UNITED STATES

Global recorded music sales fell by more than 8 percent in 2008 to $18.42 billion led by a sharp drop-off in sales in the United States, according to the world music trade body IFPI.

U.S. chip maker Advanced Micro Devices Inc on Tuesday reported a quarterly loss as it grapples with a dip in computer sales and warned it may be too early to say the technology market has hit bottom.

House Energy and Commerce Committee representatives agreed on Tuesday that the U.S. must lead the world in climate change action but uncovered gaps in a proposed climate bill during the opening session of a weeklong series of hearings.

U.S. Bancorp , one of the 10 largest U.S. banks, reported higher-than-expected quarterly earnings on Tuesday on record revenue from mortgages, sending its shares up almost 21 percent.

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, U.S. Treasury Secretary Timothy Geithner said on Tuesday.

The Pentagon and Lockheed Martin Corp, its top supplier, discounted a Wall Street Journal report that cyber spies had stolen secrets of the F-35 Joint Strike Fighter aircraft being built for the United States and nearly a dozen allies.

Lockheed Martin Corp , the top defense contractor, reported a lower first-quarter profit on Tuesday as higher pension costs offset rising sales.

President Barack Obama signed a $5.7 billion national service bill Tuesday to encourage Americans to volunteer, which also expands ways for college students to make money.

Capital One Financial Corp , a leading issuer of MasterCard and Visa credit cards, reported a first-quarter loss on Tuesday, hurt by growing credit losses, and higher provisions for bad loans.

Citigroup Inc Chief Executive Vikram Pandit pledged to repay every dollar the third-largest U.S. bank owes to the government, which has pumped $45 billion of capital into the bank.

White House speaker Nancy Pelosi said Tuesday she was committed to pass climate change legislation this year.

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

The International Monetary Fund said in a Global Financial Stability Report that quick and coordinated government action is needed to prevent a much more intense and prolonged economic recession.

Investors are looking to Microsoft Corp's earnings report on Thursday for a sign that the worst may be over for the economy and that the recent surge in technology stocks is not pure froth.

Stocks rose on Tuesday after Treasury Secretary Timothy Geithner indicated most banks have sufficient reserves to protect against possible losses, sparking a rebound in bank shares.

President Barack Obama nudged Israeli Prime Minister Benjamin Netanyahu on Tuesday to accept the goal of a Palestinian state, as he pressed Israel and the Palestinians to step back from the abyss.

Chrysler LLC's first-lien lenders have submitted a counter-offer to the U.S. Treasury that would swap some $7 billion in debt for equity in a restructured automaker allied with Fiat SpA , according to a person with knowledge of the closed-door talks.

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

Bank of New York Mellon Corp and Northern Trust Corp , two large U.S. custodial banks, reported disappointing profit as declines in client assets depressed fees, while State Street Corp topped forecasts.

President Barack Obama left the door open on Tuesday to prosecuting some U.S. officials who laid the legal groundwork for harsh interrogation of terrorism suspects during the Bush administration.

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.