IBT Staff Reporter

Russia Tuesday said it had arrested eight people for hijacking a merchant ship whose two-week disappearance baffled experts until she was found by Moscow's navy in the Atlantic Ocean.

Novatek, Russia's second-largest gas producer, on Tuesday reported a 1.6 percent rise in net profit in the second quarter of 2009, year-on-year, above analysts' expectations.

South Korea is counting down to its first space launch on Wednesday that will likely open the door to its nascent rocket program and rile neighbor North Korea, hit by U.N. sanctions after its own rocket launch in April.

The Bank of Japan will likely face political pressure regardless of whether the ruling coalition or the main opposition wins the upcoming election, with both parties seen leaning on monetary policy to support an economic recovery.

Japan looked headed for historic change as the official campaign kicked off on Tuesday for an August 30 election expected to end more than half a century rule by the conservative Liberal Democratic Party (LDP).

The main opposition Democratic Party of Japan (DPJ), which has vowed to pay more heed to consumers than firms and break bureaucrats' grip on policy, leads the ruling Liberal Democratic Party (LDP) in voter opinion polls ahead of an August 30 election.

Retailers Target Corp and Saks Inc posted better-than-expected quarterly results on Tuesday as they clamped down on expenses and inventory to offset falling sales, sending shares higher.

A new comparative survey of 39 credit card offers from many of the nation's largest U.S. banks and credit unions has been released, offering consumers an opportunity to study offers on the basis of annual fees and APR rates, and fees.

Voters in Japan flocked to rallies on Tuesday as official campaigning began in an election that is expected to see Prime Minister Taro Aso's party ousted for only the second time in its 54-year history.

A rich asking price could once again sink AIG's plan to sell its Taiwan insurance unit after an attempt at a sale earlier this year met a similar fate.

U.S. President Barack Obama, looking to jump-start the stalled Middle East peace process, will hold talks Tuesday with Egyptian leader Hosni Mubarak, who Washington hopes can help to get things moving.

Schaeffler announced a 12 billion euro ($17 billion) refinancing deal on Tuesday that eases the German ball-bearing maker's debt problems and moves it a step closer to merging with Continental AG.

Stocks rose on Tuesday after better-than-expected results from retailers Home Depot Inc and Target Corp offset a surprise drop in housing starts.

A senior Iranian official said Tehran was ready for negotiations with the West on its disputed nuclear program based on mutual respect and without preconditions, state television reported on Tuesday.

Upscale department store operator Saks Inc posted a wider quarterly loss on Tuesday as well-heeled shoppers held back from pricey purchases in the recession.

Drug wholesaler Cardinal Health Inc posted a 14 percent decline in quarterly net profit on Tuesday, hurt by costs related to its spin-off of its medical technology company CareFusion.

Software developers will be able to start charging for applications downloads to Palm Inc's high-profile Pre smartphone with the company's launch of an e-commerce beta program set to start in mid-September.

Poised for Recovery, Big Gas Deal, Stocks Hit Wall

In his first role since last summer's hit

Oil pared gains and stood below $67 a barrel on Tuesday as weak headline U.S. housing data renewed doubts over the pace of economic recovery in the world's largest energy user. Investors were also awaiting weekly U.S. fuel inventory reports due later on Tuesday and Wednesday, expected to show crude stockpiles have risen for the fourth straight week.

Albert Gonzalez is the mastermind behind what authorities have reported as the largest hacking and identity theft case ever in U.S. history.

Three men were indicted on Monday for allegedly stealing more than 130 million credit and debit card numbers in what U.S. authorities said they believe is the largest hacking and identity theft case ever prosecuted.

Robert Redford is visiting the land of Lincoln. The actor/filmmaker, who has an acute interest in political topics, will direct the historical drama

Qwest Communications International Inc said on Tuesday that it would discontinue its own-brand wireless service at the end of October and started telling customers they need to switch to another service.

Apple Inc is investigating media reports that one or more of the company's iPhones have exploded in Europe, a European Commission spokeswoman said on Tuesday.

Buddhist monks and Catholic nuns boost their brain power through meditation and prayer, but even atheists can enjoy the mental benefits that believers derive from faith, according to a popular neuroscience author.

Stock index futures pointed to a flat to slightly higher open on Tuesday after a surprise drop in housing starts offset better-than-expected results from retailers Home Depot Inc and Target Corp .

Drug wholesaler Cardinal Health Inc posted a 14 percent decline in quarterly net profit on Tuesday, hurt by costs related to its spin-off of its medical technology company CareFusion.

A widely used blood pressure drug may hold promise as a treatment for multiple sclerosis, U.S. researchers said on Monday.