IBT Staff Reporter

Oil prices rose by around $1 dollar to above $60 on Tuesday as renewed confidence across financial markets helped to reverse some of last week's falls.

Germany's Software AG said it will buy IT consultancy group IDS Scheer for almost 500 million euros ($696 million) in what will be the first major corporate takeover in Germany this year.

Ford Motor Co (F.N) and General Motors Co (GMGMQ.PK) have objected to a plan by bankrupt auto parts supplier Visteon Corp (VSTN.PK) to pay employees up to $80.1 million in bonuses, saying that they and major auto parts suppliers had eliminated performance incentives for 2009.

Hyundai Motor Co (005380.KS), South Korea's top carmaker, on Tuesday said it has raised its 2009 target for sales in China for a second time because of stimulus measures by the Chinese government to boost demand and as the company plans to launch new models.

SB LiMotive, an electric vehicle battery joint venture between South Korea's Samsung SDI and Germany's Robert Bosch, is acquiring U.S. battery maker Cobasys, Samsung SDI said on Tuesday.

Royal Bank of Scotland on Tuesday said it will merge its various Asia-Pacific investment banking teams into one group.

Goldman Sachs Group Inc reported a record breaking second quarter for revenue on Tuesday as its trading division delivered strong results.

As a decision looms over GM's controversial plan to sell its Hummer unit to a little-known Chinese firm, the two Chinese regulators in charge of approving the deal seem to be on opposite sides of the road.

Goldman Sachs Group Inc reported a 33 percent rise in quarterly earnings Tuesday on strong trading results, continuing an extraordinary rebound from the near meltdown of the U.S. financial sector last fall.

Confessed swindler Bernard Madoff was in a medium security prison in Atlanta after being moved from his New York jail cell, U.S. official prisons bureau records showed on Tuesday.

Stocks opened little changed on Tuesday as investors paused following a strong run-up in the previous session and after government data pointed to a slower than expected recovery in consumer spending in June.

Steven Rattner will leave as head of the U.S. autos task force, which oversaw bankruptcies at General Motors Corp and Chrysler Group, at a time when a probe into how the private equity firm he co-founded gained New York pension business has intensified.

Maybe it's because they seem primordial, or because you did really well in rocks for jocks, or actually know a thing or two about geology

Stocks headed for a flat open on Tuesday as government data pointing to a slower than expected recovery in consumer spending fueled caution even after strong quarterly earnings from Goldman Sachs Group

Goldman Sachs is expected to report 2Q earnings today. The bank reported a profit of $1.8 billion in the first quarter after earning strong revenues from its fixed income, commodities and currencies trading division. Shares are expected to rise as the markets open.

Stock index futures briefly turned negative on Tuesday following a report that pointed to underlying weakness in consumer spending in June.

Sales at U.S. retailers rose a stronger-than-expected 0.6 percent in June, boosted by a big jump in auto sales, Commerce Department data showed on Tuesday.

Google reports earning reasults on Thursday after the closing bell. Analysts expect $5.06 a share in profit, up from $4.63 last year.

British Airways said on Tuesday the timing was not right to raise funds in a rights issue, but it was looking at other options to improve its battered balance sheet.

Goldman Sachs Group Inc reported a 33 percent rise in quarterly earnings on Tuesday as a strong gain in trading was offset by a one-time charge to repay government loans.

Oil giant Exxon Mobil Corporation announced Tuesday it will invest more than $600 million to develop biofuels from photosynthetic algae at a large scale.

Goldman Sachs Group Inc on Tuesday reported second-quarter earnings.

Struggling flag carrier British Airways said on Tuesday it was considering launching a convertible bond, not a rights issue, to shore up its balance sheet during the global aviation sector downturn.

U.S. Treasury Secretary Timothy Geithner said on Tuesday he saw signs of confidence returning to the U.S. financial sector and pledged that the United States would pursue policies that preserve the dollar's value.

Goldman Sachs Group Inc executives sold almost $700 million worth of stock since the collapse of rival Lehman Brothers last year, the Financial Times said on Monday.

Intel, Goldman results awaited; ExxonMobil's alt fuel bet, retail results expected

The ever-weakening job market could well lead to an increase in online crime as laid-off workers, especially those with computer skills, turn to scams to support themselves, Cisco Systems Inc said in a mid-year security report to be released on Tuesday.

Stock index futures rose on Tuesday as investors bet that quarterly earnings from Goldman Sachs Group would kick off a strong reporting season for financial companies, offsetting caution over the looming release of June retail sales.

U.S. Energy Secretary Steven Chu and Commerce Secretary Gary Locke arrive to China to stay through July 17 to highlight the potential for mutually beneficial relationships in the clean energy sector.