IBT Staff Reporter

Acknowledging that U.S. financial bailout costs may rise, Treasury Secretary Timothy Geithner on Tuesday said the Obama administration will work with Congress to determine the size and shape of future rescue efforts

U.S. auto sales dropped by more than 40 percent in February to the lowest level in almost three decades as Americans pulled back from taking on more debt in an economy showing signs of spiraling from bad to worse.

General Motors Corp reported a bigger-than-expected 53 percent drop in February U.S. sales on Tuesday and announced a steep reduction in targeted second-quarter production compared with a year ago.

General Motors Corp reported a bigger-than-expected 53 percent drop in February U.S. sales on Tuesday and announced a steep reduction in targeted second-quarter production compared with a year ago.

Guinea-Bissau swore in the head of its National Assembly as interim head of state on Tuesday, a day after the assassination of President Joao Bernardo Vieira threw the tiny West African country into turmoil.

Panasonic showcases its new HD version of the Lumix GH1 using newly developed Micro Four Thirds system.

A key European stock index fell to a lifetime closing low on Tuesday, led lower by oil stocks as crude prices slipped towards $40 a barrel.

U.S. Treasury Secretary Timothy Geithner said on Tuesday President Barack Obama will work with Congress to determine the appropriate size and shape of future financial stability efforts as conditions develop.

China Life has withdrawn from the bidding for American International Group Inc's Asian unit due to worries about the quality of the business, the Chinese insurer's chairman said on Tuesday.

Ford Motor Co. reported a 48% drop in February sales on Tuesday and outlined sharply lower production targets for the second quarter compared with a year ago in the face of a deep slump in demand.

U.S. stocks mostly edged higher on Tuesday after President Barack Obama said share prices are potentially a good deal at current levels, offsetting persistent uncertainty about plans to shore up the financial system.

U.S. Federal Reserve Chairman Ben Bernanke on Tuesday defended the government's latest bailout of insurer AIG, telling irate lawmakers that he, too, was angry, but that failure to act could have triggered an economic disaster.

Bolivian street vendor Bigmar Arancibia says he became desperate as business went so bad that he could no longer feed his wife and children. Now he sits in jail in this Brazilian border town and probably won't see them for years.

Sales of previously owned U.S. homes tumbled to a record low in January, reversing the prior month's gains, according to a report on Tuesday that indicated the economy's downward spiral was gathering speed.

The attack on the Sri Lankan cricket team in Lahore deepened a sense of crisis surrounding Pakistan's civilian government as it confronts political turmoil less than a year after it took office, analysts said.

Stocks fell on Tuesday as financial shares reversed earlier gains due to lingering uncertainty about efforts to shore up the financial system.

Pfizer Inc has agreed to license an array of generic pills and injectable medicines from India's Aurobindo Pharma Ltd as the world's largest drugmaker looks to off-patent medicines for growth.

Apple Inc said on Tuesday it is updating its iMac and Mac mini desktop line of personal computers with prices starting at $599.

One in three young Britons have been the victims of cyber-bullying with girls the most likely victims, according to research published on Tuesday.

U.S. chip maker Micron Technology Inc (MU.N) is in discussions with the government of Taiwan about taking a role in restructuring the island's memory chip manufacturers, the company said on Monday.

British Prime Minister Gordon Brown will press President Barack Obama for details on his plans to fix the ailing U.S. financial sector in talks on Tuesday that will focus on the global economic crisis.

General Motors Corp has not revived consideration of a merger with smaller rival Chrysler LLC since calling off negotiations toward a deal last year, a senior executive said on Tuesday.

U.S. Secretary of State Hillary Clinton pledged on Tuesday to press hard for Palestinian statehood, putting Washington on a possible collision course with Israeli Prime Minister-designate Benjamin Netanyahu.

Bayer cut its 2009 outlook for underlying operating profit to a decline of 5 percent, having previously foreseen an increase, as a slump in demand for its plastics and foams overshadowed growth at its drugs unit.

Oil rose slightly on Tuesday after slumping 10 percent in the previous session, but showed little sign of a strong recovery as falling crude demand overshadowed OPEC's production cuts.

Stocks cut gains on Tuesday following cautious comments from Federal Reserve chairman Ben Bernanke on the economy's prospects and a report that showed further deterioration in housing.

Pending sales of existing U.S. homes fell sharply in January, with the index dropping to a record low, according to a report on Tuesday that showed the deteriorating economy was keeping buyers on the sidelines.

Warren Buffett's Berkshire Hathaway Inc reduced staffing last year in half of its nearly 80 operating units, and said more job cuts were coming in an economy unlikely to recover before 2010.

Stocks rose on Tuesday as investors snapped shares in beaten-down sectors including financials, materials and healthcare a day after the market hit lows not seen since 1997.