Reuters - Sales of previously owned U.S. homes slipped last month and the backlog of unsold properties hit a record high, according to data on Friday that suggested the market's downturn still has a long way to run.

Reuters - China will issue three licenses for high-speed third-generation mobile phone services and encourage a restructuring of leading telecoms companies, including a merger of China Unicom (0762.HK) and Netcom (0906.HK), the government said on Saturday.

Reuters - Belgian brewer InBev NV is working on a $46 billion bid for Anheuser-Busch Cos Inc , according to a source familiar with the situation.

AP - Gap Inc.'s sales are slumping and shoppers appear unlikely to spend more anytime soon, but the clothing retailer still boosted its first-quarter profit by 40 percent by managing inventory and cutting costs.

Reuters - Oil stood near $132 a barrel on Friday, recovering a little from a strong bout of profit-taking in the previous session that pulled prices back more than 3 percent from the record high above $135 a barrel.

Reuters - U.S. home prices fell a record 1.7 percent in the first quarter and the number of workers on jobless benefit rolls held at a four-year high, underscoring the economy's woes, data on Thursday showed.

Reuters - Merrill Lynch & Co Inc is setting up a group to get rid of troubled or underperforming assets and named U.S. fixed income sales head Doug Mallach its head, according to an internal memo.

Reuters - Ford Motor Co warned on Thursday that it no longer expected to meet a key target of returning to profitability in 2009 and would cut production through this year in response to a slumping U.S. auto market.

Reuters - As U.S. banks mop up the mess from billions of dollars of bad home loans, buyers are finding the days of cheap money are over and, in many cases, tougher versions of old lending rules now apply.

AP - With any luck, the second half of this year will be better than the so-far rocky first half. The Federal Reserve chief hopes that is the case. So does President Bush.

Reuters - Bill Miller, the star portfolio manager at Legg Mason Capital Management, has not yet decided whether to support a dissident board slate at Yahoo Inc backed by billionaire investor Carl Icahn.

Reuters - Oil prices pulled back from a record $135 a barrel on Thursday as dealers took profits from a dazzling rally and a recovering U.S. dollar dampened all commodities markets.

Reuters - U.S. airline shares were broadly higher on Thursday as oil prices -- directly linked to the price of jet fuel -- retreated from a record high above $135 a barrel.