IBT Staff Reporter

Gold prices edged up in Asian trade Tuesday mainly on investor's buying interest after prices dropped below the psychological barrier of $1200 an ounce. Gold for immediate delivery was seen trading at $ 1199.58 an ounce at 12.30 p.m Singapore time while U.S. gold futures for August delivery was at $ 1199.47 an ounce on the Comex in New York.

Jul 13, 2010

Asian shares surrendered early gains on Tuesday, weighed down by Chinese stocks, which slid on reports that Beijing will not relax tougher property measures any time soon.

Jul 13, 2010

Japan faces political gridlock after the ruling party's poor showing in an election on Sunday, which could thwart efforts to curb a huge public debt and get the economy in shape, as well as putting Prime Minister Naoto Kan's job at risk. Standard & Poor's rates Japan's long-term local and foreign currency debt AA, both with a negative outlook.

Jul 13, 2010

Oil retreated on Tuesday to stay below $75, tracking Asian equities lower and on forecasts for a seventh straight weekly gain in distillate fuel inventories at top consumer the United States. Chinese stocks fell 2 percent on reports that Beijing will not relax tougher property measures any time soon, curbing early gains in other Asian equity markets and tempering strong U.S. corporate earnings and forecasts for a fourth consecutive weekly fall in the nation's crude stockpiles.

Jul 13, 2010

The euro consolidated well below two-month peaks against the dollar on Tuesday as investors hesitated to go long on the single currency and risk large short dollar positions during the U.S. earnings season.

Jul 13, 2010

Gold clawed back to near $1,200 per ounce on Tuesday on light physical buying, but further gains were capped by investor caution ahead of the U.S. corporate earnings season and firmness in the dollar.

Jul 13, 2010

Infosys Technologies edged up its forecast on a revival in outsourcing demand from its mainstay financial clients, but its shares fell as markets worried a weak European economy could curb orders.

Jul 13, 2010

Lawyers for patients who say they have been harmed by GlaxoSmithKline Plc's Avandia say critical data is still under wraps even as a U.S. advisory panel prepares to weigh the fate of the controversial diabetes drug.

Jul 13, 2010

The board of American International Group Inc is expected to meet this week to consider the future of the insurer's Asian life business, AIA, sources with knowledge of the matter told Reuters.

Jul 13, 2010

Chinese stocks fell 2 percent on Tuesday on reports that Beijing will not relax tougher property measures any time soon, weighing on the Australian dollar and curbing early gains in Asian shares.

Jul 13, 2010

BP said it had installed a cap meant to halt the flow of oil from its ruptured Gulf of Mexico well on Monday and the Obama administration issued a new moratorium on deepwater oil drilling.

Jul 12, 2010

Agricultural Bank of China saw net profit rise 40 percent in the first half of the year to 46 billion yuan ($6.8 billion), the Shanghai Securities News reported on Tuesday.

Jul 12, 2010

BP said it had installed a cap meant to halt the flow of oil from its ruptured Gulf of Mexico well on Monday and the Obama administration issued a new moratorium on deepwater oil drilling.

Jul 12, 2010

Chevron Corp , the second-largest U.S. oil company, said improved margins at its refineries would offset a drop in oil and gas output to lift second-quarter earnings above the previous quarter.

Jul 12, 2010

Facebook has moved to overturn a New York judge's recent order temporarily blocking any transfer of the company's assets, as the world's No.1 social networking responds to a lawsuit by a New Yorker claiming to own 84 percent of the company.

Jul 12, 2010

Aon Corp will spend $4.9 billion to buy Hewitt Associates Inc , in an aggressive bid to leapfrog archrival Marsh and McLennan and create the world's largest human resource services company.

Jul 12, 2010

Companies that profit from market volatility, and the surge in volume that it brings, did well in the second quarter, beneficiaries of instability and uncertainty in U.S. and other markets.

Jul 12, 2010

The AUD has opened slightly firmer this morning after some nervousness from traders yesterday ahead of the US reporting season saw the AUD move back towards USD0.8700.

Jul 12, 2010

Australia's dollar fell from its highest level in almost three weeks to an intraday low near 87 cents on the back of a drop in imports of iron ore and copper by China, the nation's biggest trading partner.

Jul 12, 2010

Chevron Corp , the second-largest U.S. oil company, said Improved margins at its refineries would lift its second-quarter earnings versus the previous quarter, offsetting a drop in oil and gas output.

Jul 12, 2010

Boosting credit to needy small businesses is crucial to sustain a tepid U.S. recovery but how to do so poses a difficult policy challenge, Federal Reserve Chairman Ben Bernanke said on Monday.

Jul 12, 2010

A hedge fund is taking aim at the world's biggest banks in an effort to recoup $1.2 billion it lost on subprime mortgages, entering a legal fight where so far Wall Street has largely been unscathed.

Jul 12, 2010

Alcoa Inc , the largest U.S. aluminum producer, posted a stronger-than-expected second-quarter profit on Monday and raised its estimate for global aluminum consumption, sending its shares up 3 percent.

Jul 12, 2010

U.S. railroad CSX Corp said on Monday that its profit rose 36 percent in the second quarter, beating analysts' expectations, as volume improved across the varied markets the company serves.

Jul 12, 2010

The Obama administration issued a new moratorium on deepwater oil drilling on Monday, a move the industry said was unnecessary and would place tens of thousands of jobs at risk.

Jul 12, 2010

(Corrects 4th paragraph to delete that Fed Governor Elizabeth Duke and Jeffrey Lacker spoke at the same conference; they spoke at different events)

Jul 12, 2010

Alcoa Inc , the largest U.S. aluminum producer, posted a second-quarter profit on Monday, as sales rose 22 percent despite a recent drop in aluminum prices.

Jul 12, 2010

(Corrects headline, first paragraph to show sales rose 22 percent, not 18 percent)

Jul 12, 2010

Steve Trevor is resigning as co-head of Morgan Stanley's private equity division, the latest change as the Wall Street firm overhauls its investment management unit.

Jul 12, 2010