AP - The dollar kept spiraling down Friday, hitting another low against the euro and dropping to a three-year record against the yen, as worries about the U.S. economy depress the currency and raise thorny issues in Europe about how to cope with the growing gap.

Reuters - American International Group ,
on the heels of reporting its largest-ever loss, said on Friday
the subprime crisis had thrown it into “uncharted waters” that
were likely to remain choppy through 2008.

Reuters - Stocks tumbled on Friday as another
round of weak economic data added to U.S. recession fears and a
record loss at insurer AIG underscored worries about more
write-downs in the financial sector.

Reuters - The Federal Reserve’s rapid-fire
interest rate reductions were warranted, but the central bank
must reverse course quickly once calm is restored to financial
markets, Fed officials said on Friday.

Reuters - Venezuelan state oil firm PDVSA told a
UK court on Friday that a $12 billion freeze on its assets
should not have been granted to Exxon Mobil as the oil
major’s arguments were “sheer fantasy land.”

AP - Consumer spending is threatening to stall out while consumer confidence, battered by soaring energy costs and falling home prices, has taken a steep nosedive.

Reuters - Wells Fargo & Co, the fifth-largest
U.S. bank, said on Friday it has recorded a $39 million loss
tied to some complex debt that has lost value and which is held
by its money market mutual funds.

NewsFactor - Microsoft said on Thursday it plans to slash prices on its Windows Vista operating system sold through retail channels. The company wants consumers to upgrade to the latest version of its flagship product.

Reuters - The alarm bells of U.S. recession rang
louder on Friday as reports showed business activity in the
U.S. Midwest plummeted in February and consumer sentiment
slumped to a 16-year low.

FT.com - Yell was hit by heavy selling again Thursday after a US rival reduced its earnings forecast because of the weakening domestic economy.