IBT Staff Reporter

The Libyan government had invested $500 million of its cash reserves with accused swindler Allen Stanford's firm as of late 2008, a court filing showed on Tuesday.

For once, the adoring crowds were absent as Barack Obama visited Russia this week.

General Motors Corp asked a federal bankruptcy court on Tuesday for permission to drop 38 U.S. dealers who have rejected the automaker's offer of a payout to wind down their operations.

The United States Natural Gas Fund suspended issuance of new shares because it ran out of them, Bloomberg reports on Tuesday.

The public memorial service of Michael Jackson began at 10 a.m. Tuesday in the Staples Center Los Angeles after Jackson's family and closest friends attended a gathering at Forest Lawn Memorial Park in Hollywood Hills on Tuesday morning.

Energy prices are forecasted to increase through the second half of 2009 due to stronger than anticipated global economic activity, primarily in Asia, the U.S. Energy Department said today in its short-term energy outlook for July.

Hong Kong's H1N1 tally has exceeded1000 with 41 new cases conformed, the Department of Health (DH) said on Tuesday.

Oil prices fell more than $1 to below $63 a barrel on Tuesday as growing uncertainty over an economic recovery spurred investor risk aversion.

Stocks tumbled on Tuesday, sending the Nasdaq briefly down 2 percent, as investors worried that the economy remains far from a robust recovery that would underpin corporate profits.

Queen Latifah, one of the many celebrities that paid tribute to Michael Jackson at the singer's public memorial at the Staples Center in Los Angeles on Tuesday- said how much she loved and admired the King of Pop.

U.S. antitrust regulators have approved a Nokia Siemens bid for a portion of Canada's bankrupt Nortel Networks Inc, the Federal Trade Commission said on Tuesday.

Sony and Samsung Corp on Tuesday introduced new series of ultra-portable mini notebooks designed for casual computing, web surfing with eco-certified for mercury free LED backlit.

The 35th G8 summit will be held in L'Aquila, Italy from 8 to 10 July. Leaders from the G8 rich nations and the major developing countries will together discuss the most important global economic and political issues.

East Asian economies - Singapore and Hong Kong SAR - occupied the top two positions in the Enabling Trade Index (ETI) ranking, followed by Switzerland, Denmark and Sweden, the World Economic Forum (WEF) released on Tuesday in the Global Enabling Trade Report 2009.

Hong Kong's official foreign currency reserve assets has risen for four consecutive months to $207 billion in June, up $1.9 billion on May, the Monetary Authority said on Tuesday.

PARIS - French carmaker PSA Peugeot Citroen said sales of vehicles and knocked-down kits fell 14 percent in the first six months of the year.

U.S. antitrust regulators have approved a Nokia Siemens bid for a portion of Canada's bankrupt Nortel Networks Inc , the Federal Trade Commission said on Tuesday.

Tribune Co has agreed to terms for the sale of the Chicago Cubs to a group led by private equity investor Marc Utay, giving the company two offers to submit to the bankruptcy court, two sources familiar with the sale process said on Tuesday.

Virtualization software VMware Inc is slashing prices to ward off increasing competition from billionaire Larry Ellison's aggressive technology giant Oracle Corp.

U.S. stocks fell on Tuesday as talk of a second government stimulus plan stirred fears that the economy is far from well, raising the specter of an anemic second quarter earnings season.

Yahoo Inc on Tuesday unveiled a new feature called Search Pad, a solution to solve a problem that many users on the Web have: how to simplify researching online.

The European Central Bank siphoned off a record amount of overnight cash from overstuffed money markets on Tuesday, although banks continued to soak up the money it is simultaneously shovelling in over the longer term.

U.S. auto parts maker Lear Corp (LEAR.PK) filed for Chapter 11 bankruptcy protection on Tuesday, a day after setting out plans to restructure its $3.6 billion debt burden under a proposed deal with creditors.

The public has dismissed Beijing Automobile Industry Corp.'s last-minute offer for General Motors' Opel business in Europe, but in fact this is not such a daft proposal.

Toyota Motor Corp said on Tuesday its vehicle sales in China in the first half of 2009 were roughly unchanged compared with a year earlier.

Home owners are choosing showers over tubs, despite the long-standing notion that it is important to have a tub for resale value.

Getting a mortgage loan these days can be a slow and frustrating experience.

Michael Jackson's family and close friends held a private service at a Los Angeles cemetery on Tuesday as fans crowded into the city's downtown area for a star-packed public memorial to the King of Pop.

Soaring U.S. unemployment and a shrinking economy drove delinquencies on credit card debt and home equity loans to all-time highs in the first quarter as a record number of cash-strapped consumers fell behind on their bills.