News Today - May 06

* Swiss banking giant UBS confirmed a first quarter net loss of two billion Swiss francs ($1.75 billion) Tuesday and warned that the economy had continued to deteriorate despite a rebound in global stocks.

* Three-month Libor (or, the London Inter-Bank Offered Rate), an international benchmark interest rate used to price corporates loans, has slipped below 1% — an indication that banks are more willing to lend.

* Signs of life from the battered consumer and housing sectors raise hope that the severe recession may be bottoming out and that growth could turn positive later this year, Federal Reserve Board Chairman Ben Bernanke said Tuesday.Read Bernanke's prepared remarks.

* The U.S. Treasury Department will end up owning at least half of General Motors and current common stock holders will be left with roughly 1% of the embattled carmaker if a restructuring plan being currently considered goes through, the company warned in a regulatory filing late Tuesday.

* Bank of America has been deemed to need an additional $34 billion in capital, according to the results of a government stress test, a source familiar with the results said on Tuesday. A Bank of America spokesman declined comment.

* US firms could see 50% rise in the cost of outsourcing biz processes to India if Obama's new tax proposals are accepted

* San Francisco Federal Reserve President Janet Yellen says recovery is likely to be slow, given the nature of the current slump.