IBT Staff Reporter

State tax revenue is improving, but only slightly, and may not be enough to end steep spending cuts or replace the loss of assistance from the federal stimulus plan that expires in December, according to a report on Tuesday.

Oil steadied near $79 on Tuesday as forecasts see falling crude inventories and rising refined product stocks in the United States, continuing a trend that has helped keep prices in a $10 range for almost two months.

The euro ticked up toward a two-month peak above $1.3000 on Tuesday, although traders were cautious about bidding it up too much as they await clarity on Deutsche Bank's exposure to euro zone sovereign debt. Deutsche Bank has not revealed its exposure to euro zone sovereign debt following tests to see how well banks in the region would stand up to financial shocks.

Gold gained on Tuesday in a thin market driven by a firm euro and a technical rebound as prices briefly hit the 100-day moving average, while jewelry makers stayed on the sidelines after recent purchases. Investors are turning their attention to a series of U.S. data that may set the tone for prices, which have dipped more than 6 percent after surging to a record $1,264.90 in early June. Silver also firmed, while strong equities underpinned platinum.

With the diamond flow becoming tight in global markets, Surat's diamond polishing units are now awaiting roughs from Zimbabwe, which recently got a reprieve from the KP scheme, which allowed the country to sell a portion of its diamond stocks.

BP Plc is expected to install an American known for diplomacy as chief executive, replacing Tony Hayward who has come under fire for his gaffe-prone handling of the worst oil spill in U.S. history.

Global stocks rose on Monday after U.S. data showed a pick-up in new home sales, reviving hopes for improvement in a tepid economic recovery, while the euro firmed against the dollar on increased risk tolerance.

Bank of America Corp on Monday appointed a former colleague of Sallie Krawcheck as its Merrill Lynch global wealth management unit's new chief investment officer.

Legg Mason Inc reported on Monday its quarterly earnings decreased more than expected as expenses rose and investors pulled money out of many of its funds.

Biotechnology company Genzyme Corp is weighing an informal takeover approach from France's Sanofi-Aventis but is not looking to sell the company, a source familiar with the situation said on Monday.

An auction of Ally Financial's Residential Capital has advanced into the second round, with some would-be buyers circling the assets, but a sale of the mortgage lender faces hurdles, sources familiar with the matter said.

Long-distance commuting is still the norm in spite of progress in flexible working practices, finds global workplace solutions provider Regus.

Joshua Hochberg, a former top official in a U.S. Department of Justice criminal fraud unit, has been appointed to examine the bankruptcy of Washington Mutual Inc , the largest U.S. banking failure.

The Aussie dollar held on to support around 0.8940 during the Asian session despite a lower than expected second quarter Producer Price Index or PPI as its referred to.

Overnight we saw the AUD break through USD0.9000 and this morning it is currently trading comfortably above this level.

An auction of Ally Financial's Residential Capital has advanced into the second round, with some would-be buyers circling the assets, but a sale of the mortgage lender faces hurdles, sources familiar with the matter said.

The Bible's teaching on monogamy is attuned with neuroscientific findings that the human body operates best with one sexual partner for life, according to a sexologist and a Presbyterian minister.

BP Plc could start the final procedure to kill its ruptured oil well in the Gulf of Mexico late next week despite storm-related delays, the top U.S. oil spill official said on Monday.

The NSW government has included alcoholics in its magistrates early referral into treatment (MERIT) program in the hope that it will cut down offences by defendants who are alcohol-dependent.

Sales of new homes rebounded strongly in June from May's record low, pushing the number of houses on the market to the lowest level in nearly 42 years.

Nations must not pull back too quickly on economic stimulus because the global recovery still needs support, a top U.S. Treasury Department official said on Monday.

(Corrects economist's first name to Paul in paragraph 21)

Citigroup Inc's mobile banking software for Apple Inc's iPhone improperly stored some users' sensitive data in hidden files on the popular devices, but the bank said it has fixed the glitch.

An upbeat outlook from FedEx, coupled with encouraging home sales, lifted U.S. stocks on Monday, keeping the S&P 500 above 1,100 for a second day and suggesting the rally could last.

A device that detects the subtle movements needed to sniff air through the nose or mouth can steer a wheelchair or allow completely paralyzed people to type messages, Israeli researchers reported on Monday.

The man who acquired a solid gold reputation for fixing sticky situations for the U.S. government is facing one of his toughest challenges yet: running BP Plc's $20 billion compensation fund.

The court-appointed examiner investigating Tribune Co's descent into bankruptcy said he has completed his report but cannot make it fully public because various parties are bickering over its contents.

I will never forget driving through a small Florida town many years ago. As I drove past a small family diner there was a sign out front that read, Come in and eat before we both starve. While meant to be humorous, the sign is as pertinent now as it was years ago.

An upbeat outlook from FedEx, coupled with encouraging home sales, lifted U.S. stocks on Monday, keeping the S&P 500 above 1,100 for a second day and suggesting the rally could last.