IBT Staff Reporter

The Speaker of Britain's lower house said Tuesday he would step down in June after criticism of his handling of a scandal over lawmakers' expenses that has badly tarnished the reputation of the Mother of Parliaments.

The United States plans to give Pakistan about $100 million in humanitarian aid to help people who have fled fighting between government forces and Taliban militants in the Swat Valley, two sources familiar with the plan said on Tuesday.

Receivers would take control of three hedge funds run by prominent money manager Ezra Merkin and linked to the Madoff fraud, under an agreement between New York's top legal officer and Merkin, lawyers said on Tuesday.

Airline summer travel rates will fall 7 percent as Southwest Airline cuts summer air fares as low as $49, $69 respectively, and other airlines follow suit.

Teen idol Miley Cyrus has a message for Internet critics calling her fat -- cyber-bullying can seriously scar people, leading them to hurt themselves.

MTS, Russia's top mobile phone operator, said on Tuesday it had placed in full a five-year bond worth 15 billion roubles ($464.5 million).

German automaker Daimler AG acquired an equity stake of nearly 10 percent of Tesla Motors Inc. the San Carlos California- based manufacturer of all electric vehicles, the companies announced Tuesday.

Home Depot Inc reported higher-than-expected quarterly earnings as massive cost cuts offset weak sales, but its shares fell as investors found the results disappointing in comparison with those of smaller rival Lowe's Cos Inc .

Producers from the world's biggest wine region are on a mission to tell the world about a renaissance in the south of France whose time may have come on the wings of a global depression.

Release Explanation: This report covers the number of new residential Starts and residential Building Permits issued each month, reported on an annualized basis.

Britain has held talks with investors to gauge their interest in buying its stakes in part-nationalized lenders, and could begin selling its holdings within a year, according to a person briefed on the matter.

The flood of follow-on stock issues in the United States will continue for several weeks but start shifting away from banks, a Morgan Stanley executive said Monday.

Porsche declined to comment on Tuesday on rumors that the carmaker could receive a 3-4 billion euro ($4.09-5.45 billion) investment from an unnamed Kuwaiti investor.

New U.S. housing starts and permits unexpectedly fell to record lows in April, a government report showed on Tuesday, denting hopes that stability in the housing market was imminent.

NEW YORK (Reuters Life!) - Teen idol Miley Cyrus has a message for Internet critics calling her fat -- cyber-bullying can seriously scar people, leading them to hurt themselves.

After 100 years in business and 10 months of frenzied but failed restructuring, General Motors Corp is weeks from the bankruptcy filing experts say will be required to complete the Obama administration's bid to reshape a fallen icon of American industry.

Saks Inc posted a smaller-than-expected quarterly loss on Tuesday as the upscale retailer cut costs and trimmed inventory to offset a steep drop in sales, sending its shares up more than 17 percent.

Stocks were set to fall at the open on Tuesday after data showed new U.S. housing starts and permits unexpectedly slid to record lows in April, tempering hopes of economic stabilization.

European Union moves to exempt industries such as steel, refining and cement from the cost of buying carbon permits risk handing them windfall profits and could blunt EU green investment, analysts say.

Saks Inc posted a smaller-than-expected quarterly loss on Tuesday as the upscale retailer worked to cut inventory and costs to offset a steep drop in sales, sending its shares up more than 10 percent.

Upscale retailer Saks Inc posted a first-quarter loss on Tuesday, as inventory reductions and costs cuts were not enough to completely offset a steep drop in sales.

President Barack Obama on Tuesday will propose the most aggressive increase in U.S. auto fuel efficiency ever in a policy initiative that would also directly regulate emissions for the first time and resolve a dispute with California over cleaner cars.

Norwegian solar energy equipment group Renewable Energy Corporation on Tuesday announced plans to gain 7-9 billion Norwegian crowns ($1.08-1.38 billion) in long-term financing by issuing new shares and debt.

U.S. lawmakers were set on Tuesday to begin wrangling over a climate change bill aimed at reducing carbon dioxide and other pollutants with Republicans objecting that the legislation would burden the economy with higher energy costs.

Stock index futures rose on Tuesday, positioning Wall Street to recoup the rest of last week's losses, as upbeat quarterly results from Home Depot Inc bolstered hopes the economic downturn was easing.

Hewlett-Packard Corp , due to report results after the market close today, will be looking to showcase its steadiness amid weak corporate spending and a competitive landscape in a state of flux.

Nissan Motor Co said on Tuesday orders for its eco-friendly cars are up 30 percent in Japan so far in May from the same period a year earlier, helped by the government's new tax incentives for low-emission cars.

The trustee for Bernard Madoff on Monday sued funds run by Fairfield Greenwich Group, the confessed swindler's largest feeder fund, for $3.5 billion, claiming it should have been aware he was engaged in fraud.

Home Depot Inc's quarterly profit beat Wall Street estimates on Tuesday as the world's largest home improvement chain reined in expenses. The results came the day after rival Lowe's Cos Inc reported better-than-expected quarterly earnings as it saw some strength in outdoor projects during the spring, even though consumers still kept away big-ticket home renovations.