DETROIT, June 2- The U.S. auto industry remained on track for the best sales year in a decade as consumers bought cars and trucks in May at the fastest pace in almost a decade. General Motors Co forecast industry U.S. sales to finish May at a seasonally adjusted annualized rate of 17.6 million vehicles, the strongest pace since January 2006. GM sales rose 3 percent in...» Read More
DENVER-- Forest Oil is selling all of its South Louisiana properties for about $220 million as part of its plan to shed some non-core assets. Forest Oil Corp. previously announced that it is selling its East Texas natural gas gathering assets for $34 million. The Eagle Ford shale formation stretches from the western Texas- Mexico border to Louisiana.
NEW YORK-- JPMorgan Chase, the country's biggest bank, reported a record quarterly profit Friday, helped by a surge in mortgage refinancing. It worked out to $1.40 per share, blowing away the $1.21 predicted by analysts polled by FactSet, a provider of financial data. Revenue rose 6 percent to $25.9 billion, beating expectations of $24.4 billion.
HOFFMAN ESTATES, Ill.-- Sears Holdings has completed the spinoff of its Hometown and Outlet stores. Sears Holdings Corp. received $446.5 million in gross proceeds. Sears Holdings, which also runs Kmart, said Thursday that Sears Hometown is expected to start trading on the Nasdaq on Friday under the "SHOS" ticker symbol.
TOKYO-- The utility behind Japan's nuclear disaster acknowledged for the first time Friday that it could have avoided the crisis.
The U.S. has pledged $50 million, Britain $25 million, Saudi Arabia $25 million and Japan and France $12 million each. The group also announced that Yemen was joining the Arab Spring countries participating in the Deauville Partnership, which also include Egypt, Tunisia, Jordan, Morocco and Libya.
WASHINGTON-- The end of the 2012 federal budget year is expected to produce the fourth straight annual deficit above $1 trillion. The Congressional Budget Office has estimated that the deficit totaled $1.1 trillion for the 12 months that ended Sept. 30.
TRENTON, N.J.-- Johnson& Johnson will likely discuss the health of its prescription-drug business and progress on its manufacturing problems when it reports third-quarter results before the stock market opens Tuesday.
NEW YORK-- Workday has raised $637 million from its initial public offering of approximately 22.8 million shares. The company, which provides remote storage applications for human resources and finance, said Friday that it priced the IPO at $28 per share, which is above the projected range of $24 to $26 a piece.
WASHINGTON-- More expensive gas likely drove overall wholesale prices higher in September. But excluding that surge, inflation likely stayed tame. The Labor Department will release the report at 8:30 a.m. EDT Friday.
Some reaction to the European Union being awarded the Nobel Peace Prize on Friday:. "The stabilizing part played by the European Union has helped to transform a once-torn Europe from a continent of war to a continent of peace" _ Nobel committee chairman Thorbjoern Jagland.
OSLO, Norway-- The European Union won the Nobel Peace Prize on Friday for promoting peace and democracy in Europe _ an honor that came as 27- nation bloc was struggling with its biggest crisis since it was created in the 1950 s.
LONDON-- Stocks drifted lower Friday after big gains the day, when U.S. jobs figures came in stronger than expected, and as investors awaited earnings from major banks, starting with JP Morgan Chase& Co..
MUMBAI, India-- An Indian court Friday ordered the arrest of the highflying owner of Kingfisher Airlines for bouncing checks, adding to the beleaguered airline's woes as its struggles to resume flights that have been grounded since the start of the month.
BALI, Indonesia-- A decade after bombs ripped through two Bali nightclubs, Friday was filled with reminders of what was lost in this tropical paradise, and what was not.
Weekly applications for unemployment aid fell to their lowest since February 2008, the U.S. government said Thursday. "I think you need to wait for a few months to see more figures to confirm the jobs recovery in the U.S.," said Francis Lun, managing director of Lyncean Holdings in Hong Kong. Britain's FTSE 10 dropped 0.2 percent to 5,815.68.
BERLIN-- Strong sales in Eastern Europe helped Volkswagen AG post a 6.5 percent increase in September sales over the same month last year, despite difficulties caused by the European financial crisis. Volkswagen said Friday it sold 801,000 vehicles in September, against 751,900 in September 2011.
MUMBAI, India-- India's Kingfisher Airlines has stopped selling tickets on its website through Oct. 20, casting doubt on its promise to end a two week shutdown Friday. Kingfisher, once one of India's best airlines, grounded flights on Oct. 1.
MUMBAI, India-- India's Kingfisher Airlines is unlikely to end its two week shutdown Friday, as planned. Kingfisher, once one of India's best airlines, grounded flights on October 1.
Just hours later, Defense Secretary Leon Panetta said the cyberthreat from Iran has grown, and he declared that the Pentagon is prepared to take action if American is threatened by a computer-based assault.
NICOSIA, Cyprus-- Cyprus' president appealed to trade unions on Friday to rally behind tough austerity measures that the government wants to negotiate with potential creditors in return for a multibillion euro bailout loan to prop up the country's ailing banks and economy.