IBT Staff Reporter

Chinese Premier Wen Jiabao urged long-term preparedness for dealing with the global downturn, saying China will tackle the development issue through reform, state news agency Xinhua reported on Tuesday.

The U.S. Senate voted on Tuesday to stop production of the F-22 fighter plane, handing President Barack Obama a victory as he tries to rein in defense spending.

Yahoo Inc's forecast for third-quarter fell short of Wall Street's expectations, as the Internet company announced plans to step up spending and cited continued weakness in the advertising market.

Samsung Electronics America, Inc on Tuesday introduced high-end Blu-ray technologies to its new line home theater system at less cost.

Barnes & Noble Inc unveiled on Monday what it called the world's largest online bookstore, taking on Amazon.com Inc with over 700,00 titles readable on devices such as Apple Inc's iPhone.

Yahoo Inc projected a drop in income from operations for the current quarter from the second quarter, and the Internet company's shares fell more than 4 percent.

Starbucks Corp posted quarterly earnings on Tuesday that handily topped analysts' estimates as the world's biggest coffee chain began reaping rewards from slashing costs and closing stores, sending its shares up 9 percent.

A judge on Tuesday ordered actor Jamie Waylett, who plays school bully Vincent Crabbe in the Harry Potter movies, to serve 120 hours of community service after he admitted growing cannabis at his mother's home.

The Senate Judiciary Committee has put off its vote on Supreme Court nominee Sonia Sotomayor for one week amid objections from the panel's conservative Republicans.

Taiwan and the mainland agree to open semi-official tourism offices on each other's capital by the end of the year to deal with issues generated by growing cross-Straits tourism.

A worker from iPhone Plant in China committed suicide after an iPhone prototype went missing, a report confirmed by Apple.

Apple Inc's quarterly profit blew past Wall Street forecasts thanks to strong sales of Macs and iPhones and higher-than-expected gross margins, sending its shares up more than 3 percent on Tuesday.

Stocks rose on Tuesday as a solid profit from Caterpillar Inc overcame some uneasiness about the company's outlook for the current quarter, but the gains were limited as some investors paused following the recent earnings-fueled run-up.

China's third largest steelmaker WISCO signed an agreement with Australian Centrex Metals Ltd (CXM) on Monday for joint development of iron ore mines in southern Australia and other projects, state news agency Xinhua reported on Tuesday.

Global miners and steelmakers may replace the existing annual negotiations with a new quarterly-based iron ore pricing system, Wall Street Journal reported on Monday, which is expected to increase the volatility of steel prices and make the system more transparent.

Gold futures ended slightly lower on Tuesday as U.S. Federal Reserve Chairman Ben Bernanke's strong resolve to battle inflation could prompt bullion investors to take profits in the near term.

Yahoo Inc's revenue from advertising fell and the Internet company projected lower-than-expected operating cash flow for the current quarter, sending its shares down more than 2 percent.

The Treasury Department said on Tuesday it hopes new disclosure and conflict of interest rules will curb the power of credit rating agencies that have been blamed for fueling the recent financial crisis.

Apple Inc posted a quarterly profit that blew past Wall Street forecasts thanks to strong sales of Mac computers and improved margins, sending its shares up more than 3 percent on Tuesday.

Federal Reserve chairman, Ben Bernanke, today told congress policy makers that the Fed will likely maintain interest rates at exceptionally low levels for extended periods. Following Bernanke's remarks treasury prices increased reversing a earlier losses. Bernanke said despite positive signs of an improvement in the economy, the job loss rate remains high and the unemployment rate continues its steep rise.

Exelon Corp pulled its hostile $7.7 billion bid for NRG Energy Inc on Tuesday after NRG shareholders rejected an Exelon-backed slate of directors.

CIT Group Inc, in business for 101 years, has won a new lease on life, but it might buy the specialty finance company only a few more months.

Times may be hard, but parents are not doing enough to teach their kids the value of money these days, according to a new survey.

Obama this morning admitted that when it comes to fashion, “I'm a little frumpy” he said in an interview with Meredith Vieira from Today show.

The longest solar eclipse of the century set to take place on Wednesday, July 22 in Asia and will last over 6 and a half minutes.

Comparable store sales, also known as same-store sales, at Starbucks Corp. fell 5 percent in the company's third fiscal quarter, the coffee retailer said today.

Apple Inc reported higher-than-expected quarterly results, fueled by robust sales of the iPhone, sending its shares up more than 2 percent on Tuesday.

Stocks rose on Tuesday as a solid profit from Caterpillar Inc eclipsed unease about the company's outlook for the current quarter, but the gains were limited as some investors paused following the recent earnings-fueled run-up.

Stocks rose on Tuesday as a solid profit from Caterpillar Inc eclipsed some uneasiness about the company's outlook for the current quarter, but gains were limited as some investors paused following the recent earnings-fueled run-up.