IBT Staff Reporter

The government will avoid bringing down an austerity budget this year, because of tough economic times globally, Finance Minister Jim Flaherty said on Monday.

Iran's threat to block the main oil shipping route out of the Gulf points to why the United States should approve the Keystone XL pipeline from Canada to Texas, Canadian Prime Minister Stephen Harper said on Monday.

Samsung Group, which includes Samsung Electronics Co, said on Tuesday it is raising its 2012 investment to a record $41.4 billion, underscoring the widening gulf between the dominant South Korean conglomerate and its faltering competitors.

U.S. stocks gained on Tuesday as brighter sentiment about China's growth prospects overshadowed Europe's recent credit downgrades and a mixed bag of big bank earnings.

Just as Amazon revolutionized the way books are sold and Groupon has conditioned shoppers to expect daily deals on services and foods, a cluster of websites have upended the stodgy world of wine.

The provinces unanimously believe the federal government's unilateral decision to impose a new formula for how it will help fund the public healthcare system was both unprecedented and unacceptable, British Columbia Premier Christy Clark said Monday.

Just as Amazon revolutionized the way books are sold and Groupon has conditioned shoppers to expect daily deals on services and foods, a cluster of websites have upended the stodgy world of wine.

Sweden is tweeting to the world, and this week she is Hanna, just your average lesbian truck driver.

The Bank of Canada held its key policy rate at 1 percent on Tuesday, but forecast a faster Canadian recovery than expected despite an increasingly worrying outlook for the global economy.

Russian internet company Mail.ru has launched its answer to U.S. microblogging site Twitter, seeking to expand its business into social instant messaging and emulate the success of China's Weibo.

Spain took in its stride the first test of investor appetite for its debt since a two-notch credit ratings downgrade, selling short-term paper ahead of a far trickier hurdle later this week, when it tries to place longer-dated bonds.

Citigroup Inc's fourth-quarter profit fell 11 percent and missed Wall Street estimates as the European debt crisis battered capital markets, hurting trading revenue and discouraging clients from doing deals.

Political resistance is clashing with financial imperatives as the euro zone tries to strengthen its capacity to rescue debt-stricken member states after Europe's temporary bailout fund lost its top-notch credit rating.

Stocks rose on Tuesday as improved sentiment about growth prospects in China overshadowed recent credit downgrades in Europe and a mixed bag of big bank earnings.

Stocks rose on Tuesday as improved sentiment about growth prospects in China overshadowed recent credit downgrades in Europe and a mixed bag of big bank earnings.

Germany's exit from nuclear power could cost the country as much as 1.7 trillion euros ($2.15 trillion) by 2030, or two thirds of the country's GDP in 2011, according to Siemens , which built all of Germany's 17 nuclear plants.

The Justice Department has stepped up its investigation of Standard & Poor's mortgage bond ratings during the financial crisis, the Wall Street Journal reported on Tuesday.

Wells Fargo & Co beat Wall Street estimates with a 20 percent increase in fourth-quarter profit, boosted by improving credit quality and continued loan growth.

A gauge of manufacturing in New York State showed growth picked up in January, rising to the highest level in nine months as new orders and employment improved, the New York Federal Reserve said in a report on Tuesday.

Citigroup Inc reported lower fourth-quarter profit while Wells Fargo & Co. said profit rose. Both big banks said their quarters were helped by declining bad loan costs.

A gauge of manufacturing in New York State showed growth picked up in January, rising to the highest level in nine months as new orders and employment improved, the New York Federal Reserve said in a report on Tuesday.

Aerospace group EADS batted away concerns over the financing needed to maintain a record wave of jet deliveries this year, as bumper orders from its Airbus unit and a major Japanese leasing deal provided fresh evidence of Asia's rising economic power.

Rick Perry has come under fire for his remark at Monday's South Carolina debate that Turkey is run by what many would perceive to be Islamic terrorists.

Shares of cruise operator Carnival Corp. plunged 15 percent on Tuesday after a ship operated by its unit struck a submerged rock and keeled over off the coast of Italy late on Friday.

Stocks gained in early trading on Tuesday as Chinese data fueled the belief the government may move to stimulate growth, overshadowing recent credit downgrades in Europe and a mixed bag of big bank earnings.

China's economy expanded at its weakest pace in 2-1/2 years in the latest quarter, with the sagging real estate and export sectors heralding a sharper slowdown in coming months and fresh pro-growth measures from the government.

Stocks were set to open higher on Tuesday as Chinese data fueled the belief the government may move to stimulate growth, overshadowing recent credit downgrades in Europe and a mixed bag of bank earnings.

Siemens <SIEGn.DE> expects Germany's exit from nuclear power to cost the country up to 1.7 trillion euros ($2.15 trillion) by 2030, the head of its energy business said.

Citigroup Inc fourth-quarter profit fell 11 percent and missed Wall Street estimates as the European debt crisis battered capital markets trading and discouraged clients from doing deals.