IBT Staff Reporter

The Federal Reserve could expand its already vast efforts to restore normal functioning in financial markets, and its actions ultimately will help restore global economic growth, a top Fed policy-maker said on Tuesday.

Facing anger over corporate bonuses and skepticism about his massive budget, President Barack Obama holds a news conference on Tuesday to explain his economic strategy to a recession-weary public.

Oil edged down toward $53 on Tuesday, as investors took profits after a 3 percent rise in the previous session that was supported by a surge on global stock markets on a new U.S. banking rescue plan.

Fifteen of 20 American International Group leading bonus recipients have agreed to give them back in full, said New York's top legal officer who is probing into $165 million in executive pay at the troubled company bailed out by the U.S. government.

Lloyd's of London, the specialist insurance market, said its profit halved in 2008 because of hefty hurricane losses and weaker investment returns.

U.S. Treasury Secretary Timothy Geithner will face tough questions from lawmakers on Tuesday as he spells out the basics of the Obama administration's plans to reshape financial regulation at a high-profile congressional hearing.

World airlines are set to lose $4.7 billion this year as a result of the global recession that has shrunk passenger and cargo demand, industry body IATA said on Tuesday.

Want to get across to Asia's youth? Do it through media or music, with a survey revealing that most spend on average 10 hours a day watching TV, on the Internet, reading magazines or listening to the radio.

U.S. stock index futures pointed to a lower opening on Wall Street on Tuesday, following the previous session's sharp rally fueled by better than expected housing data and by Washington's plan to help banks get rid of troubled assets.

China is not afraid of the Internet, its Foreign Ministry said on Tuesday, even as access to the popular video sharing site YouTube appeared to be blocked.

Sprint Nextel Corp is looking to rent the excess capacity on its network to makers of consumer gadgets, the Wall Street Journal said.

Asia stocks struck two-month highs on Tuesday and higher-yielding currencies jumped against the yen as Washington's plan to relieve banks of toxic debt spurred investors to pick up riskier assets.

The take-up of Nokia's N-Gage gaming service has accelerated since the top cell phone maker has started to pre-install it in new mid- and higher-end phone models, a spokesman said on Tuesday.

Activision said it named Dan Rosensweig, Yahoo former chief operating officer, to run the unit that develops the videogame software maker's unit popular Guitar Hero franchise.

The U.S. Internal Revenue Service is challenging some of the tax deals structured by AIG Financial Products Corp, the unit of the giant insurer that has caused political outrage over $165 million in employee bonuses, the Wall Street Journal said.

The chief executive of Dell Inc, the world's No. 2 PC maker, said on Tuesday rumors of IBM possibly buying Sun Microsystems were creating an enormous opportunity for Dell.

Netflix Inc is the latest media company to integrate with social networking website Facebook, whose huge community of young, tech-savvy users could help drive growth of the online DVD rental service's subscriber base.

Goldman Sachs Group Inc and China's ICBC have been in discussions the New York bank to reduce its stake in the world's largest financial institution, according to a report on Tuesday.

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The chief financial officer of Stanford Financial Group, James Davis, is cooperating in fraud investigations of the group, the Wall Street Journal reported on Monday, citing Davis' lawyer.

I was on a mission. Sick of taking pictures of churches and plazas, I set out that bright Saturday with the intention of seeing what else the capital of Ecuador's Azuay Provinces had to offer.

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Warner Bros on Monday became the first studio to open its film vault to made-to-order DVDs, as it sought new revenues in a slumping DVD market by making it possible for fans to buy decades-old films.

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Fifteen of 20 American International Group leading bonus recipients have agreed to give them back in full, said New York's top legal officer who is probing into $165 million in executive pay at the troubled company bailed out by the U.S. government.

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