IBT Staff Reporter

The recovery of the weak U.S. economy is expected to take place gradually and officials should be prepared to inject more monetary and fiscal stimulus should the rebound falter, the International Monetary Fund said in a statement on Friday. Additional fiscal stimulus could also be used, although the immediate focus should be on implementing the current fiscal measures and monitoring their impact.

Paper and timber company Weyerhaeuser Co posted a smaller-than-expected quarterly loss as cost-cutting helped offset weak demand from the U.S. construction industry.

The United States and UBS AG have reached an agreement in principle to settle their dispute over U.S. demands for the names of thousands of wealthy Americans suspected of using the Swiss bank to evade taxes, a U.S. Justice Department attorney said on Friday.

U.S. Secretary of State Hillary Clinton said on Friday there had been an agreement in principle with Switzerland over a tax case involving Swiss bank UBS .

The U.S. economy contracted at a slower-than-expected pace in the second quarter, government data showed on Friday, but a sharp drop in consumer spending fanned fears that recovery would be sluggish.

Forest products company Weyerhaeuser Co on Friday posted a wider second-quarter loss, hurt by weak demand from the construction industry, but results topped Wall Street expectations.

Warren Buffett's Berkshire Hathaway Inc has realized a $1.02 billion paper profit on a 10-month-old investment in BYD Co after shares in the Chinese car and battery maker quintupled.

Michael Jackson's father, Joe Jackson on Wednesday in an interview with News One confirmed the King of Pop did have a secret love child; Norwegian 25-year-old Omer Bhatti.

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.

U.S. power producers American Electric Power Co , Dominion Resources and Constellation Energy Group posted quarterly earnings on Friday that topped Wall Street expectations even as demand from industrial customers weakened because of the recession.

Stocks edged higher on Friday after the government reported the economy shrunk at a slower-than-expected pace in the second quarter, which investors took as a sign the recession is easing.

The Cash for Clunkers program that was implemented to help the struggling auto industry by giving owners of old cars money towards the purchase of a new, more fuel-efficient vehicle, has now been suspended.

A Briton wanted in the United States for breaking into NASA and Pentagon networks in the biggest military hack of all time lost an appeal against his extradition Friday, making a U.S. trial more likely.

Chevron Corp reported a 71 percent drop in second-quarter profit Friday as oil and gas prices fell from a year earlier and the economic slump shrank demand for fuel.

Surviving Suburbia, The Goode Family, Mental

Indian utility Adani Power Ltd's initial public offering (IPO) worth up to about $625 million, which closed on Friday, has been subscribed over 20 times, according to data on the National Stock Exchange.

George Weston Ltd, North America's largest baked goods maker, reported a quarterly per-share loss on Friday as a C$90 million ($83 million) foreign exchange charge and bigger financing charges more than offset revenue growth.

The U.S. economy contracted at a slower-than-expected pace in the second quarter as the slump in business and residential investment moderated sharply, according to government data on Friday that backed views the recession was winding down.

The U.S. economy barely grew during 2008, at about a third the rate previously thought, the Commerce Department said on Friday, largely because plunging home values undermined consumer spending.

Forest products company Weyerhaeuser Co on Friday posted a wider second-quarter loss, hurt by weak demand from the construction industry, but results topped Wall Street expectations.

Searches for the naked video of ESPN reporter Erin Andrews have surged to the top of the Google Hot Trends list last weekend. Erin Andrews has become new internet sensation.

U.S. stocks edged higher on Friday, helped by an improving outlook for business activity in the U.S. Midwest in July.

Standard Chartered is set to buy Royal Bank of Scotland's retail and small and medium enterprises operations in India, China and Malaysia for about $250 million, the Economic Times said on Friday, citing two unnamed sources familiar with the deal.

The U.S. economy probably contracted again in the second quarter, pressured by a huge inventory liquidation, but the pace of decline likely slowed from previous periods, according to a Reuters survey.

The United States and UBS AG have reached an agreement in principle to settle their dispute over U.S. demands for the names of thousands of wealthy Americans suspected of using the Swiss bank to evade taxes, a U.S. Justice Department attorney said on Friday.

U.S. Secretary of State Hillary Clinton said on Friday there had been an agreement in principle with Switzerland over a tax case involving Swiss bank UBS .

Austria's Takeover Commission on Friday granted Deutsche Lufthansa AG's request to extend a deadline for its planned takeover of Austrian Airlines AG, paving the way for completion of the deal.

Russian gas export monopoly Gazprom hopes this year to agree with U.S. energy major ExxonMobil Corp over gas supplies to a new far eastern pipeline, a senior Gazprom executive said on Friday.

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