AP Business NewsBrief at 2:04 a.m. EDT

Stocks lose grip on early gains, Dow off 15

NEW YORK (AP) _ Wall Street's confidence took some heavy blows this week. Despite a strong rally on Monday, stocks drifted lower for much of the week on a darkening economic outlook. In a now-familiar pattern, early gains were erased in the last hour of trading Friday as the market lost its will to move higher. Major indexes ended down about 0.2 percent.

Obama signs law curbing surprise credit card fees

WASHINGTON (AP) _ President Barack Obama warned overeager shoppers and greedy credit card companies alike on Friday to act responsibly as he signed into law a bill designed to protect debt-ridden consumers from surprise charges. The White House staged a signing ceremony in the Rose Garden, an indication of the legislation's importance to Obama. Though opposed by many financial companies, the bill cleared Congress with broad support.

Ford gives workers more time to consider buyouts

NEW YORK (AP) _ Ford Motor Co. said Friday it is giving its hourly workers five more weeks to decide whether they want to accept the company's buyout and early retirement offers. The original deadline was Friday, but Ford spokeswoman Angie Kozleski said the company is extending the date to June 26.

Job losses up in 44 states as recession drags on

WASHINGTON (AP) _ All but six states lost jobs in April and double-digit unemployment persisted in every corner of the country as companies squeezed by the recession slashed payrolls. For the fifth straight month, California led the nation in net job losses, with 63,700 jobs disappearing in April. Among the handful of winners were Arkansas, Montana and Florida _ a state battered by the housing collapse and badly in need of good news.

Propane suppliers quietly reduce size of refills

DENVER (AP) _ Backyard grillers may get a little steamed this holiday weekend when buying refilled propane tanks: They will be getting less fuel for their money than last Memorial Day. When oil prices soared in 2008, propane suppliers quietly reduced by two pounds the amount of gas pumped into each 20-pound tank, saying they wanted to avoid raising prices.

Cigarette makers lose appeal in landmark case

WASHINGTON (AP) _ A federal appeals court on Friday agreed with the major elements of a 2006 landmark ruling that found the nation's top tobacco companies guilty of racketeering and fraud for deceiving the public about the dangers of smoking. A three-judge panel of the U.S. Court of Appeals in Washington unanimously upheld requirements that manufacturers change the way they market cigarettes. The requirements, which have been on hold pending appeal, would ban labels such as "low tar," "light," "ultra light" or "mild," since such cigarettes have been found no safer than others.

FDIC: new fee system to replenish insurance fund

WASHINGTON (AP) _ Federal regulators on Friday adopted a new system of special fees paid by U.S. financial institutions that will shift more of the burden to bigger banks to help replenish the deposit insurance fund. The move by the Federal Deposit Insurance Corp. cut by about two-thirds the amount of special fees to be levied on banks and thrifts. It followed protests by small and community banks _ with powerful allies in Congress _ against a plan adopted in February that charged premiums based on the amount of deposits. The smaller institutions insisted they would be unfairly hit even though they didn't contribute to the financial crisis with reckless lending.

Gasoline prices swing higher before holiday

NEW YORK (AP) _ Retail gasoline prices continued to climb Friday ahead of the Memorial Day weekend and the unofficial start of America's summer driving season. The national average pump price increased nearly 3 cents overnight to $2.391 a gallon, according to auto club AAA, Wright Express and Oil Price Information Service. Gasoline prices ticked higher every day this month.

CAW has tentative labor deal with GM Canada

TORONTO (AP) _ After two weeks of round-the-clock negotiations, the Canadian Auto Workers union has agreed to another cost-cutting deal with General Motors Canada in its bid to qualify for government loans to stave off liquidation, the head of the union said Friday. Union leader Ken Lewenza said the CAW was pressured into a deal after the United Auto Workers agreed Thursday to a tentative deal with the U.S. government and GM Canada's parent company, General Motors Corp.

GM borrows additional $4 billion from government

NEW YORK (AP) _ General Motors Corp. said Friday that it has borrowed an additional $4 billion from the Treasury Department, meaning the automaker has now accepted $19.4 billion in loans from the U.S. government. GM started taking government money in December and said it intended to borrow $2.6 billion more by June 1 and an additional $9 billion after that. But in a regulatory filing Friday, GM said it needed $1.4 billion sooner than originally forecast.

GMAC receives $7.5B in new Treasury aid

NEW YORK (AP) _ The U.S. government could eventually own a majority stake in GMAC Financial Services following its latest $7.5 billion aid package to the ailing auto financing company. To keep loans flowing to would-be buyers of GM and Chrysler vehicles and shore up its capital position, the Treasury Department agreed Thursday to provide GMAC with $7.5 billion in loans. The new aid marks the second time the government has stepped in to prop up the former lending unit of General Motors Corp.

With Liddy leaving, AIG revamp reaches new phase

NEW YORK (AP) _ After creating a plan to radically alter American International Group Inc.'s operations to help repay billions in government loans, chairman and chief executive Edward Liddy is leaving his vision for the insurer in the hands of a whole new set of managers. On Thursday, Liddy said he was stepping down from both roles at a time when AIG will add six new directors to its board and is reshaping itself by spinning off or selling large parts of its operations.

Credit card law a consumer benefit with bugs

CHICAGO (AP) _ The new credit card law is receiving widespread kudos as a victory for cardholders over the lenders that impose "gotcha" fees and penalties with scant justification and little notice. Indeed, an industry that has been virtually unregulated will now be reined in in many ways, to customers' benefit. Interest rates no longer will be allowed to be raised retroactively if you pay your bills. Terms will be clearer, over-the-limit fees curtailed and rates fairer.

Homeowners turn to online home trading sites

MIAMI (AP) _ Diane Peek needed to move from Georgia to central Florida, but for six months no one even showed interest in the house she and her husband built outside Atlanta. In suburban Orlando, Andrew Bou needed to sell his family home to move to Atlanta, but also no luck. Peek and Bou each joined a Web site that matches people willing to trade their homes. They punched in their needs, their likes and dislikes and like two singles finding love on a dating site, they became a match. About seven months later, they swapped homes.

Obama signs bill to cut wasteful defense spending

WASHINGTON (AP) _ President Barack Obama granted the Pentagon new power to rein in wasteful defense spending Friday, a change he said was long overdue. Standing with leading congressional players on the South Lawn of the White House, Obama signed the weapons acquisition overhaul bill, which passed unanimously in both the House and Senate this week. The president said the bill will crack down on defense programs with huge cost overruns and increase competition for contracts.