IBT Staff Reporter

Honda Motor Co made slow progress on Tuesday in bringing production back at an unusually prolonged and high-profile strike at a parts factory in south China.

The financial cost of tackling the oil spill in the Gulf of Mexico, the worst in U.S. history, now stands at $990 million, BP said on Tuesday as it prepared for a new attempt to control the flow of oil this week.

The euro and Asian stocks slipped on Tuesday on creeping suspicion that a peak in the recovery has passed and slowing growth in China and Europe in the second half of the year will be obstacles to risky trades.

President Barack Obama will meet with the leaders of a panel he created to probe the worst oil spill in U.S. history on Tuesday, as a giant slick from BP's blown-out Gulf of Mexico well poses a new threat to the coasts of Mississippi and Alabama.

The U.S. central bank's liquidity support was helpful in containing the 2008 financial crisis but it could have done more, Federal Reserve Bank of Chicago President Charles Evans said on Tuesday.

The euro and Asian stocks slid on Tuesday with creeping suspicion that a peak in the recovery has passed and slowing growth in China and Europe in the second half of the year will be obstacles to risky trades.

Oil from BP's out-of-control Gulf of Mexico oil spill could threaten the Mississippi and Alabama coasts this week, U.S. forecasters said on Monday, as public anger surged over the country's worst environmental disaster.

Old-fashioned Broadway is moving into the digital age.

Repatriation Hospital at Daw Park in Adelaide has been reported to have critical leaking roofs and animal droppings which poses health risks to its patients, says The Australian Medical Association (AMA).

A new video of a smoking Indonesian toddler has emerged, shocking health experts.

The AUD has opening relatively unchanged this morning due to the quiet offshore trading session as the US and UK markets were closed for public holidays.

Experts have developed an experimental vaccine which shows promising result in preventing breast cancer in mice.

The Australian dollar opens weaker today at 0.8450 against the US dollar after pushing back from Friday's early offshore rally above 0.8500.

There will be considerable discussion about the European economy at the G20 meeting of finance officials and central bankers in Busan, South Korea, this weekend, a senior Canadian finance official said on Monday.

Oil climbed above $74 per barrel on Monday in line with a timid recovery across financial markets, but still logged its biggest monthly loss in 18 months after the European economic crisis raised the prospect of reduced fuel demand.

A Pakistani court on Monday lifted a ban on social networking website Facebook which had carried a competition to draw the Prophet Mohammad, but access to any blasphemous material will remain blocked, officials said.

The European Central Bank warned on Monday that euro zone banks face up to 195 billion euros in a second wave of potential loan losses over the next 18 months due to the financial crisis, and disclosed it had increased purchases of euro zone government bonds.

Oil crept above $74 on Monday in line with a timid recovery across financial markets, but was set for its biggest monthly loss in 18 months after European economic crisis raised the prospect of reduced fuel demand.

Apple Inc said it sold 2 million iPads since launching the touch-screen tablet in the United States nearly two months ago and taking it to nine international markets this past weekend.

Advanced economies face years of anemic growth and the risk of a double-dip recession as their citizens cope with sluggish employment and highly indebted governments, economist Nouriel Roubini said on Monday.

European Central Bank policymaker Axel Weber on Monday urged a tight cap on the bank's government bond buying program, saying extraordinary steps taken to ease the debt crisis posed a risk to its main goal of price stability.

Trichet says euro credible, bond buys necessary - Draghi: bond buying will stop once markets functioning - Trichet says Q2 growth to be stronger than expected - Makuch: euro exchange rate good for exports

The European Central Bank disclosed increased purchases of euro zone government bonds on Monday as Spain assured investors it would reform its rigid labor market even if employers and trade unions cannot agree.

Jobless rate falls amid gradual economic recovery - Central bank weighed 25 bps rate rise in May - Peso unfazed by data amid U.S. holiday

Workers at a strike-bound Honda Motor parts factory in southern China pressed on with a drive to win higher wages on Monday while the carmaker lured back many to partly resume production.

The Swiss government failed to act swiftly to prevent a credit and tax crisis that had endangered banking giant UBS AG in 2008-2009 and could have sunk the Swiss economy, a parliamentary report said on Monday.

Workers at a strikebound Honda Motor parts factory in southern China pressed on with a drive to win higher wages on Monday even as the Japanese carmaker lured some back to partially resume production.

China warned on Monday that Europe's struggle to contain ballooning debt posed a risk to global economic growth, raising the specter of a double-dip recession.

In order to extend cooperation in cotton markets, the International Cotton Association and China Cotton Association (CCA) have joined hands to formally acknowledge the cooperation between the two trade associations.