IBT Staff Reporter

Medical billing fraud against the U.S. government is pervasive, even rivaling the drug trade as the crime of choice in Florida.

Amazon.com Inc reported on Tuesday a drop in profit margins from the previous quarter, unpleasantly surprising investors betting on continued improvement at the world's largest Web retailer, and its shares fell 9 percent. The results beat Wall Street estimates but it was not enough to satisfy investors who have pushed the shares up to a valuation far beyond peers

The dollar fell on Tuesday as rising global stock markets increased investors’ appetites for riskier investments.

Zurich Life Insurance Co. have agreed to jointly create a life insurance company with Nissen Holdings Co., a major mail-order firm , in Japan around 2009.

Umbro, the company which makes the sports kit for the England soccer team as well as for six of the UK Premier League clubs, has today agreed to a takeover by Nike in a £285 million deal.

Stocks rose on Tuesday, spurred by technology companies as Apple’s strong quarterly profit report and news of Blackberry-maker Research In Motion’s deal for distribution in China added to and better than expected results from American Express.

The Nasdaq led the market's gains on Tuesday after strong profit at Apple Inc and a Chinese distribution deal for BlackBerry maker Research in Motion showed tech stocks may still have room to grow. The Nasdaq's gain topped 1 percent after RIM said it is teaming up with Alcatel-Lucent to distribute the BlackBerry in China

Oil fell more than $1 on Tuesday, retreating further from record highs set last week in response to concerns about the health of the U.S. economy and further indications OPEC has already substantially raised oil output.

Countrywide Financial Corp, the largest U.S. mortgage lender, on Tuesday offered to refinance or restructure up to $16 billion of adjustable-rate mortgages through the end of 2008. The lender said its program may help about 82,000 borrowers who face higher payments stay in their homes.

Iraq pledged on Tuesday to rein in Kurdish rebels who are launching attacks on Turkey from mountain hideouts near the border after Ankara threatened to send forces into Iraqi territory to confront the guerrillas.

Iran will not retreat "one iota" from its nuclear program, Iranian President Mahmoud Ahmadinejad said on Tuesday just hours before his new chief negotiator was to meet Western diplomats for the first time.

A plan by India to restrict an avenue that allows foreigners to invest anonymously in India's soaring stock market may prove effective at moderating the unwanted side-effects of an unprecedented inflow of capital.

Discount brokerage TD Ameritrade Holding Corp posted a 56 percent rise in quarterly profit on Tuesday, beating Wall Street estimates, as client assets grew and stock market volatility led to increased trading activity among clients.

They say if you can make it in New York you can make it anywhere. But these days, it seems you haven't really made it unless you have that most prized of status symbols -- your very own page on Wikipedia.

StumbleUpon, a fast rising Web search site bought by eBay Inc in May, is moving beyond automated Web discovery to offer a novel way to see what friends find useful or interesting on the Web.

Stocks rose on Tuesday as strong earnings by Apple Inc. and American Express Co eased concern about consumer spending and profits.

Wildfires burned unchecked on Tuesday in Southern California, with hundreds of thousands of people forced to evacuate, at least 700 homes destroyed, and little hope for relief from the hot desert winds fanning the flames.

Insurer Prudential topped forecasts on Tuesday with a 10 percent rise in nine-month sales, as growth in Asia, driven by India and Taiwan, offset the impact of a weak dollar and a shrinking business at home.

South Korean plasma screen screen maker Samsung SDI said on Tuesday it had swung to a net loss in the third quarter, but forecast better results for the current quarter on surging demand for flat panels.

Western Union Co, the world's largest payment transfer company, posted a 16 percent decline in third-quarter earnings on Tuesday, hurt by expenses linked to the buyout of its former parent.

The head of the International Monetary Fund on Monday warned that an "earthquake" in credit markets may have been so severe the global economy tips into recession, ending a five-year boom.

Bank of China, the world's No. 6 bank by market capitalisation, is seeking acquisition opportunities to expand its British retail business, a senior executive said.

Top U.S. phone company AT&T Inc. on Tuesday said its profit and revenue rose, helped by strong growth in its wireless business and its acquisition of BellSouth. Third-quarter net profit was $3.1 billion, from $2.2 billion, in the same quarter a year earlier. Earnings per share fell to 50 cents a share from 56 cents a share, due to the large number of outstanding shares following the acquisition.

Microsoft Corp said on Monday it is launching a reworked low-end version of its Xbox 360 in a bid to widen the game console's appeal to a broader audience that has flocked to rival Nintendo Co Ltd's Wii.

Hitachi Ltd said on Tuesday it is withdrawing from the home personal-computer business amid sluggish sales, the latest move by a Japanese electronics group to trim struggling operations.

MySpaceTV, the video wing of the online community network, late on Sunday unveiled its first original Web series to give its users a television-like experience with the interactive benefits of the Internet.

The yen slipped on Tuesday and high yielding currencies rallied as gains in equity markets bolstered risk appetite and saw investors move tentatively back into carry trades.

Oil slipped again on Tuesday extending a slide from record highs on concerns about the U.S. economy, a recovery in the dollar and indications OPEC has already substantially raised oil output in advance of November 1.

The European Union's highest court on Tuesday struck down a German law that shielded Volkswagen from takeover, paving the way for Porsche to take majority control of Europe's biggest carmaker.