IBT Staff Reporter

British Prime Minister Gordon Brown backed down from replacing his finance minister on Friday in a bid to hold his government together and end a political crisis that has knocked sterling.

World stocks and oil prices extended gains and government bonds tumbled on Friday after closely-watched data showed the U.S. economy lost a fewer-than-expected 345,000 jobs in May.

U.S. employers cut 345,000 jobs last month, the fewest since September and far less than forecast, according to a government report on Friday that was more evidence the economy's severe weakness was diminishing.

World stocks rose toward this week's 7-1/2 month high on Friday as resource stocks rallied after oil prices surged past $69 a barrel and optimism grew about an improving U.S. labor market ahead of key jobs data.

U.S. non-farm payroll jobs likely fell by their smallest amount in seven months in May, pointing to a slackening of the recession, but the unemployment

Wal-Mart Stores Inc's annual meeting got under way on Friday amid raucous cheers as the world's largest retailer celebrates the gains it has made expanding its business despite a global economic downturn that has roiled competitors.

Bank of America Corp Chief Executive Kenneth Lewis has been asked to testify before a congressional committee about when the bank became aware of deteriorating conditions late last year at Merrill Lynch & Co, which prompted a federal bailout.

U.S. stocks trimmed gains on Friday as investors wrestled with mixed news on the labor market, derailing an earlier bounce.

U.S. employers cut 345,000 jobs last month, the fewest since September and far less than forecast, according to a government report on Friday that was the most definitive evidence the economy's severe weakness was diminishing.

Oil hit a seven-month high above $70 per barrel on Friday after much better-than-expected U.S. employment data pushed stock markets higher.

Rio Tinto dumped plans for a landmark investment from China on Friday, opting instead to raise $21 billion through a rights issue and a joint venture with one-time suitor BHP Billiton.

U.S. lawmakers expect to introduce legislation next week that would reverse a Bush era law exempting a controversial drilling practice from federal oversight, possibly driving up costs and curtailing the development of vast amounts of unconventional energy.

Apple Inc CEO Steve Jobs is on track to return to the company from his medical leave of absence as planned, the Wall Street Journal reported, citing a person who had seen Jobs in recent weeks.

U.S. employers cut 345,000 jobs last month, the fewest since September and far less than forecast, according to a government report on Friday that was the most definitive evidence the economy's severe weakness was diminishing.

Wal-Mart Stores Inc's annual meeting got under way on Friday amid raucous cheers as the world's largest retailer celebrates the gains it has made expanding its business despite a global economic downturn.

U.S. employers cut 345,000 jobs last month, the fewest since September and far less than forecast, according to a government report on Friday that was the most definitive evidence the economy's severe weakness was diminishing.

U.S. stock index futures pointed to a sharply higher open on Friday as surprising May jobs data provided the most definitive evidence the recession was easing.

A little-known Chinese heavy machinery maker could face a bumpy road ahead in its quest to buy General Motors' Hummer brand, facing pitfalls ranging from regulatory to financing issues.

It could save the rainforests of Borneo, slow climate change and the international community backs it. But a plan to pay tropical countries not to chop down trees risks being discredited by opportunists even before it starts.

U.S. employers cut 345,000 jobs last month, the fewest since September and far less than forecast, according to a government report on Friday that was more evidence the economy's severe weakness was diminishing.

The Swedish government won approval from the European Commission on Friday to guarantee loans from the European Investment Bank for Ford Motor Co unit Volvo to help co-finance the development of green cars.

U.S. lawmakers on Thursday sought to increase incentives for nuclear power and energy efficiency in a measure that would require utilities to generate a certain amount of electricity from renewable sources.

Clean energy has strong guaranteed government backing in long-term subsidies but its future growth hinges on wider economic recovery and European targets are in doubt, senior energy executives told Reuters Energy Summit.

New investment in clean energy will total $95 to $115 billion in 2009, representing a drop of 26-39 percent from last year's total of $155 billion, data published by research group New Energy Finance showed on Friday.

U.S. stock index futures pointed to a higher open on Friday as investors awaited key monthly data on the labor market.

The Aussie dollar held firm in local trade yesterday despite a massive and unexpected turnaround in the countries trade balance.

Oil rose above $69 per barrel on Friday, within striking distance of a seven-month high, supported by a rally in stock markets and expectations that the global economic downturn might not be as severe as expected.

U.S. stock index futures pointed to a higher open on Friday as investors awaited key monthly data on the labor market.

The Federal Deposit Insurance Corp is aiming at a shake-up of Citigroup Inc's top management, including replacing Chief Executive Vikram Pandit, the Wall Street Journal said, citing people familiar with the matter.