IBT Staff Reporter

U.S. stocks dipped on Thursday as investors worried about the economic outlook after the head of the biggest U.S. mortgage company said the housing downturn could create a recession.

Barnes & Noble Inc, the world's largest book retailer, posted a 9 percent rise in quarterly profit on Thursday, helped by higher sales of Harry Potter and the Deathly Hallows, the final book in the popular series.

The U.S. Securities and Exchange Commission started sending letters this week to a cross-section of public companies, requesting further details about how they pay their executives, an agency spokesman said on Wednesday.

While Sony battles with Microsoft over which of their next-generation video game consoles will dominate, its seven-year-old PlayStation 2 still has a lot of life in it.

Private mortgage insurance firms that saw their business shrivel during the subprime lending bonanza of 2005-2006 are set to win back market share if they can weather the current mortgage crisis.

Countrywide Financial Corp Chief Executive Angelo Mozilo warned on Thursday that the housing downturn is likely to lead the country into recession, but called speculation that the largest U.S. mortgage lender might go bankrupt irresponsible and baseless.

Stocks declined on Thursday after the chief executive of Countrywide Financial Corp said the housing market was certainly not getting better and could push the economy into a recession. The comments offset optimism about a $2 billion injection into Countrywide, the biggest U.S. mortgage lender.

BP America said Thursday that it will not take full advantage of a new permit to dump more waste into Lake Michigan, taking into account protests to a refinery modernization expansion project.

AT&T (NYSE: T) announced a two year contract with Global Hyatt Corp. on Thursday to set up an advanced global communications network across 300 of its hotels.

News Corp's Internet social network, MySpace, and Viacom Inc's MTV will host discussions with candidates and Internet viewers.

A private equity-led buyout of home-improvement retailer Home Depot Inc's wholesale supply division, due to close on Thursday, could be in trouble because investment banks involved are reluctant to fund the transaction even at a lower price, the Financial Times reported in its online edition, citing people familiar with the negotiations.

Countrywide Financial Corp was expected to lead financial shares higher on Thursday after receiving a $2 billion injection from Bank of America Corp, easing fears the largest U.S. mortgage lender could go bankrupt and boosting optimism the sector will weather a credit shortage.

Microsoft Corp said on Thursday it was giving customers free retrofits to a wireless racing wheel with its Xbox 360 video game system after hearing of malfunctions in a wheel component.

Nikon Corp's newest advanced cameras and a lineup of fresh faces will help it outrun rival Canon Inc in a scramble for loyal fans throughout Asia, Nikon executives said on Thursday.

A creepy, underwater shooter game which refused to sink when publishers balked at its high development costs has turned into a success story, with BioShock getting glowing reviews and top sales.

Once upon a time, people went to libraries to find books instead of surfing the Internet. Computer giant IBM now wants you to walk into three-dimensional Web worlds to browse virtual libraries.

Countrywide Financial Corp on Wednesday received a $2 billion injection from Bank of America Corp, helping the largest U.S. mortgage lender shore up its finances as it struggles with a liquidity crunch.

Next-generation video game consoles have trailed personal computers when it comes to what they can offer players over the Internet but several upcoming releases seek to change that.

Nokia, the world's top cellphone maker, said on Thursday India overtook the United States in the second quarter to become its second-biggest market by sales after China.

South Korea sent its first batch of emergency aid on Thursday to relieve flooding in North Korea that has killed hundreds, and a top Pyongyang official said the North is aiming to restore basic services by the end of September.

Limited Brands Inc on Wednesday posted a higher second-quarter net profit, helped by a $304 million gain from the sale of its Express apparel business.

Industrial and Commercial Bank of China Ltd, the world's biggest bank by market capitalisation, beat forecasts with a 61.6 percent jump in first-half profit, helped by widening interest margins and fee income growth.

Retailer Macy's Inc is preparing to launch a $100 million fall advertising campaign with celebrities such as Martha Stewart and Donald Trump as it tries to boost its dowdy image and sagging sales, The Wall Street Journal reported on Wednesday.

Global financial turmoil prompted the Bank of Japan to hold rates on Thursday and warn the tremors would take time to settle, as stock markets climbed in spite of fresh strife stemming from the ravaged U.S. home loan market.

China's main stock index climbed for the first time above the 5,000-point level on Thursday, passing another milestone in a spectacular bull run that has more than quadrupled the index since the start of last year.

Every cloud supposedly has a silver lining, and Chinese industry's bill for complying with stepped-up safety standards after a string of embarrassing product recalls is no exception.

Social networking Website Facebook is working on an advertising system to allow marketers to target users with ads based on the information people reveal about themselves on the site, the Wall Street Journal reported in its online edition early on Thursday.

South Korea's tax officials raided the offices of U.S. private equity fund Lone Star, seizing 11 boxes of documents and copying data related to its recent domestic deals, Lone Star said on Thursday.

Investors banking on a swift cut in the U.S. benchmark interest rate to ease market turmoil may be disappointed: Policy-makers may be reluctant to act before a week jammed with economic data in early September.