IBT Staff Reporter

Current Media Inc., a TV network and web site founded by U.S. Vice President Al Gore, filed papers for an initial public offering on the Nasdaq stock market worth as much as $100 million.

Yahoo Inc reported a drop in quarterly profit on Tuesday and its shares fell nearly 7 percent as Chief Executive Jerry Yang predicted a tough 2008 amid a weakening U.S. economy. Yahoo reported a fourth-quarter profit of $205.7 million, or 15 cents per share, down from $268.7 million, or 19 cents per share, a year ago.

Uranium declined on Tuesday following an increase in production from Australia and Kazakhstan, two of the world's largest producers.

Gold futures ended lower Tuesday, after surging to a record in earlier trading session, as traders predict the Federal Reserve will cut borrowing costs by half a percentage point on Wednesday and mining resumes in South Africa following power cuts.

Wheat fell following Argentina's statement on Tuesday that dropped its export ban for the grain.

Crude oil rose on Tuesday amid speculation the U.S. Federal Reserve meeting will result in a reduction of interest rates to fuel economic growth.

Is the Starbucks formula the ticket for restaurant chains to take their brands national? More than one startup in the food industry is modeling itself after the successful coffee group.

Hollywood's striking writers said on Monday they will grant an interim agreement to organizers of the Grammy awards allowing the ceremony honoring musicians to be written by union members.

A New York state employee who had access to government-owned archives has been arrested on suspicion of stealing hundreds of historic documents, many of which he sold on eBay, authorities said on Monday.

More than a quarter of people who bought Apple Inc's iPhone are using them on wireless networks other than AT&T's, the exclusive iPhone carrier in the U.S., a stunning number that will pressure the company's business model, an analyst said on Monday.

U.S. President George W. Bush insisted on Monday he had plenty of unfinished business for his last year in office but he will leave some serious challenges for his successor in January, 2009. In his State of the Union address, Bush focused on passing an economic stimulus plan and cutting wasteful spending.

President Bush, standing before Congress one last time, urged the nation Monday night to persevere against gnawing fears of recession and stay patient with the long, grinding war in Iraq. He pressed Congress to quickly pass a plan to rescue the economy. We can all see that growth is slowing, Bush said in a blunt acknowledgment of rising food and gas prices, increasing unemployment and turmoil in the housing and financial markets.

Walt Disney's ABC Network has come under the line of attack by the Federal Communications Commission, five years after airing an obscene NYPD Blue episode and will be fined a collective $1.43 million.

As President George W. Bush addresses lawmakers and the American people in his final State of the Union speech tonight, among his goals will be to boost the nation's economy, reauthorize education and anti-terrorism surveillance laws, maintain active support for war in Iraq and diversify the nation's energy supply.

NYPD Police Commissioner Ray Kelly says that actress Mary-Kate Olsen will not be questioned by detectives about a possible connection with Heath Ledger's death.

Gold futures hit a new record of $929.80 an ounce on Monday as the dollar fell against the euro among expectations of another Federal Reserve rate cut while platinum rallied to a record high of $1,733 an ounce on South African supply concerns.

Crude oil prices declined today on falling stock markets in Europe and Asia, and a report about new home sales in the U.S.

NBC Local Media Division announced on Monday its acquisition of LX Networks, a producer of local entertainment programming, in a bid to create more local lifestyle content.

Mobile phone maker Sony Ericsson said it had signed deals with 10 music labels to add content to its PlayNow service, which lets users download music via their mobile phones.

Buyers save billions of dollars each year bidding on eBay auctions, according to a new study that quantifies the benefits online consumers enjoy over and above what is derived by sellers, or eBay itself.

CME Group Inc, the world's largest derivatives exchange, hopes to broaden its reach by adding the energy and precious metals mart Nymex, the companies said on Monday. Under the terms being discussed, Chicago-based CME would pay Nymex Holdings Inc shareholders $36 in cash and 0.1323 of a CME common share for each Nymex share owned, valuing the deal at about $11 billion.

Treasury notes fell on Monday after a report of lower U.S. home sales and a rise in stocks.

The dollar dropped against most major currencies on Monday with dealers anticipating that the Federal Reserve will have to cut interest rates aggressively after a policy meeting later this week to boost U.S. economic growth.

U.S. stocks rose on Monday as traders predict the Federal Reserve will further cut its benchmark lending rate by 0.5 percent later this week, which is set to boost the economy. Stocks fell across Europe and Asia, led by a 7.2 percent drop in China's benchmark index and leading US stocks to open in the red. The Standard & Poor's 500 index recovered from earlier losses which were caused by slower sales growth at McDonald's Corp. and a dip in new homes sales.

A prosecutor has asked for preliminary charges against alleged rogue trader Jerome Kerviel, accusing him of abuse of trust, attempted fraud, and forgery after French bank Societe Generale said he made unauthorized deals which led to a loss of 4.9 billion euros ($7.1 billion).

Are you losing money in your tax-deferred 401(k) and IRA accounts? Here's a thought that may add to your pain: If you held those same investments outside of a retirement fund, you could be using them now to cut your taxes. Instead, you'll wait years, rebuild your balances, and pay full income taxes on every penny that you use -- possibly at higher tax rates than you're looking at now.

European and Asian stock markets fell on Monday as worries continue about a possible U.S. recession that could affect other leading markets. Asia's losses were led by China's Shanghai composite Index which plummeted to close down more than 7 percent, while the U.K.'s FTSE 100 was off 2 percent in early afternoon trading. U.S. stocks were set to open lower.

Research In Motion has leapt into the retail consumer market with products such as its pink BlackBerry Pearl, a candybar-shaped e-mail phone stuffed with multimedia goodies, exposing itself to shoppers' fickle tastes and competition from Apple Inc's iPhone.

The junior financial trader accused of making huge unauthorized trades leading to a loss of 4.9 billion euros ($7.1 billion) at France's Societe Generale Bank was being held in police custody in Paris for questioning, according to media reports.