IBT Staff Reporter

Parsons The New School for Design presented 43 collections to a full house yesterday afternoon as part of the Parsons Festival event.

German Chancellor Angela Merkel, Europe's reluctant paymaster, said on Tuesday she could only discuss further aid for Greece after EU and IMF officials report on implementation of its existing rescue plan.

Microsoft Corp plans to buy Internet phone service Skype for $8.5 billion, a rich price as it seeks to regain ground on growing rivals such as Google Inc.

The trustee seeking money for Bernard Madoff's victims has sued Safra National Bank of New York to recover $111.7 million derived from investments by feeder funds in the Ponzi schemer's former investment firm.

Wall Street edged higher on Tuesday as China's trade surplus eased fears about a slowdown in global economic growth and Microsoft said it would pay $8.5 billion in cash for Internet phone service Skype.

After 25 years of marriage, Arnold Schwarzenegger and Maria Shriver have split up.

Studies by regional Federal Reserve banks show job scarcity is a major hindrance to the recovery of the depressed U.S. housing market, a top Fed official said on Tuesday.

Oil rose on Tuesday, supported by concerns U.S. flooding could hit refinery operations, squeezing gasoline supplies ahead of summer driving season.

Famous artists such as Da Vinci, Monet, Picasso and Warhol are common household names. Art & Design takes a look at a four of the most influential and famous artists to have shaped the world of art.

The New York Drama Critic's Circle named the winners; Good People by David Lindsay-Abaire as the best play of the season, Jerisalem by Jez Butterworth as the best foreign play, and The Book of Mormon as the best musical.

Top U.S. dairy company Dean Foods Co said it has stepped up efforts to cut expenses and may continue to raise prices as it battles higher commodity costs and weak demand at its fresh dairy products business.

George Scangos, the chief executive of Biogen Idec Inc , is uncomfortable in the well-appointed office he inherited when he took the top job last July.

Legislation that would allow Internet users to opt out of having personal data collected has again been introduced on Capitol Hill, becoming at least the fourth bill to focus on consumers' online privacy.

Google could launch a new online music service as early as Tuesday, which will be similar to a service recently started by Amazon.com Inc, The Wall Street Journal said, citing people familiar with the matter.

China stormed back to post a hefty trade surplus in April as exports hit a record while imports eased more than expected, weighed down by sustained monetary tightening and high commodity prices.

Wendy's/Arby's Group Inc reported a smaller quarterly loss as sales at Arby's established restaurants improved, but the restaurant chain lowered its 2011 profit forecast citing rising commodity costs.

Microsoft has landed a juicy deal as it snatched Skype from the jaws of Google and Facebook in an $8.5 billion deal.

A few weeks after the Duke and Duchess of Cambridge, Prince William and Kate Middleton, officially tied the knot, the newlyweds are now off on their honeymoon.

Spot Gold prices rose for the second day running in London on Tuesday, reclaiming half of last week's 7% drop from the all-time Dollar high as world stock markets rallied again with commodity prices.

U.S. import prices rose at a slower pace in April as petroleum and food cost increases moderated, supporting views the recent jump in commodity prices was likely to be transitory.

U.S. rules on the trading of private securities will be the subject of a hearing on Tuesday by lawmakers concerned that the regulations may be stifling the formation of capital.

U.S. import prices rose at a slower pace in April as petroleum and food cost increases moderated, a government report showed on Tuesday, supporting views the recent jump in commodity prices was likely to be transitory.

Japan's government said on Tuesday it would not set an initial limit on Tokyo Electric Power's liability for damages caused by its leaking Fukushima Daiichi nuclear plant and said the utility must tighten its belt further.

The trustee in charge of liquidating what's left of Lehman Brothers Holdings Inc's U.S. brokerage told a judge on Monday that Barclays Plc should return $2.1 billion it received when it bought Lehman's North American arm.

Wendy's/Arby's Group Inc's quarterly profit fell short of Wall Street expectations and the restaurant chain lowered its 2011 profit forecast citing rising beef prices.

Dean Foods Co reported a higher-than-expected quarterly profit, helped partly by strong sales of its Horizon Organic branded milk, and the dairy company raised its full-year earnings forecast.

A Greek debt restructuring would have dire consequences, ECB policymakers warned, with one suggesting the bank would be unlikely to help the euro zone recover from the shock by delaying interest rate hikes.

Microsoft Corp plans to buy Internet phone service Skype for $8.5 billion, a rich price as it seeks to regain ground on growing rivals such as Google Inc.

CBS News is reporting that it was as recently as this past weekend that Arnold Schwarzenegger and Maria Shriver were seen together celebrating the graduation of their nephew. Even though they were together and smiling, Shriver wasn't wearing her wedding ring.