IBT Staff Reporter

CIT Group Inc was in discussions on Thursday with potential lenders to secure financing, after the collapse of rescue talks with the government left the company on the brink of bankruptcy.

CNOOC and Sinopec have agreed to buy a stake in an Angolan oil block from U.S. oil major Marathon Oil, as the Chinese state-owned oil companies continue to buy up overseas energy assets.

Oil bounced above $62 a barrel on Friday, buoyed by U.S. data suggesting the battered housing sector was beginning to stabilize and pointing to a gradual recovery from recession.

GE beats estimates, Mattel tops views

Nissan Motor Co aims to develop its own hybrid technology for small and midsize cars and end its procurement of hybrid components from Toyota Motor Corp, the Nikkei business daily reported on Friday.

Toy maker Mattel Inc posted a higher-than-expected quarterly profit on Friday as cost cuts offset a decline in sales and the impact of the stronger U.S. dollar, sending its shares up more than 3 percent.

Citigroup Inc , one of the big U.S. banks hit hardest by the financial crisis, posted a quarterly profit as gains from the sale of its Smith Barney brokerage into a joint venture more than offset losses from its primary banking businesses.

To address the serious threat of global warming, Americans should be required to pay for the carbon content of goods they consume from countries around the world, a top U.S. official said on Friday.

General Electric Co said profit fell by almost half, on a deeper drop in revenue than Wall Street expected, as the slump that has gripped its finance and media businesses took hold of its heavy industrial units.

Honda Motor Co Ltd, Japan's No.2 automaker, said on Friday it will start partial weekend shifts at two factories in Japan as the government's tax incentives for low-emission cars help sales.

Stocks headed for a flat open on Friday as upbeat housing data for June counteracted worry over the quality of corporate profits from General Electric Co and Google Inc .

Stock index futures briefly trimmed losses on Friday following a government report showing new U.S. housing starts and permits jumped more than expected in June.

Citigroup Inc on Friday reported quarterly earnings.

U.S. Treasury Secretary Timothy Geithner is more optimistic on the economic outlook than he was three months ago, he said in an interview with French newspaper Le Monde published on Friday.

Stock index futures fell on Friday as caution took root following four days of gains, after General Electric Co's quarterly earnings sank and Google Inc pointed to weaker advertising and revenue growth, despite beating expectations.

Bank of America Corp posted a quarterly profit that topped Wall Street forecasts, but the largest U.S. bank warned of a fresh surge in troubled loans from credit card, mortgage and business customers due to the weak economy.

Oil slipped below $62 a barrel on Friday, undermined by concerns over the outlook for the world economy, a stronger dollar and some selling pressure after four days of gains.

Bank of America Corp posted a lower quarterly profit on Friday, hurt by a surge in troubled loans as more credit card and mortgage customers fell behind on payments.

(Corrects profit decline before preferred stock divideds to 5 percent from 7 percent, in 3rd paragraph)

Goodyear Tire & Rubber Co said it will close its tire plant in the Philippines by the end of the third quarter, as it tries to cut production capacity to cut costs by $700 million this year.

Stock index futures fell on Friday after General Electric Co's quarterly earnings sank and Google Inc, despite beating profit expectations, pointed to weaker advertising and revenue growth.

Bank of America Corp posted a lower quarterly profit on Friday, hurt by a surge in troubled loans as more credit card and mortgage customers fell behind on payments.

S&P 500 stock index futures extended losses on Friday on caution over how long the market's recent run-up would last, following General Electric Co and Bank of America Corp quarterly results.

General Electric Co said profit fell by almost half, on a deeper drop in revenue than Wall Street expected, as the slump that has gripped its finance and media businesses took hold of its heavy industrial units.

Bank of America Corp on Friday reported second-quarter results.

British Airways unveiled a $1 billion fundraising aimed at securing its future, including $540 million in bank loans that had been earmarked for its pension funds as a safety net against the airline going bust.

General Electric Co said profit fell by almost half, on a deeper drop in revenue than Wall Street expected, as the slump that has gripped its finance and media businesses took hold of its heavy industrial units.

General Electric Co said profit fell by almost half, on a deeper drop in revenue than Wall Street expected, as the slump that has gripped its finance and media businesses took hold of its heavy industrial units.

U.S. banks, at the center of the world's financial crisis, will command investor focus on Friday with Bank of America and Citigroup results following strong showings from their peers.