IBT Staff Reporter

California on Thursday adopted a first-ever rule to slash carbon emissions in automotive fuels, and spur the market for cleaner gasoline alternatives, after a last-ditch appeal to ethanol advocates who fought the plan.

The global economic downturn has shown signs of easing in recent weeks, although significant risks remain, U.S. Treasury Secretary Timothy Geithner said before a meeting of G20 officials in Washington on Friday.

Futures for the Dow Jones industrial average share index fell 0.1 percent, for the Nasdaq 100 rose 0.1 percent and for the S&P 500 index fell 0.2 percent, pointing to a mixed start on Wall Street.

U.S. regulators who are concluding stress tests on banks may remove Citigroup Inc chief executive Vikram Pandit, the New York Post reported, citing sources it did not identify further.

Ford Motor Co (F.N: Quote, Profile, Research, Stock Buzz) is expected to post a large first-quarter net loss amid the global economic downturn that has pressured results in the United States, Western Europe and other developed economies.

Samsung Electronics held off calling a recovery in its memory chip and flat panel businesses, though its mobile phone margins have overtaken those of market leader Nokia.

Wal-Mart Inc has agreed to revise a plan on a payroll cut involving 2,000 mid-level managers across its outlets in China after a trade union stepped in to mediate, state media reported on Friday.

World stocks and the euro rose on Friday after a bigger-than-expected rise in Germany's key corporate sentiment survey, while better earnings from several regional U.S. banks also boosted investor morale.

Samsung Electronics, the world's top maker of memory chips and LCD screens, reported a 72 percent drop in quarterly profit and said it was too early to call a recovery in demand or prices.

China revealed on Friday that it had quietly raised its gold reserves by three-quarters since 2003, increasing its holdings to 1,054 tons and confirming years of speculation it had been buying.

Morgan Stanley , which posted a wider-than-expected first-quarter loss this week, is eyeing changes to its biggest proprietary-trading desk, the Wall Street Journal said, citing people familiar with the discussions.

Earnings disappointments drove Asian stocks lower on Friday, helping to snap the region's longest streak of weekly gains in 18 months, while gold shot to a three-week high above $910 an ounce after China revealed it now has the world's fifth-largest stock pile.

New orders for costly U.S. manufactured goods likely fell in March after climbing in February for the first time in seven months, underlining continuing weakness in the industrial sector, according to a Reuters poll.

Another lender to bankrupt U.S. cable TV operator Charter Communications has objected to the company's reorganization plan, saying Charter's attempt to reinstate $11.8 billion of debt may not be feasible.

Finance leaders meeting on Friday see some signs that recession-fighting efforts are finally starting to work, but patience is wearing thin over the slow progress in cleansing bank balance sheets.

Asian stocks edged up on Friday, as financials gained on hopes that credit fears have eased, although the yen drifted higher with investors cautious until more details emerge on the U.S. Treasury's bank stress tests.

Samsung Electronics , the world's top maker of memory chips and LCD screens, reported on Friday a 72 percent drop in quarterly net profit on weak chip prices, but the result vastly exceeded forecasts thanks to strong handsets.

Samsung Electronics , the world's top maker of memory chips and LCD screens, reported on Friday a much better-than-expected profit as strong sales of its mobile phones offset another weak quarter for chips and LCD screens.

Bank of America Corp CEO Kenneth Lewis was pressured by senior federal officials Henry Paulson and Ben Bernanke to accept a merger with troubled Merrill Lynch & Co or lose his job, New York Attorney General Andrew Cuomo said on Thursday.

Microsoft Corp's quarterly profit fell 32 percent, but its shares rose as investors welcomed continuing efforts to cut costs and news that the release of its Windows 7 operating system is on track.

SunPower , an U.S. manufacturer of solar panels, reported an unexpected net loss for the first quarter, hit by the credit crisis and the difficult economic conditions, the company said Thursday.

The ships and naval aircraft were on a parade Thursday off the Chinese coastal city of Qingdao, marking the 60th anniversary of the Chinese Navy.

American Express Co , reported better-than-expected earnings on Thursday as it slashed costs and said it intended to repay government bailout funds as soon as regulators allow, sending its shares up 6 percent.

A solid crop of earnings reports from the leading lights of technology suggests the sector is proving adept at cost cuts and more resilient to the economic meltdown than previously thought.

The World Bank will provide $45 billion over the next three years to support road building and other infrastructure projects in poor nations.

American Express Co , reported better-than-expected earnings on Thursday as it slashed costs, and said it intended to repay government bailout funds as soon as regulators allow, sending its shares up 6 percent.

The U.S. Federal Reserve lifted the lid on its efforts to shore up the financial system on Thursday, and in the process, showed a $3 billion loss on the books from its deal to rescue investment bank Bear Stearns.

Former Peruvian President Alberto Fujimori filed an appeal on Thursday in a bid to overturn his conviction on human rights crimes as his daughter prepares her own presidential bid.

Amazon.com on Thursday beat Wall Street expectations for quarterly earnings and revenue as lowered prices lured more shoppers online and sales of its Kindle electronic reader gained momentum.