(Reuters) - The pace of growth in the services sector picked up modestly in May while gauges of new orders and employment climbed, according to an industry report released on Friday. The Institute for Supply Management said its services sector index rose to 54.6 last month from 52.8 in April. The reading came in just above economists' forecasts for 54.0, according to a Reuters survey. The uptick came after April's reading fell sharply to the lowest level since August 2010.

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(Reuters) - Greece said on Friday that international lenders had concluded an inspection of its bailout program positively, as the country's prime minister outlined plans for deeper austerity measures. The prospect of a second bailout for debt-stricken Greece calmed market fears of a default, but a brief statement by the Greek Finance Ministry made no mention of any agreement on further assistance.

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(Reuters) - Wal-Mart Stores Inc announced a new $15 billion share repurchase and emphasized its recently raised dividend, to hearten shareholders who have seen the stock lag the market as sales at U.S. stores suffered. The share repurchase plan, made known on Friday, replaces an identical one announced at the retailer's annual meeting a year ago, of which about $13 billion had been used. The new buyback amount equals roughly 8 percent of the company's market capitalization of $189 billion.

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(Reuters) - Newell Rubbermaid Inc (NWL.N) cut its outlook for the year blaming a weak economy and a rise in costs, leaving investors jittery as the company gets ready to replace its CEO of five years. The maker of Sharpie pens and Rubbermaid storage containers also said its second-quarter results would fall short of current market estimates, sending its shares down 12 percent.

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(Reuters) - Ratings agency Moody's warned on Thursday it would consider cutting the United States' coveted top-notch credit rating if the White House and Congress do not make progress by mid-July in talks to raise the debt limit. Treasury Secretary Timothy Geithner, seeking to convince Congress to increase his borrowing authority and prevent a government default, went to Capitol Hill to press his case in a 45-minute meeting with first-term lawmakers.

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(Reuters) - Molson Coors Brewing Co (TAP.N) and Mexico's Grupo Modelo (GMODELOC.MX) are exploring a joint bid for Australia's Foster's Group Ltd (FGL.AX), a source said, amid talk further suitors may emerge for the maker of VB and Cascade beer. Speculation of a possible takeover pushed Foster's shares up more than 7 percent early on Friday, lifting the value of Australia's largest brewer to A$8.9 billion ($9.5 billion).

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(Reuters) - EBay's online payment unit, PayPal, will end its year-old partnership with AliExpress, the wholesale website of Alibaba.com, from early August, PayPal said on Friday. "PayPal remains deeply committed to China by providing Chinese merchants access to a safer and easier way to sell to millions of our users all over the world. And our business is strong," Dickson Seow, director of communications for PayPal Asia Pacific, said on PayPal's blog.

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(Reuters) - U.S.-based Chevron Corp (CVX.N) said on Friday it had launched an inquiry into an explosion at its oil refinery in southwest Wales which killed four people and seriously injured one. Concerns over refining safety have reverberated through the U.S. oil industry since an explosion at a BP refinery in Texas City in 2005, after which BP said safety shortcomings were common across the sector.

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(Reuters) - Stocks were little changed on Thursday, a day after suffering their biggest losses in nearly a year, as a slight improvement in weekly jobless claims failed to impress and chain-store sales were lackluster. Initial claims for state unemployment benefits slipped 6,000 to a seasonally adjusted 422,000, while economists polled by Reuters forecast 415,000.

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(Reuters) - Goldman Sachs Group received a subpoena from New York prosecutors seeking information on the investment bank's role leading into the global financial crisis, a person familiar with the matter said. The subpoena from the Manhattan District Attorney's office is based on information contained in a Senate subcommittee investigation into Wall Street's role in the housing market collapse.

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