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U.S. markets retreat Friday

Incomes in May rose 1.4 percent compared to April. Spending rose 0.3 percent, the Department of Commerce said.

GM bankruptcy moves forward

Judge Robert Gerber took about 15 minutes to approve GM's motion to access the funds, The New York Times reported Friday.

Citibank in Japan hit with suspension

The regulator said it ordered the bank, formally Citibank Japan Ltd., to cease soliciting customers for one month starting July 15, based on suspicious transactions, including money laundering, The New York Times reported Friday.

Qantas cuts back on Dreamliner order

The airline also said it would put off delivery of 15 other 787 Dreamliners for four years, The New York Times reported Friday.

GM bankruptcy moves forward

Judge Robert Gerber took about 15 minutes to approve GM's motion to access the funds, The New York Times reported Friday.

Democrats also voice doubts on Fed

I believe that before Congress acts on the president's financial services reform proposal we need to have a thorough understanding of what caused the current financial crisis and how the federal government responded, said Rep. Edolphus Towns, D-N.Y., chairman of the House Committee on Oversight and Government Reform.

Citibank in Japan hit with suspension

The regulator said it ordered the bank, formally Citibank Japan Ltd., to cease soliciting customers for one month starting July 15, based on suspicious transactions, including money laundering, The New York Times reported Friday.

Crude oil prices climb overnight

In overnight trading, crude oil prices reached $70.40 per barrel. Heating oil prices fell 0.0041 cents to $1.7722 per gallon. Reformulated blendstock gasoline rose 0.006 cents to $1.9043 per gallon. Natural gas prices dropped 0.001 cents to $3.843 per million British thermal units.

Disposable income rose in May

Personal income gained 1.4 percent, well ahead of expectations, which called for an increase of 0.3 percent.

U.S. markets retreat Friday morning

Incomes in May rose 1.4 percent compared to April. Spending rose 0.3 percent, the Department of Commerce said.

Qantas cuts back on Dreamliner order

The airline also said it would put off delivery of 15 other 787 Dreamliners for four years, The New York Times reported Friday.

Economic Outlook: Fed's past haunts reform

Facing members of the House Committee on Oversight and Government Reform, Chairman Ben Bernanke fielded repeated questions Thursday on his role in the Bank of America purchase of ailing investment bank Merrill Lynch last winter.

Buffett says Jobs' health is 'material'

Certainly Steve Jobs is important to Apple. Whether he is facing serious surgery or not is a material fact, Buffett said, The Los Angeles Times reported Thursday.

GE plans Detroit research center

While not specifying what it would be, a company spokesman said GE Chairman and Chief Executive Officer Jeffrey Immelt would include some news in a speech scheduled for the Detroit Economic Club Friday, the Detroit Free Press reported Thursday.

U.S. markets regain some lost ground

The gross domestic product fell 5.5 percent in the first quarter, a final figure that was an improvement over last month's 5.7 percent estimate.