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Lawmakers eye clunkers program extension

Legislation that would add $2 billion to a cash-for-clunkers program aimed at spurring U.S. automobile sales could move quickly through the U.S. Congress, Michigan Senator Debbie Stabenow said on Friday.

Government looks for more money for clunkers program

The U.S. Cash for Clunkers plan to jump start car sales by offering up to $4,500 for older cars swapped out for new ones is so successful that the White House and Congress were scrambling on Friday to find $2 billion more for the program.

Wall Street loses ground on GDP data

The benchmark S&P 500 index briefly turned negative on Friday, while both the Dow and the Nasdaq trimmed earlier gains, as investors fretted about the economy's recovery prospects following a mixed report on second-quarter gross domestic product.

U.S. utilities post strong results

U.S. power producers, led by American Electric Power Co , Dominion Resources and Constellation Energy Group , posted quarterly earnings that topped Wall Street expectations even as demand from industrial customers weakened because of the recession.

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Deal reached in UBS tax case

The United States and UBS AG have reached an agreement in principle to settle their dispute over U.S. demands for the names of thousands of wealthy Americans suspected of using the Swiss bank to evade taxes, a U.S. Justice Department attorney said on Friday.

Clinton says agreement in principle with UBS

U.S. Secretary of State Hillary Clinton said on Friday there had been an agreement in principle with Switzerland over a tax case involving Swiss bank UBS .

U.S. economy fares better than expected in latest quarter

The U.S. economy contracted at a slower-than-expected pace in the second quarter, government data showed on Friday, but a sharp drop in consumer spending fanned fears that recovery would be sluggish.

Buffett reaps $1 billion profit on Chinese carmaker

Warren Buffett's Berkshire Hathaway Inc has realized a $1.02 billion paper profit on a 10-month-old investment in BYD Co after shares in the Chinese car and battery maker quintupled.

Lawmakers eye $2 billion to extend clunkers program

Top U.S. utilities post strong quarterly results

U.S. power producers American Electric Power Co , Dominion Resources and Constellation Energy Group posted quarterly earnings on Friday that topped Wall Street expectations even as demand from industrial customers weakened because of the recession.

Wall St gains on recovery bets, but cautious

Stocks edged higher on Friday after the government reported the economy shrunk at a slower-than-expected pace in the second quarter, which investors took as a sign the recession is easing.

Chevron profit tumbles, misses Wall Street view

Chevron Corp reported a 71 percent drop in second-quarter profit Friday as oil and gas prices fell from a year earlier and the economic slump shrank demand for fuel.

U.S. economy contracts one percent in second quarter

The U.S. economy contracted at a slower-than-expected pace in the second quarter as the slump in business and residential investment moderated sharply, according to government data on Friday that backed views the recession was winding down.

U.S. economy barely grew in 2008

The U.S. economy barely grew during 2008, at about a third the rate previously thought, the Commerce Department said on Friday, largely because plunging home values undermined consumer spending.

Wall St edges up after Chicago PMI and GDP data

U.S. stocks edged higher on Friday, helped by an improving outlook for business activity in the U.S. Midwest in July.

U.S. economy likely contracted in Q2, recovery seen

The U.S. economy probably contracted again in the second quarter, pressured by a huge inventory liquidation, but the pace of decline likely slowed from previous periods, according to a Reuters survey.

U.S. and UBS reach deal in tax case

U.S. clinches deal in UBS tax case

U.S. Secretary of State Hillary Clinton said on Friday there had been an agreement in principle with Switzerland over a tax case involving Swiss bank UBS .

Gazprom sees Sakhalin-1 gas deal with Exxon

Russian gas export monopoly Gazprom hopes this year to agree with U.S. energy major ExxonMobil Corp over gas supplies to a new far eastern pipeline, a senior Gazprom executive said on Friday.

AutoNation profit off, but sees improving market

Top U.S. auto dealership group AutoNation Inc posted a 29-percent drop in quarterly earnings but forecast an improving U.S. vehicle market after slashing inventory costs and seeing a sharp gain in July sales.

Daily Outlook - July 31

Economy stabilizing, Tax Row Deal, Chevron's plunge

New funding sought for U.S. clunker program

The U.S. government's $1 billion cash for clunkers auto sales incentive program reached its funding limit unexpectedly after an avalanche of business exhausted its funds, an Obama administration official said late Thursday.

U.S. recession pains minorities, but hope persists

The recession has delivered a disproportionate blow to blacks and Hispanics, yet minorities may be more optimistic about the economy than most Americans and many feel they have earned a place at the corporate table.

U.S. Q2 employment costs rose 0.4 pct

U.S. employment costs rose by a bigger-than-expected 0.4 percent in the second quarter, as the deep recession and high unemployment held back worker pay and benefits, a Labor Department report showed on Friday.

California still in bad shape after budget: Moody's

California's new budget deal may brake the recent decline in the state's rating but the one-time nature of many of the measures taken to close a $24 billion deficit leave the state in bad shape, Moody's Investors Service said on Thursday.

Wall St set to dip after GDP data

Stocks headed for a lower open on Friday after data showed the U.S. economy contracted for the fourth straight quarter and consumer spending dropped sharply, fanned fears that a recovery would be weak.

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