IBT Staff Reporter

Federal Reserve Chairman Ben Bernanke testified at the Joint Economic Committee on Tuesday that he never asked Kenneth Lewis, chief executive officer of Bank of America Corp., to remain silent about the Merrill Lynch & Co. losses, before its January 1 acquisition.

U.S. Representative Barney Frank will unveil legislation on Wednesday to roll back a U.S. ban on online gambling, he said in a statement on Tuesday.

Lawyers for Craigslist met with several state lawyers Tuesday to discuss blocking the social networking site's erotic services ads, which have been linked to recent high-profile murders.

U.S. stocks fell on Tuesday as cautious investors fretted about impending bank stress test results and energy shares succumbed to the pressure of lower oil prices.

Atlas Air Worldwide Holdings Inc on Tuesday said its first quarter revenue fell deeply due to deconsolidation of Polar Air Cargo eliminates losses on fuel and yield risk level from its core business.

The U.S. Department of Energy will provide $786.5 million to increase the use and production of domestic renewable fuels, Secretary Steven Chu announced on Tuesday.

As Microsoft continues to prepare for the upcoming release of its Windows 7 operating system, the software giant announced Tuesday it will eliminate up to 5,000 jobs by June next year.

HP unveils a high-speed digital color press consisting of 30-inch-wide HP Inkjet Web Press targeting high-volume production operations.

The Executive Board of the International Monetary Fund (IMF) approved a two-year loan valued by $17.1 billion for Romania to help the country get through the global economic crisis, the IMF's said in a statement Monday.

U.S. stocks fell on Tuesday as cautious investors fretted about impending bank stress test results and energy shares succumbed to the pressure of lower oil prices.

The Walt Disney Co , the No. 1 U.S. entertainment company, reported lower quarterly profit due to sharply weaker performances at its theme parks, movie studio and media networks, but it beat Wall Street expectations.

The U.S. Federal Reserve rejected a request to force credit card companies to immediately halt retroactive interest-rate increases on existing balances, Democratic Senator Charles Schumer said on Tuesday.

The U.S. Federal Trade Commission has launched an inquiry into whether the ties between the boards of Apple Inc and Google Inc violate antitrust laws, the New York Times reported on Monday.

Microsoft Inc, which just releases its Windows 7 software, sees more cut job and layoff, according to the CNET report.

On Tuesday, General Electric announced its Wireless Monitoring Solution capable of improving operational efficiency and productivity by reliably monitoring, diagnosing and maintaining water equipment and processes.

Financial professionals, academic experts and the U.S. broker-dealer watchdog agree the Securities and Exchange Commission should not reinstate its old uptick rule to regulate short selling but disagreed on what other measures would be effective.

The European Parliament is set to adopt a major reform of EU telecoms rules on Wednesday to increase consumer protection, competition and investment in new networks.

President Barack Obama presents his strategy for defeating al Qaeda to the leaders of Afghanistan and Pakistan on Wednesday amid growing U.S. concern that it is losing the war and neither is a reliable ally.

A small group of Chrysler's lenders on Tuesday raised further objections to the Obama administration's plan for a quick dash through bankruptcy and called on the judge overseeing the case to block the effort.

Brazil’s famous Pantanal train starts running again this month for the first time in over a decade.

Federal Reserve Chairman Ben Bernanke said on Tuesday the three-year U.S. housing bust may be near a bottom and the recession should end this year, as long as there is no relapse of the credit squeeze that has strangled the economy.

U.S. stocks dipped on Tuesday as investors opted to book profits from the recent sharp run-up, while energy shares succumbed to pressure from retreating oil prices.

This week, the Obama Administration failed to push through a reorganization plan for Chrysler that would have, among other things, used government bailout money to give the United Auto Workers a majority stake in the company.

Thresher Industries, Inc., a manufacturer of precision recycled aluminum and advanced metal matrix composite parts, announced this afternoon that it is developing a broad array of high-strength, cast aluminum components designed to help build cleaner, energy efficient vehicles. Thresher’s proprietary, biodegradable processes have already been successfully used in products for Chevrolet, Chrysler,...

Top chief executives still expect the U.S. economy to remain mired in recession through 2009 but their confidence in the likelihood of a recovery next year is on the rebound thanks to growing optimism about their own businesses.

GMAC LLC, which provides loans to buyers of General Motors Corp vehicles, said its first-quarter loss grew 15 percent, reflecting an increase in soured mortgage and auto loans as the economy weakens.

Skeptical library groups asked on Monday for rigorous oversight of Google's agreement with authors and publishers that would allow it to put millions of books online.

Microsoft Corp said on Tuesday it is laying off more workers, almost completing its plan to cut 5,000 jobs by June 2010, and left the door open for yet more job cuts.

RBS on Tuesday said its Board Finance Director Guy Robert Whittaker will leave the bank later this year.