UNITED STATES

Stocks dipped on Friday as a move by the U.S. government to take a large stake in common shares of embattled Citigroup fanned fears it will take a bigger role in overseeing some troubled major banks.

Chrysler LLC, which is seeking $5 billion in additional federal aid to survive, has lowered the thermostat, dimmed the lights and stripped the clocks from the walls of its sprawling headquarters to save cash.

The U.S. government will boost its equity stake in Citigroup Inc to as much as 36 percent, bolstering the bank's capital base in the latest emergency effort to save the ailing banking giant.

General Electric Co plans to cut its quarterly dividend to 10 cents a share starting in the second half of 2009, a move that it said would provide it with more flexibility in the face of a recession.

General Electric's Energy Financial Services unit signed a deal to invest $150 million to partner with ATP Oil & Gas Corp. to operate a floating oil and gas production unit in the deep waters of the Gulf of Mexico.

The European unit of U.S. carmaker General Motors said it planned to spin off its German arm Opel and needed 3.3 billion euros ($4.2 billion) in state aid to avert job cuts and site closures.

Ford Motor Co expects U.S. auto industry sales to drop to about a 9 million unit range on an annualized basis in February as retail demand slipped, the automaker's chief sales analyst said on Friday.

Accused swindler Bernard Madoff moved $164 million from his firm in Britain to New York in the weeks before he was arrested on a charge of running the largest Ponzi scheme in Wall Street history, according to court papers.

The court-appointed receiver overseeing the financial empire of Texas billionaire Allen Stanford, who is charged with fraudulently selling $8 billion in certificates of deposit, has located $90 million in assets so far, an FBI agent said on Friday.

Crude oil futures dropped more than 3 percent on Friday for the decline in four days after U.S. data showed economic activity had the largest quarterly decline since 1982.

U.S. stocks dipped on Friday as a move by the U.S. government to take a large common equity stake in embattled Citigroup sowed more uncertainty over the fate of banks and grim economic data weighed on trading.

The European unit of U.S. carmaker General Motors said it planned to spin off its German arm Opel and needed 3.3 billion euros ($4.2 billion) in state aid to avert job cuts and site closures.

The U.S. economy suffered its deepest contraction since early 1982 in the fourth quarter, shrinking at a much worse-than-expected 6.2 percent annual rate as exports plunged and consumers slashed spending.

Stocks briefly cut losses on Friday as investors scoured the market for beaten-down shares following the S&P 500's earlier drop to a 12-year low.

Stocks slid to a 12-year low on Friday as a move by the U.S. government to take a large common equity stake in embattled lender Citigroup sowed more uncertainty over the fate of major banks.

Stocks slid to a 12-year low on Friday as a move by the U.S. government to take a large common equity stake in embattled lender Citigroup sowed more uncertainty over the fate of major banks.

General Motors' German unit Opel agreed to a restructuring plan that aims to save as many jobs and factories as possible but needs 3.3 billion euros ($4.18 billion) in state aid, GM officials said.

Canadian fighters scrambled to intercept an approaching Russian bomber less than 24 hours before U.S. President Barack Obama's visit to Ottawa last week, Canadian Defense Minister Peter MacKay said on Friday.

The world faces a final opportunity to agree an adequate global response to climate change at a U.N.-led meeting in Copenhagen in December, the European Union's environment chief said on Friday.

Southern African finance ministers agreed on Friday to push for donor help to rebuild Zimbabwe from economic collapse, and put the initial need at $2 billion, South Africa's foreign minister said.

Genentech Inc holds its annual research and development day on Monday as it aims to convince shareholders that the company is worth far more than the $42 billion Roche has said it is willing to pay for it.