Stocks are on the rise in the early going on Wall Street. Priceline.com and chip maker Nvidia both rose after reporting higher earnings. And clothing store chain Gap rose after reporting higher sales in April and predicting higher-than-expected first-quarter earnings. Japanese stocks surged after the dollar rose above 100 yen for the first time in four years.
- Financial leaders from the world's top seven economies are gathering in Britain this weekend to discuss how to shore up the global recovery. The role of central banks in supporting the global economy is set to be a key point of discussion at the Group of Seven meeting of finance ministers and central bankers. But most eyes will be focused on the falling yen and the aggressive monetary policy being pursued by the Bank of Japan to try to end the country's economic stagnation.
- Federal Reserve Chairman Ben Bernanke says the Fed has broadened its oversight beyond banks and now monitors a wide range of financial institutions that could hasten another financial crisis. Chief among them is the so-called shadow banking system, which includes loans that are turned into securities and sold to investors. Bernanke says the Fed is also looking more closely at asset markets and the nonfinancial sector, which includes consumers and businesses.
- Dell's largest independent shareholder is teaming with activist investor Carl Icahn in another challenge to a bid by Dell's founder to take the struggling computer maker private. Southeastern Asset Management and Icahn say they will offer shareholders $12 per share in cash or additional stock in a deal that keeps Dell Inc. publicly traded. An investment group led by Michael Dell is offering $13.65 per share in a deal that would take the company private.
- PepsiCo says it plans to start testing new fountain equipment for restaurants that offers nearly 100 different flavor combinations. The test is set to begin at five restaurants in Denver. It follows Coca-Cola's introduction in 2009 of its Freestyle machine, which also lets customers touch a screen to pick from a wide array of flavor combinations.