IBT Staff Reporter

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.

Oracle has announced today the latest updates of its powerful Product line JD Edwards World and JD Edwards EnterpriseOne Tool empowered by the firms Commitment to Applications Unlimited Strategy.

Oil fell on Tuesday after hitting a 2009 high as bulging oil inventories and falling energy demand outweighed fragile hopes for an economic recovery.

President Barack Obama and Democratic lawmakers reached agreement on Tuesday on a legislative proposal designed to stimulate U.S. auto sales, which have fallen to near 30-year lows.

President Barack Obama announced Tuesday his intent to nominated Inez Moore Tenenbaum as new chair of the Consumer Product Safety Commission (CPSC) and Robert S. Adler as a new commissioner of the agency, according to a White House’s statement

Wave energy could catch up with commercially more advanced offshore wind power within five years, the head of pioneers Aquamarine Power Ltd told Reuters.

There is no consensus at this time on the climate bill, said U.S. House of Representatives Majority Leader Steny H. Hoyer said on Tuesday, according to Reuters.

Today, everyone who wants to get the nearly final version of Microsoft Windows 7 operating system can begin downloading it freely.

Legg Mason Inc's quarterly loss widened as it pared toxic assets from its books and cut its quarterly dividend 88 percent to 3 cents per share, sending the money manager's shares down 14 percent.

China has tightened visa rules for citizens from the United States, which has reported the second highest number of swine flu cases in the world.

Stocks slipped on Tuesday as the recent sharp run-up tempted investors to take profits and energy shares were pressured by a decline in oil prices.

Legg Mason Inc's quarterly loss widened as it pared toxic assets from its books and cut its quarterly dividend 88 percent to 3 cents per share, sending the money manager's shares down 18 percent.

Total construction spending increased 0.3 percent in March, far exceeding expectations. Residential construction spending fell 4.1 percent. Nonresidential construction spending rose 2.0 percent on the month driven by lodging, power and manufacturing. However, the gain is not expected to stick. Nonresidential will likely post declines well into 2010.

The U.S. services sector contracted less severely in April and was back to its October 2008 level, a report showed on Tuesday, adding to evidence the world's largest economy was nearing bottom and moving closer to recovery.

The European Commission on Tuesday published a guide to consumers rights online as it gave a list of actions it is considering taking to help the public use the Internet.

U.S. trade regulators are examining links between Apple Inc. and Google Inc. as the two tech giants share some board members.

A Chrysler lenders group objected on Tuesday to the automaker's plans for a quick sale of most of its assets in U.S. Bankruptcy Court, saying it is structured to achieve political goals, rather than economic ones.

Legg Mason Inc's quarterly loss widened 27 percent as the money manager booked losses from paring toxic assets from its books, and the company cut its quarterly dividend to 3 cents per share from 24 cents a share.

The U.S. services sector contracted less severely in April and was back to its October 2008 level, a report on Tuesday showed, adding evidence the world's largest economy was nearing bottom and moving closer to recovery.

U.S. regulators are working with the top 19 banks on Tuesday to put the final touches on the results of regulatory stress tests, which are expected to reveal about half the banks need more capital but face manageable losses.

Auto and mortgage lender GMAC LLC's loss grew by 15 percent, reflecting an increase in soured loans as the economy weakens.

Molson Coors Brewing Co reported a quarterly profit on Tuesday that soared past Wall Street estimates, helped by price increases, cost cuts and savings from its U.S. joint venture, sending shares up more than 10 percent in morning trade.

Molson Coors Brewing Co reported a higher quarterly profit on Tuesday, as increased prices and cost cuts helped offset steeper commodity costs, the stronger U.S. dollar and lower sales volume.

The U.S. economy will begin to turn up later this year provided the financial sector continues to mend, although unemployment will remain high for a while, Federal Reserve Chairman Ben Bernanke said on Tuesday.

Oil slipped from its highest price this year near $55 a barrel on Tuesday as bulging oil inventories and falling energy demand outweighed fragile hopes for an economic recovery.

U.S. automaker Chrysler LLC won interim court approval on Monday to access a $4.5 billion bankruptcy loan from the U.S. and Canadian governments, pushing it further along toward its planned sale to Italy's Fiat SPA .

Trading clients at the European affiliate of BATS Global Markets, BATS Europe, are getting a second choice for processing trades, as the firm announced today the appointment of a second central counterparty for transactions.

Kraft Foods Inc posted a higher-than-expected first-quarter profit helped by price increases, cost-cutting measures and consumers eating at home more often to save money.

(Corrects reference to public bankruptcy in 5th para)