IBT Staff Reporter

The Federal Reserve opened a two-day meeting on Tuesday that is expected to end with a decision to stock up on longer-term Treasury notes in a bid to boost a fading economic recovery.

Eight offshore banks are the subject of United States federal grand jury investigations examining whether they helped Americans evade taxes, a sign that authorities may be ready to issue subpoenas to those banks as part of a crackdown on offshore tax cheating.

Bank of America Corp dismissed 13 investment bankers in its industrials group and may cut more, Bloomberg reported on Tuesday, citing two people with direct knowledge of the actions.

Glam Media, a collection of highly curated blogs mainly centered around fashion, beauty and health, is acquiring Ning, the social media platform co-founded by Marc Andreessen.

United Technologies Corp is negotiating final terms of an all-cash acquisition of aircraft components maker Goodrich Corp with the goal of reaching a deal in the next few days, people familiar with the matter said on Tuesday.

Guggenheim Partners LLC is merging 11 asset management businesses into a new $119 billion firm and changing its name to Guggenheim Investments as part of a broad effort to target financial advisers and institutional clients.

UBS chief executive Oswald Gruebel said on Wednesday he still has support from the Swiss bank's board of directors, after unauthorized trading caused a $2.3 billion loss.

Design software maker Adobe Systems Inc's sales outlook for the fourth quarter was buoyed by new customer additions, allaying investor fears of a slowdown in its growth.

Microsoft Corp announced a 25 percent increase in its quarterly dividend on Tuesday to 20 cents per share, as the technology giant hands more cash back to shareholders frustrated with its stagnant share price.

Oracle Corp posted quarterly revenue slightly above Wall Street expectations, defying a weak outlook for global technology spending.

Greece pledged to bring forward painful austerity measures on Tuesday, convincing international lenders to return to Athens early next week for talks that it hopes will secure the aid it needs to avert bankruptcy.

Oracle Corp forecast earnings for the current quarter that are higher than expected, as well as robust software sales, offering some reassurance to investors hoping that global technology spending is holding up.

U.S. prosecutors made new allegations on Tuesday in a probe of the Full Tilt Poker website, accusing self-styled Poker Professor Howard Lederer and professional poker champion Christopher Ferguson and others of paying themselves more than $440 million while defrauding other players.

A tentative contract between General Motors Co and the United Auto Workers union adds U.S. factory jobs and replaces traditional wage increases with profit-sharing, union officials said on Tuesday.

UBS Chief Executive Oswald Gruebel will ask the Swiss bank's board to back plans for a radical overhaul of investment banking under his leadership at a meeting in Singapore, after unauthorized trading caused a $2.3 billion loss.

Oracle Corp posted solid quarterly results that appeared to defy a weak global technology spending outlook but its weakening hardware sales left investors unimpressed.

HTC Corp is hoping to attract fashion-conscious customers by adding color and accessories to its smartphones as it tries to expand into a new market segment amid slowing growth.

Cell phones may bring relief to famine victims in parts of Somalia controlled by al Shabaab insurgents as donors seek new ways to circumvent the hard-line militants, a senior U.S. official said on Tuesday.

Europe will come under heavy pressure this week to stem its deepening debt crisis but talks among the self-proclaimed guardians of global finance are unlikely to yield bold action.

Republican presidential candidate Michele Bachmann has a new target: Food regulations.

Fox's New Girl could be the breakout hit of the Fall.

Rick Perry still holds a sizable lead over Mitt Romney among Republican primary voters, but Romney does better among the general electorate, according to the latest Gallup poll. Ron Paul came in third, and Michele Bachmann fell into single digits.

The chances of an interloper appear slim in the ongoing deal discussions between United Technologies Corp and Goodrich Corp , according to people familiar with the matter, removing one potential hurdle for United Tech in acquiring the aerospace company.

Europe needs to get its act together and deal with its worsening sovereign debt crisis, the International Monetary Fund said on Tuesday, warning of the risk of severe repercussions for global growth.

A former Silicon Valley sales manager was found guilty of conspiracy charges on Tuesday in connection with the U.S. government's crackdown on insider trading.

Rupert Murdoch's News Corp bought back more than $1 billion of its shares in the last month, according to a filing, as it seeks to improve relations with shareholders frustrated by what they say is the media company's unpredictable capital allocation strategy.

Greece promised more cuts to its bloated public sector on Tuesday and held a second conference call in two days with its international lenders, whom it must convince to extend more loans to prevent its coffers running dry next month.

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Oracle Corp posted quarterly revenue slightly above Wall Street expectations, defying a weak outlook for global technology spending.