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GM cuts industry U.S. sales outlook for 2007 (Reuters via Yahoo! News) - General Motors Corp. on Friday cut its outlook for industry-wide U.S. auto sales in 2007, estimating annual sales of about 16.8 million vehicles, down from an earlier forecast of 17 million units.

Auto Industry Sales Up 5% In U.S. In May (Hartford Courant) - Results At Toyota, GM Give Performance A Boost Toyota Motor Corp.'s U.S. vehicle sales jumped 14.1 percent in May, to its best monthly level ever, and General Motors Corp.'s sales rose 9.7 percent, helping boost industry sales 5 percent, as both automakers credited, in part, the appeal of their more fuel-efficient offerings amid high gas prices.

EU Chemicals Industry Rules Take Effect (AP via Yahoo! Finance) - Far-reaching rules governing the multibillion-dollar chemicals industry went into force Friday, but environmentalists and consumer groups complained the legislation does not go far enough.

Edwards calls for probe of oil industry (AP via Yahoo! News) - Democratic presidential hopeful John Edwards on Thursday called for a federal investigation into possible antitrust violations by the oil industry and criticized oil companies for raising gas prices.

Strong peso hurting seaweed industry (INQ7 Business) - MANILA, Philippines -- Seaweed processors and marginal seaweed farmers have complained that the rising peso, lack of government support and unfair competition from China are seriously hurting the industry.

Ethanol Industry Fights to Keep Fuel Prices in Check (The Auto Channel) - OMAHA, Neb., June 1, 2007; Memorial Day weekend found the cost of driving at its highest in history. Many motorists took shorter trips and stayed closer to home. The cost of driving will continue to be highest in history as the oil industry continues to drive gas prices higher and higher.

The Options Industry Council Announces Record Month in May (SYS-CON Media) - The Options Industry Council (OIC) announcedtoday that May 2007 trading set a new monthly volume record with229,227,230 total options contracts changing hands. This represents a 14.8percent increase over May 2006, the record month at that time, and anincrease of more than 600,000 contracts over the previous monthly volumerecord set in March 2007.

Bush proposes rules to curb abuse in student loan industry (The Post-Star) - WASHINGTON - The Bush administration has proposed new rules aimed at clamping down on conflicts of interest in the student loan industry. Education Secretary Margaret Spellings had previously said she would issue the rules about this time and the department publicized the proposed rules Friday.

Fund Industry Steps Up Case Vs Insurance Products (Nasdaq) - WASHINGTON -(Dow Jones)- The U.S. mutual fund industry is stepping up its case to exclude insurance products from a short list of acceptable investment alternatives for employees who don't choose how to invest funds in work-based retirement savings vehicles such as 401(k) plans.

Income tax payment: textile industry should switch over to normal law (Business Recorder) - ISLAMABAD (June 02 2007): The textile industry should switch over from Presumptive Tax Regime (PTR) to normal law for payment on income tax.