IBT Staff Reporter

Upscale retailer Saks Inc posted a first-quarter loss on Tuesday, as inventory reductions and costs cuts were not enough to completely offset a steep drop in sales.

President Barack Obama on Tuesday will propose the most aggressive increase in U.S. auto fuel efficiency ever in a policy initiative that would also directly regulate emissions for the first time and resolve a dispute with California over cleaner cars.

Norwegian solar energy equipment group Renewable Energy Corporation on Tuesday announced plans to gain 7-9 billion Norwegian crowns ($1.08-1.38 billion) in long-term financing by issuing new shares and debt.

U.S. lawmakers were set on Tuesday to begin wrangling over a climate change bill aimed at reducing carbon dioxide and other pollutants with Republicans objecting that the legislation would burden the economy with higher energy costs.

Stock index futures rose on Tuesday, positioning Wall Street to recoup the rest of last week's losses, as upbeat quarterly results from Home Depot Inc bolstered hopes the economic downturn was easing.

Hewlett-Packard Corp , due to report results after the market close today, will be looking to showcase its steadiness amid weak corporate spending and a competitive landscape in a state of flux.

Nissan Motor Co said on Tuesday orders for its eco-friendly cars are up 30 percent in Japan so far in May from the same period a year earlier, helped by the government's new tax incentives for low-emission cars.

The trustee for Bernard Madoff on Monday sued funds run by Fairfield Greenwich Group, the confessed swindler's largest feeder fund, for $3.5 billion, claiming it should have been aware he was engaged in fraud.

Home Depot Inc's quarterly profit beat Wall Street estimates on Tuesday as the world's largest home improvement chain reined in expenses. The results came the day after rival Lowe's Cos Inc reported better-than-expected quarterly earnings as it saw some strength in outdoor projects during the spring, even though consumers still kept away big-ticket home renovations.

Tumbling energy prices over the past year and a lack of credit pushed two U.S. energy companies into Chapter 11 bankruptcy, the latest in a string of such filings.

Oil rose to a new six-month high above $60 a barrel on Tuesday as unrest in key producer Nigeria and a U.S. refinery outage kindled concerns over oil fundamentals after weeks of equity-led rallies.

A bill to curb sharp practices in the credit card business was on track for approval by the U.S. Senate as early as Tuesday, with President Barack Obama expected to sign it into law before the end of the month.

The pace of contraction in world economic output appears to be easing and recovery could begin at the end of this year, World Bank President Robert Zoellick told Spanish television on Tuesday.

Home Depot Inc reported a higher quarterly profit on Tuesday as the world's largest home improvement chain reined in its expenses.

Goldman Sachs Group Inc, Morgan Stanley and other banks have applied to repay billions of dollars they borrowed under the U.S. government's Troubled Asset Relief Program, sources familiar with the situation said on Monday.

Comcast Corp and the U.S. National Football League are close to a deal in which the league-owned NFL Network would be put on a widely distributed tier of the cable operator, the Wall Street Journal reported on Tuesday, citing people familiar with the talks.

The world's top cellphone maker Nokia Oyj said on Tuesday it plans to cut a further 490 jobs as part of its global cost cutting program.

NEW YORK (Reuters Life!) - Teen idol Miley Cyrus has a message for Internet critics calling her fat -- cyber-bullying can seriously scar people, leading them to hurt themselves.

Oil rose to a fresh six month high above $60 a barrel on Tuesday as unrest in key producer Nigeria and a U.S. refinery outage kindled concerns over oil fundamentals after weeks of equity-led rallies.

World stocks rose for a third day running on Tuesday with banking stocks leading the gains in Europe, while oil hit a six-month peak.

Asian shares climbed to their highest level in seven months on Tuesday on fresh hopes the global recession is easing, and oil hovered at six-month peaks as supply concerns helped buoy up prices.

U.S. crude for June rose above $60 a barrel ahead of expiry on Tuesday, extending gains from a six-month high settlement a day earlier amid supply concerns over Nigeria and a U.S. refinery.

Asian shares climbed to their highest level in seven months on Tuesday on fresh hopes the global recession is easing, while oil hovered at six-month peaks as supply concerns helped buoy prices.

Walt Disney Co on Tuesday launched a new website offering merchandise from its theme parks and resorts as the entertainment group seeks new revenue sources during a slump in business at Disneyland and other parks.

Geithner says markets mending but jobs at risk

The Federal Deposit Insurance Corp plans to shift the burden of resolving the financial crisis by charging banks fees based on their assets instead of their domestic deposits, a source familiar with the situation told Reuters on Monday.

Fairfield Greenwich Group, has been sued by the trustee for Bernardo Madoff’s now inactive money management firm, seeking $3.54 billion.

Despite tightening regulations due to the economic downturn and in the wake of the high profile Madoff ponzi scandal, Luxembourg hopes to gain an advantage over even more highly unregulated investment centers, the chairman of a leading funds association there said.

American Express said Tuesday it would cut about 4,000 jobs, or 6 percent of its worldwide workforce, along with other reductions in spending, as the company said it was taking a “cautious outlook” as the economy moves toward a recovery.