IBT Staff Reporter

A pair of spacewalking astronauts on Thursday outfitted the Hubble Space Telescope with a new camera that will allow astronomers to turn their gaze closer to the birth of the universe.

No. 1 U.S. trucking company YRC Worldwide Inc plans to seek $1 billion in federal bailout money to help it cover its pension obligations, a spokeswoman said on Friday.

J.C. Penney Co Inc warned that it expects consumer spending to stay weak and forecast second-quarter and full year results below Wall Street's expectations, sending its shares down 3.8 percent before markets opened.

Stock index futures pointed to a lower open on Friday after weak European economic data fanned concerns about the depth of the global recession and UBS cut its rating on global equities.

J.C. Penney Co Inc posted a lower quarterly profit on Friday as efforts to contain costs and trim inventory failed to overcome a decline in sales, and its shares fell 5 percent before markets opened.

Under the direction of the U.S. Treasury, General Motors Corp is close to a deal with the United Auto Workers that would cut its hourly labor costs by more than $1 billion a year, the Wall Street Journal said, citing people familiar with the matter.

Abercrombie & Fitch Co posted a much bigger-than-expected quarterly net loss as cost-cutting efforts failed to offset a sales decline, and its shares fell 7.5 percent in premarket trading.

The U.S. oil price fell almost $1 to below $58 on Friday, pressured by weak demand and as the U.S. dollar firmed against the euro.

Representatives from Opel's 4,000 dealers in Europe are expected to vote in favor of taking a direct equity stake in the ailing German carmaker when they meet in Vienna on Friday.

Stock index futures pointed to a lower open on Friday ahead of consumer price data, while some financial shares rose on news that four insurers can tap government bailout money.

The U.S. oil price fell toward $58 on Friday, pressured by weak demand and as the U.S. dollar firmed against the euro.

U.S. life insurers Principal Financial Group, Ameriprise Financial Inc and Prudential Financial Inc, all with a solid capital position, may not accept funds under the U.S. Treasury's Troubled Assets Relief Program , analysts at Keefe, Bruyette & Woods said.

Japanese electronics maker Panasonic Corp forecast a bigger-than-expected annual loss after booking a record quarter of red ink battered by weak demand, price falls and hefty restructuring costs.

The U.S. oil price firmed slightly toward $59 on Friday as global stock markets rose, although weak demand capped oil's gains.

Fashion chain Hennes & Mauritz said sales rebounded at a faster rate than expected in April as the retail bellwether ended eight months of declines, adding to signs of a tentative recovery in consumer spending.

Oil prices rose toward $59 on Friday as European equities opened higher, shrugging off gloomy German economic data and a firmer dollar.

World equities rose on Friday yet still looked set to end the week down for the first time in 10 weeks, while poor economic data from German hit the euro and boosted bonds.

Japanese electronics maker Panasonic Corp forecast a bigger-than-expected annual loss after booking a record quarter of red ink battered by weak demand, price falls and restructuring costs.

Miner Rio Tinto remains committed to a planned $19.5 billion tie-up with Chinese metals firm Chinalco, it said, responding to talk that the deal may be revised to let more shareholders take part in a rights issue.

Asian stocks rose on Friday as investors bought shares that stood to benefit the most from an expected global recovery, but were set for their biggest weekly decline since March as volume thinned and some recent gains were cashed in.

Panasonic Corp reported an annual net loss on Friday, battered by weak demand, price falls and restructuring costs, and the Japanese electronics maker forecast a bigger-than-expected loss this year.

Fashion retail giant Hennes & Mauritz reported on Friday a slightly bigger than expected 8 percent year-on-year rise in sales at established stores in April as spring purchases finally took off.

U.S. Federal Officials have urged banking giant Bank of America Corp to revamp its board and bring in directors with more banking experience, the Wall Street Journal said.

Asian stocks rose on Friday as investors bought shares that stood to benefit the most from an expected global recovery, but still looked set to post their biggest weekly decline since March on worries equity markets have risen too far, too fast.

Google Inc is lifting restrictions on the use of trademarked terms in its U.S. online advertising system, a move that could increase friction between the Internet giant and brand owners.

Shares in Sony Corp gained 5 percent on Friday after the Japanese electronics maker forecast a smaller loss than expected for this year, showing it was making progress in its restructuring.

Hartford Financial , the No. 4 U.S. insurer beset by worries about capital, won approval on Thursday to raise $3.4 billion via the government's bank bailout plan, sending its shares 6 percent higher.

Two U.S. Securities and Exchange Commission employees are under investigation by federal criminal authorities for allegedly using insider information to trade stocks, a source familiar with the matter said on Thursday.

Blockbuster Inc posted lower first-quarter profits, citing weak DVD titles and competition from a strong box office, and warned that same-store sales would continue to be lower in 2009. Its shares slid over 23 percent in after-hours trade.