IBT Staff Reporter

Bank of America Corp and Citigroup Inc raised huge red flags on Friday with quarterly results that suggested the U.S. consumer remains sorely injured as the global recession drags on.

Stocks declined on Friday, snapping four straight days of gains after disappointing quarterly results from bellwether companies like General Electric and Bank of America .

Hyundai Motor Co (005380.KS), South Korea's top automaker, will invest 130 million euros ($183.4 million) in its Czech unit over the next two years, a spokesman said on Friday.

Bernard Madoff's former outside accountant told a judge on Friday that he would waive his right to a criminal indictment on fraud charges, a sign he might reach agreement with prosecutors to resolve his case.

Nissan Motor Co (7201.T) aims to develop its own hybrid technology for small and midsize cars and end its procurement of hybrid components from Toyota Motor Corp (7203.T), the Nikkei business daily reported on Friday.

Rechargeable batteries could become the core technology for the auto industry if pure electric cars enter the mainstream -- a prospect that has carmakers racing to team up with battery makers.

A congressional committee approved a resolution on Friday seeking documents and other information from the Obama administration's autos task force regarding major decisions made on the restructuring of General Motors Corp and Chrysler LLC.

Helping home owners appeal their tax bills can be a lucrative side business for real estate practitioners - particularly this year when legions of home owners are considering appeals after prices have crashed.

Ground-breaking for new U.S. homes jumped in June, with starts for single-family homes rising at the fastest rate in 4-1/2 years, the government said on Friday in a report that suggested the battered housing sector was beginning to stabilize.

Hundreds of luxury jewelers defied the downturn and partied late into the night on Thursday in glitzy Park Lane at the 2009 UK Jewelry Awards in which avant-garde designer Shaun Leane won a top accolade.

Stocks fell on Friday on worry over the quality of corporate profits after General Electric Co missed quarterly revenue estimates, discouraging investors after a four-day run-up in Wall Street.

Democratic leaders in the U.S. House of Representatives on Friday hailed historic progress on healthcare legislation and pledged to continue momentum to deliver on President Barack Obama's vow of reform.

The U.N. team conducting an inquiry into the assassination of former Pakistani Prime Minister Benazir Bhutto will not seek to name culprits, the commission's head said Friday, lowering expectations from the outset.

Belgium-based investor RHJ International is offering 275 million euros ($388 million) for a majority stake in General Motors' Opel business in a last-ditch bid to beat early frontrunner Magna.

China's foreign exchange reserves are surging again, which, according to the report of People's Daily Online, helps the Obama administration drag its economy out of a recession by holding a record-high US debt by the end of May.

Microsoft Corp and Yahoo Inc are close to a long-discussed search and online advertising deal, which could be announced in the next week, according to the AllThingsDigital blog.

Venezuelan President Hugo Chavez said on Friday that ousted Honduran leader Manuel Zelaya would return to his country in the coming hours.

U.S. Secretary of State Hillary Clinton urged India on Friday to join Washington in supporting Pakistan's fight against terrorism, but Delhi demanded results before it begins formal peace talks with its rival.

Oil rose above $63 a barrel on Friday, on track for its first weekly gain in a month, after U.S. housing data sparked optimism that a battered sector of the economy may be primed for recovery.

CIT Group Inc is in talks with JPMorgan Chase & Co and Goldman Sachs Group Inc for short-term financing of $2 billion to $3 billion as it looks for ways to avoid a potential bankruptcy, a source close to the company said on Friday.

A roadside bomb killed a British soldier in southern Afghanistan, the military said on Friday, as defense officials in London said they may need to deploy even more troops in the fight against the Taliban.

In apparent defiance of Iran's supreme leader, a powerful cleric declared his country in crisis after a disputed poll, and tens of thousands of protesters used Friday prayers to stage the biggest show of dissent for weeks.

GE's poor outlook, More bank losses ahead, Giant web ad deal looms

Bombs ripped through two luxury hotels in the heart of Indonesia's capital on Friday, killing eight people and wounding dozens in an attack the president said would damage confidence in Southeast Asia's biggest economy.

President Barack Obama's nominee, Sonia Sotomayor, appeared headed for confirmation as the first Hispanic justice on the U.S. Supreme Court after Senate hearings ended on Thursday with Republicans promising a speedy vote.

U.S. Treasuries prices were lower on Friday, erasing their early gains after the government data said U.S. housing starts increased in June, bolstering prospects for economic recovery and damping demand for safe-haven U.S. government debt.

New U.S. housing starts and permits jumped more than expected in June, propelled by a rise in single-family homes, a government report showed on Friday.

New U.S. housing starts and permits jumped in June, propelled by a rise in ground-breaking for single-family homes and suggesting the battered housing sector was beginning to stabilize, a government report showed on Friday.