IBT Staff Reporter

A test of an anti-HIV vaginal gel among South African women showed that it can protect them from infection, researchers bared during the 18th International AIDS Conference in Vienna on Tuesday.

Shares in Nokia jumped on Tuesday on news that the world's top cellphone maker has sent out headhunters to find a replacement for Chief Executive Olli-Pekka Kallasvuo.

Volkswagen plans to launch all-electric vehicles in 2013 and expects these zero-emission vehicles to account for 3 percent of its sales by 2018, Chief Executive Officer Martin Winterkorn said on Monday.

Global cooperation will be crucial to hardening world banks' capital armor along the lines backed by Congress and the Obama administration, senior U.S. regulators said on Tuesday.

Global assets under management rebounded last year as markets rallied, but investor jitters about future returns will force managers to review the way they do business, according to a report released on Tuesday.

Top Chinese automaker SAIC Motor Corp said on Tuesday it expected to post more than a 300 percent rise in first-half net profit.

BP said it is to sell gas fields and an associated pipeline and terminal in Vietnam, worth an estimated $1 billion, as the oil giant builds up a cash pile to pay for its Gulf of Mexico oil spill.

South Australia Coroner Mark Johns is suggesting a victims-of-suicide toll similar to the road toll saying this may prevent 200 people in the state from taking their own lives every year.

Bank of New York Mellon Corp and State Street Corp , the largest U.S. custody banks, reported higher quarterly profits on Tuesday as a rise in stock prices helped them earn more from managing client funds, helping to offset low interest rates.

Penguin launched on Tuesday the first electronic book with a video tie-in, as the embattled book publishing industry bets on multimedia ebooks to revive flagging growth and boost readership.

The euro slipped from a more than two-month high against the dollar on Tuesday as falling equities hit risk appetite, prompting investors to book profits ahead of the results from stress tests on European banks.

Oil rose on Tuesday, bouncing as U.S. stocks came off their early lows and ahead of weekly oil inventory reports expected to show crude supplies fell last week. U.S. crude for August delivery rose 61 cents to $77.15 a barrel by 11:57 a.m. EDT. The August U.S. crude contract expires on Tuesday. The more liquid September contract traded 57 cents higher at $77.47.

Jason Ader, a former hot-shot casino industry analyst turned wealthy hedge fund manager, is rolling the dice, hoping to become a community banker in Las Vegas.

Bank of America Corp modified U.S. mortgages at a slower rate in June under the government's primary program to stem foreclosures, due to changing program requirements, the company said on Tuesday.

Housing starts hit their lowest level in eight months in June, further evidence the economy lost momentum in the second quarter, but a rise in permits offered hope of a pick up in homebuilding.

Stocks declined on Tuesday as quarterly corporate results again disappointed on revenues, but indexes eased from session lows.

French Economy Minister Christine Lagarde said on Tuesday she was confident about the results of European bank stress tests due to be officially announced on Friday. I am confident, the minister said after a news conference, but declined to enter in further details.

French lawmakers began closed-door deliberation on President Nicolas Sarkozy's disputed pensions reform on Tuesday with the government saying it would accept only minor amendments.

A Chinese worker at an affiliate of Foxconn Technology, which has suffered 10 suicides this year, died on Tuesday after falling from the sixth floor of a dormitory building in Guangdong Province, Xinhua news agency reported.

Banks worldwide need to strengthen their balance sheets to stabilize the financial system, senior U.S. regulators said on Tuesday.

British Airways' main cabin crew union, Unite, said on Tuesday its members had rejected a revised airline pay offer, in a long-running dispute over pay and staffing levels which has cost the carrier millions.

Johnson & Johnson's revenue fell far short of Wall Street expectations and it cut its full-year profit forecast for the second time this year, citing repeated recalls of Tylenol and other consumer medicines.

UnitedHealth Group Inc posted a much higher-than-expected second-quarter profit, helped by growth in its government health insurance plans for elderly and low-income Americans, and lower spending of premium revenue on medical costs.

Goldman Sachs Group Inc posted lower second-quarter earnings, hurt by its settlement of U.S. Securities and Exchange Commission fraud charges and the UK tax on bank executive bonuses.

Wall Street fell on Tuesday after disappointing revenues stood out in a flurry of quarterly corporate scorecards and housing data gave more evidence of a slowing economy.

Shares in Nokia jumped on Tuesday on news the world's top cellphone maker has sent out headhunters to find a replacement for Chief Executive Olli-Pekka Kallasvuo.

Goldman Sachs Group Inc said quarterly earnings tumbled 82 percent, coming in well short of expectations, as trading and underwriting revenue slumped, raising questions about how well Wall Street's preeminent bank can navigate a shifting industry landscape.

State Street Corp said operating profit rose 5 percent in the second quarter, fueled by strong growth in its investment management and servicing business.

The euro fell from a more than two-month high against the U.S. dollar on Tuesday as tumbling equity prices hit appetite for risk, prompting investors to book profits ahead of the results from stress tests on European banks.