IBT Staff Reporter

U.S. lawmakers took the final steps on Friday to pass sweeping legislation giving the U.S. Food and Drug Administration broad authority over cigarettes and other tobacco products, sending the bill to the president to be signed into law.

General Motors Corp is trying to cement an agreement with Canadian auto parts group Magna to buy its European unit, Opel, and is willing to broaden discussions if necessary, GM's chief executive said on Friday.

Oil fell on Friday, dragged from eight-month highs as the dollar firmed and players took profits from a three-day rally.

The rapid rise in bond yields will force the Federal Reserve to engage again in the purchases of U.S. Treasuries and mortgage-backed securities, Mohamed El-Erian, the chief executive of bond giant Pacific Investment Management Co., said Friday.

The effects of the recession has caused global airlines to cut capacity for eleven successive months, the month of June however is seen as the silver lining on the cloud where the capacity cut was less as airlines expect an increase in travel over the summer.

A rise in defensive sectors like pharmaceuticals pushed the Dow and S&P 500 higher on Friday, while technology shares dragged on the Nasdaq after National Semiconductor's disappointing outlook.

South Africa's National Union of Metal Workers (NUMSA) is taking the local arm of General Motors (GMSA) to court over job losses it says are linked to the parent company's financial woes, the union said on Thursday.

Chief White House economic adviser Lawrence Summers on Friday vigorously defended the administration's aid for banks and carmakers as necessary, temporary measures rather than lasting market intrusions.

Alaska Gov. Sarah Palin defended the construction of a $26 billion natural gas pipeline on Friday saying this energy resource is needed and will contribute to the U.S. economy, environment and national security.

Plans by major U.S. airlines to slash the number of seats they sell may bolster fares this fall, further stabilizing prices that tumbled this year as economic weakness drained travel demand.

President Barack Obama said on Friday he was hopeful the robust debate taking place in Iran's presidential election would advance his administration's efforts to engage longtime U.S. rival Tehran in new ways.

Oil eased toward $72 a barrel on Friday, a day after reaching a near eight-month high, pressured by a firmer dollar and views that prices have risen too far despite improving economic sentiment.

More than 95 percent of eligible dealers at bankrupt General Motors Corp have signed on or verbally agreed to participate in the new company, Chief Executive Fritz Henderson said on Friday.

U.S. consumer confidence rose to a nine-month high in June, a survey showed on Friday, but inflation gauges showed worrisome signs of price increases that could slow any recovery from the longest recession since the Great Depression.

France's Total said on Friday that 1,200 contractors have walked out on unofficial strike over planned redundancies at its British Lindsey refinery.

Proposed legislation that would provide consumers with a $15,000 tax credit for home purchases to stimulate the depressed U.S. housing market is seen as having very little chance of getting through Congress.

Apple said its so called world's fastest browser Safari 4 has been downloaded 11 million times since it was released three days ago and more than half of the downloads came from PCs and laptops that use rival Windows as its operating system.

Matt Bording doubts many in his financial bind would agree that home prices in California are near a bottom. And there are many in his predicament.

Technology shares led Wall Street's drop on Friday after National Semiconductor's disappointing results, but a rise in defensive sectors like healthcare limited losses in the Dow and S&P 500.

As the United States pours troops into Afghanistan and boosts its role in the NATO force's command structure, Washington is trying to reassure its allies that it still wants the war to be a joint effort.

The two primary watchdogs of the U.S. financial bailout program are studying whether taxpayers will get a fair return on banks' warrants as the largest firms repay government investments, according to a letter sent to lawmakers this week.

An effort by the U.S. Internal Revenue Service to revamp the way employers and workers account for personal cell phone use is intended to save companies money, an IRS official said on Friday.

The U.N. Security Council Friday unanimously approved expanded sanctions and a trade and arms embargo against North Korea over its May 25 nuclear test.

Germany will press G8 finance ministers to start working on how to return policy to normal after months of crisis at a meeting in Italy on Friday, although hopes the world economy has turned the corner are still fragile.

Chancellor Alistair Darling will press his G8 colleagues this weekend to speed up clearing up toxic assets from their banks' balance sheets.

Iranians streamed to polling stations on Friday in a hotly contested election and allies of hardline President Mahmoud Ahmadinejad and his main moderate challenger issued rival victory claims.

U.S. lawmakers took the final steps on Friday to pass sweeping legislation giving the U.S. Food and Drug Administration broad authority over cigarettes and other tobacco products, sending the bill to the president to be signed into law.

The two primary watchdogs of the U.S. financial bailout program are studying if taxpayers will get a fair return on banks' warrants as the largest firms repay government investments, according to a letter sent to lawmakers this week.

Oil fell below $72 a barrel on Friday, a day after reaching a near eight-month high, pressured by a firmer dollar and views that prices have risen too far despite improving economic sentiment.