IBT Staff Reporter

UBS AG shares fell to a new all-time low on Tuesday after news the Swiss bank will have to wait until July to fight in court a U.S. bid to force it to disclose client names in a tax fraud probe.

Oil fell toward $38 on Tuesday as global markets tumbled, dragged down by Monday's fall in U.S. stocks to a 12-year low. Economic worries grew after Wall Street sank on Monday as news the U.S. government was set to raise its stake in Citigroup failed to offset fears that a number of embattled U.S. banks could be nationalized. European stocks fell on Tuesday and Asian shares hit a th...

Oil prices extended declines on Tuesday, sliding toward $38 on growing economic worries after U.S. stocks slumped to a 12-year low at the previous day's close. Wall Street shares tumbled on Monday as optimism over reports that the U.S. government could take a bigger stake in Citigroup gave way to fresh questions about whether Washington is doing enough to stabilize the ailing banking...

UBS AG may face a mini-trial in a U.S. court in July as it fights efforts to force it to disclose the names of 52,000 U.S. clients suspected of offshore tax evasion, the New York Times reported on Tuesday. UBS, the world's largest banker to the rich, agreed last week to pay a $780 million fine and disclose the identity of about 300 of its U.S. clients to avert crimi...

Asian shares fell on Tuesday, with Japan's Nikkei flirting with a 26-year low, as concerns grew about the global financial system, while emerging currencies such as the South Korean won extended their recent sell-off. Strong gains in Asian shares on Monday were completely erased as optimism over reports that the U.S. government could take a bigger stake in Citigroup gave way to fresh...

had arrived on St. Croix on Friday and met with Stanford employees, but he could not independently verify it. We're hearing dribs and drabs, said spokesman Jean Greaux, adding that the receiver had no compelling reason to inform the government. Dallas lawyer Ralph Janvey was appointed receiver by the U.S. District Court in Dallas, Texas. An email sent to the receiver and a call to Stan...

Microsoft Corp has dropped an attempt to recoup some severance money from 25 recently fired workers it mistakenly overpaid. The Redmond, Washington-based company, which announced a plan to cut up to 5,000 jobs in January, acknowledged on Sunday that it had tried to get the overpaid workers to return the extra money. But late on Monday, it reversed course. This was a mistake on our part, said...

A judge on Monday ruled that former Merrill Lynch & Co Chief Executive John Thain is free to disclose the names of individuals who received bonuses awarded by the former investment bank before it was bought by Bank of America Corp.

Wall Street slumped to a 12-year low on Monday as investors lost faith that the U.S. government will be able to stabilize the financial system. The S&P 500 and the Dow both posted their lowest closes since the spring of 1997 as reports the government may convert its stake in Citigroup into a big common stock holding fell short of what many see as necessary to fix big banks. It is generally...

The Obama administration has added Wall Street expertise to its team overseeing the restructuring of General Motors and Chrysler, naming Steven Rattner as adviser to Treasury Secretary Timothy Geithner.

The Federal Reserve stands ready to do everything in its power to combat the financial crisis and recession and buying long-term Treasury bonds could be helpful, a top Fed official said on Monday. Few of us imagined in our wildest dreams that our global economy could have turned so rotten so quickly, Richard Fisher, president of the Federal Reserve Bank of Dallas, said in remarks prepared for...

JPMorgan Chase & Co , the second-largest U.S. bank, slashed its common stock dividend 87 percent on Monday, a surprise move by a lender considered among the strongest in the U.S. financial sector. The bank also said it has been solidly profitable this quarter, and that the outlook for the three-month period is roughly in line with analyst forecasts. Shares rose 5.5 percen...

JPMorgan Chase & Co, the second-largest U.S. bank, slashed its common stock dividend 87 percent on Monday, a surprise move by a lender considered among the strongest in the U.S. financial sector.

As the economic crisis continues to swallow up companies, America's largest digital camera retailer Ritz Camera, has become the latest to file for bankruptcy.

Allowing energy exploration and production offshore, now currently banned, could make an impact on the U.S. economy of more than $8 trillion over the next 30 years to the Gross Domestic Product and support 1.2 million jobs annually over its years of development, the American Energy Alliance said in a study Monday.

The United States plans to offer more than $900 million to help rebuild Gaza after Israel's invasion and to strengthen the Western-backed Palestinian Authority, U.S. officials said on Monday.

namely, to help stabilize the banking system and economy. The bank said it hopes to return to a more normalized dividend as soon as feasible once the environment stabilizes. Bank of America Corp and Citigroup Inc , JPMorgan's largest rivals, have slashed their dividends to a penny per share since November. Shares of JPMorgan fell 30 cents to $19.21 in after-hour...

Sales of Cuban cigars, considered the finest in the world, dropped 3 percent to $390 million in 2008 as the world financial crisis and the spread of anti-smoking laws cut demand, officials said on Monday.

Wall Street slumped to a 12-year low on Monday as investors lost faith that the U.S. government will be able to stabilize the financial system. The S&P 500 and the Dow both posted their lowest closes since the spring of 1997 as reports the government may convert its stake in Citigroup into a big common stock holding fell short of what many see as necessary to fix big banks. It is generally...

American International Group Inc and the U.S. government are engaged in talks, as the troubled U.S. insurer faces massive losses due to writedowns on commercial real estate and other assets, according to a source and CNBC report on Monday. AIG, once the world's largest insurer, is expected to post a loss of nearly $60 billion on Monday, when it reports its results, CNBC reported ci...

Even if the government took a large common equity stake in Citigroup Inc, worries would likely persist about the bank's ability to absorb soaring losses in a deepening recession. The third-largest U.S. bank by assets is in talks with federal regulators on a plan for the government to increase its stake, a person familiar with the matter said. Converting $45 billion of preferred stock, which the ...

Ford Motor Co reached a tentative deal with the United Auto Workers that would slash cash payments for its retiree health care, while European governments ruled out rescue plans for General Motors Corp's struggling Opel and Saab units. The U.S. Treasury also named Steven Rattner, co-founder of private equity firm Quadrangle Group, as an adviser on the restructuring of th...

American Express Co., battered by mounting credit card losses, is offering $300 to a limited number of U.S. card holders who pay off their balances and close their accounts, the company said on Monday.

The Dow Jones industrial average fell to an 11-year low on Monday as investors dumped shares on uncertainty about the latest potential U.S. government action to shore up beleaguered banks. Making matters worse, worries about a fall-off in business and consumer spending on technology hurt the biggest names in the tech sector. IBM and Hewlett-Packard were the top drags o...

The head of Yahoo Inc's news and information division has jumped ship to Hearst Corp, as speculation mounts that the Internet company is on the brink of a major management reorganization. Hearst said on Monday that Neeraj Khemlani will join the newspaper and magazine publisher in March as vice president and special assistant to the chief executive for digital media. Khemlani will report directl...

New York state's top legal officer filed a court motion on Monday to compel former Merrill Lynch CEO John Thain to discuss $4 billion in employee bonuses, ratcheting up its probe into a hot-button issue in the recession.

On Monday distributors stated that various foreign press titles are set to return to the press stands this week following a 25 year absence.

In my work as a food writer I’ve suffered lost reservations and long waits for bad tables but never—never!—have I been subjected to the serial heartbreak I suffered at the door of a neighborhood pastry shop on my last visit to Tokyo.

Stocks slid on Monday, sending the Dow Jones industrial average to its lowest in more than 11 years, as uncertainty about the government's latest bid to shore up ailing banks, including Citigroup , diminished the appetite for riskier assets. A sell-off in technology shares added to the negative tone amid concerns about declining business and consumer spending. The S&P 500 broke b...