IBT Staff Reporter

Members of the U.S. House of Representatives on Friday assailed federal agencies for delays in starting capital works projects under the economic stimulus plan, saying they were lessening the impact of the $875 billion program intended to revive the economy.

The U.S. House of Representatives approved on Friday a $2 billion extension of the Cash-for-Clunkers automobile sales incentive program.

Apple Inc said on Friday it has issued a software update to fix a vulnerability that security experts said could allow hackers to take control of the iPhone and use it for identity theft.

Democratic Senator Christopher Dodd has been diagnosed with an early stage of prostate cancer and will have surgery in early August.

Hong Kong's Hospital Authority reported on Friday the H1N1 outbreak in the city's hospital, with five patients in a ward infected H1N1 and totally 64 hospital staff confirmed with H1N1.

The United States and Swiss bank UBS AG said on Friday they had agreed to settle a dispute over tax evasion and bank secrecy, heading off a showdown that had threatened relations between the two countries.

A suspicious package was spotted early Friday at Oprah Winfrey's television studio Harpo Productions Inc. but did not explode, the Chicago Sun Times reported.

Eminem is not taking Mariah's Obsessed video lying down. The rapper released a new track, The Warning in which he details an encounter the two shared.

Senator Christopher Dodd announced on Friday that he has been diagnosed with an early stage of prostate cancer and plans to have surgery during the Senate's August recess.

The U.S. Federal Deposit Insurance Corp launched the first test of its Legacy Loans Program to help banks rid their balance sheets of toxic assets so they can raise new capital and increase lending, the agency said on Friday.

Stocks rose on Friday after government data showed the economy contracted less than expected in the second quarter, indicating the recession may be moderating.

Government regulators could prohibit incentive-based pay packages at large U.S. financial institutions that encourage inappropriate risks under a bill approved on Friday by the U.S. House of Representatives.

Tottenham Hotspur are investigating whether criticism of the Premier League club's chairman on Darren Bent's Twitter page were posted by the England forward, a spokesman for the club said Friday.

The U.S. House approved on Friday an additional $2 billion into the cash for clunkers program after a burst of demand exhausted most of the initial $1 billion.

Chevron Corp posted on Friday a 71 percent drop in profit on weaker energy prices and fuel demand due to the economic slump, but it raised estimated 2009 output and said cost cuts were on track.

Rebates Rushed, Economy May Soon Recover, Tax Row Near End

The U.S. House approved an emergency $2 billion infusion for the cash-for-clunkers program this afternoon, after a burst of demand used up most of the initial $1 billion.

Major utility companies in the United States including American Electric Power Co, Dominion Resources and Constellation Energy Group, reported Friday its second quarter earnings surpassed Wall Street expectations. Chevron Corporation reported earnings of $1.75 billion or 87 cents per share in the second quarter, a decline of 71 percent.

Unity Media, Germany's No. 2 cable operator, is preparing for an initial public offering toward the end of this year, raising as much as 1 billion euros ($1.4 billion), people familiar with the matter said.

Endeavour shuttle landed safely today after completing a 16 day mission to the International Space Station.

Top U.S. auto dealer chain AutoNation Inc posted a 29 percent drop in quarterly earnings, but forecast an improving market after slashing inventory costs and seeing a sharp gain in July sales.

Stocks were little changed on Friday as investors fretted about the economy's recovery prospects after government data showed a drop in second-quarter consumer spending but reinforced hopes that the worst of the economic slump is over.

Oil rose more than a dollar on Friday after data showed the U.S. economy shrunk less than expected in the second quarter, raising hopes the recession was easing.

Henry Louis Gates, Jr., the Harvard eminent scholar issued a statement Thursday published on The Root where he serves as editor , regarding his sit down with Cambridge police Sergeant James Crowley and President Barack Obama. The following is the full text of Gates' statement:

Democrats pushed healthcare reform legislation forward in a key House of Representatives panel on Friday but overall progress for President Barack Obama's top policy goal has slowed ahead of a monthlong August recess.

A second New Jersey mayor arrested in a sweeping federal corruption investigation stepped down on Friday under pressure from voters and the state's governor.

Legislation that would add $2 billion to a cash-for-clunkers program aimed at spurring U.S. automobile sales could move quickly through the U.S. Congress, Michigan Senator Debbie Stabenow said on Friday.

The U.S. Cash for Clunkers plan to jump start car sales by offering up to $4,500 for older cars swapped out for new ones is so successful that the White House and Congress were scrambling on Friday to find $2 billion more for the program.

The benchmark S&P 500 index briefly turned negative on Friday, while both the Dow and the Nasdaq trimmed earlier gains, as investors fretted about the economy's recovery prospects following a mixed report on second-quarter gross domestic product.