House votes for more ‘cash-for-clunkers’ funds
The House of Representatives has quickly voted to allocate an additional $2 billion for the in demand ‘Cash for Clunkers’ car rebate program just ahead of its summer recess. The House voted 316-109 to transfer money from the Energy Department to the program after an initial $1 billion fund was nearly used up.

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 earnings plunge 71 pct
Chevron Corporation reported earnings of $1.75 billion or 87 cents per share in the second quarter, a decline of 71 percent compared to $5.98 billion or $2.90 per share in the same quarter a year ago. A decline in oil and gas prices and lower demand for fuel due to the poor economy hurt the results of the U.S.' second largest oil company.

U.S. utilities post gains despite economic crisis
Despite the economic crisis, major utility companies in the United States including American Electric Power Co, Dominion Resources and Constellation Energy Group, reported on Friday that second quarter earnings surpassed Wall Street expectations.

IMF: US recovery to be gradual
The recovery of the weak U.S. economy is expected to take place gradually and officials should be prepared to inject more monetary and fiscal stimulus should the rebound falter, the International Monetary Fund said in a statement on Friday. Additional fiscal stimulus could also be used, although the immediate focus should be on implementing the current fiscal measures and monitoring their impact.