IBT Staff Reporter

European auto stocks have powered ahead this year thanks to the performance of sector heavyweight DaimlerChrysler and talk of industry restructuring, but the brakes are set to come on.

The dollar fell to a 15-year low against a basket of major currencies and a record low against the euro on Tuesday, hurt by fears of worsening credit woes and housing market weakness.

AT&T Inc. on Tuesday posted higher-than-expected quarterly profit on strong wireless subscriber growth, but results of the first two days of iPhone sales fell short of forecasts.

A rebel investor in Vodafone Group Plc said on Tuesday it expected the mobile phone giant to address criticism of its 45-percent stake in U.S. joint venture Verizon Wireless over the next 12 months.

Shares of Apple Inc fell 4 percent on Tuesday after AT&T Inc issued initial subscriber numbers for customers of Apple's iPhone that were below analyst estimates.

AT&T (NYSE: T) said Tuesday its second-quarter net income rose 61 percent to $2.9 billion, up from $1.81 billion a year ago, due in part to the acquisition of BellSouth.

The regulatory arm of the New York Stock Exchange has censured and fined Citigroup Inc.'s Smith Barney unit $50 million for improper trading practices, including deceptive market timing by its brokers.

Apple Inc. said in April it expected to announce earnings of 66 cents per share for its quarterly report due on Wednesday but Wall Street analysts are anticipating a significantly higher result.

Countrywide Financial Corp., the largest U.S. mortgage lender, on Tuesday said quarterly profit slid 33 percent and slashed its full-year earnings outlook, hurt by rising defaults as the housing market slumps.

Despite failing to pass immigration reform, it's clear that the U.S. farm industry needs its neighbors to the south.

J.K. Rowling said on Tuesday that she will miss being able to retreat into the fictional world of Harry Potter after finishing the seventh and final volume on the teen-age wizard.

Presidents from both nations want to move the stalled global trade talks forward in the coming weeks.

Oil fell more than $1 towards $75 a barrel on Tuesday after further assurances from OPEC that it would pump more crude if needed and expectations of higher U.S. fuel stockpiles.

Lockheed Martin Corp., the world's No. 1 defense contractor, on Tuesday reported a greater-than-expected 34 percent rise in second-quarter profit, helped by higher revenue from its combat aircraft and electronic systems units and lower pension costs.

McDonald's Corp., the world's biggest restaurant company, on Tuesday posted a quarterly net loss after taking a big charge for the sale of its outlets in Latin America. The company's second-quarter net loss was $711.7 million, or 60 cents per share, compared with a net profit of $834.1 million, or 67 cents, a year ago.

A nonprofit group that designs low-cost computers for poor children may start selling $350 laptops on the commercial market by Christmas, an executive said on Monday.

PepsiCo Inc. posted a greater-than-expected quarterly profit on Tuesday on a lower tax rate and higher sales of Frito-Lay snacks.

Troubles are surfacing with loans made to better-off U.S. homebuyers in a worrying trend that indicates what's been termed 'The subprime crisis' may need to be rebadged 'The housing crisis' and eventually maybe just 'The crisis.'

Members of the Bancroft family, which controls Dow Jones & Co. Inc., may decide by the end of the week whether to accept a $5 billion offer by Rupert Murdoch's News Corp for the publisher of The Wall Street Journal.

Japan's struggling electronics maker JVC has agreed to a capital tie-up with audio equipment maker Kenwood Corp. and the two companies said on Tuesday they would consider integrating their operations.

BP Plc posted a 1 percent drop in quarterly post-tax profit to $6.087 billion as production fell and refinery outages prevented the oil giant from taking full advantage of near-record refining margins.

Nissan Motor Co., Japan's third-largest automaker, posted a 3.2 percent drop in quarterly operating profit as a worsening product mix favoring smaller, cheaper cars hit margins, and kept its full-year forecasts unchanged despite the weaker yen.

A recall of canned meat products and dog food made at a Georgia plant due to botulism fears could involve tens of millions of cans that pose an urgent public health threat, U.S. officials said on Monday.

U.S. sales of video game hardware and software in June rose 31 percent from a year ago, driven by stronger demand for gaming consoles from all three major industry players, market data showed on Monday.

The United States and India said on Friday they made substantial progress in negotiations on a landmark nuclear cooperation agreement, and one U.S. official told Reuters the long-delayed deal was effectively done.

Gold fell slightly on Monday but held near 10-week highs as the precious metals market took a breather from last week's rally, but a weakened dollar and more bullish sentiment limited losses.

Oil fell below $77 a barrel on Monday as some funds booked profits after OPEC expressed concern over near-record prices and pledged to pump more crude if needed.

Aditya Birla group's Hindalco Industries has bought 45 percent stake in Utkal Alumina International (Utkal) from Canadian metal giant Alcan for an undisclosed sum.

The union representing Deutsche Bahn AG railway drivers and related staff began voting on Monday to decide whether to go on a nationwide strike amid a push for a 31 percent wage increase.