China addresses exchange rate\nWASHINGTON, D.C. -- The Bush administration, facing huge and politically sensitive trade deficits, secured China's pledge Friday to work harder to move its currency toward a flexible exchange rate, which would make U.S. goods more competitive abroad.\nThe commitment came as China was to meet for the first time with finance officials from the world's seven richest countries.\nThe group of seven -- the United States, Japan, Germany, France, Britain, Italy and Canada -- have been urging Beijing to adopt a more flexible currency system. In the United States, President Bush and his Democratic opponent, John Kerry, have clashed over China's currency policies, America's swollen trade deficits and the impact of both on job losses in the United States.
GM reports increased business\nDETROIT -- General Motors Corp., aided by a late-month clearance sale on 2004 models, said Friday its new vehicle business rose a surprising 20 percent in September, which appeared to help push up overall industry results despite bad weather in the Southeast.\nToyota Motor Corp., Nissan Motor Co. and DaimlerChrysler AG's Chrysler Group also fared well, posting double-digit gains, but Ford Motor Co. struggled again despite incentive offers much the same as GM's.\nGM, the world's largest automaker, said truck sales, which were up 32 percent, eclipsed the all-time industry record last month. Chevrolet had its best month since October 2001.
U.S. cybersecurity chief resigns\nWASHINGTON, D.C. -- The government's cybersecurity chief has abruptly resigned from the Homeland Security Department amid a concerted campaign by the technology industry and some lawmakers to persuade the Bush administration to give him more authority and money for protection programs.\nAmit Yoran, a former software executive from Symantec Corp., made his resignation effective Thursday as director of the National Cyber Security Division, giving a single's day notice of his intention to leave. He kept the job one year.\nYoran has privately confided to industry colleagues his frustrations in recent months over what he considers the department's lack of attention paid to computer security issues, according to lobbyists and others who recounted these conversations on condition they not be identified because the talks were personal.
Oil prices rise\nNEW YORK -- The price of oil settled above $50 a barrel for the first time Friday amid concerns about tight supplies globally and hurricane-related production problems in the Gulf of Mexico.\nOn the New York Mercantile Exchange, crude for November delivery settled at a record $50.12 per barrel, up 48 cents. Adjusting for inflation, oil prices are roughly $30 below the peak set in 1981.\nBut the thin global supply cushion and the slow return of oil and natural gas production in the Gulf of Mexico, where Hurricane Ivan roared through two weeks ago, have kept energy markets on edge for weeks.
