U.S. says targeting 150 UBS clients for tax evasion
The United States is building criminal cases against more than 150 American clients of Swiss bank UBS as part of a crackdown on tax evasion now made easier by a deal over access to secret account information. Read Full Article here.
Retailers and tech lead gains on Wall Street
U.S. stocks rose on Tuesday, erasing some of the sharp losses in the previous session as better-than-expected results from big retailers encouraged investors' back into the market. Read Full Article here.
GM raises production as clunker sales rise
General Motors Co said on Tuesday it is increasing production for the second half of 2009 after a surge in sales ignited by the U.S. government's Cash for Clunkers incentives program. Read Full Article here.
Sony to cut price for PlayStation 3 console
Sony Corp will launch a cheaper version of its PlayStation 3 game console and plans to cut prices on existing models effective August 19 in Europe and the United States to bolster sales and take aim at rivals Microsoft and Nintendo. Read Full Article here.
MGM replaces CEO, hires turnaround expert
Metro-Goldwyn-Mayer Inc has replaced its chief executive with a team that includes turnaround expert Stephen Cooper and its production boss, Mary Parent, as the storied Hollywood studio grapples with reducing a high debt load. Read Full Article here.
PIMCO'S El-Erian: U.S. stock rally has hit a wall
Mohamed El-Erian, the chief executive of top bond fund manager PIMCO, on Tuesday said the rally in U.S. stocks had topped out because valuations have shot up too quickly. Read Full Article here.
HP could prune outsourcing services: sources
Hewlett-Packard Co is considering selling or shutting parts of its outsourcing business to focus on the higher-margin areas of its technology services offering, people familiar with the matter said. Read Full Article here.
Exxon, China ink $41 billion Australian gas deal
Australia and China struck their biggest trade deal ever on Tuesday as the world's two most valuable listed oil companies, Exxon Mobil and PetroChina <601857.SS>, agreed a $41 billion liquefied natural gas deal. Read Full Article here.
Cost cuts help Home Depot beat estimates
Home Depot Inc posted a better-than-expected quarterly profit and raised its full-year forecast after cost cuts kicked in and sales improved in areas that had been hard hit by the U.S. housing downturn. Read Full Article here.
Saks quarterly loss not as deep as expected
Upscale department store operator Saks Inc posted a narrower-than-expected quarterly loss on Tuesday as it trimmed costs while well-heeled shoppers held back from pricey purchases. Read Full Article here.