BARACK OBAMA

Stocks tumbled on Tuesday as an unexpected drop in March retail sales suggested that the economic slump was far from abating and as Goldman Sachs slid sharply after a stock offering.

The Obama administration is expected to name Fannie Mae Chief Executive Herb Allison to head the U.S. government's $700 billion financial rescue program, a source familiar with the matter said on Monday.

Sales at U.S. retailers unexpectedly fell 1.1 percent in March after rising for two straight months, government data showed on Tuesday, dimming hopes the 16-month-old recession was close to hitting bottom.

President Barack Obama's lifting of U.S. curbs on family travel and remittances to Cuba will bring divided families closer and supplement stressed budgets on the island, Cubans and Cuban Americans said on Monday.

Iran's president, Mahmoud Ahmadinejad, will attend next week's United Nations conference on racism in Geneva, a U.N. spokeswoman said on Tuesday.

An Iranian-American journalist has gone on trial in Iran for spying for the United States and a verdict is expected soon, the judiciary said on Tuesday.

President Barack Obama will give Americans a progress report Tuesday on his steps to rescue the recession-hit economy, telling them there are signs of recovery but by no means are we out of the woods just yet.

The Obama administration is expected to name Fannie Mae Chief Executive Herb Allison to head the U.S. government's $700 billion financial rescue program, a source familiar with the matter said on Monday.

On Monday President Barack Obama said he believes his economic stimulus plan is beginning show fruits and more than 2000 transportation infrastructure projects have received approval.

On Monday the US Treasury Department told General Motors to make all necessary preparations for a possible bankruptcy filing by June 1, even though the troubled automaker insists it can restructure its business on its own, The New York Times reported.

President Barack Obama is expected to tap Fannie Mae Chief Executive Herb Allison to head the U.S. government's $700 billion financial rescue program, The Wall Street Journal reported, citing people familiar with the matter.

President Barack Obama's energy czarina Carol Browner urged on Monday during an energy conference at the Massachusetts Institute of Technology, for Congress to pass an energy bill stating that the U.S. needs to become the world's leader in clean energy production and delay the rate of climate change.

General Motors Corp shares plunged 16 percent on Monday as traders shed positions out of fear the U.S. government will push the automaker into a bankruptcy that could wipe out existing equity.

President Barack Obama's move to allow U.S. telecommunications companies to apply for licenses in Cuba is aimed at increasing the flow of information to the communist-ruled island, the White House said on Monday.

President Barack Obama on Monday eased the way for U.S. telecommunications firms to do business with Cuba and relaxed some other restrictions on the communist-ruled island, opening a crack in a decades-old U.S. embargo.

Chrysler and potential partner Fiat SpA are discussing a new management and board for the U.S. automaker under a proposed alliance that could see Fiat take a stake in Chrysler, Automotive News reported on Monday.

The U.S. has reached the halfway point in its fiscal year but it has already racked up nearly $1 trillion in unpaid bills.

Unemployment is a bigger reason for missed mortgage payments than high interest rates, according to a study from the Boston Federal Reserve that raises questions about President Barack Obama's plan to stem foreclosures by modifying loans.

U.S. President Barack Obama said on Monday that thousands of major infrastructure projects being undertaken as part of his economic stimulus plan were ahead of schedule and under budget.

Sudan's leader welcomed on Monday positive signs sent by U.S. President Barack Obama to the Islamic world, striking a more conciliatory tone toward Washington, seen as an enemy of Khartoum in the past.

Iran said on Monday it would welcome constructive dialogue with six world powers, including the United States, in its clearest signal yet it will accept an invitation for talks on its disputed nuclear work.