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Large U.S. corporate bankruptcies accelerate

Large U.S. corporate bankruptcies have accelerated in recent weeks as the U.S. economic slowdown claims more victims, according to industry data.

Obama, Lee warn North Korea brinkmanship won't work

U.S. President Barack Obama and South Korean President Lee Myung-bak presented a united front to North Korea on Tuesday, saying Pyongyang must abandon its nuclear weapons program and will not be rewarded for provoking a crisis.

BRIC to be world's largest economy in 20 years

The leaders of the world's biggest emerging powers, Brazil, Russia, India and China meet this week for their first formal summit, seeking ways to reshape the global financial system after the worst economic crisis in decades.

Wall Street hit by economic, consumer jitters

U.S. stocks slipped on Tuesday as mixed economic data and Best Buy's disappointing sales spurred worries about an anemic recovery.

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Fed's Warsh warns of false optimism on U.S. economy

A top Federal Reserve official warned on Tuesday not to take recent gains across a range of asset prices as proof the U.S. economy is on the verge of a strong recovery.

More Americans prefer Facebook over MySpace

Facebook has passed News Corp.'s MySpace domestically in traffic, according to online metrics firm comScore.

Best Buy sales, forecast disappoint, shares fall

Best Buy Co Inc posted lower first-quarter earnings and weaker-than-expected sales on Tuesday and implied earnings for the rest of the year would be worse than forecast, dragging its shares down more than 7 percent.

Wall Street falters on economic jitters, Best Buy

U.S. stocks fell on Tuesday as mixed economic data spurred worries of an anemic economic recovery and Best Buy's disappointing results signaled consumer spending remains weak.

U.S. Chamber wants hands-off systemic risk regulator

The systemic risk regulator envisaged under a U.S. overhaul of financial regulations should not add an unnecessary layer of hands-on supervision, the U.S. Chamber of Commerce said on Tuesday.

Wall Street slides on mixed data, Best Buy drags

Stocks accelerated their drop on Tuesday as mixed economic data fed worries that the economic recovery may be anemic, while Best Buy's disappointing results pointed to a still weak consumer.

Bankers group sees U.S. recession ending in third quarter

The U.S. recession will end in the third quarter, but lingering high unemployment and large federal deficits may pose a longer-term threat, economists advising the American Bankers Association said on Tuesday.

Judge OKs Banco Santander settlement in Madoff case

A U.S. judge on Tuesday approved a legal settlement requiring a unit of Banco Santander SA , which fed billions to New York financier Bernard Madoff before his swindle was revealed, to pay $235 million.

Developing world leaders show new power at summits

Leaders of emerging world powers discussed reducing their reliance on the United States, as well as boosting security and trade at two summits on Tuesday hosted by Russia but excluding the West.

BRIC demands more clout, steers clear of dollar talk

The leaders of the world's biggest emerging markets demanded a greater say in the global financial system on Tuesday at their first summit, but steered clear of any assault on the U.S. dollar's dominance.

U.S. needs more bankruptcy judges: judicial group

A judicial body is urging Congress to authorize new bankruptcy judgeships to cope with a surge in bankruptcy filings that has tracked weakness in the U.S. economy.

Wall Street loses ground on recovery worry

The Dow and the S&P 500 dropped to session lows on Tuesday, while the Nasdaq trimmed gains, as investors worried that the economic recovery's pace might not be as strong as initially hoped.

Etihad engine deal eclipses Airbus, Boeing

An engine deal from Abu Dhabi's Etihad Airways worth more than $5 billion could be the biggest news to come from this week's Paris Air Show, where the global recession has frozen sales of planes from Airbus or Boeing Co.

Commodities lift Wall Street, but caution weighs

Stocks rose on Tuesday as renewed U.S. dollar weakness lifted shares of oil and other natural resource companies, but concern that the pace of the economic recovery may be tepid limited a broad advance.

U.S. May producer prices rise 0.2 percent

U.S. producer prices rose by less than expected in May despite a jump in gasoline costs, government data on Tuesday showed, while prices compared with a year ago notched their steepest fall since 1949.

Best Buy posts lower quarterly profit, keeps view

Best Buy Co Inc maintained its forecast for the year after posting lower first-quarter earnings on Tuesday, dragging its shares down 3.5 percent even though the profit topped analysts' expectations.

Twitter delays down time to aid Iranian protesters

Social networking service Twitter delayed a planned upgrade to avoid cutting daytime service to Iranians who have been using it to coordinate protests against a disputed presidential election.

U.S. housing starts, permits jump in May

New U.S. housing starts and permits rebounded in May from record lows as ground-breaking for multifamily units surged after tumbling the prior month, a government report showed on Tuesday.

Best Buy sales and forecast disappoint, shares fall

Best Buy Co Inc posted lower first-quarter earnings and weaker-than-expected sales on Tuesday and also implied earnings for the rest of the year would be worse than forecast, dragging its shares down 3 percent.

Wall Street rises on commodity boost and U.S. housing data

Stocks rose on Tuesday as renewed U.S. dollar weakness lifted shares of oil and other natural resource companies, while a rebound in May housing starts reinforced hope that the economy could be stabilizing.