Business news for Wed, 21 May 2008. 1301 news.

Runaway oil prices blew past $130 a barrel for the first time Wednesday, and many analysts are beginning to wonder whether anything can stop prices from rising.

Finisar may be able to create the kind of lasting success that its storied rival JDS Uniphase couldn't pull off.

Memorial Day is traditionally the beginning of grilling season. If you're in the market for a new barbecue, here are some recommendations from two reliable sources.

Countrywide boss Angelo Mozilo touched off a firestorm Wednesday when his callous response to a strapped homeowner's plea went public.

Top oil executives defended their record profits and called for the US to open up more land for exploration at a heated congressional hearing that reflected increasing political pressure on lawmakers to tackle the rising cost of petrol

NEW YORK (MarketWatch) -- One unique type of indexed investment is rapidly gaining popularity: "Structured products" are short-term to intermediate-term notes, which normally would pay interest. These don't. Instead, their payoff usually depends on the performance of an index, or maybe a commodity price such as oil or gold.

South Korean authorities intervened to prop up the won after the currency dropped to a 2?-year low against the dollar

NEW YORK (MarketWatch) -- Mutual-funds that focus on small companies are generally forced cut bait when an investment reaches a market capitalization of around $2 billion. But that could mean missing out on some of the best growth for a business.

The Federal Reserve on Wednesday sharply lowered its projection for economic growth this year, citing blows from the housing and credit debacles along with zooming energy prices. It also expects higher unemployment and inflation.

AP - More music fans signed up for Napster Inc.'s digital music offerings in the first three months of this year, boosting revenue and helping the online music retailer cut its fiscal fourth quarter loss by nearly half.

LONDON (Reuters) - Moody's Investors Service, already under fire over its role in the U.S. mortgage crisis, took another blow on Wednesday as it launched an external investigation after a report that it wrongly assigned triple-A ratings to complex European debt products.

A judge has ordered a Los Angeles-based company to pay more than $10 million for selling the state lead-tainted lunch boxes.

The Motion Picture Association of America says it has won $4.1 million in judgments against two Web sites for inducing copyright infringement.

Microsoft is seeking to pull Internet search traffic away from Google by offering Web shoppers cash rebates.

Amid word that the city of Chicago is going after StubHub for failing to collect taxes on ticket resales, officials here say they could follow suit.

Marston's may be best known for its Pedigree, Banks's and Jennings beers, but food is keeping afloat the pubs it runs

A round-up of the shorter City news stories from the Evening Standard, including oil prices, Brevan Howard, Xaar, 2entertain, Future, BHP and Rio Tinto

Halliburton, the US engineering giant, today gatecrashed takeover talks for British oilfield firm Expro International with a £1.7bn offer

A price tag of £800m was hung on the British Midland airline group today amid rising takeover speculation

Suez, one of the French bidders for Britain's fleet of nuclear reactors has pulled out to concentrate on more pressing business at home