UNITED STATES

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.

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

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.

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.

Gold pared losses to turn higher after hitting its lowest in about two months in Europe on Tuesday as risk aversion returned to the wider markets after Goldman Sachs earnings disappointed investors. A weak technical picture is weighing, but interest from physical buyers is helping limit losses, analysts said.

Wall Street was set for a lower open on Tuesday after a flood of quarterly earnings reports showed disappointed revenues and more evidence of a struggling housing market.

Bank of New York Mellon Corp said second-quarter earnings more than tripled as higher stock prices and tighter credit spreads boosted its asset management and custody business.

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

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.

UnitedHealth Group Inc posted a much higher-than-expected second-quarter profit increase on Tuesday, helped by results in its government health insurance plans for elderly and low-income Americans, and the company raised its full-year forecast.

All diamond producing African antions are now rallying behind Zimbabwe threatening to leave the Kimberley Process Certification Scheme if Zimbabwe was not allowed to market its diamonds freely. African countries, led by diamond rich Namibia, has already conveyed this decision to the KP.