IBT Staff Reporter

The dollar rallied for a second straight day against the euro on Tuesday as new concerns about the funding needs of European banks offset stronger-than-expected German economic data.

Walgreen Co , the biggest U.S. drugstore chain, posted a lower-than-expected quarterly profit as sales of nonprescription items disappointed, sending its shares down 6.1 percent.

Weak May U.S. housing data undercut stocks and sent U.S. Treasuries up, while Europe grappled with a fresh tremor to its banking system after Fitch downgraded French bank BNP Paribas (BNPP.PA).

The rich grew richer last year, even as the world endured the worst recession in decades.

Latin American currencies struggled for direction early on Tuesday as investors became more skeptical of China's vow to ease control over its foreign exchange rate.

Germany, France and Britain announced plans on Tuesday to introduce a bank levy to help meet the costs of the financial crisis, without waiting for a G20 summit this week, underscoring a rift with key partners.

Sears Holdings Corp on Tuesday became the latest retailer to partner with digital media company Sonic Solutions to sell movies and television shows through an online website.

Benchmark bank-to-bank euro lending costs edged higher on Tuesday as demand for funds increased before the quarter end and the expiry of the European Central Bank's 442 billion euro one-year refinancing operation.

Google Inc is planning to launch an online music downloading service tied to its search engine, the Wall Street Journal reported, a move that would pit it against Apple Inc and its popular iTunes site.

The dollar gained for the second straight day against the euro on Tuesday as new concerns about the funding needs of European banks offset stronger-than-expected German economic data.

Crude oil fell below $78 per barrel on Tuesday as shares retreated and on expectations that a slow rise in China's currency would have a more limited impact on global demand than initially anticipated.

Research in Motion investors want to know one thing above all when the BlackBerry maker reports quarterly results this week: when will RIM's long-promised iPhone killer finally hit the market?

Stocks were little changed on Tuesday after data showed sales of previously owned U.S. homes fell unexpectedly in May.

Costs for the emergency bank bailout program launched during the 2007-2008 financial crisis continue to fall as the U.S. economy recovers, Treasury Secretary Timothy Geithner told Congress on Tuesday.

Sales of previously owned homes fell unexpectedly in May as delays in processing mortgage applications hampered the closing of contracts benefiting from a popular homebuyer tax credit, an industry group said on Tuesday.

Intel and the Federal Trade Commission filed motions on Monday to suspend trial proceedings while both negotiate settlement of a lawsuit, in which the agency accused the company of abusing its market dominance.

India gold demand has dipped by over 50% month-on-month for the month of May 2010 as the prices surged to the historic peak levels on the back of uncertainties lingering on the Eurozone economies.

Walgreen Co , the biggest U.S. drugstore chain, posted a lower-than-expected quarterly profit as sales of nonprescription items disappointed, sending its shares down nearly 5 percent.

Wall Street was set for a flat open on Tuesday as investors reassessed a vow by China for more flexibility on its currency and tread cautiously ahead of data expected to show a slight rise in U.S. home sales last month.

Britain's economy will grow more slowly than previously envisaged this year and next as a result of fiscal tightening but will subsequently pick up speed, finance minister George Osborne said on Tuesday.

Gold edged up in Europe on Tuesday as lower prices drew investors back to the market and expectations that gold's appeal as a refuge from risk will persist acted as a pillar of support for the metal.

The euro retreated from a one-month high against the dollar on Tuesday, tracking a pullback in the yuan a day after China's pledge to allow its currency to trade more freely had spurred risk demand.

Books are at risk of being swept away by a world of new technology and moving images which are increasingly winning the competition for children's attention, says British playwright Tom Stoppard.

Stock index futures dipped on Tuesday as investors reassessed a vow by China for more flexibility on its currency and turned cautious ahead of data expected to show a slight rise in U.S. home sales.

The Chinese yuan slipped on Tuesday, giving back more than half the previous day's rally,with hefty dollar buying by state-owned banks suggesting the central bank was using new tactics to stir two-way trade and limit yuan gains.

Stock index futures dipped on Tuesday as investors took a more cautious view over China's vow of more yuan flexibility, while data on home sales was on tap later in the morning.

Stock index futures pointed to a lower open on Wall Street on Tuesday, with futures for the S&P 500 down 0.4 percent, Dow Jones futures down 0.3 percent and Nasdaq 100 futures down 0.4 percent at 0930 GMT.

China on Tuesday stuck to its guns on the pace of exchange rate reform, reaffirming that change must remain gradual and controllable.

Two state legislatures, Connecticut and Minnesota, have recently voted into law bills that regulate the amount of cadmium in children's jewelry.