Reuters - UBS will separate its troubled investment bank from its prized wealth management arm, paving the way to sell the business that made it Europe's biggest casualty of the credit crunch.

Reuters - Renewed credit concerns knocked down shares of the major U.S. banks on Tuesday, driving the Dow and S&P 500 lower, and offsetting a decline of $1 in the price of the barrel of U.S. crude oil.

Reuters - Anheuser-Busch Cos Inc on Tuesday said it approved an enhanced employee buyout program that it expects will reduce its salaried work force 10 percent to 15 percent.

Reuters - The U.S. trade deficit shrank unexpectedly in June as the weak U.S. dollar helped push exports higher and overpowered record high prices for imported oil, a Commerce Department report showed on Tuesday.

AFP - Tesco, the biggest British retailer, announced on Tuesday plans to open wholesale grocery stores in India that will supply goods to hypermarkets owned by Indian conglomerate Tata Group.

AFP - Chinese share prices closed down 5.21 percent Monday, extending Friday's steep decline as investors rushed to dump stocks after losing hope that government support was imminent, dealers said.

Reuters - Six leading drugmakers sent a letter Friday to U.S. accounting-rule lawmakers objecting to a proposed rule that would require companies to disclose estimate costs of all continuing litigation, the Wall Street Journal said Tuesday.

Reuters - Swiss bank UBS will separate its wealth management business from investment banking, a move that could herald a spin-off or sale of the business that made it Europe's top casualty of the markets crisis.

Reuters - September Dow Jones and Standard & Poor's were both down about 0.3 percent on Tuesday, while Nasdaq 100 futures were off 0.2 percent, indicating a slight dip at the start of trade. The indicative Dow Jones index (.DJII) was down 1 percent.

Reuters - Mitsubishi UFJ Financial Group Japan's largest bank, said it would bid $3 billion to buy the rest of UnionBanCal Corp a Californian bank it already owns two-thirds of, as it seeks growth beyond Japanese shores.

Reuters - JPMorgan Chase & Co incurred losses of about $1.5 billion for the quarter to date, as it continued to be hurt by wider credit spreads, lower levels of liquidity, as well as the disruption in the credit and mortgage markets, the U.S. investment bank said in a regulatory filing.

AP - Amid the pile of downbeat sales reports for July from retailers, there was a sliver of hope: Second-quarter profits may not be as bad as expected when merchants such as Wal-Mart Stores Inc., Macy's Inc. and J.C. Penney Co. post their results starting this week.

Reuters - Toyota Motor Corp (7203.T) will raise prices of hybrid cars and commercial vehicles by 1-3 percent in Japan as early as this year amid soaring raw material costs, the Nikkei business daily reported on Monday.