IBT Staff Reporter

Vestas (VWS.CO: Quote, Profile, Research), the world's biggest wind power equipment producer, plans to produce 800 of its new V60-850 kilowatt units per year at its new factory in Inner Mongolia once it goes into full operation in a year's time, Lars Andersen, the company's China president, said on Tuesday.

The Treasury Department is considering giving banks and investors billions of dollars in fresh incentives to modify troubled mortgages and save homeowners from foreclosure, sources familiar with official deliberations said.

Fiat is totally focused on clinching a deal with U.S. car maker Chrysler LLC , a source close to the Italian industrial group said, even though top executives have said there are alternatives.

Oracle is going to cut jobs in an effort to make its Sun Microsystems Inc acquisition profitable, according to analysts.

Citigroup Inc Chief Executive Vikram Pandit said he expects the No. 3 U.S. bank to rebound from its current woes and pledged that it would repay every dollar it owes to the U.S. government.

Treasury Secretary Timothy Geithner said on Tuesday that most U.S. banks have enough capital to keep lending but a pile of bad debts is fostering doubts about their health and slowing a recovery.

Treasury Secretary Timothy Geithner said on Tuesday that most U.S. banks have enough capital to keep lending but a pile of bad debts is fostering doubts about their health and slowing a recovery.

Citigroup Inc Chief Executive Vikram Pandit said he expects the No. 3 U.S. bank to rebound from its current woes and pledged that it would repay ever dollar it owes to the U.S. government.

President Barack Obama on Tuesday urged Israel and the Palestinians to step back from the abyss, saying he expected good faith gestures from both sides in coming months as part of a bid to revive stalled peace efforts.

Stocks rose on Tuesday, led by the financial sector, after Treasury Secretary Timothy Geithner said the vast majority of U.S. banks are well capitalized and industrial bellwether United Technologies Corp reported forecast-beating earnings.

The Connecticut state treasurer told beleaguered Bank of America Corp Chief Executive Kenneth Lewis on Tuesday she will be voting against his re-election at the bank's upcoming shareholder meeting.

Two U.S. manufacturing bellwethers, Caterpillar and United Technologies, said on Tuesday that falling global demand for big-ticket products battered their first-quarter results.

Sri Lanka's Tamil rebels said in a statement Tuesday that 1,000 civilians died in a government raid, however the military denied this accusation.

The New York Times Co reported a quarterly loss on Tuesday because of a 27 percent drop in advertising revenue and poor performance at The Boston Globe, which might close this year.

Chemical maker DuPont posted a better-than-expected quarterly profit, but trimmed its full-year outlook and said it would cut more jobs as weak economic conditions continued to constrict demand.

U.S. Treasury Secretary Timothy Geithner on Tuesday said difficulty in setting a value on banks' toxic assets was a continuing hindrance to their ability to lend and borrow.

European Union states headed for a collision course with the bloc's parliament on Tuesday as a spat over how to tackle illegal downloads threatened a wider telecom reform.

Caterpillar Inc , the world's largest maker of construction and mining equipment, reported its first quarterly loss in 17 years on Tuesday, pulled into the red by more than half a billion dollars in charges from its wave of recession-triggered layoffs.

Citigroup Inc Chief Executive Vikram Pandit said he expects the No. 3 U.S. bank to rebound from its current woes and pledged that it would repay every dollar it owes to the U.S. government. Pandit commented on the bank's prospects on Tuesday at the annual shareholders' meeting.

Computer spies have repeatedly breached the Pentagon's costliest weapons program, the $300 billion Joint Strike Fighter project, The Wall Street Journal reported on Tuesday.

Stocks rose on Tuesday as a profit from United Technologies Corp topped expectations and lifted the Dow, and better-than-expected results from technology companies offset concerns about corporate profits and even cloudier outlooks.

Global write-downs of toxic debt among banks and other financial institutions in the United States, Europe and Japan could reach $4.1 trillion, the International Monetary Fund said on Tuesday.

Merck & Co reported disappointing sales and earnings on Tuesday due to the global economic slowdown and plunging sales of its Gardasil vaccine, and announced a setback for its experimental migraine drug, sending its shares down 7 percent.

On Tuesday the Treasury Department said $109.6 billion are reaming in the in resources remain in the government's $700 billion financial rescue fund.

Delta Air Lines said it still expected a profit for the year despite reporting a first-quarter net loss of $794 million, helping to push up its shares by 12.5 percent in early trading on Tuesday.

France's Foreign Minister Bernard Kouchner criticized the United States Tuesday for boycotting a United Nations conference where Iran's president launched a verbal attack on Israel.

Two of the biggest U.S. custodial banks, Bank of New York Mellon Corp and Northern Trust Corp , reported disappointing earnings as declines in client assets depressed fees, sending their shares sharply lower.

The moderator of an Internet forum in the Gulf Arab state of Oman said on Tuesday he was sentenced to one month in jail and fined 200 rials ($519) for publishing a cabinet directive on the Web.

UAL Corp, parent of United Airlines, posted a narrowed quarterly net loss on Tuesday, but its revenue was hit hard by economic recession that drained travel demand.