Reuters Business Summary

Chrysler financial arm to stop leasing vehicles

DETROIT (Reuters) - Chrysler LLC's financial arm on Friday said it would stop offering vehicle leases to U.S. consumers, a sharp break in strategy in response to plunging resale prices for gas-guzzling trucks and tighter credit. "We are shifting our strategy to focus on retail products," said spokesman Bill Porter. "Effective August 1 we will no longer offer lease products in the United States."

Consumers, home sales paint less gloomy picture

NEW YORK (Reuters) - Consumer sentiment rebounded in July from a 28-year low and business investment rose unexpectedly last month, according to data on Friday that showed rare signs of resilience for the U.S. economy. Data from the struggling housing market also contributed to the less gloomy picture. New home sales in June were not as weak as expected, though few doubt it will take time for housing to recover from its worst slump since the Great Depression.

GE restructures into four business segments

BOSTON (Reuters) - General Electric Co (GE.N: 行情) announced a restructuring on Friday, elevating its energy-related units into their own branch of the second-largest U.S. company by market capitalization. GE Health Care, which had stood as one of the six former divisions, now falls under the new Technology Infrastructure unit.

Wall Street gains as data eases economic fears

NEW YORK (Reuters) - Stocks rose on Friday as a drop in oil prices and stronger-than-expected data on consumer sentiment and housing blunted the latest concerns about the health of U.S banks. Based on the latest available data, the Dow Jones industrial average .DJI was up 21.41 points, or 0.19 percent, at 11,370.69. The Standard & Poor's 500 Index .SPX was up 5.22 points, or 0.42 percent, at 1,257.76. The Nasdaq Composite Index .IXIC was up 30.42 points, or 1.33 percent, at 2,310.53.

MGA to seek a mistrial in Bratz case over juror

LOS ANGELES (Reuters) - MGA Entertainment Inc will seek a mistrial in the copyright infringement case brought against it by Mattel Inc MAT.N, after a juror was accused of making racial slurs against MGA Chief Executive Isaac Larian, an MGA spokesman said on Friday. The juror was dismissed from the federal case in Riverside, California, after another panelist complained to the judge about the comments about Larian, an Iranian Jew who immigrated to the United States as a teenager, the spokesman said.

SemGroup's $3.2 billion failure shocks backers

NEW YORK (Reuters) - The dramatic collapse of energy trader SemGroup LP shocked the privately held firm's backers who until last week had little idea of the extent of the oil trading losses that sank it, sources said this week. As late as June a banker at Bank of America (BAC.N: 行情), one of SemGroup's main lenders, described the fast-growing company as one of his best clients, two sources said this week.

Wachovia shares off; analyst says rise unjustified