IBT Staff Reporter

Former vice president Al Gore testified before the Congress on Friday that he supports a climate legislation which he says, will solve problems with the economy, climate and national security.

U.S. software company Microsoft still sees value in a potential partnership with Yahoo even though it is no longer wants to buy it, chief executive Steve Ballmer said on Friday.

Stocks rose on Friday on better-than-expected results from companies including American Express and Ford as reassuring data on manufacturing and housing boosted hopes the recession is showing signs of abating.

Sales of newly built U.S. single-family homes dropped 0.6 percent in March, but the stock of homes for sale at the end of the month still plummeted at a record pace, Commerce Department data showed on Friday.

Stocks extended gains on Friday, sending benchmark indexes up more than 1 percent, as a report on March new home sales suggested some stabilization in the housing market.

American Electric Power (AEP) one of the largest electric utilities in the country, reported earnings of $360 million or 89 cents per share for 2009 first quarter, compared to $573 million or $1.43 per share in the same period last year.

With a week remaining for Chrysler LLC to clinch a deal with Italy's Fiat , the U.S. automaker is readying a bankruptcy plan but still focused on reaching an alliance with the support of the Obama administration, people with knowledge of the discussions said on Thursday.

North Korea will stay away from international nuclear disarmament talks, Russia's foreign minister said on Friday after visiting the secretive state and pressing Pyongyang to return to the sputtering discussions.

Grammy-nominated gospel singer and composer the Rev. Timothy Wright died yesterday at Bronx Veterans Hospital at the age of 61.

Diversified U.S. manufacturer Honeywell International Inc reported a 38 percent drop in profit and cut its full-year earnings forecast to more closely match analysts' expectations, citing the weak economy.

Xerox Corp flipped to a profit in the first quarter, but revenue fell 18 percent in the first quarter as slumping customer demand took its toll on sales of printing equipment and supplies.

Diversified U.S. manufacturer Honeywell International Inc reported a 38 percent drop in profit and cut its full-year earnings forecast, citing the slumping economy.

U.S. corporate earnings are shaping up to be better than expected in the first quarter, compared with the previous quarter as bank results stabilize. But profitability remains well below pre-recession levels.

Wall Street was set for a modestly higher open on Friday as investors found bright spots in a slew of earnings results, including a smaller-than-expected loss from struggling Ford Motor Co.

Democrats in Congress worked on Thursday to win over U.S. lawmakers skeptical of climate change legislation, while climate leader California took another major step with low-carbon rules on fuels that could be copied nationwide.

North Korea will put two U.S. journalists arrested last month on its border with China on trial to face criminal charges, its media said on Friday, ratcheting up tensions already raised by a defiant rocket launch.

A debate over how to investigate Bush-era officials who authorized harsh interrogation tactics of terrorism suspects split Washington on Thursday, and Democrats squabbled over how to proceed.

Diversified U.S. manufacturer 3M Co reported a 48 percent drop in quarterly profit and cut its full-year earnings forecast, citing falling demand as its customers reduce inventories.

New orders for U.S. durable goods slipped 0.8 percent in March, far less than Wall Street expected, while their gain in February was revised downward, Commerce Department data showed on Friday.

President Dmitry Medvedev sacked Russia's most powerful spymaster on Friday in a move that underscores strained ties with some of the military top brass over a Kremlin-backed reform of the armed forces.

Indian envoys flew into Sri Lanka on Friday to urge a truce in the closing chapter of a 25-year war in which U.N. data showed nearly 6,500 civilians have been killed in the last three months.

The World Health Organization (WHO) voiced concern on Friday at a confirmed outbreak of swine flu in the United States and what it called more than 800 human influenza-like cases in Mexico, including about 60 deaths.

The American Wind Energy Association (AWEA) said on Thursday the call to develop offshore wind turbines in the Great Lakes by the New York Power Authority may help open up offshore wind development in the United States.

South Africa's ruling ANC celebrated a commanding lead in an election that will install Jacob Zuma as president and put him under immediate pressure to deal with a faltering economy and improve the lives of the poor.

Thailand's prime minister ended a 12-day state of emergency in Bangkok on Friday and called for constitutional reforms in a bid to heal the deep political rifts behind recent violent protests.

Mexico is canceling classes for millions of children in the heart of the country on Friday after influenza killed around 20 people in recent weeks.

British Prime Minister Gordon Brown has fallen further behind the opposition Conservatives to trail by 18 percentage points after his government announced a record budget deficit, an opinion poll showed on Friday.

Following are security developments in Iraq at 1600 on Thursday.

Schlumberger , the world's largest oilfield services company, reported a decline in first-quarter earnings on Friday as the global slump in energy demand forced its customers to reduce activity and seek price reductions.