IBT Staff Reporter

The federal government's cash-for-clunkers program caused a stir this weekend with many consumers heading out to auto dealers' showrooms to trade in their car, with many concerns now surfacing about how the program really works and how long it will last.

Microsoft Corp has started accepting submission of mobile phone software applications from registered developers.

Gary Gensler, chairman of the U.S. Commodity Futures Trading Commission, said Tuesday that the federal agency must seriously consider setting strict position limits in the energy markets.

Microsoft issued poor fourth-quarter earnings with profit plunging 29 percent, its first decline in full-year revenue in the company's 34-year history.

Banks robbers made off with nearly $7 million and killed eight security guards in an overnight raid on a Baghdad Bank before dawn, the Los Angeles Times reported Tuesday.

The Obama administration repeated on Tuesday a threat to veto an annual defense spending bill if it included money to continue Lockheed Martin Corp's F-22 aircraft production line.

Valero Energy Corp. chief executive officer Bill Klesse hopes the Waxman-Markey bill, which includes a proposal to enact a cap-and-trade system in the country, is eventually defeated when it gets into the U.S. Senate, he said Tuesday.

The Dow and the S&P slipped on Tuesday, recovering from steeper declines earlier in the day, as investors shrugged off weak consumer confidence data and focused on positive earnings reports.

California governor, Arnold Schwarzenegger, signed the newly trimmed California budget after making cuts to child welfare programs, medical care for the poor and AIDS prevention efforts on Tuesday.

The struggle in the U.S. Congress over healthcare reform has led to speculation that Democrats' honeymoon with Democratic President Barack Obama is coming to an end, six months after he took office.

The Dalai Lama may not be the first person who comes to mind for business advice but, as the Buddhist monk wrote in his new book, capitalism can profit from Buddhism's principles and values.

Police raided the Las Vegas home and office of Michael Jackson's personal physician on Tuesday as the probe into the pop star's sudden death focused increasingly on the doctor who was at his side when he died.

Phibro LLC, the energy trading arm of beleaguered bank Citigroup , was mum Tuesday after the White House criticized a reported $100 million pay plan for its top trader Andrew Hall as out of whack.

Lawmakers on both sides of the Capitol pushed for a healthcare reform deal on Tuesday, with Senate Democrats near agreement with three Republicans on a plan unlikely to include a government-run insurance option backed by President Barack Obama.

The U.S. Securities and Exchange Commission's probe of Texas financier Allen Stanford was hampered by a lack of cooperation by Stanford and the head of Antigua's financial regulator, the SEC's internal watchdog said in a report released on Tuesday.

Until you actually take your first trip to this stunning Dutch city, it's easy to make some assumptions about the place based on whispers you might hear regarding its infamous Red Light District and the city's notorious

Americans think the Federal Reserve is doing a worse job than even the much-maligned Internal Revenue Service.

The Commodity Futures Trading Commission will consider every option to clampdown on excessive speculation in energy markets, the head of the agency said on Tuesday.

The Federal Reserve will act decisively when needed to tighten monetary policy and tamp down any prospects of inflation, a top Fed policy-maker said on Tuesday.

The Nasdaq Stock Market supports a ban on so-called flashes, order types that it and other stock-trading venues send to a select group of traders fractions of a second before revealing them publicly, Senator Charles Schumer said on Tuesday.

Sprint Nextel Corp said on Tuesday it would buy out Virgin Mobile USA Inc in a deal that values the small wireless carrier at $483 million and pushes Sprint deeper into the low-end prepaid mobile market.

The Dow industrials and the S&P 500 slipped on Tuesday as signs of a strong economic recovery were put to the test by a large drop in consumer confidence and disappointing quarterly results from Office Depot and U.S. Steel, among other companies.

U.S. Steel Corp reported its second consecutive quarterly loss on Tuesday and said it expected all of its business sectors to operate in the red in the third quarter.

U.S. home prices rose in May for the first time in three years, the latest sign suggesting the battered housing market is stabilizing, but a weakening job market hit consumer confidence in July and could prevent near-term economic recovery.

Shares in Italy's Safilo slumped on Tuesday as the main rescue option for the maker of Dior and Gucci eyewear disappeared with the collapse of talks with private equity fund Bain Capital.

Las Vegas police searched the home of Dr. Conrad Murray, Michael Jackson's personal doctor, on Tuesday as the probe into the star's sudden death increasingly appeared to focus on whether the physician gave him drugs before he died.

Canadian auto parts maker Magna offered to increase the amount of upfront capital it would invest in Opel as part of a bid for the General Motors' European unit, several sources said on Tuesday.

RioCan Real Estate Investment Trust is looking at acquisition opportunities in Canada in the short term and will likely close a deal by the end of the year, Chief Executive Edward Sonshine said in an interview with Reuters.

Michael Phelps of the U.S. was upset by Paul Biederman of Germany on Tuesday in the 200-meter freestyle at the world swimming championships in Rome.