UNITED STATES

Citigroup reported better-than-expected results as an accounting benefit for distressed companies, cost-cutting and improved trading results helped offset red ink from consumer lending and credit cards.

Two influential investor advisory groups sharply rebuked Bank of America Corp Chief Executive Kenneth Lewis over his handling of the buyout of ailing Merrill Lynch & Co, recommending he be thrown off the bank's board at its upcoming annual meeting.

Leading Democratic senators and three of the largest U.S. banks are narrowing the scope of legislation that could let troubled homeowners avoid foreclosure through bankruptcy courts, several sources familiar with the negotiations said.

Stocks rose on Friday, capping the S&P 500's longest weekly winning streak since 2007, helped by a reassuring report on the mood of consumers and stabilization in General Electric and Citigroup's quarterly results.

Canadian police, acting on a tip-off from the United States, charged a Toronto man on Friday with trying to illegally export nuclear technology to Iran.

Human rights groups said on Friday the United States and the European Union should take part in next week's U.N. conference on racism now that diplomats have removed the most contentious sections of the conference declaration.

The Obama administration opened the way to regulating U.S. greenhouse gas emissions on Friday by declaring climate-warming pollution a danger to human health and welfare, in a sharp policy shift from the Bush administration.

Farm ministers of the Group of Eight meeting in Italy this weekend aim to forge a strategy to secure food supplies and stabilize prices, as rich nations scramble for acreage abroad to feed their people.

Diplomats reached agreement on Friday on a declaration for next week's politically charged United Nations conference on racism, adding to the pressure on Washington and Brussels to decide whether to attend.

Stocks rose on Friday, capping the longest weekly winning streak since 2007, helped by a reassuring report on the mood of consumers and stabilization in General Electric and Citigroup's quarterly results.

Leaders from across the Americas gathered on Friday for a summit overshadowed by an intense debate over a possible reconciliation between the United States and Cuba and how this could be achieved.

Federal Reserve Chairman Ben Bernanke said on Friday that the U.S. recession had done lasting harm to household finances and that regulators must protect consumers from willfully confusing forms of credit.

On Tuesday U.S. Treasury Secretary Timothy Geithner will be questioned over his handling of the program and how he plans his plans to remove problem assets from bank balance sheets.

General Motors Corp Chief Executive Fritz Henderson said on Friday the automaker was readying detailed plans for a bankruptcy filing that now appears more likely even as it races to complete a business plan under federal oversight.

Verizon CEO Ivan Seidenberg said the chances of an iPhone on his network will be greater once a 4G cellular network is in place, according to the Wall Street Journal.

General Electric Co reported a better-than-expected quarterly profit as strength at its energy equipment business offset falling earnings at its hefty finance arm and the NBC Universal media affiliate.

Two influential investor advisory groups sharply rebuked Bank of America Corp Chief Executive Kenneth Lewis over his handling of the buyout of ailing Merrill Lynch & Co, recommending he be stripped of his role of chairman at the bank's upcoming annual meeting.

Stocks rose on Friday as an upbeat consumer survey fueled hopes that the U.S. economic slump may be moderating and investors bet on strong results ahead following reassuring reports from General Electric and Citigroup .

Citigroup Inc reported a smaller-than-expected first-quarter loss for shareholders as cost-cutting and improved results in investment banking and trading helped to offset red ink from consumer lending and credit cards.

The Dow Jones industrial average and the S&P 500 climbed to session highs on Friday, with investors encouraged by a consumer survey that added to hopes that the U.S. economy may be stabilizing and fueled expectations for more upbeat first-quarter corporate results.

Citigroup Inc reported a smaller-than-expected first-quarter loss for shareholders as cost-cutting and improved investment banking and trading results helped offset red ink from consumer banking and credit cards.