IBT Staff Reporter

Switzerland's largest bank, UBS , confirmed a first-quarter net loss of 2 billion Swiss francs ($1.76 billion) on Tuesday on the back of yet more writedowns, as client withdrawals continued, and said it remained cautious.

The Environmental Protection Agency (EPA) unveiled a draft of the Renewable Fuel Standard on Tuesday in which corn ethanol, despite protests, is still in line with efforts to replace fossil fuels with renewable fuels and cut greenhouse gas emissions.

The officials cited expectations of renewed consumer spending and said the Fed would have to work to avoid inflation when the recovery begins.

Pending sales of previously owned homes rose for a second straight month in March, while construction spending edged higher, according to reports on Monday that suggested moderation in the long housing slump.

The U.S. dollar edged up from a six-week low on Tuesday after news the U.S. Treasury will instruct about 10 banks to raise more capital injected caution into markets and capped gains in Asian stocks.

A California judge on Monday threw out a $45 million false advertising lawsuit against online advertising company ValueClick Inc, in a decision that defense attorneys said could blunt the most aggressive state law regulating commercial email.

At least two masked assassins shot 45 people to death and wounded six at a wedding in a village in southeast Turkey, authorities said.

The U.S. Department of Energy granted $13 million to Universities in the U.S. for combustion and emission controls research and development projects that will increase vehicle fuel economy in the near to mid-term, the department said Monday.

Oil and gas operators in the Gulf of Mexico announced that 15 deepwater discoveries and seven new projects began production last year at depths of 1,000 feet or greater, the Interior Department's Minerals Management Service said at the 2009 Offshore Technology Conference Monday.

American International Group Inc is expected to post a first-quarter loss on Thursday, but the insurer's results will not trigger a new capital injection from the U.S. government, a source familiar with the matter said on Monday.

Unionized employees at the New York Times Co flagship newspaper and its digital unit ratified a deal on Monday to cut pay by 5 percent, according to a memo obtained by Reuters.

Skyline Solar, Inc announced the launch of the company on Monday, unveiling a new technology called High Gain Solar (HGS) which the U.S. Department of Energy has said will make solar energy cost-competitive with conventional forms of electricity.

Unionized employees at the New York Times Co flagship newspaper and its digital unit ratified a deal on Monday to cut pay by 5 percent, according to a memo obtained by Reuters, paving the way for a reduction in pay for 1,300 employees starting Tuesday.

U.S. regulators have deemed that about 10 of the 19 U.S. banks being stress tested will need to raise more capital, according to a source familiar with official talks.

The Federal Trade Commission has launched an inquiry into whether the ties between the boards of Apple Inc and Google Inc violate antitrust laws, the New York Times reported on Monday.

The Research In Motion (RIM) BlackBerry Curve has outsold the Apple iPhone in the first quarter of 2009, according to a NPD report.

AOL's MediaGlow on Monday said it has launched its free Pixcetera application on the Apple App Store for iPhone and iPod touch, which enables users to experience amazing photography.

Hewlett-Packard Co. revealed on Monday that it has signed a new partnership deal with Blackberry maker, Research In Motion.

Citigroup may put more employees on commission or offer them larger base salaries as it tries to retain key staffers without running afoul of laws limiting executive pay at banks that receive government funds.

Hewlett-Packard Co's plans to hire a top executive away from rival EMC Corp hit a legal snag on Monday when a Massachusetts court issued an order temporarily barring him from starting his new job.

Like prodigal sons, China's exporters are returning home to sell their products as global economic gloom takes a toll on their overseas orders.

Bank of America Corp , denying a media report, said it had no plans to raise $10 billion in common equity, while another report said Citigroup Inc was looking to raise capital from private investors.

The European Commission said Monday both the 27-nation EU and the 16 countries that use the euro currency will shrink by 4% this year, more than twice as it had predicted at the start of this year.

Corrects 2nd para to show US regulators asked Wells Fargo to raise capital

Billionaire Warren Buffett on Sunday criticized some life insurers for taking on crazy financial risks by selling variable annuities, or retirement products that promised unrealistic guarantees to buyers.

Corrects to remove reference to Genworth Financial being badly burned by variable annuities, as this business is a relatively small part of its overall operations

Liberty Media Corp

General Motors on Monday said it will proceed to sell its Saturn unit, in a secured agreement with a specific buyer later this year, which has 400 retailer locations in the U.S. and Canada.

Australian Dollar: The Aussie dollar shrugged off some woeful local economic data yesterday to continue its recent surge higher.