Reuters - Two top Federal Reserve officials on Friday voiced concern about weak U.S. economic growth for the rest of 2008 and said inflation, while a worry, should start to fade over time.

Reuters - J.C. Penney Co Inc and Abercrombie & Fitch Co reported quarterly profits that beat Wall Street expectations on Friday, but came up short in their earnings forecasts, joining other U.S. retailers who fear a deeper slowdown in consumer spending toward year's end.

Reuters - Lehman Brothers is in talks for potential sale of its $40 billion portfolio of commercial real estate and securities in an effort to bolster its finances following costly credit-related write-downs, the Financial Times said in its online edition.

Reuters - Employees at a Wal-Mart Stores Inc. outlet in Canada won an arbitrator-imposed contract on Friday, becoming the giant retailer's only location in North America with a collective agreement in place.

Reuters - J.C. Penney Co Inc posted a quarterly profit on Friday that beat Wall Street expectations as strong inventory controls offset weaker consumer spending, pushing its shares 6 percent higher.

Reuters - Chrysler LLC aims to cut its supply chain costs by 25 percent in the next three years, and improve its relationship with suppliers, John Campi, executive vice president of procurement, said on Friday.

Reuters - Consumer confidence improved slightly in early August thanks to a drop in gasoline prices, but worries about a recession still weighed heavily on consumers' minds, according to a survey released on Friday.

Reuters - J.C. Penney Co Inc and Abercrombie & Fitch Co reported quarterly profits that beat Wall Street expectations on Friday, but came up short in their earnings forecasts, joining other U.S. retailers who fear a deeper slowdown in consumer spending toward year's end.

Reuters - Kohl's Corp , a mid-priced apparel and home goods retailer, reported a quarterly profit on Thursday that beat Wall Street's expectations and raised its full-year forecast, saying tight expense controls would help it weather a tough U.S. economy.

AP - Rates on 30-year mortgages remained at the same level for a third week while rates on other types of home loans posted small declines.

Reuters - Best Buy Co Inc , the leading U.S. electronics chain, is expanding into Russia, having registered its Future Shop trademark to operate on the fast-growing market, two business dailies reported on Friday.

Reuters - Oil dropped by $2 to $113 a barrel on Friday to trade near the lowest since early May, pressured by faltering global demand and rising supply.