Friday morning headlines

Stocks moving higher: Stability seems to be returning to the market - for now. Dow is up about 90 points (though that's down from the earlier highs).

Oil prices fall: Benchmark crude dropped $3 a barrel in 15 minutes after Libya's foreign minister declared a cease-fire and said the government would stop military operations against rebels. It's now trading at under $101. (AP)

G-7 stabilizes yen: The rising value of Japan's currency threatened to soften demand for Japanese exports - not a good thing when the country's economy is already struggling. From the NYT:

The governments of Japan, the United States, Britain and Canada, and the European Central Bank, will seek to reduce and stabilize the value of the yen by selling their own reserves of the Japanese currency for other currencies as necessary. Stabilizing exchange rates is intended to curb speculation, which the Japanese government described as a main driver of recent market activity. Weakening the yen will also allow consumers in other countries to buy Japanese goods at lower prices.

CA legislators finish budget slashing: They've signed off on about $14 billion worth of cuts (out of a $26 billion shortfall), but put off voting on bills to dismantle redevelopment agencies and call a special election to extend taxes. From the SF Chronicle:

Lawmakers will be on call today and over the weekend, so it is unlikely further action will take place until next week. Senate President Pro Tem Darrell Steinberg, D-Sacramento, said he would work to find Republican support for remaining items. He implored Republican lawmakers to respect that California voters elected strong Democratic majorities. Republicans head into the weekend with their state convention in Sacramento, where delegates will consider whether to censure and label as a "traitor" any Republican who votes to authorize a special election for the tax extensions and increases.

CEO pay days are way up: So much for the financial meltdown - chief executive bonuses at 50 major corporations jumped a median of 30.5 percent, the biggest gain in at least three years, according to a study for the WSJ.

One of the big bonuses landed in the wallet of Robert A. Iger, leader of Walt Disney Co. He earned $13.5 million for the year ended Oct. 2. That represents a 45.4% increase. Total shareholder return "was up nearly 24%--substantially more than the 14% return delivered during the same period by the S&P 500,'' said Zenia Mucha, a Disney spokeswoman.

Government sues ex-Wamu CEO: The FDIC is accusing Kerry Killinger and two of his top lieutenants with reckless lending before the 2008 collapse of the giant banking company. From the NYT:

In addition, the complaint says that Mr. Killinger and his wife, Linda, set up two trusts in August 2008 to keep his homes in California and Washington out of the reach of the bank's creditors. Months earlier, in the spring of 2008, Mr. Rotella and his wife, Esther, made similar arrangements. The F.D.I.C. is seeking to freeze the assets of both couples and named the wives as defendants in the lawsuit.

THR up for sale again?: The investment group that bought the Reporter and five other titles has been holding talks with several medium-sized publishing houses about swapping its asset for a part of a larger publishing company, reports the NY Post. But the price tag has "everyone's balking," the Post reports. Investors had paid $70 million for the publications just 15 months ago.

28 more Borders stores to close: That's on top of the 200 locations that were earlier slated for closures. The new list includes a store in Hollywood at the corner of Sunset Boulevard and Vine Street. (LAT)