IBT Staff Reporter

U.S. automaker Chrysler, already operating under government emergency aid, would cede control of its board and ultimately senior leadership if it completes a planned alliance with Italy's Fiat SpA.

Citigroup Inc posted a first-quarter loss on Friday, reflecting a large amount of credit losses and the accounting for preferred stock.

General Electric Co reported a 36 percent drop in quarterly profit, but topped Wall Street's expectations on the back of its large energy operation, which makes electricity-producing turbines.

U.S. stock index futures were flat to lower after shares of Citigroup and General Electric edged higher following quarterly results from both Dow components.

U.S. automaker Chrysler, already operating under government emergency aid, would cede control of its board and ultimately senior leadership if it completes a planned alliance with Italy's Fiat SpA.

General Electric Co reported a 36 percent drop in quarterly profit, as a global recession pounded its hefty finance arm, but the company said the order backlog at its industrial arm remained stable.

Volkswagen may have become the world's top-selling automaker in the first quarter as government incentives have fueled demand in its major markets, overtaking industry giant Toyota.

Mattel Inc , the world's biggest toy company, posted a slightly wider-than-expected quarterly loss on Friday, hurt by the effect of a stronger dollar and inventory cuts at retailers.

Phishing scams have grown up from the unsophisticated swindles of the past in which fake Nigerian princes e-mailed victims, who would get a big windfall if they just provide their bank account number.

Mobile phone maker Sony Ericsson said on Friday it would slash another 2,000 jobs this year to fight a slumping handset market as it posted a big first-quarter loss in line with expectations.

Google's quarterly profit topped expectations, helped by cost controls, but Chief Executive Eric Schmidt said the economic environment remains tough with Internet users still searching but buying less.

Institutional investors are participating in a broad-based recovery in equities with the United States leading the way and the euro zone lagging, State Street said on Friday.

World stocks steadied on Friday but were still on track for a sixth consecutive week of gains, while the euro fell on worries about the region's prospects.

The struggling cellphone market has not yet touched bottom, the chief financial officer of top mobile phone maker Nokia was quoted as saying on Friday.

Asian stocks rose on Friday after results from JPMorgan and Google kept shares on track for a sixth week of gains, while the euro fell to a one-month low on uncertainty over what non-standard policy action the European Central Bank will enact.

Asian stocks rose on Friday and the yen slipped, after upbeat results from JPMorgan and Google kept a revival of risk taking alive, with Asian shares outside Japan on track for a sixth week of gains.

Volkswagen AG may have passed Toyota Motor Corp as the world's top selling automaker in the first quarter, helped by robust demand in its main markets, while its Japanese rival suffered sharp declines, partial company data suggests.

Investors have hired attorneys to argue that large banks have a conflict of interest as mortgage servicers and holders of second liens, as a government plan to give servicers the power to rework the troubled loans has raised concerns.

Two top Fed officials are split on their outlook for the economy, with The Atlanta Fed chief saying he expects and end to the recession in months while the San Francisco Fed president saying she does not yet see a bottom.

Citigroup was sued on Thursday by Braintree Laboratories Inc over its sale of auction rates securities. The suit claims that bank sold $33.2 million of the ARS as money market instruments

Starwood Hotels & Resorts Worldwide Inc sued rival Hilton Hotels and two of its top executives for corporate espionage on Thursday, accusing the pair of ex-Starwood workers of stealing trade secrets to speed Hilton's entry into the lifestyle market.

Volkswagen AG may have passed Toyota Motor Corp as the world's top selling automaker in the first quarter, helped by robust demand in its main markets, while its Japanese rival suffered sharp declines, partial company data suggests.

Starwood Hotels & Resorts Worldwide Inc sued Hilton Hotels and two senior executives in federal court on Thursday, claiming confidential information was stolen during Hilton's pursuit of a new lifestyle chain.

Starwood Hotels & Resorts Worldwide Inc sued rival Hilton Hotels and two of its top executives for corporate espionage on Thursday, accusing the pair of ex-Starwood workers of stealing trade secrets to speed Hilton's entry into the lifestyle market.

The rebuilding of New York's World Trade Center site may take up to three decades to complete because the demand for office space has shrunk with Wall Street's falling fortunes.

A bankrupt General Motors Corp could be reorganized in as little as a month, a top bankruptcy attorney said on Thursday, and if the case lingered then a tremendous sinkhole could open in the U.S. economy, a Delaware bankruptcy judge said.

Two top Federal Reserve policy-makers took divergent views on the U.S. economy on Thursday, with the head of the Atlanta Fed seeing a return to growth later this year, while the head of the San Francisco Fed saw the potential for an even deeper contraction.

Top executives of credit card companies will meet Obama administration officials next Thursday at the White House, as the industry faces the possibility of legislation aimed at curbing deceptive practices, sources familiar with the plans said.

Steven Rattner, the leader of the Obama administration's auto task force, was one of the investment-firm executives involved with payments now under scrutiny in a state and federal investigation into an alleged kickback scheme at New York state's pension fund, The Wall Street Journal reported.