U.S. job losses spike in June, dampen recovery hopes (Reuters)

Reuters - U.S. employers cut far more jobs than expected last month and the unemployment rate hit 9.5 percent, the highest in nearly 26 years, underscoring the likelihood of a long, slow recovery from recession.

Fannie, Freddie ease terms for mortgage refinance (Reuters)

Reuters - The Obama administration on Wednesday expanded its foreclosure prevention efforts to help a greater number of underwater homeowners refinance their mortgages.

Bleak payrolls report mauls Wall St; volume thin (Reuters)

Reuters - Stocks tumbled on Thursday, driving the S&P 500 down to its third-straight weekly loss, as a steeper-than-expected slide in June non-farm payrolls revived caution about economic recovery prospects.

AIG to sell consumer finance unit in Colombia (AP)
AP - American International Group Inc. on Wednesday said it agreed to sell all of its ownership interests in its consumer finance operations in Colombia, the latest in a recent string of asset sales by the embattled insurer to bolster its finances.

J&J buys $1 billion Elan stake, gains Alzheimer's R&D (Reuters)

Reuters - Johnson & Johnson has agreed to pay $1 billion for an 18.4 percent stake in Irish drugmaker Elan Corp , and will acquire a major stake in Elan's portfolio of experimental drugs to treat Alzheimer's disease.

Fate of GM in hands of bankruptcy judge (Reuters)

Reuters - A federal bankruptcy judge will decide the immediate fate of General Motors Corp's effort to quickly sell its best assets to a group funded by the U.S. government, after a three-day court hearing concluded on Thursday.