| Business News |
Oil slumps on easing storm worry and dollar
(Reuters)
Reuters - Oil tumbled more than $5 on Tuesday,
pushing losses so far this week to about $10, as forecasters
said an Atlantic hurricane would steer clear of offshore oil
platforms and the greenback gained against other currencies.
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Alcoa's profit off but tops forecasts
(Reuters)
Reuters - Aluminum producer Alcoa Inc on
Tuesday posted a smaller-than-expected drop in second-quarter
profit, lifting its shares, as higher aluminum prices and sales
volumes offset higher costs.
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Anheuser-Busch sues InBev over takeover attempt
(Reuters)
Reuters - Anheuser-Busch Cos Inc sued
InBev NV in an effort to stop its Belgian-Brazilian
suitor from taking any more steps to replace the U.S. brewer's
board of directors, which had rejected a $46.3 billion takeover
offer from InBev.
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Stocks rise on banks and lower oil
(Reuters)
Reuters - Stocks rose in another turbulent
session on Tuesday as a pullback in oil prices eased worries
about consumer and business spending, while financial shares
gained after the Fed chairman said he may keep open a lifeline
for banks.
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Traders plead guilty to foreign exchange scam
(Reuters)
Reuters - Two currency traders pleaded guilty on
Tuesday to defrauding investors, admitting their firm engaged
in almost no trading and that they misappropriated money from
investors and used it to buy luxury homes and cars, federal
prosecutors said.
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Paulson says U.S. home foreclosures to stay high
(Reuters)
Reuters - U.S. Treasury Secretary Henry
Paulson said on Tuesday that home foreclosure starts may hit
2.5 million this year, many of them the borrowers' own fault
for taking out loans they couldn't afford.
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