IBT Staff Reporter

BP Plc said on Tuesday it reached a deal to sell $7 billion in assets to Apache Corp as the British oil company raises money to cover costs related to the oil spill in the Gulf of Mexico.

Yahoo Inc missed Wall Street's revenue estimates in the second quarter as some customers unexpectedly cut spending on online display ads toward the end of June, and shares fell more than 6 percent.

Apple Inc gave an unusually upbeat revenue forecast that trounced Wall Street's expectations and eased fears that the Antennagate controversy around its iPhone 4's reception would hurt sales, boosting its shares 3 percent.

More than 40 employees at mortgage finance giants Fannie Mae and Freddie Mac received special perks on mortgage loans from Countrywide as part of its former CEO's special VIP program, a top Republican U.S. lawmaker said on Tuesday.

U.S. and Chinese officials kicked off new talks on Tuesday on a thorny trade issue at the center of Western government and industry concerns that China is becoming less open to foreign firms.

(Corrects iPhone 4 launch date to June 24 from June 28 in paragraph 8.)

The Australian Dollar has opened higher after the Reserve Bank of Australia (RBA) said the next rate movement was all but dependent on official inflation data due next week.

On Wednesday, JPMorgan Chase & Co Chief Executive Jamie Dimon will be left out in the cold.

The Aussie sprung to life either side of the Reserve Bank release of the July board meeting minutes moving to an intraday high of 0.8745 before slipping back towards US87 cents.

Apple Inc reported results that blew past Wall Street's expectations, boosted by robust sales of Mac computers, sending its shares 3 percent higher.

Two regional Federal Reserve banks, Kansas City and Dallas, last month continued to push for an increase in the rate the central bank charges banks for emergency loans, according to meeting minutes released on Tuesday.

Apple Inc reported results that blew past Wall Street's expectations, boosted by robust sales of Mac computers, sending its shares 3 percent higher.

Nokia Siemens Networks has won an eight-year contract worth more than $7 billion with an upstart U.S. operator looking to build a high-speed wireless network to offer wholesale services in the fiercely competitive market.

Facebook may continue business as usual while it fights a New York man's claim he has a contract with founder Mark Zuckerberg that entitles him to 84 percent ownership of the world's leading social networking site, a U.S. court heard on Tuesday.

Liverpool Hospital will get 42 new beds and more emergency department equipment worth $20 million as part of an agreement between the Council of Australian Governments (COAG) and New South Wales.

U.S. stocks rose for a second consecutive day on Tuesday, led by gains in shares of Goldman Sachs and strength in beaten-down homebuilders and raw materials companies.

The U.S. government loses $37 billion per year in tax revenues because multinational corporations stash money in overseas tax havens, Democratic Senator Carl Levin and a group of small businesses said in a report on Tuesday.

Goldman Sachs could turn out to be a mere mortal after all.

Researchers at the Murdoch Children's Research Institute will conduct a clinical trial on a new rotavirus vaccine for babies they have developed.

Playboy on Tuesday launched a new, non-nude website that it described as being safe-for-work and a satirical antidote to the drudgery of the work day.

Google Inc's energy unit has entered into a deal to buy wind power from NextEra Energy Inc for the next 20 years to power data centers.

Two regional Federal Reserve banks, Kansas City and Dallas, continued to push for a modest increase in the rate charged to banks for emergency loans, according to minutes from a June meeting.

The big question ahead of U.S. Federal Reserve Chairman Ben Bernanke's Congressional testimony on Wednesday is whether a weaker economy could prompt the Fed to push already rock-bottom borrowing costs even lower.

The Securities and Exchange Commission is in the midst of more probes stemming from the financial crisis, its chairman said on Tuesday, a week after Goldman Sachs settled fraud charges for a record $550 million.

Microsoft Corp will sell its new Kinect motion-sensing gaming system for about $150 and also offer it in a package with the Xbox 360 videogame console when sales of the hands-free device start in November, the company said on Tuesday.

Over the Saturday and Sunday over 200 groups consisting out of 12,000 dancers perform to the delight of locals and tourists.

Large commercial airplane orders stole the show at the Farnborough Airshow on Tuesday, as Airbus raised its orders guidance for the year with the help of a resurgent leasing industry.

Johnson & Johnson's revenue missed expectations and it again cut its 2010 profit forecast, citing recalls of Tylenol and other medicines which it said are the subject of a U.S. criminal investigation.

Large commercial airplane orders stole the show at the Farnborough Airshow on Tuesday, with Latin American companies sharing the spotlight with a resurgent leasing industry.