IBT Staff Reporter

Shares of bond insurer Ambac Financial Group Inc sank 33 percent on Tuesday after the company warned it may be forced to seek bankruptcy protection if it cannot fix its liquidity problems.

BofA Blues for Top Job; Dodd Seeks Teeth for Reforms; Cautious on Recovery

Three top Federal Reserve officials on Tuesday struck a cautious note on the U.S. economy, citing high unemployment, heavy reliance on government support and commercial real estate woes as hurdles to recovery.

The designer of the Kalashnikov, sometimes called the world's most lethal weapon, was named a Hero of Russia on Tuesday by President Dmitry Medvedev who lauded him for creating the brand every Russian is proud of.

It is the most prestigious job that nobody wants. Bank of America is searching for a new chief executive, and by all accounts, it is having a tough time finding someone for the job.

Two former Bear Stearns hedge fund managers were found not guilty of fraud, a decision that could make government prosecutors less likely to bring criminal charges against Wall Street executives for their role in the financial crisis.

Comcast Corp and General Electric Co have agreed to make NBC Universal CEO Jeff Zucker the head of their proposed joint venture, but the structure of a new board is still being negotiated, sources familiar with the matter said.

In the end, Garth Peterson, a rising star at Morgan Stanley in China, was undone by his pursuit of guanxi.

U.S. Bancorp , the sixth-largest U.S. bank by assets, is looking to expand its credit card business and is actively marketing its cards nationally, Chief Executive Richard Davis said at a conference on Tuesday.

Pushing for tougher changes in U.S. financial regulations, the Senate's top banking legislator on Tuesday proposed a new super-cop to police banks, a systemic risk agency and strong consumer protections.

Major search engines like Google, Microsoft and Yahoo, and eBay are offering free WiFi hotspots around the nation this holiday season till early next year, at airports, hotels and even in New York's Time Square.

Luxury homebuilder Toll Brothers Inc said on Tuesday said it expected fourth quarter revenue to drop 30 percent, but blew past Wall Street's expectations by nearly $100 million, and the company's shares rose 5.4 percent in after-hours trading.

The board of General Motors Co has approved a plan to produce a plug-in hybrid for the luxury Cadillac brand that will adapt technology developed for the upcoming Chevrolet Volt, according to people briefed on the decision.

Donald Trump and Juma Entertainment are partnering for a TV reality dating show starring TV diva Omarosa on the TV One network, the Associated Press reported.

Activision Blizzard Inc's hugely anticipated Call of Duty: Modern Warfare 2 video game went on sale on Tuesday, welcomed by eager fans who lined up hours in advance of the release.

Luxury homebuilder Toll Brothers Inc said on Tuesday it expects fourth quarter net contracts to be up about 42 percent, as the housing market shows some signs of stabilization and its shares rose 3.3 percent in after-hours trading.

Veterans Day on November 11 is the day honoring all those who were in the war and for school children in public schools they will have no school but will be home working on Veterans Days assignments.

Adobe Systems is set to lay off 680 workers, or about 9 percent of its global work force, according to a TechCrunch report.

The world's two largest cellphone makers, Nokia and Samsung Electronics, unveiled on Tuesday their latest rivals to the iPhone as Apple became the top profit generator in the handset industry.

Search engines are celebrating the holidays by offering users free internet and New York City is getting a special treat.

About 20 percent of struggling U.S. homeowners eligible for loan workouts have entered into a trial modification, but it is unclear how many of them will be able to keep the lower payments permanently, the Treasury Department said on Tuesday.

U.S. stocks closed mostly loweron Tuesday as differing views on whether the market can build on recent gains stalled the S&P 500's six-day winning streak.

The Australian Dollar opens steady against the greenback today at 0.9280. During local trade, the Aussie nudged a calendar-year high above US93 cents ahead of importer interest and profit taking which took the unit back down to 0.9270. Several major currencies have moved higher in recent days after the International Monetary Fund (IMF) said the U.S. Dollar was overvalued. An upbeat NAB business confidence survey also underpinned the local unit yesterday. During offshore trade, the Aussie moved b...

Voter registration for a Palestinian election failed to get under way as scheduled on Tuesday, adding to signs that President Mahmoud Abbas might be bluffing about a make-or-break vote in January.

President Barack Obama vowed on Tuesday to make sure the gunman who killed 13 people in a rampage at a U.S. Army base in Texas pays for his crimes.

American Express Co said credit card spending increased in October from September in another sign that the worst of the financial crisis may have passed for the largest U.S. credit-card company, sending its shares up 1.5 percent to a 14-month high.

A reserve fund must be established ahead of time to give the government the working capital it needs to dismantle large, troubled financial companies, a top U.S. bank regulator said on Tuesday.

United Airlines has suspended a pilot who was arrested in London on suspicion that he was about to fly a Boeing 767 with 124 passengers while drunk, the airline said on Tuesday.

After a weaker than anticipated crowd showed up for the free swine flu vaccines in New York City over the weekend, the Health Department said it will continue to offer the free vaccines throughout the week.