IBT Staff Reporter

BP expects the total bill for the clean up of the Gulf of Mexico oil spill to be $3-6 billion, an analyst briefed by the oil giant's Chief of Staff said in a research note on Friday.

A lawmaker investigating a recent recall of Johnson & Johnson's children's medicine has accused the company of stymieing the inquiry, the New York Times reported.

Sales at retailers unexpectedly fell in May for the first time since September, pulled down by a record slump in purchases of building materials, according to a government report on Friday that added to fears the economic recovery was losing some muscle.

Sales at retailers unexpectedly fell in May for the first time in eight months, but a jump in consumer sentiment to a near 2-1/2 year high in early June eased fears of a slowdown in the economic recovery.

Stocks were little changed on Friday as May sales at U.S. retailers fell unexpectedly, while a consumer sentiment index topped forecasts, offering a mixed picture of the health of the U.S. economy.

Morgan Stanley and JPMorgan are the top candidates for the lead underwriting roles in the General Motors initial public offering, The Wall Street Journal reported, citing people familiar with the matter.

U.S. financial markets would be able to stomach gradual sales of the more than $1.4 trillion of mortgage-related debt the Federal Reserve bought to fight the credit crisis, a top Fed official said on Friday.

Gold extended gains in Europe on Friday as weaker-than-expected U.S. retail sales data brought risk aversion back to the market, pressuring stocks and the euro and boosting interest in bullion as a safe haven.

U.S. financial markets would be able to stomach gradual sales of the more than $1.4 trillion of mortgage-related debt the Federal Reserve bought to fight the credit crisis, a top Fed official said on Friday.

Mexico's peso slipped from a three-week high on Friday after an unexpected drop in May U.S. retail sales dented the outlook for Mexican exports. The peso MXN=MEX01 lost 0.36 percent to 12.7309 per U.S. dollar.

The dollar surrendered gains against the yen on Friday after data showing a surprise drop in U.S. retail sales last month dented risk appetite and raised questions about the strength of recovery.

Consumer sentiment improved in early June to its strongest level in nearly 2-1/2 years, bolstered by hopes of better job and credit conditions, a survey released on Friday showed.

The euro zone does not risk relapsing into recession and markets are overly pessimistic about Europe's common currency, members of the European Central Bank said on Friday.

Sales at retailers unexpectedly fell in May for the first time since September following a record slump in purchases of building materials, adding to fears the economic recovery was losing some steam.

A bidder is offering to pay $1,500,100 for a steak lunch with the billionaire investor Warren Buffett, driving the top bid more than $500,000 higher in seven minutes as the annual charity auction on eBay Inc's website heads into the homestretch.

Stocks were set for a lower open on Friday after sales at U.S. retailers unexpectedly fell in May, stirring fears the economic recovery was losing some steam.

The advisory panel also recommended post-marketing collection of additional safety data and evaluation of a lower dose

Spain's economy ministry said on Friday it had not made a request for economic aid from the European Union, after a newspaper report that the EU was preparing to activate a package in case Madrid asked for it.

Chinese inflation quickened to a 19-month high in May, but a moderation of growth in factory output and capital spending eased worries for some analysts that the world's third-largest economy could boil over.

Sales at U.S. retailers unexpectedly fell in May for the first time since September, pulled down by a record slump in purchases of building materials, according to a government report on Friday that added to fears the economic recovery was losing some steam.

Banks are to get more time to implement new capital rules and some proposals will be eased to ensure the industry can adjust to the new standards, a top central banker and regulator said, lifting the sector on Friday.

Gold rebounded on short covering on Friday after falling around 1 percent in the previous session, while a rise in ETF holdings to another record showed bullion still attracted buying from investors.

Stock index futures were little changed on Friday, with the benchmark S&P 500 on track for its best weekly performance in a month ahead of data on retail sales and consumer sentiment.

Stock index futures were little changed on Friday, with the benchmark S&P 500 on track for its best weekly performance in a month ahead of data on retail sales and consumer sentiment.

The euro rose on Friday on the back of higher stocks, but the single currency struggled to extend its short-covering rally versus the dollar due to technical resistance and options-related selling.

The European Union should have stepped in earlier than it did with a rescue package for Greece, European Central Bank board member Nout Wellink said on Friday.

Workers at a lock factory in southern China that supplies Honda Motor Co challenged managers on Friday, demanding higher pay and freedom to form independent unions, banned in the export powerhouse.

Like the risk-on, risk-off volatility that has buffeted global markets this year, China's currency policy has been subjected to bouts of pressure and criticism from abroad interspersed with periods of calm.

Rumaila, the workhorse of Iraq's oil industry and its largest producing oilfield, is buzzing with activity as executives, engineers and drillers begin a massive overhaul to nearly triple its million barrels per day output.