IBT Staff Reporter

Consumer spending continues to decline, as rising unemployment and a prolonged recession force consumers to cut back.

U.S. consumers spent more in June and there was positive news on the housing market, but a big drop in incomes pointed to a slow recovery from the worst recession in decades.

The world's largest chip maker, Intel on Tuesday launched new software application that runs in a social networking that will save the world in donating spare processing power in a computer to a worthwhile cause's effort.

North Korea on Tuesday released two jailed American journalists after a visit from former U.S. President Bill Clinton in the highest-level U.S. contact with North Korea since Clinton was president nearly a decade ago.

Oil prices fell on Tuesday on expectations data will show a rise in U.S. crude inventories and profit-taking following three days of gains.

The real estate investment arm of U.S. bank Morgan Stanley (MS.N) aims to sell a Shanghai office building for around 2.5 billion yuan ($366 million) to a Hong-Kong-listed developer, sources said on Tuesday.

Signs of recovery in the U.S. housing market and growing demand for wood as an energy source could herald a recovery in demand for forestry products, a United Nations agency said on Tuesday.

General Motors and the German government could decide by the end of the week which bidder they want to take control of the automaker's Opel unit, Germany's deputy economics minister said on Tuesday.

U.S. Senate Majority Leader Harry Reid on Tuesday put a bill to extend the popular

BMW (BMWG.DE) will launch a new class of environmentally friendly vehicles under its own brand, signalling that even premium automakers are ready to embrace electric vehicles as a mainstream product.

U.S. carmaker General Motors [GM.UL] and German officials began a fresh round of talks on Tuesday to try to narrow their differences on which bidder they want to take control of its Opel unit.

Leading global automakers reported forecast-beating quarterly results on Tuesday, but continued to give cautious outlooks for the industry, which remains hard hit by weak demand and a lack of consumer credit.

Power producers Duke Energy Co and Entergy Corp reported lower second-quarter earnings Tuesday as the weak U.S. economy reduced electricity demand from their biggest industrial customers.

Industrial conglomerate Emerson Electric Co reported a 37 percent drop in quarterly net profit on Tuesday and said no significant economic recovery was likely before late 2010.

'Flashes' under the gun, Opel Talks Advance, Bigger Spenders

U.S. stocks edged lower on Tuesday as economic data showing contracts for home sales rose more than expected in June was offset by investors booking profits after the recent rally.

German Deputy Economics Minister Jochen Homann said on Tuesday that German officials and General Motors had made significant progress in talks over the sale of the U.S. carmaker's Opel unit.

Real estate tycoon Donald Trump and an affiliate of Bank of Nevada will buy Trump Entertainment Resorts Inc for $100 million, the bankrupt casino operator said, sending its shares up more than 79 percent.

Bankrupt Nortel Networks Inc received U.S. and Canadian court approval on Tuesday to sell its enterprise business, further dismantling the former corporate icon.

Top U.S. bank regulators spoke out on Tuesday against key elements of the Obama administration's plan to reshape financial regulation, calling some parts unneeded or disruptive.

Asia-focused bank Standard Chartered unveiled a surprise 1 billion pound ($1.7 billion) fundraising on Tuesday as it beat expectations with a record mid-year pretax profit.

A yet-to-be-completed factory building collapsed in a severe thunderstorm Tuesday in northern China, killing 17 and injuring three, but journalists were hindered to report on it, local media said.

The Pentagon has ordered a review of its use of social networking sites such as Twitter and Facebook, citing concerns that security could be compromised, officials said on Tuesday.

Duke Energy Co. said its profit declined 21 percent in the second quarter to $276 million or 21 cents per share from $351 million or 28 cents per share a year earlier as the economy affected commercial sales prices.

A U.S. Securities and Exchange Commission ban on so-called flash orders is imminent, a senior lawmaker said on Tuesday -- just before the agency itself said it was drawing up plans to ban the controversial services offered by some stock exchanges.

U.S. consumers spent more in June and pending sales of previously owned homes also rose, data issued on Tuesday showed, but the biggest drop in incomes in four-and-a-half years pointed to a slow recovery from the worst recession in decades.

After a four year government investigation, General Electric Co. will pay a $50 million fine over its alleged misuse of hedge fund accounting which in one case, regulators said allowed GE to avoid missing analysts' earnings expectations.

Stocks edged higher on Tuesday as better-than-expected data on home sales underpinned signs of an economic recovery, but the gains were capped as investors took profits in shares that propelled the recent rally.

A U.S. Securities and Exchange Commission ban on flash trades is imminent, a senior lawmaker said in a statement on Tuesday.