HOUSTON (Reuters) – Exxon Mobil Corp reported a 33 percent drop in quarterly profit on a steep decline in crude oil prices, but the U.S. oil major and peer Chevron Corp both saw shares climb after topping Wall Street estimates.

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Exxon, Chevron beat Street, stocks rise

Consumer products maker Procter & Gamble Co. reported Friday that its second-quarter profit jumped 53 percent, boosted by its sale of the Folgers coffee business, but said that sales are slowing in the tough economy. The company also lowered its earning…

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P&G says 2Q profits rise 53 percent, cuts outlook

The economy shrank at a 3.8 percent pace at the end of 2008, the worst showing in a quarter-century, as the deepening recession forced consumers and businesses to throttle back spending. Although the initial result was better than economists expected, the…

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Economy shrinks at 3.8 percent pace in 4Q

Employment costs edged up in the final three months of the year at the smallest pace in nearly a decade while the gain for the entire year was the weakest showing in more than a quarter century. The Labor Department reported Friday that its employment cost…

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Recession keeps lid on employment costs in 2008

NEW YORK (Reuters) – Chevron Corp , the second-largest U.S. oil company, said on Friday its fourth quarter profit rose slightly as a gain from an asset swap offset lower oil prices and production.

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Chevron earnings rise on asset swap gain

Wall Street appeared headed for a slightly lower opening Friday following a better-than-expected reading on the economy’s fourth-quarter performance. But stock futures pared their losses after the report. The Commerce Department said Friday the gross domestic…

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Stock futures still down after GDP report

Cutbacks by consumers, business led to 3.8 percent decline pace, weak, but not as bad as forecast — MARKET UPDATES

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4th quarter numbers show stark economic woes

Chevron Corp. says it earned $4.9 billion in the fourth quarter though revenues plunged 28 percent with oil prices in sharp decline. Chevron, the second-largest U.S. oil company, reported Friday it earned $2.44 per share in the three months ended Dec. 31. It…

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Chevron posts 4Q earnings of $4.9 billion

WASHINGTON (Reuters) – The economy shrank at its fastest pace in nearly 27 years in the fourth quarter, government data showed, sinking deeper into recession as consumers and business cut spending.

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GDP sees biggest drop in 27 years

Political and corporate leaders at the World Economic Forum heard fervent appeals Friday not to forget the bottom billion, the poorest of the world’s poor, in the rush to rescue the global financial systems. “To be sure the economic crisis reduces our…

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Davos plea: Don’t forget poor during crisis

Honeywell International Inc.’ quarterly earnings rose 2.6 percent, as lower costs offset falling sales in most of its divisions amid a worsening recession. The diversified manufacturer of aircraft equipment, specialty chemicals and building control systems…

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Honeywell net up as lower costs offset weak sales

NEW YORK (Reuters) – Stock index futures turned higher on Friday after data showed the economy shrank at its fastest pace in nearly 27 years in the fourth quarter, but contracted less than expected.

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Futures turn higher after GDP data

Car owners who claimed a seatbelt installed in some 4 million cars in California was improperly tested and its buckle might open in a crash lost a $247-million lawsuit against the manufacturer. The TK-52 seatbelt by Takata Corp. was safe and met federal…

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LA judge rules in $247-million seatbelt suit

TOKYO/STUTTGART (Reuters) – Sliding car sales dealt fresh blows on Friday to the earnings of top auto makers caught in the worst industry downturn in decades.

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Honda, Toyota and Porsche eye auto industry carnage

Exxon Mobil Corp. on Friday reported a profit of $45.2 billion for 2008, breaking its own record for a U.S. company, even as its fourth-quarter earnings fell 33 percent from a year ago. The previous record for annual profit was $40.6 billion, which the world’…

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Exxon Mobil sets record with $45.2 billion profit