BUSINESS

Elinor Ostrom, the first woman to win Nobel Prize in economics, died on Tuesday, June 12, after battling cancer. She was 78 years old. The distinguished Indiana University professor received the 2009 Nobel Prize in economic sciences for her groundbreaking research on the ways that people organize themselves to manage resources. She was the first and, to date, only woman to win the prize in this category.

In iOS 6, which was unveiled Monday at the 2012 Worldwide Developers Conference (WWDC) in San Francisco, Apple has decided to apply these same tactics of deep integration with Facebook, the world's largest social network with more than 900 million users. This is all great for Facebook, but what is Apple getting in return?

TomTom (Pink:TMOAF), the Dutch navigation software specialist, is already benefiting from its new tie to Apple (Nasdaq: AAPL), the world's most valuable technology company, which hired it to provide data for the iPhone.

Indian retail sector, which is one of the fastest growing in the world, is under immense pressure to allow the Foreign Direct Investment. With multi-national retail giants like Wal-Mart and CarreFour and foreign investors lobbying the government to throw open the retail sector, the government has made several futile attempts in the past two years to allow FDI in retail.

Felda Global Ventures Holdings, Malaysia's state-owned palm oil producer, will likely exceed its IPO target of $3.2 billion when it goes public on June 29.

The reassurance provided by the ?100 billion ($125 billion) Spanish banking bailout last Saturday has already waned, and on Tuesday morning, the country's 10-year bond yields rose again to 6.67 percent, drawing closer to euro-era highs of 6.8 percent.

Leaders of the world's 12-member crude oil cartel gather this week in Vienna to discuss and perhaps set a production ceiling for the group in what is expected to rubber stamp the current state of affairs. It is also expected to feature a fierce tug-of-war between Saudi Arabia, the cartel's dominant producer, and Iran.

Among the companies whose shares are moving in pre-market trading Tuesday are: Ceragon Networks, Renren, Strategic Hotels & Resorts, Telefonica, EzChip Semiconductor, Banco Santander, Siemens, Pfizer and Goodyear Tire & Rubber.

Thursday will see a showdown over the near-term future of AOL (NYSE: AOL), the No. 7 website, which in its heyday was American Online, the biggest email provider, as well as a company big enough to swallow Time Warner.

Crude oil futures declined on Tuesday amid concerns that Spain's banking bailout may not be enough to rescue the country from the financial crisis.

Futures on the major U.S. indices point to a higher opening Tuesday ahead of the May Treasury budget statement and Import Price Index.

European markets maintained a cautious tone Tuesday as stocks fell in the U.S. and Asia following the fading of optimism relating to the aid to the Spanish banks and revival of the debt crisis looming over the euro zone.

The Index of Industrial Production for April rose just 0.1 percent, corroborating fears that economic slowdown will persist in the current quarter.

Asian stocks fell Tuesday as optimism on the 100 billion euro ($125 billion) aid for Spanish banks faded, and markets failed to uphold the gains made Monday.

Stock markets in China and Hong Kong declined Tuesday, following losses on the Wall Street overnight as the early optimism over the Spanish bailout plan faded.

The top after-market NYSE gainers Monday were: Fiesta Restaurant Group, Shanda Games, ModusLink Global Solutions, TFS Financial and SodaStream International. The top after-market NYSE losers were: Newport Corp, Intermolecular, MAP Pharmaceuticals, Energy Recovery and Zipcar.

Japan's Nikkei 225 Stock Average fell Tuesday as the early investor excitement on the bailout for Spanish banks subsided to revive concerns about the debt crisis looming over the euro zone.

Pennsylvania prosecutors are considering criminal charges against former top Penn State University officials for allegedly concealing what they knew about the conduct of former assistant football coach Jerry Sandusky, law enforcement sources said Monday.

Asian markets reversed the previous day's hefty gains on Tuesday as a European bailout for Spain's debt-stricken banks failed to convince investors that the spread of the debt crisis in Europe will be halted.

U.S. Environmental Protection Agency Administrator Lisa Jackson said her administration's environmental policies have had no influence on the coal industry's current hardships, despite enforcing tougher emission standards the industry says increases their costs and dampens demand for coal.

PC gamers have long awaited the release date for ?Diablo 3,? which launched nearly a month ago on May 15. The widely-perceived computer game has been a staple of the PC gaming genre since its inception, and the third installment is said to look even sharper on Apple?s new MacBook Pro featuring Retina display.

Google Maps has been a signature feature of the iPhone since its first launch in 2007, but that will now change. At the 2012 Worldwide Developers Conference (WWDC) in San Francisco, Apple introduced a new Maps application as a part of the new iOS 6 platform coming in the fall. But this Maps app isn't built by Google; this one is Apple-made.

Argentina wants to negotiate a handover of the islands to Buenos Aires, while London adamantly refused to do any such thing.

Opponents say the ballot initiative, up for a vote on Tuesday, could potentially exempt religious people and groups from discrimination laws in the name of their faith.

Here's a window into how low the bad guys will stoop to steal retail inventory: Last week in California, 1,600 pounds of premium dog food, a $10,000 cargo on its way to feed animals at a local pet rescue facility, was stolen.

At the 2012 Worldwide Developer's Conference (WWDC) in San Francisco, Apple announced that the next version of its OS X operating system for Macs, dubbed Mountain Lion, will be released in July. The company did not give out a specific date and time.

On the first day of Apple?s Worldwide Developers Conference, improvements in Siri are unveiled.

Political and economic decisions over the next week have serious consequences for the country's future.

Global markets disapproved of the Spanish bailout on Monday. People monitoring Spanish Twitter feeds had an early warning.