IBT Staff Reporter

Google's Eric Schmidt shared some funny thoughts and at times, underlying blows at Microsoft's new search engine, Bing.com in an interview on Tuesday.

The United States transferred the first detainee from Guantanamo Bay on Tuesday to stand trial in a U.S. civilian court in a test case for President Barack Obama's plans to close the controversial prison for foreign terrorism suspects.

A House of Representatives committee on Tuesday said it would subpoena the Federal Reserve to force the central bank to surrender documents regarding its role in Bank of America's takeover of Merrill Lynch last year.

Microsoft Corp issued software to fix a record 31 security flaws in its programs, and Adobe Systems Inc warned that glitches in its products could let hackers take control of a user's PC.

Chrysler LLC won court approval on Tuesday to cut a quarter of its U.S. dealerships and the bankruptcy court judge overruled requests to delay the order until the U.S. Supreme Court rules on the sale of the company.

The chief risk officer of Countrywide Financial Corp, the poster-child company for the loose U.S. home loans that staggered the world economy, was warning against them even when it put him at odds with his own company -- and with Fed chairman Ben Bernanke.

T-Mobile USA, the No. 4 U.S. mobile carrier, said it was investigating a claim that somebody hacked into its computers, stealing reams of confidential data.

In the first week since Microsoft's Bing.com went live, traffic to the site has increased into double digits for the first time in two years, but this is only the beginning and time will tell how well the search engine does in the long run.

JPMorgan, Goldman Sachs and eight other top U.S. banks won clearance on Tuesday to repay $68 billion in taxpayer money given to them during the credit crisis, a step that may help them escape government curbs on executive pay.

Google Inc is closing in on its goal of producing renewable energy at a price cheaper than coal, the company's so-called green energy czar, the engineer in charge of the project, said on Tuesday.

Oil jumped 3 percent to hit a fresh seven-month high over $70 a barrel on Tuesday after data showed a steep drop in U.S. crude inventories and a U.S. government report revised global demand expectations higher.

President Barack Obama sought on Tuesday to show he was serious about improving the U.S. budget picture as he called on Congress to pass new limits on tax cuts and spending programs to avoid adding to deficits.

Following Palm Pre's rollout into the U.S. smart phone market on June 6, analysts and public alike have been eager to know how sales performed during the debut.

The Nasdaq rose on Tuesday after an improved outlook from Texas Instruments lifted technology stocks, but news that 10 big banks will repay TARP funds failed to stir investor enthusiasm.

General Motors Corp on Tuesday took a step toward restructuring its widely criticized board by naming former AT&T Inc CEO Ed Whitacre to become chairman of the reorganized automaker when it emerges from bankruptcy under U.S. government oversight.

U.S. President Barack Obama on Tuesday welcomed the repayments to the government of $68 billion in bank bailout funds but said the problems in the financial markets were not over yet.

British luxury car firm Rolls-Royce has received around 1,500 serious expressions of interest in its soon-to-be-launched 'Ghost' model -- a figure that would more than double the group's annual sales.

World number two truck maker Volvo (VOLVb.ST) said on Tuesday it had withdrawn redundancy notices previously handed out to 335 employees after a union deal cutting working hours and wages.

Raising the allowable levels of ethanol in conventional U.S. gasoline would help push up prices for corn and other grains and ultimately meat and dairy, economists associated with food groups said on Tuesday.

Militants attacked a hotel popular with foreigners in the northwestern Pakistani city of Peshawar with guns and a truck bomb on Tuesday, killing five people and wounding 25, government and security officials said.

The default rate of U.S. commercial real estate bank loans reached its highest level in 15 years and is not expected to peak until 2011, according to a report by Real Estate Econometrics.

A forward-looking measure of hiring expectations held steady in the United States and other large economies amid signs employment is starting to stabilize, but prospects in several countries worsened, according to a quarterly survey by Manpower Inc.

The girlfriend of hedge fund swindler Samuel Israel was sentenced to three years of probation, including four months of house arrest, on Tuesday for helping him stage suicide to avoid going to prison.

U.S. Senate confirmation hearings for Supreme Court nominee Sonia Sotomayor will begin on July 13, a top Democrat said on Tuesday, and a Republican lawmaker predicted she would be easily approved.

Bank of America Corp said on Tuesday it is covering the legal fees of Angelo Mozilo, the former Countrywide Financial Corp chief executive charged with securities fraud and insider trading.

Google is looking to buy smaller technology companies to enhance its technology portfolio, Chief Executive Eric Schmidt said in an interview with the Fox Business network on Tuesday.

Chrysler LLC could get federal bankruptcy court approval on Tuesday to trim its dealer network by a quarter, although opponents want any order delayed until the U.S. Supreme Court rules on the sale of the company.

The girlfriend of hedge fund swindler Samuel Israel was sentenced to three years of probation, including four months of house arrest, on Tuesday for helping him stage suicide to avoid going to prison.

Google Inc introduced software to make it easier for businesses using Microsoft Corp's Outlook to switch to its Web-based communications and collaboration products.