan $450 million in emergency flood aid and disburse funds in September to help the country's economy cope with the devastation, the head of the IMF said on Thursday.

AP - An oil platform exploded and burned off the Louisiana coast Thursday, the second such disaster in the Gulf of Mexico in less than five months. This time, the Coast Guard said there was no leak, and no one was killed.

AP - Congress seems increasingly reluctant to let taxes go up, even on wealthier Americans.

AFP - South Korea's second largest carmaker Kia Motors said Friday it is recalling about 35,000 vehicles sold in the United States due to faulty wiring in interior lights that could cause fires.