IBT Staff Reporter

President Barack Obama and British Prime Minister David Cameron were expected to discuss London-based BP Plc and the Gulf of Mexico oil spill on Saturday as stormy weather raised fears that clean-up operations could be disrupted.

President Barack Obama, fresh from a win on a sweeping overhaul of Wall Street regulations, on Saturday urged Congress to take up his proposal for a $90 billion, 10-year tax on banks as the next step in reform.

Dubai's ruler said the emirate would go forward with all development projects within a year in an interview with CNN broadcast on Friday, after billions of dollars worth of projects were canceled in the wake of the global financial downturn.

Most principles embodied in a new set of financial regulatory rules proposed by the United States and Europe also fit China, and embracing them early would help it strengthen financial stability, the country's deputy central bank governor said on Saturday.

U.S. President Barack Obama and British Prime Minister David Cameron were expected to discuss London-based BP Plc and the Gulf of Mexico oil spill on Saturday as stormy weather raised fears that clean-up operations could be disrupted.

Stock investors will anxiously await the crucial June jobs data next week for clues on how the U.S. economy may weather recent storms that drove Wall Street's major indexes down for the year.

The Obama administration on Friday asked a U.S. appeals court to stay a ruling that lifted a temporary ban on deepwater oil drilling, its latest attempt to clamp down in the wake of the Gulf of Mexico spill.

Stieg Larsson copycats take note: The slow rise of electronic books is paving the way for more safe-bet fiction blockbusters and serial-type books, at least in the short term, according to some book experts.

Apple Inc's newest iPhone flew off store shelves, but lucky shoppers still managed on Friday to get their hands on one at least a dozen stores across the United States.

Efforts by United Airlines, a unit of UAL Corp , and Continental Airlines to reach a joint contract with pilots before concluding their merger have hit a snag, pilots said on Friday.

Toyota Motor Co is recalling and temporarily halting sales of its 2010 Lexus HS250h gasoline-electric hybrid due to a potential fuel leak problem, the company said on Friday.

Lawmakers hammered out a historic overhaul of financial regulations on Friday, handing President Barack Obama a major domestic policy victory on the eve of a global summit of world leaders.

The Nasdaq and S&P 500 rose modestly on Friday on relief that the financial regulation bill wouldn't crimp Wall Street profits as badly as feared and as tech company Oracle's strong results revived hopes about business spending.

A security expert has identified flaws in the design of some automated teller machines that make them vulnerable to hackers, who could make the ubiquitous cash dispensers spit out their cash holdings.

The Nasdaq and S&P 500 rose modestly on Friday on relief that the financial regulation bill wouldn't crimp Wall Street profits as badly as feared and as tech company Oracle's strong results revived hopes about business spending.

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.

With a storm threatening to disrupt oil-siphoning efforts at BP Plc's blown-out Gulf of Mexico well, the U.S. Coast Guard on Friday said collection efforts would be suspended five days before the forecast onset of gale-force winds.

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BP Plc's struggle to contain the Gulf of Mexico oil spill was nearing a potentially important stage on Friday even as worries about the soaring costs of the clean-up sent its shares nosediving to a 14-year-low.

AOL Inc CEO Tim Armstrong wants to remake the 25-year-old company into an online media juggernaut by focusing on content creation and advertising revenue, shedding non-core assets.

A World Trade Organization report on aid for European planemaker Airbus, expected to condemn the European Union for illegal subsidies, will be published on June 30, trade sources said on Friday.

The vote on Magna International Inc's plan to pay its founder nearly $900 million to give up his controlling shares will go ahead, but only after the company complies with an order by an Ontario regulator to give shareholders more information on the deal.

Stocks rose on Friday as a rally in bank shares and a focus on positive results from Oracle buoyed a market that struggled for direction after mixed economic data.

Volkswagen plans to shake up its management at Porsche SE, as it looks to strengthen its hold on the automaker.

Premium-car maker Volvo, which Ford is selling to China's Zhejiang Geely, has hired the head of Volkswagen's North America business as its chief executive.

Pakistani authorities on Friday put seven major websites, including Google and YouTube, under watch for containing material deemed offensive to Muslims, officials said.

Salesforce.com Inc is suing Microsoft Corp for alleged patent violations, the latest development in a legal battle that began last month when Microsoft accused Salesforce of stealing its intellectual property.

BP Plc's struggle to contain the Gulf of Mexico oil spill was nearing a potentially important stage on Friday even as worries about the soaring costs of the clean-up sent the company's shares nose-diving to a 14-year-low.

Stocks were little changed on Friday on mixed economic data as major indexes were on track to post their worst week in five.