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BofA reports $8.8 billion net loss, worst ever

Bank of America Corp reported its biggest-ever quarterly loss -- $8.8 billion -- as low interest rates squeezed lending margins at the largest U.S. bank.

‘Last-Chance’ Debt Deal May Be Only Deal

It's been said that Congress never fails to underachieve and exasperate, and that's been the case with the debt talks, so far. The House GOP is currently wasting time with a balanced-budget bill that has almost no chance of becoming law, and the best Senate Democrats can offer is a minimal deficit reduction package.

Housing starts hit 6-month high, permits up

Housing starts rose more than expected in June to touch a six-month high and permits for future construction unexpectedly increased, a government report showed on Tuesday, likely reflecting growing demand for rental apartments.

Instant view: Goldman's profit lower than expected

Goldman Sachs Group Inc's profit fell short of lowered market expectations as fixed income trading revenue dropped sharply.

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Trust banks earnings up amid new business

State Street Corp and Bank of New York Mellon , two of the world's biggest custody banks, each reported stronger second-quarter earnings as new demand for their products boosted revenue.

Stock futures point to higher open on IBM, housing data

Stock index futures pointed to a higher open on Tuesday after a strong quarterly report from IBM and a surge in housing starts, sparking investor optimism a day after a selloff.

Stock futures climb on IBM results, Goldman weighs

Stock index futures rose on Tuesday as IBM rallied after its quarterly results, though indexes were slightly off their early highs following a weak report from Goldman Sachs.

Goldman profit misses expectations on weak trading

Goldman Sachs Group Inc's second-quarter net income missed market expectations by a wide margin as the investment bank's fixed income trading revenues dropped sharply.

Goldman Sachs profit misses expectations

Goldman Sachs Group Inc's net income rose during the second quarter but fell short of lowered market expectations as fixed income trading revenue dropped sharply.

Gulf 'Dead Zone' May Triple in Size, Researchers Say

Texas A&M oceanographers say that the dead zone' in the Gulf of Mexico off coastal Louisiana will likely grow in 2011, and may even triple in size.

State Street reports higher quarterly earnings

State Street Corp , the world's third-largest institutional investor, reported on Tuesday stronger second quarter earnings as increased demand for its record keeping and investment services boosted revenue.

Nowotny breaks ranks with ECB hard line on Greece

A rescue package for Greece could involve a short-term default without disastrous repercussions for the euro zone, Austria's central bank governor said, the first sign of a crack in the European Central Bank's hard line.

Exclusive: Euro zone paper points to bank tax to fund

A tax on euro zone banks and cheaper, longer-dated official loans are the least risky way to provide extra funding for debt-stricken Greece, a confidential paper drafted ahead of a European summit showed on Tuesday.

Stock futures rebound from selloff, earnings awaited

Stock index futures rose on Tuesday, indicating a rebound from a selloff in the previous session as strong results from IBM encouraged investors worried about macroeconomic uncertainties.

Stocks rise, euro steady after flight to safety

World stocks clawed back some recent losses and the euro steadied on Tuesday as investors paused from selling riskier assets in the face of the euro zone debt crisis and worries about Washington's debt ceiling fight.

Goldman investors seek answers beyond dreary second-quarter

When Goldman Sachs Group Inc reports second-quarter earnings on Tuesday, investors will be keen to hear how the largest U.S. investment bank plans to make up for fast-fading fixed-income trading revenue.

Exclusive: Euro zone sees 3 options for private role in Greece

Euro zone officials examined three broad options for securing the private sector's involvement in a second bailout package for Greece during a teleconference last week, a document obtained by Reuters showed.

BofA looks to clear up cloudy mortgage outlook

For Bank of America Corp, the mortgage issues never seem to end, which is the chief worry for investors and analysts.

Euro zone sees three options on private role in Greek bailout

Euro zone officials have outlined three basic options for private sector involvement in the second bailout package for Greece in a teleconference on last week, a document prepared on July 16 showed.

Stocks stabilise but vulnerable to Europe

Equities stabilized on Tuesday, helped by technology shares ahead of Apple's earnings, though the euro sagged, suggesting investors may keep cutting their exposure to risks in the face of default threats in the United States and Europe.

Stocks stabilize but vulnerable to Europe

China's Baidu signs music deal with studios, ends legal wrangle

Baidu, China's largest search engine, signed an agreement with a joint venture owned by Universal Music, Warner Music and Sony Music to distribute songs through its mp3 search service, ending years of legal wrangling over charges that Baidu abetted piracy.

Amid local debt worries, China's tax revenue surges 30 percent

China's tax revenues in the first half of the year surged 29.6 percent from a year earlier to 5 trillion yuan ($773 billion), underscoring the government's ability to deal with any fallout from piles of local government debt.

China Web users hit 485 million

The number of Chinese Internet users hit 485 million at the end of June, with microblogging and group-buying posting the highest user growth rates, a Chinese government Internet statistical body said on Tuesday.

Hackers breach Murdoch's Sun newspaper website

Computer hackers broke into the website of Rupert Murdoch's best-selling British tabloid and altered the front page to show a fake report about the media mogul's death.

Global stocks and euro are stable but vulnerable

Asian stocks stabilized on Tuesday, helped by technology shares, while a steady euro kept investors for now from cutting their exposure to risks further in the face of default threats in the United States and Europe.

Analysis: McConnell plan may be reckoning for Republicans

Senator Mitch McConnell's plan to avert an imminent U.S. debt default could lead to a day of reckoning for his Republicans as they weigh the prospect of fiscal disaster against the demands of Tea Party activists.

Borders, unable to find white knight, to liquidate

Borders Group Inc, the second-largest U.S. bookstore chain, said it has canceled an upcoming bankruptcy auction and will close its doors for good.

Microsoft seals record year, stock still stuck

Microsoft Corp is set to post a 9 percent jump in fiscal fourth-quarter profit on Thursday, putting the cap on its best financial year ever, but investors are fidgety over flagging computer sales and a gnawing feeling that the tech pioneer will never recapture old growth rates.

Instant view: IBM's Q2 results, signings beat Street

International Business Machines Corp's quarterly profit rose 8 percent, buoyed by strong growth in sales of computers and software.

IBM's services signings surge, stock rises

IBM's signings of new business at its services division surged 16 percent in the second quarter, trouncing expectations and raising hopes that 2011 will be a good year for the technology sector.

Summers: U.S. Default Would Be Worse Than Lehman's

A U.S. Government default must be avoided by Washington lawmakers at all costs, former U.S. Treasury Secretary Lawrence Summers underscored, as it would trigger a financial panic worse than that precipitated by the collapse of Lehman Brothers in late 2008.

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