IBT Staff Reporter

Utility firm PG&E, California's largest, is approaching renewable energy in a much different way by completing a deal to be provided with solar energy from space starting in 2016.

The New York Times led the pack of nominees for the Webby Awards on Tuesday with 13 nominations, and comedy Web site FunnyOrDie.com also gained attention for its gay marriage video Prop 8: The Musical.

American battery maker A123 Systems secured more than $100 million in refundable tax credits from the state of Michigan to establish plants in the state needed to manufacture of its lithium-ion batteries as demand for them grows, the company announced Tuesday.

Several investment firms are being investigated over whether they made improper payments to intermediaries to gain business from New York state's pension fund, sources familiar with the investigation said on Tuesday.

Chrysler LLC's first-lien lenders are preparing a counter-offer for the U.S. Treasury that might include equity in a Chrysler-Fiat alliance and some cash in exchange for abandoning their claim to some $7 billion in debt, sources with knowledge of the matter said.

Oil slipped under $50 a barrel on Tuesday on forecasts for softer 2009 global petroleum demand and for a weekly build in U.S. crude supplies.

Swiss banking giant UBS is likely to cut upwards of 10000 jobs as it succumbs to the global financial meltdown.

On Tuesday, Microsoft announced the X3 mouse as a new addition to its SideWinder gaming products, featuring 2,000-dpi laser-tracking engine, five programmable buttons, and macro recording.

Today, Microsoft has finally ended mainstream support for Windows XP and Office 2003 meaning that there is now a charge for customer who needs assistance on per-incident.

The former CEO of Qwest International Inc , convicted of insider trading, lost his bid to further delay his prison sentence on Tuesday after the U.S. Supreme Court rejected his appeal.

Johnson & Johnson said on Tuesday its quarterly earnings fell, hurt by generic competition for its Risperdal schizophrenia drug and the strong dollar, but lower costs enabled the company to beat Wall Street expectations

Australia's energy supply network will need almost A$100 billion ($72 billion) in refinancing and new spending over the next five years as it grapples with reducing greenhouse gas emissions, according to an industry survey released on Tuesday.

An international orchestra of some 90 musicians who auditioned on the YouTube video-sharing Web site will perform at New York's Carnegie Hall on Wednesday after rehearsing together for three days.

Chrysler LLC's first-lien lenders are preparing a counter-offer for the U.S. Treasury that might include equity in a Chrysler-Fiat alliance and some cash in exchange for abandoning their claim to some $7 billion in debt, sources with knowledge of the matter said.

North Korea has asked the International Atomic Energy Agency(IAEA) inspectors to leave the country Tuesday as soon as possible.

The Google-sponsored Android mobile Linux project has released a rough-hewn Early Look version of the Android 1.5 SDK.

Stocks tumbled on Tuesday as an unexpected drop in March retail sales suggested that the economic slump was far from abating and as Goldman Sachs slid sharply after a stock offering.

A recent study has confirmed the obvious that college students who spend more time on Facebook had lower GPAs and put them at risk of failing.

Stocks extended losses on Tuesday as worries about consumer spending were stoked by an unexpected drop in retail sales and investors sold off financial shares.

Citigroup Inc shares surged to a three-month high on Tuesday on expectations of strong quarterly results, one day after Goldman Sachs Group Inc posted surprisingly strong earnings.

The Obama administration is expected to name Fannie Mae Chief Executive Herb Allison to head the U.S. government's $700 billion financial rescue program, a source familiar with the matter said on Monday.

Philips Electronics, Europe's largest consumer-electronics company, on Tuesday kicked off the European earnings season on a downbeat note, saying it swung to a first-quarter loss as demand for its lighting and consumer products waned.

Discover Financial Services , the fourth-largest U.S. credit card network, will cut 500 jobs, or 4 percent of its workforce, in May, hurt by mounting credit losses, the company said on Tuesday.

Luton Airport has introduced more charges for what it calls ‘additional services’, including dropping off passengers at the terminal and jumping security queues.

North Korea vowed Tuesday to restore its nuclear facilities and boycott the six-party talks on its atomic weapons program to protest criticism and condemnation from U.N. Security Council for its recent rocket launch.

Oil erased an earlier gain to trade near $50 a barrel on Tuesday after weak U.S. economic data refocused attention on falling global oil demand and forecasts for rising U.S. supplies.

Sales at U.S. retailers unexpectedly fell 1.1 percent in March after rising for two straight months, government data showed on Tuesday, dimming hopes the 16-month-old recession was close to hitting bottom.

The European Commission started legal action against Britain on Tuesday for what it called a failure to keep people's online details confidential.

U.S. Federal Reserve Chairman Ben Bernanke said Tuesday the latest figures on housing and consumer spending suggest a rapid contraction in the economy could be easing.