IBT Staff Reporter

Microsoft Corp released on Tuesday the first major update for Office 2007 a month ahead of schedule.

Wheat fell on Tuesday on speculation that high prices may limit demand.

The Yen rose against the dollar and euro on Tuesday after the Federal Reserve cut its benchmark interest rate by a quarter of a percentage point, less than some had expected.

U.S. stocks dipped during Tuesday afternoon trading following the Federal Reserve's decision to cut its benchmark interest rate by a quarter-point to 4.25 percent.

The Federal Open Market Committee decided today to lower its target for the federal funds rate 25 basis points to 4-1/4 percent.

Gold prices rose on Tuesday as investors anticipate a third cut in U.S. interest cuts for the year at the Federal Reserve's meeting taking place today which will likely send the dollar lower and boost appeal in precious metals.

Puerto Rico was hit with heavy rains, flash flooding and mudslides triggered by subtropical Storm Olga on Tuesday, as forecasters predict further rains in Hispaniola.

Freddie Mac expects to see credit losses of $10 billion to $12 billion on the book of mortgages it currently owns, the mortgage finance company's chief executive said on Tuesday. Freddie Mac has already recorded many of those losses from recently failing loans and had previously disclosed its expectation of multi-billion dollar write-offs, an analyst said.

The UK Financial Services Authority (FSA) has told the Treasury Select Committee of MP’s that it expected the troubled mortgage lender, Northern Rock, to release a trading update this month before the end of its financial year.

Ask.com, the search engine site, announced on Tuesday a new feature that allows users to completely erase their search queries in an attempt to increase personal privacy while surfing the Internet.

Housing and credit market turmoil will likely take a big toll on the U.S. even if it misses a recession, forecasts show.

H&R Block Inc, slammed over the past year by exposure to risky mortgages, on Tuesday reported a bigger-than-expected quarterly loss after shutting down its Option One Mortgage subprime lender, sending its shares down nearly 7 percent.

Toyota Motor Corp expects to accelerate its cost-cutting efforts next year to save more than $2.7 billion annually, its president said on Tuesday, as the world's biggest carmaker seeks to offset rising commodity and development costs.

British band Led Zeppelin blasted their way through more than two hours of high-octane rock and roll on Monday, turning back time on a night of passion and nostalgia.

Nearly 50 years after they topped the charts with a novelty Christmas song, squeaky-voiced chipmunks Alvin, Simon and Theodore return this holiday season in a computer-animated film with a modern twist.

The Brits, an annual showcase of the UK recording industry, announced on Tuesday that the 2008 lifetime achievement award is being given to Paul McCartney.

Sony Corp's consumer electronics business in the U.S. market has not been affected by the shaky economy and is on track to hit a 5 percent operating margin for the year ending March 31, Chief Executive Howard Stringer said.

Web search site Ask.com is launching a feature that allows users to delete data on their search queries in an effort to bolster personal privacy while surfing the Internet.

In recent weeks, two of the more high-profile acts that weren't selling their music as ringtones have given in.

An Iranian exile group accused Tehran on Tuesday of pursuing efforts to develop nuclear weapons, dismissing as incomplete a U.S. intelligence report that Iran's nuclear arms program was frozen in 2003.

At least forty-seven people were killed when two car bombs exploded in upscale districts of Algiers on Tuesday, a security source said, in the bloodiest attack since the 1990s on the capital of the OPEC member state.

Dmitry Medvedev, named by Russian President Vladimir Putin as his preferred successor, said on Tuesday he wanted Putin to become prime minister under him, mapping out a route for the outgoing leader to retain influence.

The U.S. Federal Reserve is widely expected to cut interest rates on Tuesday by at least a quarter-percentage point to fortify the economy against a credit crunch and housing slump that some economists fear could bring a recession. Economic signs show the economy has not gone into a precipitous slide. Deteriorating financial markets, however, led the Fed to say it saw risks rising.

Users of social networking site imeem will now be able to freely use the entire music and video catalog of Universal Music group, the companies announced Monday.

Microsoft Inc announced the launch of its beta Office Live Workspace on Monday, marking its debut onto the already bustling arena of web-based programs.

Top U.S. phone company AT&T Inc said on Monday it was buying core routers from Cisco Systems Inc to upgrade its Internet backbone network, a major win for Cisco amid competition from rival network equipment maker Juniper Networks Inc.

Microsoft Corp said on Monday it would be the exclusive provider of display and contextual advertising for the Web site of business television news channel CNBC.

Former President Alberto Fujimori went on trial on Monday on human rights charges that could put him in a Peruvian prison for the rest of his life as supporters and critics held rival demonstrations outside the courtroom.

President Nicolas Sarkozy defended a visit by Muammar Gaddafi on Monday, just hours after his top human rights official said France was not a doormat on which the Libyan leader could wipe off the blood of his crimes.