IBT Staff Reporter

The U.S. investment in the Apollo space program, which landed men on the moon, paid off handsomely, unlike the $100 billion plowed into the International Space Station, Apollo's pioneering astronauts said on Monday.

Freddie Mac (FRE.P), the mortgage finance company seized by regulators in September, has chosen Charles

Bank of America's (BAC.N) Merrill Lynch is in talks with several firms including Blackstone (BX.N) and Apollo Investment Management to sell management rights of its $2.65 billion Asian Real Estate Opportunity Fund, a source with knowledge of the deal said.

Japanese Prime Minister Taro Aso dissolved parliament's lower house on Tuesday for an August 30 election that polls show could see his conservative party ousted for only the second time in its more than half-century reign.

Iran's police chief accused the opposition on Tuesday of inciting sedition after last month's disputed presidential election and said his force would act firmly to uphold the law.

Asia-Pacific nations agreed on Tuesday to shun protectionist measures after some criticized the United States and other developed world buy local campaigns at a meeting pushing forward momentum toward a global trade pact.

Stocks rose slightly on Tuesday as upbeat quarterly results from bellwether companies, including Caterpillar Inc, overshadowed Federal Reserve Chairman Ben Bernanke's cautious outlook for the economy.

The U.S. Securities and Exchange Commission is seeking to prevent Ralph Janvey -- the receiver appointed to liquidate Stanford assets -- from suing investors for proceeds they got from Texan financier Allen Stanford.

The H1N1 virus has killed more than 700 people worldwide since emerging in April, and countries could consider closing schools to slow its spread, the World Health Organization (WHO) said on Tuesday.

A senior member of German Chancellor Angela Merkel's conservative party on Tuesday urged Israel not to build more settlements, warning it risked political suicide if it continued to do so.

Exelon Corp's ambitious acquisition attempt to form the largest power generation firm in the U.S. may get a boost on Tuesday after a crucial vote at the annual shareholders meeting for NRG Energy, Inc in New Jersey.

President Barack Obama said in an interview aired on Tuesday that healthcare reform bills needed more work, but he was optimistic that the final legislation would drive down costs over the long-term.

The Nasdaq briefly turned positive on Tuesday to trade near break-even, along with the S&P 500 index, as optimism about the latest corporate earning results tempered a cautious economic assessment from U.S. Federal Reserve Chairman Ben Bernanke.

Much of Corporate America has slashed costs to stay in the black during the recession, but wielding the knife too heavily could also remove the ability to grow in a recovery. If you cut into flesh long enough, eventually you find bone, said David Rosenberg, chief economist at Gluskin Sheff in Toronto. Cost cutting is not a bottomless pit.

The S&P 500 index turned negative on Tuesday, while the Nasdaq added to losses and the Dow industrials pared gains after U.S. Federal Reserve Chairman Ben Bernanke cautioned that unemployment was likely to remain high into 2011.

Asset manager BlackRock Inc said second-quarter profit and revenue fell from a year earlier but improved from the first quarter.

United Technologies Corp posted a 23 percent drop in profit and lowered its 2009 forecast as it faces weaker-than-expected orders for equipment used in large buildings and aircraft.

UAE telecoms firm Emirates Telecommunications Corp (Etisalat) could invest at least $500 million if it wins a tender for a telecom licence in Libya as it looks to boost its customer base into North Africa, a top executive said on Tuesday.

Federal Reserve Chairman Ben Bernanke on Tuesday said the outlook for the long-suffering U.S. economy appears to be improving and the U.S. central bank was carefully reviewing ways to withdraw its massive monetary policy stimulus when conditions permit.

China's CNOOC is exploring a potential $15 billion joint venture with Repsol, involving the Spanish oil company's global exploration and production assets, a source familiar with the matter said.

U.S. machinery maker Caterpillar Inc posted stronger-than-expected quarterly earnings on Tuesday and raised its full-year outlook, citing what it said were growing signs of stability in the world's credit markets and economies.

Coca-Cola Co reported a better-than-expected quarterly profit on Tuesday, aided by growth in emerging markets, but its shares fell as revenue was lighter than anticipated and investors looked for stocks with stronger growth potential.

Federal Reserve Chairman Ben Bernanke on Tuesday said the outlook for the long-suffering U.S. economy appears to be improving and the U.S. central bank was carefully reviewing ways to withdraw its massive monetary policy stimulus when conditions permit.

Biotechnology leapt ahead as the biggest recipient of U.S. venture capital money in the second quarter, but first-time venture investments in companies overall dropped to a 15-year low, a trade association reported on Monday.

Las Vegas casino company Wynn Resorts has submitted an application to list its Macau unit on the Hong Kong stock exchange, sources said on Tuesday, hoping to raise between $500 million and $1 billion.

Merck & Co said second-quarter earnings fell, hurt by the strong dollar and lower sales of its cholesterol drugs, but favorable tax settlements helped the drugmaker soundly beat profit forecasts.

Continental Airlines Inc posted a steeper second-quarter loss on Tuesday as the slump in business travel and fears about the H1N1 virus hurt revenue, and said it will cut its work force by 4 percent.

Dell, the world's second-biggest maker of personal computers after Hewlett-Packard, says it wants to buy lean IT firms with business models similar to those of India's outsourcing pioneers.

(Corrects year-ago figures in paragraph 3)