MICHIGAN

The Australian Dollar once again retreated during Friday evening's trade as concerns about the global economic recovery emerged and equity markets headed down in Europe and the US.

Weak energy costs pushed U.S. consumer prices down for a third straight month in June while consumer sentiment dropped to a near one-year low in July, highlighting the sluggishness of the economic recovery.

Dismal consumer sentiment data and anemic revenues from GE and two big banks slammed stocks on Friday, driving down major indexes more than 2 percent.

Stocks tumbled on Friday after consumer sentiment hit nearly a one-year low and GE and two major U.S. banks reported disappointing quarterly revenue.

Tesla Motors Inc and Toyota Motor Corp said on Friday that they will together build and market an electric RAV4 sports utility vehicle by 2012.

U.S. stock indexes fell as much as 2.4 percent on Friday after consumer sentiment fell to an 11-month low and consumer prices fell, while GE and two big U.S. banking companies missed quarterly revenue expectations.

Consumer sentiment weakened in early July to its lowest in 11 months on a resurgence in fears about the economy, a year since the recovery began, a private survey released on Friday showed.

President Barack Obama heard a sobering message from Warren Buffett when he asked for the investment guru's views about the economic recovery, according to an interview Obama gave NBC News on Thursday.

Most U.S. counties are having to cut back on spending on safety and infrastructure in the face of monstrous revenue shortfalls, the National Association of Counties said on Friday.

General Motors Co said on Wednesday it will sell its Nexteer Automotive unit to a China government-backed group, as GM focuses on its core car business while the Chinese look to bolster their global competitiveness.

U.S. President Barack Obama launched a broad attack against Republican lawmakers on Wednesday, calling them out of touch with ordinary Americans for opposing Wall Street reform and siding with Big Oil.

General Motors has revamped the way it operates, with sharply lower costs, stronger brands and gains in key emerging markets like China, Chief Executive Ed Whitacre said in a pitch for the company's planned IPO.

General Motors , in the year since emerging from bankruptcy, has revamped the way it operates, with sharply lower costs, stronger brands and gains in key emerging markets like China, Chief Executive Ed Whitacre told potential investors on Tuesday.

Elon Musk, the chief executive and major investor behind Tesla Motors Inc, has sometimes taunted U.S. automakers, painting his fledgling company as everything Detroit would like to be if it could start over: cooler, greener and ensconced in a much better neighborhood.

The planned initial public offering of General Motors Co is likely to leave the U.S. government with a minority stake while also raising new funds for the automaker

Economic growth was slower than previously reported in the first quarter on lower consumer spending on services, raising concerns the recovery would be too sluggish to bring down unemployment.

Economic growth was slower than previously reported in the first quarter as estimates of business and consumer spending were cut.

Consumer sentiment rose in June to its highest since January 2008 while reports of job losses were down sharply from a year ago, a survey showed on Friday.

Some of the states hit hardest by the slump in housing prices will be able to tap into a special $1.5-billion fund on Wednesday that is intended to head off some foreclosures.

Connecticut's attorney general will lead a multi-state probe of whether Google Inc broke the law when it siphoned personal data off wireless networks around the world, which the Internet search leader has said was inadvertent.

New claims for jobless aid rose last week while consumer prices notched their largest decline in nearly 1-1/2 years in May, suggesting interest rates will remain ultra low to nurse the fragile economic recovery.