IBT Staff Reporter

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Bayer now sees 2009 core earnings decline

Bayer cut its 2009 outlook for underlying operating profit to a decline of 5 percent, having previously foreseen an increase, as a slump in demand for its plastics and foams overshadowed growth at its drugs unit.

Wall St. cuts gains after data and Bernanke

Stocks cut gains on Tuesday following cautious comments from Federal Reserve chairman Ben Bernanke on the economy's prospects and a report that showed further deterioration in housing.

U.S. January pending home sales drop 7.7 percent

Pending sales of existing U.S. homes fell sharply in January, with the index dropping to a record low, according to a report on Tuesday that showed the deteriorating economy was keeping buyers on the sidelines.

Wall St. up on hope for recovery plan details

Stocks rose on Tuesday as investors bet U.S. Treasury Secretary Timothy Geithner would shed light on plans to shore up the financial system a day after Wall Street slumped to a 12-year low.

GE reputation tarnished: CEO Immelt

General Electric Co CEO Jeffrey Immelt acknowledged on Tuesday the company's reputation had been tarnished and said the entire finance industry would need to be rethought due to the global economic meltdown.

GE reputation tarnished, CEO Immelt acknowledges

General Electric Co CEO Jeffrey Immelt acknowledged on Tuesday the company's reputation had been tarnished and said the entire finance industry would need to be rethought due to the global economic meltdown.

Wall St. set for higher open as Geithner awaited

Stocks headed for a higher open on Tuesday as investors bet U.S. Treasury Secretary Timothy Geithner would shed light on plans to shore up the financial system a day after Wall Street hit a 12-year low.

Oil rises above $41, economic weakness weighs

Oil rose by more than $1 on Tuesday after slumping 10 percent slump in the previous session, but showed little sign of a strong recovery as falling crude demand overshadowed OPEC's production cuts.

Obama sees $40 billion savings in spending reforms

President Barack Obama on Wednesday will order a crackdown on waste and cost overruns in U.S. government procurement that he estimates will save up to $40 billion a year, an administration official said.

Obama sees economic hope as aides promote budget

U.S. President Barack Obama expressed confidence on Tuesday his economic reforms would work as senior officials began lobbying Congress to support the administration's jaw-dropping budget proposal.

Stock futures point to bounce as Geithner awaited

Stock index futures pointed to a higher open on Tuesday as investors bet U.S. Treasury Secretary Timothy Geithner would shed light on plans to shore up the financial system a day after Wall Street slid to a 12-year low.

YouTube unveils first symphony orchestra

California surgeon Calvin Lee has barely picked up his violin for 15 years but on Monday he was named a member of the first YouTube Symphony Orchestra and next month he plays at Carnegie Hall with the group.

Oil rises above $40, economic weakness weighs

Oil rose above $40 a barrel on Tuesday after a 10 percent slump on Monday but showed no sign of a return to last week's bull run as global equities extended a fall on worries about the global economy and outweighed OPEC's strong compliance with supply curbs.

Blackstone CEO takes 99 percent pay cut

Blackstone Group LP Co-founder and Chief Executive Stephen Schwarzman's pay fell 99 percent in 2008, a year that saw the private-equity firm post a $1.33 billion loss.

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