IBT Staff Reporter

EBay Inc. Chief Executive Officer is set to step down from the company after serving for 10 years at the online auctioneer.

Yahoo is poised to lay-off hundreds of workers, according to reports published Tuesday, as the internet icon strives to sharpen its focus and boost its sagging stock.

U.S. stock markets recovered most of their heavy early losses on Tuesday after the Federal Reserve announced an emergency cut in its benchmark lending rate before the markets opened. The Standard & Poor's 500 Index which measures a broad spectrum of U.S. companies was down 1.2 percent in early afternoon trading.

The Bombay Stock Exchange (BSE) benchmark 30-share sensitivity index, the Sensex, plummeted by over 2000 points or almost 11 percent on Monday - its biggest ever intra-day fall - and dragged down stock prices of blue-chip companies to a record low, forcing the stock exchange to shut down trading twice abruptly.

Gold bounced back from a three-week low to trade above $890 an ounce on Tuesday, as the dollar tumbled after the U.S. Federal Reserve unexpectedly slashed interest rates by 75 basis points.

India's New Delhi Television Ltd said on Tuesday it had entered a deal to sell 26 percent in a unit to NBC Universal Inc for $150 million, the latest in a series of consolidation moves in Indian broadcasting.

Mizuho Financial Group's $1.2 billion investment in Merrill Lynch marks a turning point for Japan's once-reeling banks which, after shedding bad debt and rebuilding their businesses, are once again looking for opportunities abroad.

Hedge funds with geared wrong-way bets in hot areas such as commodities and emerging markets are feeling the squeeze from market falls, but some top managers are using this opportunity to pick up stocks they like on the cheap.

China on Tuesday started a public hearing to discuss lowering domestic mobile roaming charges, state media said, to address complaints from users.

Japan is planning government-backed exams for phone guides who will help users navigate their increasingly complicated mobile phones.

A day after global markets sank over worries of a possible U.S. recession, the Federal Reserve Bank on Tuesday sought to reduce the risk of further economic trouble by making steep three-quarter point cut in a key interest rate before U.S. markets opened, citing a weakening of the economic outlook.

Bank of America, the second-largest U.S. bank, said on Tuesday fourth-quarter profit sank 95 percent, hurt by more than $7 billion of losses tied to poor trading decisions and mounting credit woes.Net income for the Charlotte, North Carolina-based company fell to $268 million, or 5 cents per share, from $5.26 billion, or $1.16, a year earlier. Analysts on average expected a profit of 19 cents per share, according to Reuters Estimates.

Dell on Monday, unveiled its blade server portfolio saying that the latest M-series has low power consumption and is efficient.

Robusta coffee remained steady on Monday due to high demand for the beans from consumers and investors, after posting declines since December last year.

According to a newspaper report, Sir Richard Branson's Virgin Group is in the process of making an improved offer for the ailing Northern Rock bank.

After the hype of Macworld has died down, Cupertino, Calif.-based Apple is expected to produce solid numbers Tuesday afternoon, with earnings expected to jump nearly 50 percent for its December quarter.

Looking diversify into a new economic sector, oil exporter Abu Dhabi announced on Monday it will invest $15 billion in alternative energy and clean technology projects.

The European Union's data privacy regulators contradicted Google Inc. views on IP addresses and said they should be regarded as personal information, according to reports Monday.

Treasuries rose on Tuesday after global stock markets plummeted a day earlier as investors fled to more secure government bonds.

The euro dropped to a five-month low against the yen the biggest plunge in European stocks in 6 years on concern the U.S. economy will fall into recession.

Copper fell the most since Nov. 21 in London as investors speculate demand for the red metal will decline.

The U.K. government said on Monday it would assist in the sale of troubled mortgage lender Northern Rock to private buyers by guaranteeing bonds issued by the firm.

European stock markets plunged on Monday, recording some of its biggest losses in over 6 years, as investors sold off on concerns the U.S. economy will fall into recession.

Guitar Hero video game hit a industry record on Monday, generating $1 billion in sales in North American retail within 26 months, a market research reported.

Services and software companies IBM (IBM.N: Quote, Profile, Research) and SAP (SAPG.DE: Quote, Profile, Research), longtime technology partners, will bring out their first joint software product in the fourth quarter of this year, the two companies said on Monday.

The Renault-Nissan (RENA.PA: Quote, Profile, Research) (7201.T: Quote, Profile, Research) alliance on Monday signed a deal to begin mass producing electric cars as part of an Israeli-led project to develop alternative energy sources and slash oil dependency.

BHP Billiton has brought in more banks to help it find the $70 billion it needs to fund its planned takeover of Rio Tinto, Britain's Sunday Times newspaper reported.

Crude Oil dropped on Monday below $89 a barrel as stock markets in Asia and Europe fell on concerns over a global economy slowdown.

Time Warner Inc.'s HBO will make its content available on the internet where subscribers can download movies and television shows for free, according to news reports.