IBT Staff Reporter

World economic grouping OECD said on Monday the global economy had come out of free fall, offering hope of incipient recovery late this year to investors and markets unnerved by rising U.S. government debt.

EBay has won a UK court battle against French cosmetics group L'Oreal which had claimed the online marketplace was jointly liable for trademark infringements committed by its users.

Stock index futures rose on Friday as reassuring comments from Moody's eased fears about the credit rating outlook for the United States, and oil prices bounced higher, lifting energy shares like Exxon Mobil.

The pace of contraction in world economic output appears to be easing and recovery could begin at the end of this year, Organization for Economic Development and Cooperation chief Angel Gurria said on Friday.

The premier of Opel's home state of Hesse said on Friday that Canadian-Austrian group Magna's offer for the carmaker was the most attractive for Germany and that Fiat's rival bid was a disappointment.

Oil firmed above $61 on Friday as fundamental support came from consumer nations such as China, the United States and Africa's top producer Nigeria after weeks of equity-led rallies.

Stock index futures pointed to a higher open on Wall Street on Friday, after the previous session's sell-off, with General Motors in focus after sources said Washington has no plans to push the troubled carmaker into bankruptcy.

Oil hovered above $61 a barrel on Friday, off six-month highs the previous day, as disappointing jobs and factory data dented hopes that the economy of the United States, the world's top energy user, was set for a quick rebound.

A Tokyo park has started playing a high-pitched tone at night that only young people can hear to help drive away teenagers who keep vandalizing the toilets and other facilities.

The dollar fell to a 2009 low on Friday as fears intensified that the United States could lose its triple-A rating, while renewed caution about the world economy and banks prompted Asian and European stocks to slip.

British-based drug company GlaxoSmithKline is battling the U.S. Internal Revenue Service over a potential $1.9 billion in back taxes, interest and penalties.

Kohlberg Kravis Roberts & Co may take advantage of the U.S. government's infrastructure stimulus plan but is not as keen on buying banks or their troubled assets, the private equity firm's co-founders Henry Kravis and George Roberts told the Financial Times.

The Obama administration has no plans to push General Motors Corp into bankruptcy next week and the outcome of the automaker's restructuring efforts may not be known until a June 1 deadline, a source familiar with the situation said early on Friday.

The dollar fell on Friday to its weakest level in five months against major currencies on fears that the United States would lose its AAA rating, while Asian stocks skidded on fears that any recovery in the global economy will be sluggish.

Stocks slid in a broad sell-off on Thursday as investors, concerned about the U.S. budget deficit, exited dollar-denominated assets across the board.

Singapore's Temasek defended its money-losing exit from Bank of America , saying the U.S.-centric bank did not fit its investment criteria and the risk was perceived to be greater than the expected return.

Bill Gross, manager of the world's biggest bond fund, warned on Thursday the United States will eventually lose its top AAA credit rating, a fear that had already spooked financial markets on Thursday and could keep the dollar, stocks and bonds under heavy selling pressure.

The dollar fell on Friday to its weakest in almost five months against major currencies on investor worries that the United States would lose its AAA rating, though Asian stocks headed for a solid weekly gain.

The U.S. Treasury Department has no plans to push General Motors Corp into a bankruptcy filing next week and the outcome of the automaker's restructuring efforts may not be known until a June 1 deadline, a source familiar with the situation said early on Friday.

The U.S. Treasury Department has no plans to push General Motors Corp into a bankruptcy filing next week and the outcome of the automaker's restructuring efforts may not be known until a June 1 deadline, a source familiar with the situation said early on Friday.

Credit card companies will lose billions of dollars in fees to customers after a bill expected to become law this Friday is signed, an industry analyst told the Wall Street Journal Thursday.

A Federal District Court judge in California weighed arguments in a contentious DVD copyright case between Hollywood movie companies and RealNetworks Inc on Thursday, but did not indicate when she might rule.

The Obama administration is preparing to steer General Motors Corp into bankruptcy next week, The Washington Post reported on Thursday, citing sources familiar with the discussions.

Oil hovered above $61 a barrel on Friday, down from Thursday's six-month highs, as disappointing jobs and factory data dented hopes that the economy of the United States, the world's top energy user, was set for a quick rebound.

Federal Reserve Bank of Boston President Eric Rosengren said Thursday that “rather slow recovery is likely” for the economy.

The Federal Reserve's myriad emergency programs for the U.S. economy threaten the central bank's independence, raising the risk of future inflation, Philadelphia Federal Reserve President Charles Plosser said on Thursday.

U.S. Treasury Secretary Timothy Geithner said Thursday that the Obama administration and Congress will be working together to reduce the nation’s deficits once the recovery is underway.

The Obama administration may send General Motors Corp. into bankruptcy next week, giving the company billions of dollars in bailout funds to re-emerge as a viable firm, sources familiar with the matter told the Washington Post.

U.S. bank regulators seized troubled Florida lender BankUnited FSB and sold it to some of the most powerful private equity firms in the world.