IBT Staff Reporter

Several major banks cut sharply their oil price forecasts on Tuesday, with Citigroup saying that even if the United States printed more money, oil would stay depressed by weak economic growth and fresh supplies from Libya.

Asian shares rose on Wednesday as speculation the Federal Reserve may signal further moves to support the struggling U.S. economy sustained a modest rebound from this month's sharp sell-off.

Samsung Electronics unveiled on Wednesday four new smartphone models under its flagship Galaxy line to expand it to the mid to low-end segment and grow in emerging markets, as bigger rival Apple prepares a cheaper version of the iPhone 4.

Moody's Investors Service cut its rating on Japan's government debt by one notch to AA3 on Wednesday, blaming large budget deficits and a buildup of debt since the 2009 global recession.

The National Science Foundation said that they found no evidence of research misconduct from Pennsylvania State University climatologist Michael Mann. The climatologist is being simultaneously attacked by climate change skeptics urging him to decrease emission of greenhouse gases.

A federal judge ruled that the Federal Deposit Insurance Corp has to face a $10 billion lawsuit tied to the failure of Washington Mutual Bank.

UBS Wealth Management Americas, the U.S. brokerage arm of UBS AG , said on Tuesday it plans no financial adviser cuts in connection with the Swiss bank's announced plans to slash 3,500 jobs.

The 2011 MTV Video Music Awards, which will air Sunday, Aug. 28 at 9 p.m., will pay tribute to late singer Amy Winehouse, who died of unknown causes July 23. Tony Bennett, who made a duet with Winehouse on Body and Soul, will introduce the tribute.

Toyota Motor Co <7203.T> showed off its all-new Camry on Tuesday, aiming to recover lost sales momentum with price cuts and a high-powered ad campaign for its flagship sedan that remains America's best-selling car.

Chinese Internet video games maker Shanda Games posted a jump in quarterly sales helped by strong demand for its massively multi-player online role-playing games .

Switzerland's biggest bank UBS AG is to axe 3,500 jobs to shave 2 billion Swiss francs ($2.5 billion) off annual costs as it joins rival investment banks in reversing the post-crisis hiring binge and preparing for a tough few years.

No. 1 daily deals website Groupon Inc is turning to executives from Citydeal -- the European business it bought last year -- to help boost slowing growth in its domestic business, ahead of a planned public listing.

A 5.9 magnitude earthquake struck the East Coast on Tuesday, which is reportedly the largest in Virginia since 1897. Luckily there were no reports of major damage or injuries from the quake. The quake sent strong warning messages to East Coast cities as this type of fatal quakes, or even smaller quakes, could cause significant damages considering that they aren't as earthquake-ready as their West Coast counterparts.

The 5.8 magnitude earthquake that rocked Virginia Tuesday, centered 300 miles from New York City, occurred at a shallow depth in the crust, implying considerable aftershocks. The massive earthquake shook areas from North Carolina to Ottawa, Canada.

A lawyer representing the Kentucky man who testified against Dr. John Patterson in the Shelby County Circuit Court, the doctor who amputated Seaton's penis without asking his permission, told jurors on Monday his client doesn't feel like a man.

European banks like Societe Generale and Dexia SA are reeling from bad loans, but they are also suffering from a less obvious problem: their reliance on bond markets to fund operations.

Asian suppliers to Apple Inc have begun manufacturing a lower-priced version of its hot-selling iPhone 4 with a smaller 8 gigabyte flash drive, according to two people with knowledge of the matter.

Bank of America Corp shares posted their steepest drop in 2-1/2 years on Tuesday as investors worried that the biggest U.S. bank might face big writeoffs.

Was the Washington Monument so vulnerable that the 5.9 magnitude earthquake in Virginia is tilting the world's tallest obelisk?

U.S. bank earnings continue to increase but the prospects for earnings growth are dimming as banks are having trouble boosting revenue.

No. 1 daily deals website Groupon Inc is turning to executives from Citydeal -- the European business it bought last year -- to help boost slowing growth in its domestic business, ahead of a planned public listing.

The East Coast Earthquake didn't cause any structural damage to cell phone towers, but it did cause an uptick in voice traffic.

Amy Winehouse's toxicology report revealed that the young singer did not have drugs in her system, a statement by the Back to Black singer's family said. The report also revealed that alcohol was in her system at the time of her death.

A magnitude 5.9 earthquake rocked the U.S. East Coast, sending vibrations and panics from as far south as North Carolina to as far north as Toronto.Buildings in downtown Washington, D.C. were rattled, causing parts of the Pentagon, White House and to evacuate.

Stocks shot 3 percent higher on Tuesday on speculation Federal Reserve Chairman Ben Bernanke this week would signal new help for the economy, giving investors hope a four-week rout was nearing an end.

Online tracking service comScore Inc siphons confidential data including passwords, credit card numbers and Social Security numbers from unsuspecting users, according to a lawsuit filed on Tuesday.

The chief executive of expert networking firm Primary Global Research LLC has been implicated in the government's sprawling insider trading probe, court papers show.

A District of Columbia fire department spokesman says there are numerous injuries as a result of an earthquake that struck near the nation's capital Tuesday afternoon, but so far there are no reports of serious injuries or deaths.

Hurricane Irene may make landfall a day earlier than originally projected, according to updated forecasts from the National Hurricane Center. It is now expected to reach Morehead City, N.C., on Saturday.