UNITED STATES

UBS client pleads guilty in U.S. tax case

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A wealthy Florida yacht broker, caught up in a federal probe of UBS AG , pleaded guilty on Tuesday to using the Swiss bank to hide more than $3 million in assets from the U.S. government.
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J&J profit beats forecast, cost cuts deliver

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
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Wall Street slides on weak retail sales

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.
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Obama to tap Fannie Mae CEO to head TARP

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.
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Discover Financial to cut 500 jobs in May

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.
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Retail sales, producer prices fall sharply

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.
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Cubans say Obama move will help families

President Barack Obama's lifting of U.S. curbs on family travel and remittances to Cuba will bring divided families closer and supplement stressed budgets on the island, Cubans and Cuban Americans said on Monday.
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Philippines says U.S. ties unaffected by rape case

More than 8,000 Philippine and United States troops began annual war games this week, underscoring their strong security ties despite controversy over the conviction of a U.S. Marine on rape charges.
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U.S.-Iranian reporter on trial in Iran

An Iranian-American journalist has gone on trial in Iran for spying for the United States and a verdict is expected soon, the judiciary said on Tuesday.
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North Korea's statement

North Korea said on Tuesday it saw talks on ending its nuclear weapons program as useless and it planned to restart a plant that makes arms-grade plutonium, state media quoted its Foreign Ministry as saying.
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Deere combines divisions, sees Q4 charge

Deere & Co said on Tuesday it will combine its worldwide agricultural equipment division with its commercial and consumer equipment unit into a single division to reduce costs, starting on May 1.
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North Korea quits nuclear talks

North Korea said on Tuesday it would quit international nuclear disarmament talks and restart a plant that makes bomb-grade plutonium after the United Nations chastised it for launching a long-range rocket.
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GM bankruptcy fears drag down auto stocks

General Motors stock fell sharply in Frankfurt on Tuesday on renewed bankruptcy fears, weighing on autos stocks across the region, as peer Chrysler pinned its hopes on a tie-up with Fiat .

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