GM, Ford, Toyota Back New U.S. Mileage Goals to Stave Off Stricter Rules

(Bloomberg) -- Automakers are embracing legislation
in the U.S. House that would raise fuel-economy standards,
abandoning years of resistance because of concerns they might
otherwise be forced to accept even tougher measures.

An industry group representing General Motors Corp., Ford
Motor Co., Toyota Motor Corp. and six other auto companies is
backing a bill that would require a more than one-quarter
increase in average vehicle mileage by 2022. Competing measures
in the House and Senate mandate stricter requirements that would
compel earlier compliance and probably cost the industry more.


Read more at Bloomberg Energy News

U.S. Stocks Rebound After Economy Grows More Than Forecast; Banks Advance

(Bloomberg) -- U.S. stocks rebounded from the
biggest declines since February and bank shares climbed from a
10-month low after a government report showed the economy grew
at the fastest pace in more than a year last quarter.

Citigroup Inc., Bank of America Corp. and JPMorgan Chase &
Co., the largest U.S. banks, advanced. Chevron Corp., the
second-biggest U.S. oil company, gained after it said earnings
rose as profit margins improved on gasoline and other fuels.
Ford Motor Co. advanced on an upgrade by Merrill Lynch & Co.
after the second-biggest U.S. automaker reported its first
profit in eight quarters.


Read more at Bloomberg Stocks News

Ford swings to surprise second-qtr profit

(Reuters) - DETROIT, July 26 - Ford Motor Co on Thursday swung to a surprise second-quarter profit after seven quarters of losses on cost-cutting and a turnaround in its core automotive operations, pushing shares higher.



Ford, which is in the midst of a restructuring plan that includes closing 16 plants and cutting up to 45,000 jobs, posted a net profit of $750 million, or 31 cents per share, compared with a loss of $317 million, or 17 cents, a year earlier.


Read more at Reuters.com Market News

Corporate Bond Risk Soars to 2-Year High on Bear Stearns Hedge Fund Losses

(Bloomberg) -- The risk of owning corporate bonds
soared to the highest in two years in Europe after Bear Stearns
Cos. said investors in two U.S. subprime hedge funds will get
little or no money back, credit-default swap prices show.

Contracts on 10 million euros ($13.8 million) of debt
included in Europe's iTraxx Crossover Series 7 Index jumped as
much as 36,000 euros to 324,000 euros, according to Deutsche
Bank AG. The risk premium is the highest since 2005 when General
Motors Corp. and Ford Motor Co. had their ratings cut to high
risk, high-yield.


Read more at Bloomberg Bonds News