Friday Morning Business Brief

It's the last day of trading this week and investors are hoping the stock market continues its upward trend. Earnings gains at major U.S. companies and encouraging economic news pushed stocks to record levels yesterday. The Dow closed up 78 points at 15,548. The S&P 500 climbed 8 points. And the Nasdaq edged up a point. Today, GE reports quarterly financial results.

• Disappointing earnings from two U.S. technology giants sent international stock markets lower today while doubts about growth prospects for China and Japan offset better U.S. economic news. Benchmark crude oil fell below $108 a barrel. The dollar fell against the euro and the yen.
• Detroit's emergency financial manager says bankruptcy is the "first step toward restoring the city." Kevyn Orr's comments came yesterday after Detroit became the biggest U.S. city to file for bankruptcy. Orr says the city will stay open and bills will be paid. But the city might have to lay-off employees, sell assets, raise fees and scale back some basic services.
• The finance chiefs of the world's leading economies have announced an ambitious plan to help governments get more taxes from multinational companies. The plan was designed by the Organization for Economic Cooperation and Development. The Paris-based OECD says that "national tax laws have not kept pace with the globalization of corporations and the digital economy, leaving gaps that can be exploited.
• CBS and Time Warner Cable are in a public spat over fees in three major TV markets. If it's not resolved, six local CBS TV stations could go dark for around 3 million cable customers in New York, Los Angeles and Dallas starting Wednesday. The dispute is over how much Time Warner Cable pays for retransmitting signals from the six stations

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