Economy stabilizing in 2Q
The U.S. Gross Domestic product fell at an annual rate of 1.0 percent in the second quarter, declining less than the 6.4 percent it fell in the first quarter. Consumer spending fell by 1.2 percent after rising 0.6 percent in the previous quarter, according to a government report released this morning.

U.S.-UBS reach tax row deal
The U.S. government and Swiss banking giant UBS AG have reached an agreement in principle to resolve a tax dispute involving thousands of U.S. accounts at the bank, a U.S. Justice Department attorney told Reuters on Friday. He said major issues have been agreed to but some others remain to be resolved in the coming week.

Chevron’s profit plummets
Chevron Corp reported a 71 percent decline in profit to $1.75 billion, or 87 per shares. Analysts had expected earnings of 92 cents, according to a survey by Bloomberg. Revenue was down 51 percent to $40 billion. The result matches similar sharp drops in profit and revenue at other major oil firms such as Exxon Mobil and Shell.