IBT Staff Reporter

Bank of America, the second-largest U.S. bank, said on Tuesday fourth-quarter profit sank 95 percent, hurt by more than $7 billion of losses tied to poor trading decisions and mounting credit woes.Net income for the Charlotte, North Carolina-based company fell to $268 million, or 5 cents per share, from $5.26 billion, or $1.16, a year earlier. Analysts on average expected a profit of 19 cents per share, according to Reuters Estimates.

Dell on Monday, unveiled its blade server portfolio saying that the latest M-series has low power consumption and is efficient.

Robusta coffee remained steady on Monday due to high demand for the beans from consumers and investors, after posting declines since December last year.

According to a newspaper report, Sir Richard Branson's Virgin Group is in the process of making an improved offer for the ailing Northern Rock bank.

After the hype of Macworld has died down, Cupertino, Calif.-based Apple is expected to produce solid numbers Tuesday afternoon, with earnings expected to jump nearly 50 percent for its December quarter.

Looking diversify into a new economic sector, oil exporter Abu Dhabi announced on Monday it will invest $15 billion in alternative energy and clean technology projects.

The European Union's data privacy regulators contradicted Google Inc. views on IP addresses and said they should be regarded as personal information, according to reports Monday.

Treasuries rose on Tuesday after global stock markets plummeted a day earlier as investors fled to more secure government bonds.

The euro dropped to a five-month low against the yen the biggest plunge in European stocks in 6 years on concern the U.S. economy will fall into recession.

Copper fell the most since Nov. 21 in London as investors speculate demand for the red metal will decline.

The U.K. government said on Monday it would assist in the sale of troubled mortgage lender Northern Rock to private buyers by guaranteeing bonds issued by the firm.

European stock markets plunged on Monday, recording some of its biggest losses in over 6 years, as investors sold off on concerns the U.S. economy will fall into recession.

Guitar Hero video game hit a industry record on Monday, generating $1 billion in sales in North American retail within 26 months, a market research reported.

Services and software companies IBM (IBM.N: Quote, Profile, Research) and SAP (SAPG.DE: Quote, Profile, Research), longtime technology partners, will bring out their first joint software product in the fourth quarter of this year, the two companies said on Monday.

The Renault-Nissan (RENA.PA: Quote, Profile, Research) (7201.T: Quote, Profile, Research) alliance on Monday signed a deal to begin mass producing electric cars as part of an Israeli-led project to develop alternative energy sources and slash oil dependency.

BHP Billiton has brought in more banks to help it find the $70 billion it needs to fund its planned takeover of Rio Tinto, Britain's Sunday Times newspaper reported.

Crude Oil dropped on Monday below $89 a barrel as stock markets in Asia and Europe fell on concerns over a global economy slowdown.

Time Warner Inc.'s HBO will make its content available on the internet where subscribers can download movies and television shows for free, according to news reports.

Stock markets around the world plummeted on Monday, taking their lead from the U.S., where a leading index fell more than 4 percent last week following increased concern that the U.S. will head for a recession.

World stocks nosedived and demand for safe-haven bonds and currencies soared on Monday as fears gripped investors that a deteriorating U.S. economy would drag others down with it. MSCI's main world stock index, a benchmark gauge of stock markets globally, sank 2.6 percent, falling below its 2007 bottom to lows last seen in December 2006.

Video gamers, finally emerging from the pixelated haze brought on by last year's bumper crop of best-selling titles

Japanese electronics firm Fujitsu Ltd said on Monday it would put its struggling semiconductor operations into a new unit, in a move that could smooth the way for partnerships with other chip makers.

Time Warner Inc pay TV channel HBO will launch a service on Tuesday to let subscribers download movies and television shows over the Web, joining a crowded market for video on the Internet.

In the two months since MTV Networks and Harmonix released the music-based videogame Rock Band, players have purchased and downloaded more than 2.5 million additional songs made available after the game's initial distribution.

An explosion killed a soldier from the NATO-led International Security Assistance Force (ISAF) in southern Afghanistan and wounded five others, the force said on Monday.

Gaza hospitals will run out of drugs and fuel for generators within a few days unless Israel eases the border blockade it imposed to curb Palestinian rocket attacks, international organizations said on Monday.

Serbia faces a showdown next month between a nationalist who leans towards Russia and a liberal favoring the West in a presidential election run-off.

World stocks took a beating on Monday and demand for safe-haven bonds and currencies rose as fears gripped investors that a troubled U.S. economy would drag others down with it. MSCI's main world stock index was down 1.9 percent, nearing its 2007 low. The pan-European FTSEurofirst 300 was down 2.4 percent, taking its 2008 year-to-date losses to 12 percent.

Lachlan Murdoch, son of media tycoon Rupert Murdoch, and Australian gaming magnate James Packer launched a joint A$3.3 billion ($2.9 billion) offer on Monday to buy out the Packer-backed publishing company Consolidated Media Holdings CMJ.AX.