IBT Staff Reporter

Japan nuclear agency has raised severity level of the crisis at a stricken nuclear plant Tuesday to rank it on par with the 1986 Chernobyl disaster.

At approximately 6:38 am on Tuesday, there was a fire at the distribution switchboard containing batteries located in the sampling equipment switchbox situated close to the south water discharge channel for Unit 1-4, Tokyo Electric Power Company said.

Tokyo Electric Power <9501.T> could face 2 trillion yen ($23.6 bln) in special losses in the current business year to March 2012 to compensate communities near its crippled nuclear plant, JP Morgan said in a research report obtained by Reuters.

Chevron Corp , the second-largest U.S. oil company, sees better earnings in the first quarter than in the previous quarter as rising energy demand boosted oil prices and most refining margins.

Toyota Motor Corp <7203.T> on Monday warned that the uncertain supply of parts from Japan could threaten its output of vehicles through July, the latest sign of trouble for the global auto industry stemming from the massive Japanese earthquake a month ago.

Long-term commodity bull Goldman Sachs warned clients on Monday to lock-in trading profits before oil and other markets reverse, with the bank's estimates suggesting speculators are boosting crude prices as much as $27 a barrel.

Alcoa Inc , the largest U.S. aluminum producer, reported a first-quarter profit that slightly beat estimates, but its revenue missed Wall Street's target and its shares dropped 3 percent in after-hours trading on Monday.

Microsoft Corp is making its strongest push yet into the steadily growing business software market in the hope that it can create another multibillion-dollar business.

Alcoa Inc , the largest U.S. aluminum producer, reported a first-quarter profit that beat estimates, but its revenue missed Wall Street's target and its shares dropped 3 percent in after-hours trading on Monday.

Raj Rajaratnam demanded discipline at his Galleon hedge fund, fined late-comers to his morning meetings $25 and never asked any company for inside information, one of his former top lieutenants testified.

Avatar director James Cameron is expanding his 3D vision to the small screen.

Alcoa Inc reported a first-quarter profit that beat estimates as the price of aluminum, its primary product, rose sharply and demand for the metal grew in major end markets.

Alcoa Inc reported a large first-quarter profit on Monday, after a loss a year ago as the price of aluminum, its primary product, rose sharply with demand for the metal.

Internet content delivery company Level 3 Communications Inc is to buy smaller rival Global Crossing Ltd for about $1.9 billion in stock to strengthen its fiber-optics networks business and expand into Europe and Latin America.

Chevron Corp , the second-largest U.S. oil company, expects better earnings in the first quarter than in the previous quarter, helped by higher oil prices and stronger refining margins.

Facebook is evaluating the Internet market in China, but the social networking giant has not signed a business deal with any companies there, a source familiar with the matter told Reuters.

Tom Brady, a three-time Super Bowl winning quarterback and likely NFL Hall of Famer, said in an interview that he was greatly relieved when he was finally drafted late in the 2000 NFL draft.

A mortgage broker who secretly recorded two friends accused of trying to cover up one of the biggest U.S. insider trading cases on record pleaded guilty to involvement in the 17-year scheme.

Raj Rajaratnam demanded discipline at his Galleon hedge fund, challenged his analysts at standing-room only morning meetings, and never asked any company for inside information, one of his former top lieutenants testified.

Toyota Motor Corp <7203.T> might face limited production through July due to Japan's March 11 earthquake and its aftermath, its U.S. sales chief, Bob Carter, said in a note to dealers.

University of Utah geophysicists have made the first large-scale image of the electrical conductivity of the plume that powers the Yellowstone supervolcanp, and found it looks bigger than anyone thought it was.

House Speaker John Boehner, fresh off a tightly fought political battle to cut $38.5 billion from the federal budget for the rest of the fiscal year, said he understands President Barack Obama better and says there is a wide ideological gap between them about the role of the federal government.

Teen YouTube sensation Rebecca Black sings gleefully about the weekend in her Web video hit Friday, -- and now the 13 year-old has something even more exciting to crow about.

Oil dropped nearly 3 percent on Monday, falling from 32-month highs as concerns that rising fuel costs will erode demand and threaten the economic recovery spurred profit-taking.

Soaring oil prices and inflation in emerging economies pose new risks to global recovery but are not yet strong enough to derail it, the International Monetary Fund said on Monday.

The personal records of some 3.5 million Texans were inadvertently exposed after they were placed on a state computer server that was accessible to the public for about a year, state officials said on Monday.

Former Massachusetts Gov. Mitt Romney on Monday blamed President Barack Obama's policies for high unemployment and declared he will officially test the waters for a Presidential run by forming an exploratory committee.

Endo Pharmaceuticals Holding Inc moved to reduce its dependence on its branded products that face generic threats by buying urological devices maker American Medical Systems Holdings Inc for $2.6 billion.

Stocks mostly fell on Monday as energy shares sold off on lower oil prices and the onset of earnings season was clouded by concern company outlooks may fall short of expectations.