IBT Staff Reporter

The climate change and energy policy bill winding its way through the U.S. Congress shows a new federal eagerness to build a renewable energy future, but what specifically to build where is still up for debate.

General Motors Co. emerged from bankruptcy today, with chief executive officer Fritz Henderson saying the top priorities for the company will be “customers, cars, and culture.”

The Dow industrials and the S&P 500 opened lower on Friday after Chevron Corp warned about second-quarter earnings, compounding worries about the energy sector's outlook amid a drop in oil prices.

The U.S. trade gap narrowed unexpectedly to $26 billion in May, the smallest since November 1999, as exports rose and domestic demand for foreign goods slumped, government data on Friday showed.

Cisco Systems Inc is in the process of cutting between 1,500 and 2,000 jobs. according to an report from Thomas Weisel analyst Hasan Imam.

Bob Lutz will “un-retire,” Henderson said, saying he has decided to return, working on creative design, brands, marketing and advertising at the company. He will report to Henderson.

Wall Street was poised for a lower open on Friday after Chevron warned about second-quarter earnings, raising the specter of a weaker-than-expected second-half economic recovery and anemic corporate profits.

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The U.S. trade gap narrowed unexpectedly to $26 billion in May to the lowest reading since November 1999 as exports rose despite weak global demand and imports shrank, government data on Friday showed.

Google Inc Chief Executive Eric Schmidt said he will talk to Apple Inc about how his role on its board might change after Google's move to launch a new operating system.

A Chinese steel executive detained along with four Rio Tinto employees is being investigated for leaking China's bottom line on iron ore prices, a source with knowledge of the probe said on Friday.

U.S. stock index futures pointed to a lower open on Friday after Chevron warned about second-quarter earnings, raising the specter of a weaker-than-expected second-half economic recovery and anemic corporate profits.

'New GM' may launch today, Officials to meet with detained Rio exec, Small-Cap earnings

Treasury Secretary Timothy Geithner is set to propose on Friday giving securities and futures regulators authority to police the over-the-counter derivatives market, according to a document obtained by Reuters.

UBS AG Chief Executive Oswald Gruebel sent a memorandum to the bank's top executives on Thursday saying the bank could not comply with a U.S. government request to disclose the identity of 52,000 secret account holders, a source familiar with the situation told Reuters.

U.S. stock index futures pointed to a lower open on Friday after Chevron Corp warned about its second-quarter earnings, raising the specter of a weaker-than-expected second-half economic recovery and anemic corporate profits.

Russia's Kemerovo region has notified ArcelorMittal that it will seize two of the world's largest steel maker's coal mines if production levels do not increase, the Siberian region said in a statement.

Anglo American Plc appointed veteran industrialist John Parker as chairman on Friday, moving to bolster its leadership as it seeks to fend off an unwanted merger proposal by rival Xstrata Plc .

* U.S. stock index futures pointed to a lower open on Wall Street on Friday, as investors turned cautious after oil major Chevron Corp warned over its second-quarter earnings.

The price of nearly one in four U.S. homes for sale on July 1 had been sliced at least once since landing on the market, data compiled by real estate website Trulia.com showed on Friday.

U.S. Treasury Secretary Timothy Geithner is set to propose on Friday giving securities and futures regulators authority to police the over-the-counter derivatives market, according to a document obtained by Reuters.

UBS cannot comply with a U.S. request to disclose the identity of 52,000 U.S. secret account holders, the bank's chief executive Oswald Gruebel said in an internal memorandum, according to a source familiar with the situation.

UBS AG Chief Executive Oswald Gruebel sent a memorandum to the bank's top executives on Thursday saying the bank could not comply with a U.S. government request to disclose the identity of 52,000 secret account holders, a source familiar with the situation told Reuters.

(Corrects spelling of UBS chief executive throughout to 'Gruebel' from 'Grubel')

Infosys Technologies Ltd beat expectations with a 17 percent rise in quarterly profit and raised its full-year forecast at the lower end on hopes for a pick up in outsourcing demand from overseas clients.

UBS AG Chief Executive Oswald Grubel sent a memorandum to the bank's top executives on Thursday saying the bank could not comply with a U.S. government request to disclose the identity of 52,000 secret account holders, a source familiar with the situation told Reuters.

General Motors on Friday prepared to exit bankruptcy with the message that a leaner and meaner automaker ready to win back American consumers and pay back taxpayers has emerged from its failure.

Media executives were unusually somber at their annual retreat in Sun Valley, Idaho this week, with News Corp Chief Executive Rupert Murdoch surprised at what he described as the very bearish mood.

American International Group is preparing to pay next week millions of dollars more in bonuses to dozens of corporate executives, a source familiar with the development said.